UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | October 31 |
|
|
Date of reporting period: | October 31, 2021 |
Item 1.
Reports to Stockholders
Fidelity® International Small Cap Fund
Annual Report
October 31, 2021
Includes Fidelity and Fidelity Advisor share classes
Contents
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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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 31.41% | 9.36% | 9.82% |
| Class M (incl. 3.50% sales charge) | 34.20% | 9.56% | 9.76% |
| Class C (incl. contingent deferred sales charge) | 37.36% | 9.82% | 9.80% |
| Fidelity® International Small Cap Fund | 39.83% | 10.98% | 10.78% |
| Class I | 39.80% | 10.97% | 10.82% |
| Class Z | 39.99% | 11.07% | 10.87% |
Prior to April 1, 2014, the fund compared its performance to a different benchmark. The fund's historical performance may not represent its current investment policies.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® International Small Cap Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Small Cap Index performed over the same period.
| Period Ending Values |
| $27,841 | Fidelity® International Small Cap Fund |
| $23,464 | MSCI ACWI (All Country World Index) ex USA Small Cap Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Sam Chamovitz: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 38% to 40%, roughly in line with the 38.98% advance of the benchmark MSCI All Country World ex US Small Cap (Net MA) Linked Index. From a regional standpoint, stock picks in Japan and the U.K. contributed most to the portfolio's relative result. Among sectors, security selection was the primary contributor versus the benchmark, especially in consumer staples. Strong picks among communication services stocks, particularly within the media & entertainment industry, also helped. Further bolstering the fund's relative return was security selection and an underweighting in real estate. Our top individual relative contributor was an out-of-benchmark stake in Volution (+167%), where we reduced our position the past 12 months. Also adding value was our larger-than-benchmark stake in Ultra Electronics, which gained roughly 85%. Another key contributor was our out-of-benchmark position in Western Forest Products (+171%). Conversely, an underweighting and stock picks in emerging markets – specifically, Taiwan – along with investment choices in Europe ex U.K. – notably, Ireland – detracted from relative performance this period. By sector, the primary detractor from performance versus the benchmark was our stock picks in energy. An overweighting in consumer discretionary also hampered the portfolio's relative result. Further weighing on relative performance was security selection among financials, especially within the insurance industry. Lastly, the fund's position in cash was a notable detractor the past 12 months. The most notable individual relative detractor was an overweight position in Arata (-26%), one of the fund's largest holdings this period. An outsized stake in Arc Land Sakamoto (-21%) also hurt. Further pressuring the portfolio’s relative return was a larger-than-benchmark holding in S Foods (-11%), which was among our biggest positions on October 31. Notable changes in positioning during the period include increased exposure to Germany and a lower allocation to Japan.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On November 16, 2021, David Jenkins assumed co-management responsibilities for the fund, joining Sam Chamovitz.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 20.7% |
| | United Kingdom | 11.5% |
| | Canada | 5.6% |
| | United States of America* | 5.5% |
| | Germany | 4.7% |
| | Netherlands | 3.9% |
| | France | 3.6% |
| | Australia | 3.3% |
| | Taiwan | 3.0% |
| | Other | 38.2% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 95.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.9 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| RHI Magnesita NV (Netherlands, Construction Materials) | 1.3 |
| Renesas Electronics Corp. (Japan, Semiconductors & Semiconductor Equipment) | 1.2 |
| Talanx AG (Germany, Insurance) | 1.1 |
| Open Text Corp. (Canada, Software) | 1.0 |
| Persol Holdings Co. Ltd. (Japan, Professional Services) | 1.0 |
| Dustin Group AB (Sweden, Internet & Direct Marketing Retail) | 1.0 |
| Rheinmetall AG (Germany, Industrial Conglomerates) | 0.9 |
| S Foods, Inc. (Japan, Food Products) | 0.9 |
| Isuzu Motors Ltd. (Japan, Automobiles) | 0.9 |
| International Games Systems Co. Ltd. (Taiwan, Entertainment) | 0.8 |
| | 10.1 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 20.6 |
| Consumer Discretionary | 17.0 |
| Information Technology | 11.6 |
| Financials | 9.9 |
| Materials | 8.6 |
| Consumer Staples | 7.9 |
| Real Estate | 7.3 |
| Health Care | 5.3 |
| Communication Services | 4.0 |
| Energy | 2.5 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 95.1% | | | |
| | | Shares | Value |
| Australia - 3.3% | | | |
| GUD Holdings Ltd. | | 2,341,367 | $21,487,779 |
| Imdex Ltd. | | 6,534,507 | 14,107,723 |
| Inghams Group Ltd. | | 8,381,085 | 23,390,330 |
| Nanosonics Ltd. (a) | | 1,887,880 | 8,407,334 |
| National Storage REIT unit | | 10,282,389 | 18,486,476 |
| Servcorp Ltd. (b) | | 7,066,585 | 21,529,146 |
| SomnoMed Ltd. (a)(b) | | 4,189,521 | 8,131,043 |
|
| TOTAL AUSTRALIA | | | 115,539,831 |
|
| Austria - 1.3% | | | |
| Mayr-Melnhof Karton AG | | 113,600 | 22,350,936 |
| Wienerberger AG | | 682,300 | 24,151,182 |
|
| TOTAL AUSTRIA | | | 46,502,118 |
|
| Belgium - 1.3% | | | |
| Econocom Group SA | | 5,450,195 | 23,028,055 |
| Fagron NV | | 1,279,900 | 22,163,875 |
|
| TOTAL BELGIUM | | | 45,191,930 |
|
| Bermuda - 0.8% | | | |
| Hiscox Ltd. | | 2,444,851 | 27,871,354 |
| Brazil - 1.1% | | | |
| Hypermarcas SA | | 4,193,000 | 20,846,873 |
| YDUQS Participacoes SA | | 4,889,900 | 18,073,517 |
|
| TOTAL BRAZIL | | | 38,920,390 |
|
| Canada - 5.6% | | | |
| CCL Industries, Inc. Class B | | 364,100 | 19,902,525 |
| Computer Modelling Group Ltd. | | 2,172,763 | 9,515,494 |
| ECN Capital Corp. | | 2,153,600 | 18,723,930 |
| Genesis Land Development Corp. (b) | | 2,969,722 | 6,238,912 |
| Lassonde Industries, Inc. Class A (sub. vtg.) | | 162,199 | 23,065,128 |
| McCoy Global, Inc. (a)(c) | | 1,328,570 | 858,804 |
| North West Co., Inc. | | 651,700 | 17,709,010 |
| Open Text Corp. | | 725,996 | 36,569,643 |
| Richelieu Hardware Ltd. | | 289,400 | 10,216,456 |
| TFI International, Inc. (Canada) | | 131,800 | 14,614,507 |
| Total Energy Services, Inc. (a) | | 603,900 | 2,449,562 |
| VerticalScope Holdings, Inc. | | 636,000 | 13,618,293 |
| Western Forest Products, Inc. | | 13,309,175 | 23,013,603 |
|
| TOTAL CANADA | | | 196,495,867 |
|
| Cayman Islands - 2.5% | | | |
| ASM Pacific Technology Ltd. | | 2,057,400 | 22,225,367 |
| Best Pacific International Holdings Ltd. | | 22,196,000 | 6,732,544 |
| China Metal Recycling (Holdings) Ltd. (a)(d) | | 436,800 | 1 |
| Impro Precision Industries Ltd. (e) | | 17,756,300 | 5,477,170 |
| Medlive Technology Co. Ltd. | | 236,000 | 1,165,592 |
| Pico Far East Holdings Ltd. | | 61,300,071 | 10,163,497 |
| Precision Tsugami China Corp. Ltd. | | 8,354,453 | 12,348,334 |
| Value Partners Group Ltd. | | 22,441,000 | 11,537,048 |
| Xingda International Holdings Ltd. | | 75,499,631 | 17,175,547 |
|
| TOTAL CAYMAN ISLANDS | | | 86,825,100 |
|
| China - 2.6% | | | |
| Qingdao Port International Co. Ltd. (H Shares) (e) | | 33,596,000 | 16,883,280 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 4,935,779 | 25,234,635 |
| Sinopharm Group Co. Ltd. (H Shares) | | 6,719,200 | 16,028,321 |
| TravelSky Technology Ltd. (H Shares) | | 10,681,000 | 19,987,836 |
| Weifu High-Technology Group Co. Ltd. (B Shares) | | 7,043,386 | 13,379,763 |
|
| TOTAL CHINA | | | 91,513,835 |
|
| Denmark - 0.6% | | | |
| Spar Nord Bank A/S | | 1,785,226 | 22,998,483 |
| Finland - 1.1% | | | |
| Kamux Corp. (c) | | 932,700 | 14,469,460 |
| Nanoform Finland PLC (a) | | 797,822 | 6,834,111 |
| Rovio Entertainment OYJ (e) | | 2,325,400 | 19,072,512 |
|
| TOTAL FINLAND | | | 40,376,083 |
|
| France - 3.6% | | | |
| Altarea SCA | | 99,557 | 21,291,260 |
| Antin Infrastructure Partners SA | | 67,600 | 2,570,990 |
| Elior SA (a)(e) | | 2,387,300 | 18,821,282 |
| Lectra | | 420,654 | 17,603,192 |
| Maisons du Monde SA (e) | | 966,407 | 21,874,120 |
| Thermador Groupe SA | | 209,466 | 23,826,841 |
| Vicat SA | | 466,192 | 19,859,127 |
|
| TOTAL FRANCE | | | 125,846,812 |
|
| Germany - 4.7% | | | |
| DIC Asset AG | | 1,229,200 | 21,584,310 |
| DWS Group GmbH & Co. KGaA (e) | | 217,600 | 9,412,836 |
| JOST Werke AG (e) | | 413,172 | 23,929,104 |
| NORMA Group AG | | 352,100 | 15,141,427 |
| Rheinmetall AG | | 327,325 | 31,724,025 |
| Takkt AG | | 1,531,112 | 24,991,913 |
| Talanx AG | | 846,467 | 40,706,260 |
|
| TOTAL GERMANY | | | 167,489,875 |
|
| Greece - 0.8% | | | |
| Mytilineos SA | | 1,472,216 | 26,838,674 |
| Hong Kong - 1.1% | | | |
| Dah Sing Banking Group Ltd. | | 3,278,800 | 3,143,737 |
| Far East Horizon Ltd. | | 17,112,000 | 16,341,130 |
| Magnificent Hotel Investment Ltd. (a) | | 316,412,000 | 4,717,408 |
| Sino Land Ltd. | | 10,449,979 | 13,726,468 |
|
| TOTAL HONG KONG | | | 37,928,743 |
|
| India - 2.9% | | | |
| Barbeque Nation Hospitality Ltd. (a) | | 763,267 | 12,714,498 |
| Cyient Ltd. | | 1,001,666 | 14,275,628 |
| Embassy Office Parks (REIT) | | 4,940,200 | 23,044,380 |
| IndusInd Bank Ltd. | | 1,833,100 | 27,884,739 |
| L&T Technology Services Ltd. (e) | | 137,990 | 8,698,589 |
| Shriram Transport Finance Co. Ltd. | | 835,452 | 16,007,954 |
|
| TOTAL INDIA | | | 102,625,788 |
|
| Indonesia - 0.7% | | | |
| PT ACE Hardware Indonesia Tbk | | 98,215,000 | 9,774,706 |
| PT Selamat Sempurna Tbk | | 131,678,300 | 14,778,083 |
|
| TOTAL INDONESIA | | | 24,552,789 |
|
| Ireland - 2.3% | | | |
| Adient PLC (a) | | 582,400 | 24,239,488 |
| Dalata Hotel Group PLC (a) | | 2,860,609 | 12,235,397 |
| Irish Residential Properties REIT PLC | | 12,713,900 | 23,956,548 |
| Mincon Group PLC (b) | | 12,295,244 | 19,187,958 |
|
| TOTAL IRELAND | | | 79,619,391 |
|
| Italy - 2.3% | | | |
| Banca Generali SpA | | 363,800 | 17,099,677 |
| BFF Bank SpA (e) | | 2,448,400 | 21,906,912 |
| Intercos SpA (a) | | 157,500 | 2,275,875 |
| MARR SpA | | 960,627 | 22,609,471 |
| MARR SpA | | 25,200 | 593,111 |
| Recordati SpA | | 289,711 | 18,125,108 |
|
| TOTAL ITALY | | | 82,610,154 |
|
| Japan - 20.7% | | | |
| Aeon Delight Co. Ltd. | | 540,500 | 16,599,798 |
| Amano Corp. | | 756,450 | 18,718,867 |
| Arata Corp. | | 678,500 | 24,017,866 |
| Arcland Sakamoto Co. Ltd. | | 1,748,534 | 26,154,367 |
| Central Automotive Products Ltd. | | 374,100 | 9,750,691 |
| Daiichikosho Co. Ltd. | | 436,000 | 15,830,915 |
| DaikyoNishikawa Corp. | | 2,516,700 | 15,123,673 |
| Daiwa Industries Ltd. | | 1,729,200 | 19,272,245 |
| Dexerials Corp. | | 1,202,300 | 24,321,626 |
| Dip Corp. | | 538,900 | 19,335,362 |
| GMO Internet, Inc. | | 709,800 | 19,600,563 |
| Inaba Denki Sangyo Co. Ltd. | | 607,200 | 14,565,262 |
| Isuzu Motors Ltd. | | 2,253,100 | 30,310,519 |
| Jm Holdings Co. Ltd. | | 220,000 | 3,611,185 |
| LIXIL Group Corp. | | 796,900 | 20,472,274 |
| Maruwa Ceramic Co. Ltd. | | 195,700 | 21,935,422 |
| Meitec Corp. | | 268,900 | 16,173,674 |
| Minebea Mitsumi, Inc. | | 769,500 | 19,481,462 |
| Mitani Shoji Co. Ltd. | | 870,800 | 13,478,296 |
| Nihon Parkerizing Co. Ltd. | | 2,069,400 | 20,647,112 |
| Nishimoto Co. Ltd. | | 560,400 | 20,930,217 |
| NOF Corp. | | 141,900 | 7,121,478 |
| NSD Co. Ltd. | | 1,201,300 | 22,890,180 |
| PALTAC Corp. | | 353,300 | 15,644,051 |
| Paramount Bed Holdings Co. Ltd. | | 613,400 | 11,445,499 |
| Park24 Co. Ltd. (a) | | 1,106,600 | 16,950,640 |
| Persol Holdings Co. Ltd. | | 1,251,700 | 33,644,016 |
| Poletowin Pitcrew Holdings, Inc. | | 488,900 | 4,408,267 |
| Renesas Electronics Corp. (a) | | 3,367,500 | 41,425,062 |
| Roland Corp. | | 448,400 | 18,436,264 |
| S Foods, Inc. | | 1,074,723 | 31,120,924 |
| San-Ai Oil Co. Ltd. | | 1,815,100 | 23,655,910 |
| Ship Healthcare Holdings, Inc. | | 765,200 | 20,099,028 |
| Sugi Holdings Co. Ltd. | | 347,700 | 24,895,777 |
| Sumco Corp. | | 911,300 | 17,413,677 |
| TIS, Inc. | | 868,400 | 23,657,711 |
| TKC Corp. | | 286,800 | 8,792,208 |
| Tsuruha Holdings, Inc. | | 147,200 | 18,156,414 |
|
| TOTAL JAPAN | | | 730,088,502 |
|
| Korea (South) - 1.7% | | | |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 755,976 | 16,914,529 |
| Soulbrain Co. Ltd. | | 103,700 | 23,158,791 |
| Vitzrocell Co. Ltd. (b) | | 1,420,000 | 19,748,086 |
|
| TOTAL KOREA (SOUTH) | | | 59,821,406 |
|
| Luxembourg - 0.9% | | | |
| B&M European Value Retail SA | | 1,674,300 | 14,508,912 |
| Stabilus SA | | 242,400 | 18,213,936 |
|
| TOTAL LUXEMBOURG | | | 32,722,848 |
|
| Mexico - 2.1% | | | |
| GCC S.A.B. de CV | | 2,722,800 | 20,254,363 |
| Genomma Lab Internacional SA de CV (a) | | 16,457,347 | 15,747,510 |
| Gruma S.A.B. de CV Series B | | 1,904,000 | 22,357,296 |
| Qualitas Controladora S.A.B. de CV | | 3,437,135 | 15,921,875 |
|
| TOTAL MEXICO | | | 74,281,044 |
|
| Netherlands - 3.9% | | | |
| AerCap Holdings NV (a) | | 439,972 | 25,975,947 |
| Amsterdam Commodities NV (a) | | 926,899 | 26,037,335 |
| Arcadis NV | | 346,350 | 16,896,061 |
| Intertrust NV (a)(e) | | 1,019,170 | 15,410,340 |
| RHI Magnesita NV | | 1,014,891 | 46,640,238 |
| Van Lanschot NV (Bearer) | | 283,041 | 7,852,690 |
|
| TOTAL NETHERLANDS | | | 138,812,611 |
|
| New Zealand - 0.5% | | | |
| EBOS Group Ltd. | | 692,210 | 17,981,366 |
| Norway - 0.8% | | | |
| Europris ASA (e) | | 2,139,800 | 15,805,528 |
| Fjordkraft Holding ASA (e) | | 2,219,100 | 13,199,703 |
|
| TOTAL NORWAY | | | 29,005,231 |
|
| Panama - 0.6% | | | |
| Intercorp Financial Services, Inc. | | 717,700 | 20,612,344 |
| Philippines - 1.2% | | | |
| Century Pacific Food, Inc. | | 41,034,700 | 22,991,131 |
| Robinsons Land Corp. | | 63,007,700 | 21,206,314 |
|
| TOTAL PHILIPPINES | | | 44,197,445 |
|
| Romania - 0.5% | | | |
| Banca Transilvania SA | | 27,399,645 | 16,064,918 |
| Singapore - 2.2% | | | |
| Boustead Singapore Ltd. | | 13,034,012 | 9,858,874 |
| Hour Glass Ltd. | | 13,304,580 | 19,337,766 |
| HRnetgroup Ltd. | | 29,852,200 | 18,041,930 |
| Mapletree Industrial (REIT) | | 8,981,256 | 18,315,502 |
| Wing Tai Holdings Ltd. | | 9,410,300 | 13,537,992 |
|
| TOTAL SINGAPORE | | | 79,092,064 |
|
| Spain - 3.0% | | | |
| Cie Automotive SA | | 700,300 | 19,040,541 |
| Compania de Distribucion Integral Logista Holdings SA | | 1,190,400 | 25,375,328 |
| Grupo Catalana Occidente SA | | 550,922 | 19,583,624 |
| Indra Sistemas SA (a) | | 1,783,677 | 21,547,175 |
| Prosegur Compania de Seguridad SA (Reg.) | | 6,671,881 | 18,896,101 |
|
| TOTAL SPAIN | | | 104,442,769 |
|
| Sweden - 2.7% | | | |
| Dustin Group AB (e) | | 2,729,925 | 33,408,840 |
| Granges AB | | 1,161,745 | 12,641,485 |
| Haypp Group (a) | | 1,154,900 | 7,974,566 |
| HEXPOL AB (B Shares) | | 1,559,700 | 18,215,872 |
| John Mattson Fastighetsforetag (a) | | 763,000 | 15,636,702 |
| Nordnet AB | | 376,000 | 7,208,710 |
|
| TOTAL SWEDEN | | | 95,086,175 |
|
| Taiwan - 3.0% | | | |
| International Games Systems Co. Ltd. | | 1,108,000 | 28,411,277 |
| Lumax International Corp. Ltd. | | 5,041,436 | 12,872,907 |
| Sporton International, Inc. | | 1,642,312 | 13,300,103 |
| Test Research, Inc. | | 7,690,000 | 15,437,996 |
| Tripod Technology Corp. | | 4,420,000 | 18,651,463 |
| Yageo Corp. | | 783,000 | 12,204,058 |
| Yung Chi Paint & Varnish Manufacturing Co. Ltd. | | 2,538,000 | 6,608,188 |
|
| TOTAL TAIWAN | | | 107,485,992 |
|
| Thailand - 0.6% | | | |
| Star Petroleum Refining PCL (a) | | 68,317,400 | 21,619,430 |
| United Kingdom - 11.5% | | | |
| Alliance Pharma PLC | | 17,719,344 | 24,928,803 |
| Anhui Heli Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 1/21/22 (a)(e) | | 11,961,356 | 19,606,457 |
| Biffa PLC (a)(e) | | 4,301,725 | 23,430,760 |
| Bodycote PLC | | 1,370,618 | 14,996,695 |
| Bridgepoint Group Holdings Ltd. (e) | | 500,300 | 3,396,040 |
| Bytes Technology Group PLC | | 1,436,100 | 10,495,101 |
| Grainger Trust PLC | | 5,682,628 | 24,015,254 |
| Harbour Energy PLC (a) | | 1,105,300 | 5,315,481 |
| Hyve Group PLC (a) | | 7,233,042 | 10,740,176 |
| Informa PLC (a) | | 2,436,186 | 17,317,016 |
| J.D. Wetherspoon PLC (a) | | 1,478,100 | 20,693,794 |
| Jet2 PLC (a) | | 1,010,700 | 16,868,044 |
| John Wood Group PLC (a) | | 8,348,100 | 24,391,931 |
| Luxfer Holdings PLC sponsored | | 1,078,459 | 21,687,810 |
| Mears Group PLC (b) | | 7,921,714 | 21,465,698 |
| On The Beach Group PLC (a)(e) | | 3,196,736 | 13,059,056 |
| Reach PLC | | 2,312,600 | 10,016,936 |
| Savills PLC | | 999,700 | 19,400,217 |
| Tate & Lyle PLC | | 2,053,300 | 18,214,703 |
| Ten Entertainment Group PLC (a)(b) | | 5,931,311 | 21,673,179 |
| Ultra Electronics Holdings PLC | | 383,681 | 17,023,309 |
| Vistry Group PLC | | 1,175,057 | 19,619,116 |
| Volution Group PLC | | 1,352,842 | 9,146,074 |
| WH Smith PLC (a) | | 917,500 | 19,613,169 |
|
| TOTAL UNITED KINGDOM | | | 407,114,819 |
|
| United States of America - 0.6% | | | |
| Adtalem Global Education, Inc. (a) | | 583,500 | 21,548,655 |
| TOTAL COMMON STOCKS | | | |
| (Cost $2,763,418,972) | | | 3,359,724,836 |
|
| Money Market Funds - 2.3% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 73,865,059 | 73,879,832 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 6,261,118 | 6,261,744 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $80,136,817) | | | 80,141,576 |
| TOTAL INVESTMENT IN SECURITIES - 97.4% | | | |
| (Cost $2,843,555,789) | | | 3,439,866,412 |
| NET OTHER ASSETS (LIABILITIES) - 2.6% | | | 92,103,014 |
| NET ASSETS - 100% | | | $3,531,969,426 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(d) Level 3 security
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $283,392,529 or 8.0% of net assets.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $99,965,498 | $611,322,908 | $637,402,524 | $76,307 | $(6,050) | $-- | $73,879,832 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 9,809,941 | 88,325,728 | 91,873,925 | 55,413 | -- | -- | 6,261,744 | 0.0% |
| Total | $109,775,439 | $699,648,636 | $729,276,449 | $131,720 | $(6,050) | $-- | $80,141,576 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Genesis Land Development Corp. | $3,120,627 | $-- | $-- | $293,303 | $-- | $3,118,285 | $6,238,912 |
| McColl's Retail Group PLC | 2,550,109 | -- | 4,264,471 | -- | (14,598,286) | 16,312,648 | -- |
| Mears Group PLC | 9,949,193 | 1,297,821 | -- | 269,655 | -- | 10,218,684 | 21,465,698 |
| Mincon Group PLC | 12,191,853 | 592,785 | -- | 466,528 | -- | 6,403,320 | 19,187,958 |
| Servcorp Ltd. | 10,031,922 | 3,173,501 | -- | 890,589 | -- | 8,323,723 | 21,529,146 |
| SomnoMed Ltd. | 4,958,437 | 480,515 | -- | -- | -- | 2,692,091 | 8,131,043 |
| Ten Entertainment Group PLC | 9,701,487 | 1,193,350 | -- | -- | -- | 10,778,342 | 21,673,179 |
| Vitzrocell Co. Ltd. | -- | 20,158,152 | -- | -- | -- | (410,066) | 19,748,086 |
| Total | $52,503,628 | $26,896,124 | $4,264,471 | $1,920,075 | $(14,598,286) | $57,437,027 | $117,974,022 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $144,505,984 | $109,339,707 | $35,166,277 | $-- |
| Consumer Discretionary | 601,186,058 | 461,748,627 | 139,437,431 | -- |
| Consumer Staples | 277,957,907 | 176,967,515 | 100,990,392 | -- |
| Energy | 87,806,612 | 64,150,702 | 23,655,910 | -- |
| Financials | 343,759,780 | 326,845,251 | 16,914,529 | -- |
| Health Care | 191,904,463 | 159,194,344 | 32,710,119 | -- |
| Industrials | 718,338,492 | 508,346,282 | 209,992,210 | -- |
| Information Technology | 415,189,097 | 212,025,514 | 203,163,583 | -- |
| Materials | 303,907,259 | 252,979,877 | 50,927,381 | 1 |
| Real Estate | 261,969,481 | 261,969,481 | -- | -- |
| Utilities | 13,199,703 | 13,199,703 | -- | -- |
| Money Market Funds | 80,141,576 | 80,141,576 | -- | -- |
| Total Investments in Securities: | $3,439,866,412 | $2,626,908,579 | $812,957,832 | $1 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $5,800,087) — See accompanying schedule:
Unaffiliated issuers (cost $2,652,503,984) | $3,241,750,814 | |
| Fidelity Central Funds (cost $80,136,817) | 80,141,576 | |
| Other affiliated issuers (cost $110,914,988) | 117,974,022 | |
| Total Investment in Securities (cost $2,843,555,789) | | $3,439,866,412 |
| Foreign currency held at value (cost $96,068,003) | | 95,657,133 |
| Receivable for investments sold | | 2,414,273 |
| Receivable for fund shares sold | | 3,883,116 |
| Dividends receivable | | 8,187,272 |
| Distributions receivable from Fidelity Central Funds | | 14,842 |
| Prepaid expenses | | 4,291 |
| Other receivables | | 106,504 |
| Total assets | | 3,550,133,843 |
| Liabilities | | |
| Payable for investments purchased | $2,275,875 | |
| Payable for fund shares redeemed | 1,398,905 | |
| Accrued management fee | 2,137,243 | |
| Distribution and service plan fees payable | 53,843 | |
| Other affiliated payables | 534,408 | |
| Other payables and accrued expenses | 5,506,494 | |
| Collateral on securities loaned | 6,257,649 | |
| Total liabilities | | 18,164,417 |
| Net Assets | | $3,531,969,426 |
| Net Assets consist of: | | |
| Paid in capital | | $2,771,170,703 |
| Total accumulated earnings (loss) | | 760,798,723 |
| Net Assets | | $3,531,969,426 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($136,130,733 ÷ 3,967,833 shares)(a) | | $34.31 |
| Maximum offering price per share (100/94.25 of $34.31) | | $36.40 |
| Class M: | | |
| Net Asset Value and redemption price per share ($19,926,383 ÷ 584,075 shares)(a) | | $34.12 |
| Maximum offering price per share (100/96.50 of $34.12) | | $35.36 |
| Class C: | | |
| Net Asset Value and offering price per share ($21,683,375 ÷ 658,391 shares)(a) | | $32.93 |
| International Small Cap: | | |
| Net Asset Value, offering price and redemption price per share ($1,534,213,984 ÷ 43,777,247 shares) | | $35.05 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($1,080,258,251 ÷ 30,626,375 shares) | | $35.27 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($739,756,700 ÷ 20,977,715 shares) | | $35.26 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends (including $1,920,075 earned from other affiliated issuers) | | $77,156,597 |
| Interest | | 18,981 |
| Income from Fidelity Central Funds (including $55,413 from security lending) | | 131,720 |
| Income before foreign taxes withheld | | 77,307,298 |
| Less foreign taxes withheld | | (8,913,804) |
| Total income | | 68,393,494 |
| Expenses | | |
| Management fee | | |
| Basic fee | $25,142,720 | |
| Performance adjustment | (1,447,359) | |
| Transfer agent fees | 4,514,707 | |
| Distribution and service plan fees | 602,925 | |
| Accounting fees | 1,315,153 | |
| Custodian fees and expenses | 552,452 | |
| Independent trustees' fees and expenses | 11,256 | |
| Registration fees | 204,176 | |
| Audit | 113,693 | |
| Legal | 3,844 | |
| Miscellaneous | 12,655 | |
| Total expenses before reductions | 31,026,222 | |
| Expense reductions | (50,997) | |
| Total expenses after reductions | | 30,975,225 |
| Net investment income (loss) | | 37,418,269 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $4,645,634) | 218,360,637 | |
| Fidelity Central Funds | (6,050) | |
| Other affiliated issuers | (14,598,286) | |
| Foreign currency transactions | (1,012,871) | |
| Total net realized gain (loss) | | 202,743,430 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,478,226) | 571,971,524 | |
| Affiliated issuers | 57,437,027 | |
| Assets and liabilities in foreign currencies | (566,802) | |
| Total change in net unrealized appreciation (depreciation) | | 628,841,749 |
| Net gain (loss) | | 831,585,179 |
| Net increase (decrease) in net assets resulting from operations | | $869,003,448 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $37,418,269 | $30,398,195 |
| Net realized gain (loss) | 202,743,430 | (24,535,777) |
| Change in net unrealized appreciation (depreciation) | 628,841,749 | (140,992,105) |
| Net increase (decrease) in net assets resulting from operations | 869,003,448 | (135,129,687) |
| Distributions to shareholders | (21,019,114) | (60,415,664) |
| Share transactions - net increase (decrease) | 558,815,987 | (130,456,723) |
| Total increase (decrease) in net assets | 1,406,800,321 | (326,002,074) |
| Net Assets | | |
| Beginning of period | 2,125,169,105 | 2,451,171,179 |
| End of period | $3,531,969,426 | $2,125,169,105 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Small Cap Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $24.75 | $26.32 | $25.78 | $29.24 | $23.81 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .31 | .27 | .49 | .38 | .29 |
| Net realized and unrealized gain (loss) | 9.42 | (1.26) | 1.43 | (2.87) | 5.70 |
| Total from investment operations | 9.73 | (.99) | 1.92 | (2.49) | 5.99 |
| Distributions from net investment income | (.17) | (.44) | (.38) | (.23) | (.28) |
| Distributions from net realized gain | – | (.14) | (1.00) | (.74) | (.29) |
| Total distributions | (.17) | (.58) | (1.38) | (.97) | (.57) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $34.31 | $24.75 | $26.32 | $25.78 | $29.24 |
| Total ReturnC,D | 39.43% | (3.91)% | 8.00% | (8.83)% | 25.83% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.29% | 1.36% | 1.47% | 1.49% | 1.55% |
| Expenses net of fee waivers, if any | 1.29% | 1.36% | 1.47% | 1.49% | 1.55% |
| Expenses net of all reductions | 1.29% | 1.35% | 1.46% | 1.48% | 1.55% |
| Net investment income (loss) | .95% | 1.09% | 1.94% | 1.33% | 1.11% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $136,131 | $92,044 | $105,786 | $80,395 | $63,459 |
| Portfolio turnover rateG | 28% | 43% | 28% | 25% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $24.62 | $26.18 | $25.62 | $29.07 | $23.65 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .19 | .41 | .30 | .21 |
| Net realized and unrealized gain (loss) | 9.38 | (1.25) | 1.43 | (2.86) | 5.69 |
| Total from investment operations | 9.60 | (1.06) | 1.84 | (2.56) | 5.90 |
| Distributions from net investment income | (.10) | (.36) | (.27) | (.15) | (.19) |
| Distributions from net realized gain | – | (.14) | (1.00) | (.74) | (.29) |
| Total distributions | (.10) | (.50) | (1.28)B | (.89) | (.48) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $34.12 | $24.62 | $26.18 | $25.62 | $29.07 |
| Total ReturnD,E | 39.07% | (4.19)% | 7.65% | (9.10)% | 25.47% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.57% | 1.67% | 1.78% | 1.77% | 1.84% |
| Expenses net of fee waivers, if any | 1.57% | 1.67% | 1.78% | 1.77% | 1.84% |
| Expenses net of all reductions | 1.57% | 1.65% | 1.77% | 1.76% | 1.84% |
| Net investment income (loss) | .68% | .78% | 1.62% | 1.05% | .82% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $19,926 | $12,492 | $16,013 | $16,362 | $18,148 |
| Portfolio turnover rateH | 28% | 43% | 28% | 25% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $23.80 | $25.27 | $24.77 | $28.21 | $22.97 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .08 | .28 | .16 | .08 |
| Net realized and unrealized gain (loss) | 9.07 | (1.23) | 1.39 | (2.76) | 5.53 |
| Total from investment operations | 9.13 | (1.15) | 1.67 | (2.60) | 5.61 |
| Distributions from net investment income | – | (.18) | (.17) | (.10) | (.08) |
| Distributions from net realized gain | – | (.14) | (1.00) | (.74) | (.29) |
| Total distributions | – | (.32) | (1.17) | (.84) | (.37) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $32.93 | $23.80 | $25.27 | $24.77 | $28.21 |
| Total ReturnC,D | 38.36% | (4.65)% | 7.17% | (9.51)% | 24.85% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 2.05% | 2.13% | 2.24% | 2.24% | 2.33% |
| Expenses net of fee waivers, if any | 2.05% | 2.13% | 2.24% | 2.24% | 2.33% |
| Expenses net of all reductions | 2.05% | 2.11% | 2.23% | 2.23% | 2.32% |
| Net investment income (loss) | .19% | .32% | 1.16% | .58% | .33% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $21,683 | $17,659 | $23,937 | $41,918 | $26,005 |
| Portfolio turnover rateG | 28% | 43% | 28% | 25% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $25.28 | $26.86 | $26.29 | $29.77 | $24.23 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .41 | .34 | .57 | .48 | .37 |
| Net realized and unrealized gain (loss) | 9.61 | (1.27) | 1.45 | (2.93) | 5.79 |
| Total from investment operations | 10.02 | (.93) | 2.02 | (2.45) | 6.16 |
| Distributions from net investment income | (.25) | (.51) | (.45) | (.29) | (.34) |
| Distributions from net realized gain | – | (.14) | (1.00) | (.74) | (.29) |
| Total distributions | (.25) | (.65) | (1.45) | (1.03) | (.63) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $35.05 | $25.28 | $26.86 | $26.29 | $29.77 |
| Total ReturnC | 39.83% | (3.61)% | 8.27% | (8.54)% | 26.18% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.01% | 1.08% | 1.19% | 1.20% | 1.25% |
| Expenses net of fee waivers, if any | 1.01% | 1.08% | 1.19% | 1.20% | 1.25% |
| Expenses net of all reductions | 1.01% | 1.07% | 1.18% | 1.19% | 1.24% |
| Net investment income (loss) | 1.23% | 1.37% | 2.22% | 1.62% | 1.41% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,534,214 | $1,122,746 | $1,282,412 | $1,256,193 | $1,418,452 |
| Portfolio turnover rateF | 28% | 43% | 28% | 25% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $25.44 | $27.03 | $26.45 | $29.97 | $24.42 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .41 | .35 | .58 | .47 | .38 |
| Net realized and unrealized gain (loss) | 9.67 | (1.28) | 1.46 | (2.95) | 5.82 |
| Total from investment operations | 10.08 | (.93) | 2.04 | (2.48) | 6.20 |
| Distributions from net investment income | (.25) | (.52) | (.46) | (.30) | (.37) |
| Distributions from net realized gain | – | (.14) | (1.00) | (.74) | (.29) |
| Total distributions | (.25) | (.66) | (1.46) | (1.04) | (.66) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $35.27 | $25.44 | $27.03 | $26.45 | $29.97 |
| Total ReturnC | 39.80% | (3.62)% | 8.28% | (8.58)% | 26.17% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.02% | 1.08% | 1.19% | 1.21% | 1.28% |
| Expenses net of fee waivers, if any | 1.02% | 1.08% | 1.18% | 1.21% | 1.28% |
| Expenses net of all reductions | 1.02% | 1.06% | 1.18% | 1.20% | 1.27% |
| Net investment income (loss) | 1.22% | 1.38% | 2.22% | 1.61% | 1.39% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,080,258 | $605,100 | $777,771 | $564,988 | $237,469 |
| Portfolio turnover rateF | 28% | 43% | 28% | 25% | 22% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $25.43 | $27.03 | $26.46 | $28.78 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .45 | .38 | .61 | .03 |
| Net realized and unrealized gain (loss) | 9.67 | (1.28) | 1.47 | (2.35) |
| Total from investment operations | 10.12 | (.90) | 2.08 | (2.32) |
| Distributions from net investment income | (.29) | (.56) | (.50) | – |
| Distributions from net realized gain | – | (.14) | (1.00) | – |
| Total distributions | (.29) | (.70) | (1.51)C | – |
| Redemption fees added to paid in capitalB | – | – | – | – |
| Net asset value, end of period | $35.26 | $25.43 | $27.03 | $26.46 |
| Total ReturnD,E | 39.99% | (3.51)% | 8.44% | (8.06)% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .89% | .94% | 1.05% | 1.15%H |
| Expenses net of fee waivers, if any | .89% | .94% | 1.05% | 1.15%H |
| Expenses net of all reductions | .89% | .93% | 1.04% | 1.14%H |
| Net investment income (loss) | 1.35% | 1.51% | 2.35% | 2.01%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $739,757 | $275,127 | $245,252 | $7,421 |
| Portfolio turnover rateI | 28% | 43% | 28% | 25% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $747,615,549 |
| Gross unrealized depreciation | (207,108,549) |
| Net unrealized appreciation (depreciation) | $540,507,000 |
| Tax Cost | $2,899,359,412 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $120,684,670 |
| Undistributed long-term capital gain | $105,479,392 |
| Net unrealized appreciation (depreciation) on securities and other investments | $539,986,321 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $21,019,114 | $ 56,242,686 |
| Long-term Capital Gains | – | 4,172,978 |
| Total | $21,019,114 | $ 60,415,664 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity International Small Cap Fund | 1,298,617,907 | 794,557,290 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/-.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the International Small Cap index Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .78% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $298,966 | $4,222 |
| Class M | .25% | .25% | 86,762 | – |
| Class C | .75% | .25% | 217,197 | 27,049 |
| | | | $602,925 | $31,271 |
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 | $31,534 |
| Class M | 2,655 |
| Class C(a) | 1,227 |
| | $35,416 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $234,172 | .20 |
| Class M | 38,105 | .22 |
| Class C | 44,903 | .21 |
| International Small Cap | 2,447,812 | .17 |
| Class I | 1,537,860 | .17 |
| Class Z | 211,855 | .04 |
| | $4,514,707 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity International Small Cap Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity International Small Cap Fund | $455 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Small Cap Fund | 28,115,351 | 6,894,279 | 1,282,934 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity International Small Cap Fund | $5,221 |
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 | $3,602 | $– | $– |
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 $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 $50,978.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity International Small Cap Fund | | |
| Distributions to shareholders | | |
| Class A | $622,406 | $2,384,232 |
| Class M | 53,224 | 304,208 |
| Class C | – | 295,806 |
| International Small Cap | 11,248,767 | 31,519,090 |
| Class I | 5,954,650 | 18,753,159 |
| Class Z | 3,140,067 | 7,159,169 |
| Total | $21,019,114 | $60,415,664 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity International Small Cap Fund | | | | |
| Class A | | | | |
| Shares sold | 1,096,168 | 2,524,897 | $36,087,902 | $59,510,790 |
| Reinvestment of distributions | 20,641 | 87,479 | 602,724 | 2,326,940 |
| Shares redeemed | (868,345) | (2,912,683) | (27,783,984) | (69,359,325) |
| Net increase (decrease) | 248,464 | (300,307) | $8,906,642 | $(7,521,595) |
| Class M | | | | |
| Shares sold | 192,504 | 65,170 | $6,165,671 | $1,616,133 |
| Reinvestment of distributions | 1,822 | 11,416 | 53,041 | 302,969 |
| Shares redeemed | (117,643) | (180,814) | (3,719,741) | (4,251,620) |
| Net increase (decrease) | 76,683 | (104,228) | $2,498,971 | $(2,332,518) |
| Class C | | | | |
| Shares sold | 124,712 | 138,385 | $3,881,022 | $3,407,389 |
| Reinvestment of distributions | – | 11,407 | – | 293,855 |
| Shares redeemed | (208,320) | (355,222) | (6,445,073) | (8,126,021) |
| Net increase (decrease) | (83,608) | (205,430) | $(2,564,051) | $(4,424,777) |
| International Small Cap | | | | |
| Shares sold | 11,483,683 | 12,818,627 | $380,507,391 | $314,903,517 |
| Reinvestment of distributions | 351,180 | 1,085,455 | 10,447,597 | 29,415,824 |
| Shares redeemed | (12,475,148) | (17,225,026) | (415,087,040) | (409,514,236) |
| Net increase (decrease) | (640,285) | (3,320,944) | $(24,132,052) | $(65,194,895) |
| Class I | | | | |
| Shares sold | 14,337,771 | 13,046,234 | $478,972,006 | $317,826,804 |
| Reinvestment of distributions | 190,830 | 668,307 | 5,715,372 | 18,231,405 |
| Shares redeemed | (7,690,269) | (18,698,646) | (254,833,029) | (440,114,911) |
| Net increase (decrease) | 6,838,332 | (4,984,105) | $229,854,349 | $(104,056,702) |
| Class Z | | | | |
| Shares sold | 15,195,411 | 6,570,577 | $516,119,932 | $164,218,517 |
| Reinvestment of distributions | 86,491 | 213,836 | 2,586,946 | 5,822,753 |
| Shares redeemed | (5,123,203) | (5,039,772) | (174,454,750) | (116,967,506) |
| Net increase (decrease) | 10,158,699 | 1,744,641 | $344,252,128 | $53,073,764 |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity International Small Cap Fund | | | | |
| Class A | 1.28% | | | |
| Actual | | $1,000.00 | $1,030.90 | $6.55 |
| Hypothetical-C | | $1,000.00 | $1,018.75 | $6.51 |
| Class M | 1.55% | | | |
| Actual | | $1,000.00 | $1,029.60 | $7.93 |
| Hypothetical-C | | $1,000.00 | $1,017.39 | $7.88 |
| Class C | 2.04% | | | |
| Actual | | $1,000.00 | $1,026.80 | $10.42 |
| Hypothetical-C | | $1,000.00 | $1,014.92 | $10.36 |
| International Small Cap | 1.00% | | | |
| Actual | | $1,000.00 | $1,032.40 | $5.12 |
| Hypothetical-C | | $1,000.00 | $1,020.16 | $5.09 |
| Class I | 1.01% | | | |
| Actual | | $1,000.00 | $1,032.20 | $5.17 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.14 |
| Class Z | .88% | | | |
| Actual | | $1,000.00 | $1,032.80 | $4.51 |
| Hypothetical-C | | $1,000.00 | $1,020.77 | $4.48 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity International Small Cap Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity International Small Cap Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.631 | $1.522 |
| Class M | 12/06/21 | 12/03/21 | $0.546 | $1.522 |
| Class C | 12/06/21 | 12/03/21 | $0.364 | $1.522 |
| International Small Cap | 12/06/21 | 12/03/21 | $0.711 | $1.522 |
| Class I | 12/06/21 | 12/03/21 | $0.717 | $1.522 |
| Class Z | 12/06/21 | 12/03/21 | $0.492 | $1.522 |
|
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $105,479,392, or, if subsequently determined to be different, the net capital gain of such year.
Class A, Class M, International Small Cap, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Insert Fund Name | | | |
| Class A | 12/07/20 | $0.2226 | $0.0536 |
| Class M | 12/07/20 | $0.1546 | $0.0536 |
| Class C | 12/07/20 | $0.0000 | $0.0000 |
| International Small Cap | 12/07/20 | $0.3066 | $0.0536 |
| Class I | 12/07/20 | $0.3046 | $0.0536 |
| Class Z | 12/07/20 | $0.3406 | $0.0536 |
|
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent
one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.Fidelity International Small Cap Fund
The Board considered the fund's underperformance for different time periods ended September 30, 2020 (which periods are reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; attribution reports on contributors to the fund's underperformance; and the applicable portfolio manager's explanation of his or her underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
Fidelity International Small Cap Fund
The Board considered that shareholders approved a prospective change in the index used to calculate the fund's performance adjustment, beginning April 1, 2014. The Board also considered that, because the performance adjustment is based on a rolling 36-month measurement period, during a transition period the fund's performance is compared to a blended index return that reflects the performance of the former index for the portion of the measurement period prior to April 1, 2014 and the performance of the current index for the remainder of the measurement period. The Board noted that the fund's performance adjustments for 2015 through 2016 shown in the chart below reflect the effect of using the blended index return to calculate the fund's performance adjustment.
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
ISC-ANN-1221
1.793585.118
Fidelity® International Small Cap Opportunities Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 28.09% | 13.93% | 11.79% |
| Class M (incl. 3.50% sales charge) | 30.81% | 14.16% | 11.74% |
| Class C (incl. contingent deferred sales charge) | 33.89% | 14.41% | 11.76% |
| Fidelity® International Small Cap Opportunities Fund | 36.35% | 15.63% | 12.77% |
| Class I | 36.32% | 15.62% | 12.77% |
| Class Z | 36.48% | 15.71% | 12.82% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® International Small Cap Opportunities Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
| Period Ending Values |
| $33,273 | Fidelity® International Small Cap Opportunities Fund |
| $26,579 | MSCI EAFE Small Cap Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Jed Weiss: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 35% to 37%, roughly in line with the 35.96% result of the benchmark MSCI EAFE Small Cap (Net MA) Index. From a geographic standpoint, security selection in Europe ex U.K. – particularly in Sweden – and Japan, contributed most to the fund's relative result. Versus the benchmark, security selection in the health care sector was the primary contributor, especially in the pharmaceuticals, biotechnology & life sciences industry. Strong picks among information technology stocks also helped. Adding further value versus the benchmark were investment choices in financials, primarily driven by favorable exposure to diversified financials companies. Our non-benchmark stake in Lasertec was the fund's top individual relative contributor, driven by an increase of roughly 155%. This was among the portfolio’s largest holdings at the end of the period as well. The fund's out-of-benchmark position in in Addlife, another of our biggest holdings on October 31, gained 174% and further bolstered relative performance. An outsized stake in Addtech (+103%), which was one of our largest holdings, also was a key relative contributor. In contrast, stock picks in Asia Pacific ex Japan, along with an underweighting in Europe ex U.K., hindered the fund's relative result this past year. By sector, the largest detractor from performance versus the benchmark was an overweighting in health care, primarily within the pharmaceuticals, biotechnology & life sciences segment. Weak picks among consumer discretionary stocks, especially in the retailing group, further weighed on the portfolio's relative performance. Also hurting the fund's relative return was an underweighting in financials. Lastly, the fund's cash position was a notable detractor the past 12 months as well. On a stock-specific basis, the largest an overweighting in Avon Protection, which returned -47% during the period, hurt most. Also pressuring performance was our outsized stake in Azbil, which gained about 6% and was one of the fund's largest holdings. Further detracting was a non-benchmark exposure to OBIC (+5%), another of the larger holdings within the portfolio the past 12 months. Notable changes in positioning include the fund’s increased exposure to Sweden and a lower allocation to Japan on a geographic basis, while by sector, meaningful shifts include a smaller allocation to consumer staples stocks and more pronounced positioning in industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 30.7% |
| | United Kingdom | 16.0% |
| | Sweden | 11.1% |
| | United States of America* | 10.4% |
| | Germany | 5.6% |
| | Netherlands | 4.5% |
| | Italy | 2.8% |
| | France | 2.7% |
| | Canada | 2.2% |
| | Other | 14.0% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 92.9 |
| Investment Companies | 4.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| AddTech AB (B Shares) (Sweden, Trading Companies & Distributors) | 3.7 |
| Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 3.3 |
| Azbil Corp. (Japan, Electronic Equipment & Components) | 3.1 |
| Dechra Pharmaceuticals PLC (United Kingdom, Pharmaceuticals) | 3.0 |
| Addlife AB (Sweden, Life Sciences Tools & Services) | 3.0 |
| Lagercrantz Group AB (B Shares) (Sweden, Electronic Equipment & Components) | 2.8 |
| Interpump Group SpA (Italy, Machinery) | 2.8 |
| Aalberts Industries NV (Netherlands, Machinery) | 2.8 |
| Lasertec Corp. (Japan, Semiconductors & Semiconductor Equipment) | 2.6 |
| Spectris PLC (United Kingdom, Electronic Equipment & Components) | 2.6 |
| | 29.7 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 30.2 |
| Information Technology | 19.4 |
| Health Care | 17.2 |
| Consumer Discretionary | 6.7 |
| Communication Services | 5.7 |
| Consumer Staples | 5.3 |
| Financials | 3.4 |
| Real Estate | 2.6 |
| Materials | 1.8 |
| Energy | 0.6 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 91.4% | | | |
| | | Shares | Value |
| Australia - 0.2% | | | |
| Imdex Ltd. | | 2,072,752 | $4,474,983 |
| Bailiwick of Jersey - 0.5% | | | |
| Integrated Diagnostics Holdings PLC (a) | | 6,846,716 | 8,472,811 |
| Belgium - 1.1% | | | |
| Azelis Group NV | | 225,000 | 7,282,800 |
| KBC Ancora | | 233,489 | 12,162,293 |
|
| TOTAL BELGIUM | | | 19,445,093 |
|
| Canada - 2.2% | | | |
| CAE, Inc. (b) | | 275,000 | 8,339,326 |
| McCoy Global, Inc. (b) | | 630,715 | 407,702 |
| Richelieu Hardware Ltd. | | 480,863 | 16,975,521 |
| Summit Industrial Income REIT | | 750,000 | 14,326,115 |
|
| TOTAL CANADA | | | 40,048,664 |
|
| Cayman Islands - 0.4% | | | |
| Chlitina Holding Ltd. | | 764,500 | 6,548,150 |
| Denmark - 2.1% | | | |
| Netcompany Group A/S (a) | | 129,610 | 14,723,374 |
| SimCorp A/S | | 128,800 | 15,560,081 |
| Spar Nord Bank A/S | | 540,287 | 6,960,341 |
|
| TOTAL DENMARK | | | 37,243,796 |
|
| Finland - 0.7% | | | |
| Admicom OYJ | | 37,400 | 3,977,565 |
| Musti Group OYJ | | 203,502 | 7,993,738 |
|
| TOTAL FINLAND | | | 11,971,303 |
|
| France - 2.7% | | | |
| Laurent-Perrier Group SA | | 65,312 | 7,278,265 |
| Lectra | | 304,400 | 12,738,288 |
| LISI | | 288,579 | 8,023,016 |
| Vetoquinol SA | | 116,884 | 19,943,403 |
|
| TOTAL FRANCE | | | 47,982,972 |
|
| Germany - 4.1% | | | |
| CompuGroup Medical AG | | 85,597 | 7,154,095 |
| CTS Eventim AG (b) | | 442,754 | 32,173,233 |
| Nexus AG | | 291,358 | 25,395,463 |
| Scout24 AG (a) | | 112,000 | 7,794,214 |
|
| TOTAL GERMANY | | | 72,517,005 |
|
| India - 1.3% | | | |
| Embassy Office Parks (REIT) | | 2,219,400 | 10,352,759 |
| Indian Energy Exchange Ltd. (a) | | 1,366,395 | 12,911,982 |
|
| TOTAL INDIA | | | 23,264,741 |
|
| Ireland - 0.6% | | | |
| Cairn Homes PLC | | 3,679,500 | 4,773,730 |
| Irish Residential Properties REIT PLC | | 2,725,000 | 5,134,663 |
|
| TOTAL IRELAND | | | 9,908,393 |
|
| Israel - 1.8% | | | |
| Ituran Location & Control Ltd. (c) | | 467,077 | 12,148,673 |
| Maytronics Ltd. | | 375,315 | 8,855,221 |
| Strauss Group Ltd. | | 251,484 | 7,385,532 |
| Tel Aviv Stock Exchange Ltd. | | 707,643 | 3,868,796 |
|
| TOTAL ISRAEL | | | 32,258,222 |
|
| Italy - 2.8% | | | |
| Interpump Group SpA | | 686,943 | 50,624,265 |
| Japan - 30.7% | | | |
| Ai Holdings Corp. | | 225,800 | 4,261,798 |
| Aoki Super Co. Ltd. | | 175,000 | 4,455,632 |
| Artnature, Inc. | | 483,700 | 3,141,825 |
| Aucnet, Inc. | | 256,977 | 5,322,519 |
| Azbil Corp. | | 1,307,592 | 55,746,336 |
| Broadleaf Co. Ltd. | | 2,509,998 | 12,048,523 |
| Central Automotive Products Ltd. | | 130,900 | 3,411,829 |
| Century21 Real Estate Japan Ltd. | | 4,500 | 41,087 |
| Curves Holdings Co. Ltd. | | 1,863,226 | 14,516,532 |
| Daiichikosho Co. Ltd. | | 397,500 | 14,433,002 |
| Daikokutenbussan Co. Ltd. | | 82,500 | 4,699,710 |
| Digital Hearts Holdings Co. Ltd. | | 358,200 | 5,699,588 |
| Fujitec Co. Ltd. | | 164,100 | 3,727,628 |
| Funai Soken Holdings, Inc. | | 309,750 | 8,605,349 |
| Goldcrest Co. Ltd. | | 680,030 | 9,743,459 |
| Iwatsuka Confectionary Co. Ltd. | | 18,900 | 634,981 |
| JEOL Ltd. | | 284,200 | 21,539,048 |
| Kobayashi Pharmaceutical Co. Ltd. | | 151,150 | 12,101,980 |
| Koshidaka Holdings Co. Ltd. | | 1,546,400 | 9,475,690 |
| Kusuri No Aoki Holdings Co. Ltd. | | 103,300 | 6,876,216 |
| Lasertec Corp. | | 216,844 | 47,036,883 |
| Medikit Co. Ltd. | | 244,400 | 6,088,623 |
| Miroku Jyoho Service Co., Ltd. | | 349,800 | 5,522,866 |
| Misumi Group, Inc. | | 584,650 | 24,452,263 |
| Mitsuboshi Belting Ltd. | | 272,680 | 4,846,594 |
| Nabtesco Corp. | | 335,100 | 10,875,196 |
| Nagaileben Co. Ltd. | | 653,227 | 13,426,096 |
| Nihon Parkerizing Co. Ltd. | | 1,820,600 | 18,164,749 |
| NS Tool Co. Ltd. | | 570,200 | 7,641,294 |
| NSD Co. Ltd. | | 367,649 | 7,005,371 |
| OBIC Co. Ltd. | | 245,700 | 45,435,738 |
| OSG Corp. | | 993,800 | 16,533,797 |
| Paramount Bed Holdings Co. Ltd. | | 426,720 | 7,962,216 |
| Poletowin Pitcrew Holdings, Inc. | | 389,700 | 3,513,810 |
| ProNexus, Inc. | | 467,800 | 4,361,802 |
| San-Ai Oil Co. Ltd. | | 794,700 | 10,357,199 |
| SHO-BOND Holdings Co. Ltd. | | 635,600 | 26,624,902 |
| Shoei Co. Ltd. | | 640,652 | 28,506,671 |
| SK Kaken Co. Ltd. | | 30,900 | 10,273,981 |
| Software Service, Inc. | | 78,600 | 4,958,688 |
| Techno Medica Co. Ltd. | | 80,791 | 1,120,467 |
| The Monogatari Corp. | | 106,600 | 6,640,549 |
| TKC Corp. | | 72,000 | 2,207,249 |
| Tocalo Co. Ltd. | | 643,336 | 7,889,132 |
| USS Co. Ltd. | | 739,700 | 11,922,710 |
| Welcia Holdings Co. Ltd. | | 219,400 | 8,190,513 |
| YAKUODO Holdings Co. Ltd. | | 225,900 | 4,773,376 |
| Yamada Consulting Group Co. Ltd. | | 310,400 | 3,166,300 |
|
| TOTAL JAPAN | | | 549,981,767 |
|
| Korea (South) - 0.4% | | | |
| BGF Retail Co. Ltd. | | 53,526 | 7,397,715 |
| Luxembourg - 0.3% | | | |
| Stabilus SA | | 78,000 | 5,860,920 |
| Netherlands - 4.5% | | | |
| Aalberts Industries NV | | 904,480 | 50,030,950 |
| AerCap Holdings NV (b) | | 225,000 | 13,284,000 |
| IMCD NV | | 74,000 | 16,428,725 |
|
| TOTAL NETHERLANDS | | | 79,743,675 |
|
| Norway - 1.8% | | | |
| Kongsberg Gruppen ASA | | 531,559 | 17,429,402 |
| Medistim ASA | | 170,842 | 7,684,745 |
| Sbanken ASA (a) | | 212,433 | 2,489,479 |
| Volue A/S | | 673,944 | 4,714,792 |
|
| TOTAL NORWAY | | | 32,318,418 |
|
| South Africa - 0.6% | | | |
| Clicks Group Ltd. | | 592,129 | 10,809,116 |
| Spain - 0.7% | | | |
| Fluidra SA | | 329,101 | 12,573,567 |
| Sweden - 11.1% | | | |
| Addlife AB | | 1,312,956 | 53,692,379 |
| AddTech AB (B Shares) | | 2,946,340 | 65,870,666 |
| BHG Group AB (b) | | 315,000 | 3,625,728 |
| Hemnet Group AB (b) | | 409,300 | 8,190,289 |
| INVISIO AB | | 346,300 | 6,258,239 |
| John Mattson Fastighetsforetag (b) | | 343,652 | 7,042,705 |
| Lagercrantz Group AB (B Shares) | | 3,813,387 | 51,064,218 |
| Stillfront Group AB (b) | | 768,000 | 3,426,847 |
|
| TOTAL SWEDEN | | | 199,171,071 |
|
| Switzerland - 1.2% | | | |
| Tecan Group AG | | 35,831 | 21,914,985 |
| Taiwan - 0.3% | | | |
| Addcn Technology Co. Ltd. | | 691,435 | 6,282,387 |
| United Kingdom - 16.0% | | | |
| Alliance Pharma PLC | | 9,107,237 | 12,812,693 |
| Avon Rubber PLC | | 725,000 | 19,298,266 |
| Bodycote PLC | | 1,253,967 | 13,720,352 |
| Clarkson PLC | | 335,549 | 18,368,623 |
| Dechra Pharmaceuticals PLC | | 770,095 | 53,960,372 |
| DP Poland PLC (b) | | 16,469,165 | 1,690,416 |
| Helios Towers PLC (b) | | 2,340,833 | 4,946,277 |
| Howden Joinery Group PLC | | 1,319,900 | 16,614,799 |
| Rightmove PLC | | 2,464,170 | 23,316,358 |
| Spectris PLC | | 904,278 | 46,581,369 |
| Spirax-Sarco Engineering PLC | | 277,391 | 59,240,240 |
| Ultra Electronics Holdings PLC | | 348,258 | 15,451,647 |
|
| TOTAL UNITED KINGDOM | | | 286,001,412 |
|
| United States of America - 3.3% | | | |
| Autoliv, Inc. | | 100,300 | 9,714,055 |
| Morningstar, Inc. | | 72,100 | 22,837,675 |
| PriceSmart, Inc. | | 125,660 | 9,041,237 |
| ResMed, Inc. | | 63,495 | 16,693,470 |
|
| TOTAL UNITED STATES OF AMERICA | | | 58,286,437 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $885,300,771) | | | 1,635,101,868 |
|
| Nonconvertible Preferred Stocks - 1.5% | | | |
| Germany - 1.5% | | | |
| Sartorius AG (non-vtg.) | | | |
| (Cost $1,145,967) | | 41,680 | 27,001,238 |
|
| Investment Companies - 4.6% | | | |
| United States of America - 4.6% | | | |
| iShares MSCI EAFE Small-Cap ETF (c) | | | |
| (Cost $61,316,615) | | 1,070,000 | 81,587,489 |
|
| Money Market Funds - 2.5% | | | |
| Fidelity Cash Central Fund 0.06% (d) | | 36,503,733 | 36,511,034 |
| Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) | | 7,880,552 | 7,881,340 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $44,392,345) | | | 44,392,374 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $992,155,698) | | | 1,788,082,969 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 580,440 |
| NET ASSETS - 100% | | | $1,788,663,409 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $46,391,860 or 2.6% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $76,203,661 | $190,892,559 | $230,587,291 | $39,867 | $2,105 | $-- | $36,511,034 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 7,076,555 | 264,588,364 | 263,783,579 | 120,153 | -- | -- | 7,881,340 | 0.0% |
| Total | $83,280,216 | $455,480,923 | $494,370,870 | $160,020 | $2,105 | $-- | $44,392,374 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $100,562,607 | $86,129,605 | $14,433,002 | $-- |
| Consumer Discretionary | 116,449,388 | 36,652,888 | 79,796,500 | -- |
| Consumer Staples | 93,334,248 | 41,062,300 | 52,271,948 | -- |
| Energy | 10,764,901 | 407,702 | 10,357,199 | -- |
| Financials | 61,230,566 | 61,230,566 | -- | -- |
| Health Care | 309,820,792 | 254,725,654 | 55,095,138 | -- |
| Industrials | 540,399,581 | 421,675,324 | 118,724,257 | -- |
| Information Technology | 349,986,522 | 161,508,360 | 188,478,162 | -- |
| Materials | 32,913,713 | 4,474,983 | 28,438,730 | -- |
| Real Estate | 46,640,788 | 36,856,242 | 9,784,546 | -- |
| Investment Companies | 81,587,489 | 81,587,489 | -- | -- |
| Money Market Funds | 44,392,374 | 44,392,374 | -- | -- |
| Total Investments in Securities: | $1,788,082,969 | $1,230,703,487 | $557,379,482 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $7,394,470) — See accompanying schedule:
Unaffiliated issuers (cost $947,763,353) | $1,743,690,595 | |
| Fidelity Central Funds (cost $44,392,345) | 44,392,374 | |
| Total Investment in Securities (cost $992,155,698) | | $1,788,082,969 |
| Foreign currency held at value (cost $160,444) | | 160,496 |
| Receivable for investments sold | | 5,708,718 |
| Receivable for fund shares sold | | 2,753,269 |
| Dividends receivable | | 3,813,037 |
| Reclaims receivable | | 1,118,254 |
| Distributions receivable from Fidelity Central Funds | | 3,952 |
| Prepaid expenses | | 2,185 |
| Other receivables | | 334,319 |
| Total assets | | 1,801,977,199 |
| Liabilities | | |
| Payable for investments purchased | $480,475 | |
| Payable for fund shares redeemed | 1,481,218 | |
| Accrued management fee | 1,439,344 | |
| Distribution and service plan fees payable | 21,714 | |
| Other affiliated payables | 272,052 | |
| Other payables and accrued expenses | 1,734,037 | |
| Collateral on securities loaned | 7,884,950 | |
| Total liabilities | | 13,313,790 |
| Net Assets | | $1,788,663,409 |
| Net Assets consist of: | | |
| Paid in capital | | $860,902,389 |
| Total accumulated earnings (loss) | | 927,761,020 |
| Net Assets | | $1,788,663,409 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($45,980,701 ÷ 1,621,978 shares)(a) | | $28.35 |
| Maximum offering price per share (100/94.25 of $28.35) | | $30.08 |
| Class M: | | |
| Net Asset Value and redemption price per share ($16,378,262 ÷ 584,541 shares)(a) | | $28.02 |
| Maximum offering price per share (100/96.50 of $28.02) | | $29.04 |
| Class C: | | |
| Net Asset Value and offering price per share ($6,770,114 ÷ 249,786 shares)(a) | | $27.10 |
| International Small Cap Opportunities: | | |
| Net Asset Value, offering price and redemption price per share ($1,268,421,181 ÷ 44,088,349 shares) | | $28.77 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($141,310,380 ÷ 4,915,871 shares) | | $28.75 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($309,802,771 ÷ 10,781,696 shares) | | $28.73 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $22,520,470 |
| Income from Fidelity Central Funds (including $120,153 from security lending) | | 160,020 |
| Income before foreign taxes withheld | | 22,680,490 |
| Less foreign taxes withheld | | (1,942,079) |
| Total income | | 20,738,411 |
| Expenses | | |
| Management fee | | |
| Basic fee | $13,682,404 | |
| Performance adjustment | 2,566,290 | |
| Transfer agent fees | 2,507,668 | |
| Distribution and service plan fees | 261,984 | |
| Accounting fees | 739,096 | |
| Custodian fees and expenses | 181,449 | |
| Independent trustees' fees and expenses | 6,414 | |
| Registration fees | 95,160 | |
| Audit | 86,946 | |
| Legal | 2,289 | |
| Miscellaneous | 7,339 | |
| Total expenses before reductions | 20,137,039 | |
| Expense reductions | (27,173) | |
| Total expenses after reductions | | 20,109,866 |
| Net investment income (loss) | | 628,545 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $360,435) | 178,921,349 | |
| Fidelity Central Funds | 2,105 | |
| Foreign currency transactions | (59,236) | |
| Total net realized gain (loss) | | 178,864,218 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,209,092) | 315,669,934 | |
| Assets and liabilities in foreign currencies | (62,661) | |
| Total change in net unrealized appreciation (depreciation) | | 315,607,273 |
| Net gain (loss) | | 494,471,491 |
| Net increase (decrease) in net assets resulting from operations | | $495,100,036 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $628,545 | $1,266,043 |
| Net realized gain (loss) | 178,864,218 | (29,084,257) |
| Change in net unrealized appreciation (depreciation) | 315,607,273 | 168,939,452 |
| Net increase (decrease) in net assets resulting from operations | 495,100,036 | 141,121,238 |
| Distributions to shareholders | – | (15,254,562) |
| Share transactions - net increase (decrease) | (112,591,520) | (45,058,769) |
| Total increase (decrease) in net assets | 382,508,516 | 80,807,907 |
| Net Assets | | |
| Beginning of period | 1,406,154,893 | 1,325,346,986 |
| End of period | $1,788,663,409 | $1,406,154,893 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Small Cap Opportunities Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $20.86 | $19.02 | $17.33 | $18.47 | $14.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.06) | (.04) | .11 | .12 | .10 |
| Net realized and unrealized gain (loss) | 7.55 | 2.05 | 2.01 | (.92) | 3.71 |
| Total from investment operations | 7.49 | 2.01 | 2.12 | (.80) | 3.81 |
| Distributions from net investment income | – | (.11) | (.11) | (.09) | (.12) |
| Distributions from net realized gain | – | (.05) | (.31) | (.24) | (.04) |
| Total distributions | – | (.17)B | (.43)B | (.34)B | (.16) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $28.35 | $20.86 | $19.02 | $17.33 | $18.47 |
| Total ReturnD,E | 35.91% | 10.58% | 12.61% | (4.48)% | 26.00% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.50% | 1.57% | 1.49% | 1.38% | 1.43% |
| Expenses net of fee waivers, if any | 1.50% | 1.57% | 1.49% | 1.38% | 1.43% |
| Expenses net of all reductions | 1.50% | 1.56% | 1.48% | 1.37% | 1.43% |
| Net investment income (loss) | (.25)% | (.20)% | .64% | .65% | .61% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $45,981 | $37,771 | $41,679 | $41,164 | $41,324 |
| Portfolio turnover rateH | 21% | 20% | 17% | 19% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Opportunities Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $20.67 | $18.85 | $17.17 | $18.32 | $14.68 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.13) | (.09) | .06 | .07 | .05 |
| Net realized and unrealized gain (loss) | 7.48 | 2.03 | 1.99 | (.92) | 3.69 |
| Total from investment operations | 7.35 | 1.94 | 2.05 | (.85) | 3.74 |
| Distributions from net investment income | – | (.06) | (.06) | (.06) | (.06) |
| Distributions from net realized gain | – | (.05) | (.31) | (.24) | (.04) |
| Total distributions | – | (.12)B | (.37) | (.30) | (.10) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $28.02 | $20.67 | $18.85 | $17.17 | $18.32 |
| Total ReturnD,E | 35.56% | 10.29% | 12.29% | (4.74)% | 25.63% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.75% | 1.84% | 1.77% | 1.67% | 1.73% |
| Expenses net of fee waivers, if any | 1.75% | 1.84% | 1.77% | 1.67% | 1.73% |
| Expenses net of all reductions | 1.75% | 1.83% | 1.77% | 1.66% | 1.73% |
| Net investment income (loss) | (.50)% | (.47)% | .36% | .36% | .31% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $16,378 | $13,141 | $13,875 | $13,245 | $14,422 |
| Portfolio turnover rateH | 21% | 20% | 17% | 19% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Opportunities Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $20.09 | $18.31 | $16.69 | $17.84 | $14.27 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.25) | (.18) | (.02) | (.02) | (.03) |
| Net realized and unrealized gain (loss) | 7.26 | 1.96 | 1.93 | (.89) | 3.60 |
| Total from investment operations | 7.01 | 1.78 | 1.91 | (.91) | 3.57 |
| Distributions from net investment income | – | – | – | – | – |
| Distributions from net realized gain | – | – | (.29) | (.24) | – |
| Total distributions | – | – | (.29) | (.24) | – |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $27.10 | $20.09 | $18.31 | $16.69 | $17.84 |
| Total ReturnC,D | 34.89% | 9.72% | 11.74% | (5.19)% | 25.02% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 2.26% | 2.33% | 2.27% | 2.15% | 2.22% |
| Expenses net of fee waivers, if any | 2.26% | 2.33% | 2.26% | 2.15% | 2.22% |
| Expenses net of all reductions | 2.26% | 2.33% | 2.26% | 2.14% | 2.21% |
| Net investment income (loss) | (1.01)% | (.96)% | (.13)% | (.12)% | (.17)% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,770 | $7,253 | $9,424 | $14,461 | $14,547 |
| Portfolio turnover rateG | 21% | 20% | 17% | 19% | 11% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Opportunities Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $21.10 | $19.24 | $17.53 | $18.69 | $15.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .01 | .02 | .17 | .18 | .15 |
| Net realized and unrealized gain (loss) | 7.66 | 2.07 | 2.02 | (.95) | 3.75 |
| Total from investment operations | 7.67 | 2.09 | 2.19 | (.77) | 3.90 |
| Distributions from net investment income | – | (.17) | (.17) | (.15) | (.17) |
| Distributions from net realized gain | – | (.05) | (.31) | (.24) | (.04) |
| Total distributions | – | (.23)B | (.48) | (.39) | (.21) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $28.77 | $21.10 | $19.24 | $17.53 | $18.69 |
| Total ReturnD | 36.35% | 10.90% | 12.97% | (4.25)% | 26.39% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.21% | 1.26% | 1.19% | 1.10% | 1.13% |
| Expenses net of fee waivers, if any | 1.20% | 1.26% | 1.19% | 1.10% | 1.13% |
| Expenses net of all reductions | 1.20% | 1.25% | 1.19% | 1.09% | 1.13% |
| Net investment income (loss) | .05% | .11% | .94% | .93% | .91% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,268,421 | $1,152,472 | $1,040,989 | $965,482 | $916,882 |
| Portfolio turnover rateG | 21% | 20% | 17% | 19% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Opportunities Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $21.09 | $19.22 | $17.51 | $18.66 | $14.99 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .01 | .02 | .17 | .18 | .15 |
| Net realized and unrealized gain (loss) | 7.65 | 2.07 | 2.02 | (.94) | 3.74 |
| Total from investment operations | 7.66 | 2.09 | 2.19 | (.76) | 3.89 |
| Distributions from net investment income | – | (.16) | (.16) | (.15) | (.18) |
| Distributions from net realized gain | – | (.05) | (.31) | (.24) | (.04) |
| Total distributions | – | (.22)B | (.48)B | (.39) | (.22) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $28.75 | $21.09 | $19.22 | $17.51 | $18.66 |
| Total ReturnD | 36.32% | 10.90% | 12.93% | (4.21)% | 26.34% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.22% | 1.28% | 1.20% | 1.12% | 1.14% |
| Expenses net of fee waivers, if any | 1.22% | 1.27% | 1.19% | 1.12% | 1.14% |
| Expenses net of all reductions | 1.22% | 1.27% | 1.19% | 1.11% | 1.14% |
| Net investment income (loss) | .04% | .09% | .93% | .91% | .90% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $141,310 | $113,041 | $142,854 | $159,968 | $164,878 |
| Portfolio turnover rateG | 21% | 20% | 17% | 19% | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Small Cap Opportunities Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $21.05 | $19.20 | $17.51 | $19.11 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .04 | .05 | .19 | –C |
| Net realized and unrealized gain (loss) | 7.64 | 2.05 | 2.02 | (1.60) |
| Total from investment operations | 7.68 | 2.10 | 2.21 | (1.60) |
| Distributions from net investment income | – | (.20) | (.20) | – |
| Distributions from net realized gain | – | (.05) | (.31) | – |
| Total distributions | – | (.25) | (.52)D | – |
| Redemption fees added to paid in capitalB | – | – | – | – |
| Net asset value, end of period | $28.73 | $21.05 | $19.20 | $17.51 |
| Total ReturnE,F | 36.48% | 11.03% | 13.10% | (8.37)% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | 1.09% | 1.14% | 1.05% | 1.03%I |
| Expenses net of fee waivers, if any | 1.09% | 1.13% | 1.05% | 1.03%I |
| Expenses net of all reductions | 1.09% | 1.13% | 1.05% | 1.02%I |
| Net investment income (loss) | .16% | .23% | 1.08% | .16%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $309,803 | $82,476 | $76,527 | $4,617 |
| Portfolio turnover rateJ | 21% | 20% | 17% | 19% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap Opportunities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on May 31, 2019, the Fund was closed to new accounts with certain exceptions. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. 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 reclaimed. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales 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 | $826,125,158 |
| Gross unrealized depreciation | (41,460,007) |
| Net unrealized appreciation (depreciation) | $784,665,151 |
| Tax Cost | $1,003,417,818 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,603,188 |
| Undistributed long-term capital gain | $141,859,609 |
| Net unrealized appreciation (depreciation) on securities and other investments | $784,654,798 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $– | $ 15,254,562 |
| Total | $– | $ 15,254,562 |
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 | 330,168,993 | 411,250,991 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative performance of International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .98% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | - % | .25% | $111,411 | $323 |
| Class M | .25% | .25% | 77,048 | 392 |
| Class C | .75% | .25% | 73,525 | 1,649 |
| | | | $261,984 | $ 2,364 |
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 | $2,601 |
| Class M | 579 |
| Class C(a) | 160 |
| | $3,340 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $89,602 | .20 |
| Class M | 32,040 | .21 |
| Class C | 15,807 | .22 |
| International Small Cap Opportunities | 2,093,587 | .16 |
| Class I | 221,645 | .17 |
| Class Z | 54,987 | .04 |
| | $2,507,668 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity International Small Cap Opportunities Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity International Small Cap Opportunities Fund | $131 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Small Cap Opportunities Fund | 14,342,863 | 14,073,910 | 4,108,893 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity International Small Cap Opportunities Fund | $2,932 |
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 | $5,581 | $– | $– |
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 $29.
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 $27,144.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity International Small Cap Opportunities Fund | | |
| Distributions to shareholders | | |
| Class A | $– | $359,710 |
| Class M | – | 83,402 |
| International Small Cap Opportunities | – | 12,239,552 |
| Class I | – | 1,565,823 |
| Class Z | – | 1,006,075 |
| Total | $– | $15,254,562 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity International Small Cap Opportunities Fund | | | | |
| Class A | | | | |
| Shares sold | 151,070 | 115,472 | $3,794,092 | $2,239,031 |
| Reinvestment of distributions | – | 17,715 | – | 352,696 |
| Shares redeemed | (340,135) | (513,295) | (8,897,910) | (9,586,714) |
| Net increase (decrease) | (189,065) | (380,108) | $(5,103,818) | $(6,994,987) |
| Class M | | | | |
| Shares sold | 17,473 | 28,870 | $451,365 | $539,626 |
| Reinvestment of distributions | – | 4,174 | – | 82,571 |
| Shares redeemed | (68,804) | (133,118) | (1,743,983) | (2,431,470) |
| Net increase (decrease) | (51,331) | (100,074) | $(1,292,618) | $(1,809,273) |
| Class C | | | | |
| Shares sold | 9,328 | 10,065 | $229,373 | $184,762 |
| Shares redeemed | (120,495) | (163,713) | (2,950,299) | (2,889,355) |
| Net increase (decrease) | (111,167) | (153,648) | $(2,720,926) | $(2,704,593) |
| International Small Cap Opportunities | | | | |
| Shares sold | 2,518,067 | 11,210,670 | $64,960,834 | $208,124,787 |
| Reinvestment of distributions | – | 478,896 | – | 9,619,511 |
| Shares redeemed | (13,038,246) | (11,175,902) | (357,315,392) | (207,443,272) |
| Net increase (decrease) | (10,520,179) | 513,664 | $(292,354,558) | $10,301,026 |
| Class I | | | | |
| Shares sold | 614,813 | 664,029 | $16,295,899 | $12,154,759 |
| Reinvestment of distributions | – | 63,166 | – | 1,268,187 |
| Shares redeemed | (1,059,106) | (2,798,174) | (26,919,774) | (52,655,386) |
| Net increase (decrease) | (444,293) | (2,070,979) | $(10,623,875) | $(39,232,440) |
| Class Z | | | | |
| Shares sold | 8,684,967 | 2,354,520 | $244,920,787 | $45,294,900 |
| Reinvestment of distributions | – | 33,724 | – | 675,012 |
| Shares redeemed | (1,820,708) | (2,456,243) | (45,416,512) | (50,588,414) |
| Net increase (decrease) | 6,864,259 | (67,999) | $199,504,275 | $(4,618,502) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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 | 20% |
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Opportunities Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Opportunities Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 10, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity International Small Cap Opportunities Fund | | | | |
| Class A | 1.50% | | | |
| Actual | | $1,000.00 | $1,109.20 | $7.97 |
| Hypothetical-C | | $1,000.00 | $1,017.64 | $7.63 |
| Class M | 1.75% | | | |
| Actual | | $1,000.00 | $1,107.50 | $9.30 |
| Hypothetical-C | | $1,000.00 | $1,016.38 | $8.89 |
| Class C | 2.25% | | | |
| Actual | | $1,000.00 | $1,104.80 | $11.94 |
| Hypothetical-C | | $1,000.00 | $1,013.86 | $11.42 |
| International Small Cap Opportunities | 1.21% | | | |
| Actual | | $1,000.00 | $1,110.80 | $6.44 |
| Hypothetical-C | | $1,000.00 | $1,019.11 | $6.16 |
| Class I | 1.22% | | | |
| Actual | | $1,000.00 | $1,110.90 | $6.49 |
| Hypothetical-C | | $1,000.00 | $1,019.06 | $6.21 |
| Class Z | 1.10% | | | |
| Actual | | $1,000.00 | $1,111.00 | $5.85 |
| Hypothetical-C | | $1,000.00 | $1,019.66 | $5.60 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity International Small Cap Opportunities Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity International Small Cap Opportunities Fund | | | | |
| Class A | 12/6/2021 | 12/3/2021 | $0.000 | $2.309 |
| Class M | 12/6/2021 | 12/3/2021 | $0.000 | $2.309 |
| Class C | 12/6/2021 | 12/3/2021 | $0.000 | $2.309 |
| Class I | 12/6/2021 | 12/3/2021 | $0.037 | $2.309 |
| International Small Cap Opportunities | 12/6/2021 | 12/3/2021 | $0.035 | $2.309 |
| Class Z | 12/6/2021 | 12/3/2021 | $0.077 | $2.309 |
|
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $143,351,048, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Opportunities Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in January 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity International Small Cap Opportunities Fund
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
Fidelity International Small Cap Opportunities Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board also considered that although the fund is partially closed to new investors, it continues to incur investment management expenses, and marketing and distribution expenses related to the retention of existing shareholders and assets. The Board further noted that the fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
ILS-ANN-1221
1.815075.117
Fidelity® International Value Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 34.36% | 5.48% | 5.13% |
| Class M (incl. 3.50% sales charge) | 37.22% | 5.68% | 5.08% |
| Class C (incl. contingent deferred sales charge) | 40.45% | 5.88% | 5.10% |
| Fidelity® International Value Fund | 43.08% | 7.11% | 6.11% |
| Class I | 43.05% | 7.03% | 6.05% |
| Class Z | 43.35% | 7.15% | 6.11% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® International Value Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Value Index performed over the same period.
| Period Ending Values |
| $18,103 | Fidelity® International Value Fund |
| $16,983 | MSCI EAFE Value Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Alex Zavratsky: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 42% to 43%, outperforming the 38.67% result of the benchmark MSCI EAFE Value (Net MA) Index. From a regional standpoint, security selection in the U.K. and Japan contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark were investment choices in materials. An underweighting in consumer staples and picks among industrials stocks also lifted the fund's relative result. The biggest individual relative contributor was an overweight position in Porsche Auto (+98%) where we decreased our exposure to the company the past 12 months. Also boosting performance was a larger-than-benchmark holding in Glencore, which gained roughly 154%. Another notable relative contributor was an outsized stake in BNP Paribas (+99%), one of our largest positions at the end of the period. In contrast, an underweighting in Japan and stock picks in emerging markets, primarily driven by India, hindered the fund's relative result. By sector, the largest detractor from performance versus the benchmark was security selection in real estate. Weak picks among communication services stocks, primarily within the media & entertainment industry, also pressured relative performance. Also hampering the portfolio's return versus the benchmark were stock picks in consumer staples. The fund's largest individual relative detractor was an overweighting in Vonovia, which returned about -2% the past year. Further weighing on performance this period was the decision to avoid ING Group, a benchmark component that gained about 134%. Also holding back performance was our outsized stake in Orsted, which returned -10%. We reduced our stake the past 12 months. Notable changes in positioning include a higher allocation to the U.K. and France. By sector, meaningful shifts in exposure include an increased in energy stocks and a lower allocation to information technology.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 23.4% |
| | France | 14.9% |
| | United Kingdom | 13.1% |
| | Germany | 12.1% |
| | Switzerland | 5.8% |
| | Netherlands | 3.5% |
| | Italy | 3.2% |
| | Australia | 3.0% |
| | Belgium | 2.9% |
| | Other* | 18.1% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 97.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Total SA (France, Oil, Gas & Consumable Fuels) | 3.1 |
| Toyota Motor Corp. (Japan, Automobiles) | 3.0 |
| BHP Group PLC (United Kingdom, Metals & Mining) | 2.7 |
| Siemens AG (Germany, Industrial Conglomerates) | 2.5 |
| BNP Paribas SA (France, Banks) | 2.4 |
| Sanofi SA (France, Pharmaceuticals) | 2.2 |
| Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.1 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 |
| Banco Santander SA (Spain) (Spain, Banks) | 1.9 |
| AXA SA (France, Insurance) | 1.8 |
| | 23.7 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 33.5 |
| Industrials | 14.6 |
| Materials | 12.6 |
| Energy | 8.3 |
| Consumer Discretionary | 8.4 |
| Health Care | 7.2 |
| Information Technology | 4.5 |
| Communication Services | 2.7 |
| Utilities | 2.6 |
| Consumer Staples | 2.0 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 96.4% | | | |
| | | Shares | Value |
| Australia - 3.0% | | | |
| Evolution Mining Ltd. | | 273,580 | $747,056 |
| Macquarie Group Ltd. | | 39,278 | 5,807,252 |
| National Australia Bank Ltd. | | 261,038 | 5,675,483 |
|
| TOTAL AUSTRALIA | | | 12,229,791 |
|
| Austria - 1.1% | | | |
| Erste Group Bank AG | | 104,807 | 4,494,921 |
| Bailiwick of Jersey - 2.1% | | | |
| Ferguson PLC | | 25,816 | 3,884,587 |
| Glencore Xstrata PLC | | 964,400 | 4,822,559 |
|
| TOTAL BAILIWICK OF JERSEY | | | 8,707,146 |
|
| Belgium - 2.9% | | | |
| Anheuser-Busch InBev SA NV | | 72,100 | 4,410,158 |
| KBC Groep NV | | 79,616 | 7,414,428 |
|
| TOTAL BELGIUM | | | 11,824,586 |
|
| Denmark - 0.8% | | | |
| A.P. Moller - Maersk A/S Series B | | 583 | 1,689,504 |
| ORSTED A/S (a) | | 11,400 | 1,608,578 |
|
| TOTAL DENMARK | | | 3,298,082 |
|
| Finland - 1.2% | | | |
| Sampo Oyj (A Shares) | | 91,634 | 4,872,730 |
| France - 14.9% | | | |
| Air Liquide SA | | 36,100 | 6,027,179 |
| ALTEN | | 5,700 | 917,217 |
| AXA SA | | 258,105 | 7,509,047 |
| BNP Paribas SA | | 144,700 | 9,685,818 |
| Capgemini SA | | 13,093 | 3,046,778 |
| Sanofi SA | | 91,479 | 9,188,533 |
| Teleperformance | | 9,400 | 3,923,857 |
| Total SA | | 258,105 | 12,924,596 |
| VINCI SA | | 44,500 | 4,751,698 |
| Vivendi SA | | 161,392 | 2,077,448 |
| Worldline SA (a)(b) | | 18,488 | 1,076,728 |
|
| TOTAL FRANCE | | | 61,128,899 |
|
| Germany - 10.6% | | | |
| Bayer AG | | 57,200 | 3,223,660 |
| Deutsche Post AG | | 88,200 | 5,456,856 |
| Hannover Reuck SE | | 23,900 | 4,365,287 |
| HeidelbergCement AG | | 32,100 | 2,417,289 |
| Linde PLC | | 16,214 | 5,220,032 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 10,800 | 3,198,606 |
| Rheinmetall AG | | 22,950 | 2,224,292 |
| RWE AG | | 86,300 | 3,319,108 |
| Siemens AG | | 63,839 | 10,379,071 |
| Vonovia SE | | 58,954 | 3,575,192 |
|
| TOTAL GERMANY | | | 43,379,393 |
|
| Hong Kong - 0.8% | | | |
| AIA Group Ltd. | | 280,800 | 3,146,929 |
| India - 0.7% | | | |
| Reliance Industries Ltd. sponsored GDR (a) | | 44,400 | 3,019,200 |
| Indonesia - 0.4% | | | |
| PT Bank Rakyat Indonesia Tbk | | 5,269,594 | 1,581,847 |
| Ireland - 1.9% | | | |
| CRH PLC | | 107,102 | 5,125,241 |
| Ryanair Holdings PLC sponsored ADR (b) | | 24,700 | 2,803,697 |
|
| TOTAL IRELAND | | | 7,928,938 |
|
| Italy - 3.2% | | | |
| Assicurazioni Generali SpA | | 154,000 | 3,355,752 |
| Enel SpA | | 695,800 | 5,825,091 |
| Mediobanca SpA | | 343,525 | 4,096,240 |
|
| TOTAL ITALY | | | 13,277,083 |
|
| Japan - 23.4% | | | |
| DENSO Corp. | | 66,900 | 4,849,927 |
| FANUC Corp. | | 5,400 | 1,067,154 |
| Fujitsu Ltd. | | 20,300 | 3,508,444 |
| Hitachi Ltd. | | 103,400 | 5,958,380 |
| Hoya Corp. | | 36,100 | 5,314,229 |
| Ibiden Co. Ltd. | | 30,100 | 1,808,586 |
| Idemitsu Kosan Co. Ltd. | | 65,300 | 1,783,494 |
| Itochu Corp. | | 155,900 | 4,446,403 |
| Minebea Mitsumi, Inc. | | 158,770 | 4,019,586 |
| Mitsubishi Estate Co. Ltd. | | 78,600 | 1,194,483 |
| Mitsubishi UFJ Financial Group, Inc. | | 1,085,161 | 5,950,479 |
| Mitsui Fudosan Co. Ltd. | | 58,000 | 1,326,103 |
| OBIC Co. Ltd. | | 8,693 | 1,607,541 |
| ORIX Corp. | | 245,100 | 4,871,683 |
| Recruit Holdings Co. Ltd. | | 41,500 | 2,760,539 |
| Renesas Electronics Corp. (b) | | 175,000 | 2,152,750 |
| Shin-Etsu Chemical Co. Ltd. | | 37,400 | 6,669,657 |
| Shiseido Co. Ltd. | | 25,200 | 1,681,520 |
| SoftBank Group Corp. | | 56,800 | 3,075,005 |
| Sony Group Corp. | | 47,600 | 5,511,908 |
| Sumitomo Mitsui Financial Group, Inc. | | 144,000 | 4,672,751 |
| Suzuki Motor Corp. | | 70,230 | 3,132,040 |
| Tokio Marine Holdings, Inc. | | 92,548 | 4,874,507 |
| Tokyo Electron Ltd. | | 2,800 | 1,304,893 |
| Toyota Motor Corp. | | 690,725 | 12,187,266 |
|
| TOTAL JAPAN | | | 95,729,328 |
|
| Korea (South) - 0.5% | | | |
| Samsung Electronics Co. Ltd. | | 30,970 | 1,844,767 |
| Luxembourg - 0.9% | | | |
| ArcelorMittal SA (Netherlands) | | 107,100 | 3,630,658 |
| Netherlands - 3.5% | | | |
| AerCap Holdings NV (b) | | 20,200 | 1,192,608 |
| Airbus Group NV (b) | | 38,100 | 4,887,546 |
| NN Group NV | | 86,168 | 4,613,945 |
| Universal Music Group NV | | 124,392 | 3,611,465 |
|
| TOTAL NETHERLANDS | | | 14,305,564 |
|
| Singapore - 1.1% | | | |
| United Overseas Bank Ltd. | | 223,305 | 4,429,669 |
| South Africa - 0.0% | | | |
| Thungela Resources Ltd. (b) | | 18,981 | 89,073 |
| Spain - 2.7% | | | |
| Banco Santander SA (Spain) | | 2,011,982 | 7,620,651 |
| Cellnex Telecom SA (a) | | 40,800 | 2,508,224 |
| Unicaja Banco SA (a) | | 715,300 | 764,870 |
|
| TOTAL SPAIN | | | 10,893,745 |
|
| Sweden - 1.8% | | | |
| Ericsson (B Shares) | | 122,000 | 1,331,680 |
| Investor AB (B Shares) | | 254,640 | 5,867,869 |
|
| TOTAL SWEDEN | | | 7,199,549 |
|
| Switzerland - 5.8% | | | |
| Novartis AG | | 55,040 | 4,552,509 |
| Roche Holding AG (participation certificate) | | 6,680 | 2,587,793 |
| Swiss Life Holding AG | | 4,073 | 2,235,791 |
| UBS Group AG | | 382,058 | 6,934,353 |
| Zurich Insurance Group Ltd. | | 16,731 | 7,415,527 |
|
| TOTAL SWITZERLAND | | | 23,725,973 |
|
| United Kingdom - 13.1% | | | |
| Anglo American PLC (United Kingdom) | | 150,119 | 5,710,978 |
| AstraZeneca PLC (United Kingdom) | | 38,112 | 4,767,862 |
| Barratt Developments PLC | | 281,162 | 2,551,120 |
| Beazley PLC (b) | | 177,700 | 948,446 |
| BHP Group PLC | | 423,897 | 11,195,780 |
| BP PLC | | 1,684,290 | 8,069,268 |
| Imperial Brands PLC | | 85,824 | 1,811,147 |
| Lloyds Banking Group PLC | | 8,493,366 | 5,812,695 |
| Royal Dutch Shell PLC Class B sponsored ADR | | 190,400 | 8,727,936 |
| Standard Chartered PLC (United Kingdom) | | 587,598 | 3,979,774 |
|
| TOTAL UNITED KINGDOM | | | 53,575,006 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $355,085,499) | | | 394,312,877 |
|
| Nonconvertible Preferred Stocks - 1.5% | | | |
| Germany - 1.5% | | | |
| Porsche Automobil Holding SE (Germany) | | | |
| (Cost $4,155,343) | | 58,200 | 6,057,251 |
|
| Money Market Funds - 1.5% | | | |
| Fidelity Cash Central Fund 0.06% (c) | | | |
| (Cost $6,277,780) | | 6,276,525 | 6,277,780 |
| TOTAL INVESTMENT IN SECURITIES - 99.4% | | | |
| (Cost $365,518,622) | | | 406,647,908 |
| NET OTHER ASSETS (LIABILITIES) - 0.6% | | | 2,518,260 |
| NET ASSETS - 100% | | | $409,166,168 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,977,600 or 2.2% of net assets.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $5,809,466 | $179,970,603 | $179,502,466 | $6,265 | $177 | $-- | $6,277,780 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 97,363,728 | 97,363,728 | 665,433 | -- | -- | -- | 0.0% |
| Total | $5,809,466 | $277,334,331 | $276,866,194 | $671,698 | $177 | $-- | $6,277,780 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $11,272,142 | $8,197,137 | $3,075,005 | $-- |
| Consumer Discretionary | 34,289,512 | 2,551,120 | 31,738,392 | -- |
| Consumer Staples | 7,902,825 | 1,811,147 | 6,091,678 | -- |
| Energy | 34,613,567 | 11,836,209 | 22,777,358 | -- |
| Financials | 136,197,350 | 75,000,584 | 61,196,766 | -- |
| Health Care | 29,634,586 | -- | 29,634,586 | -- |
| Industrials | 59,445,778 | 24,237,595 | 35,208,183 | -- |
| Information Technology | 18,599,384 | 5,040,723 | 13,558,661 | -- |
| Materials | 51,566,429 | 9,597,746 | 41,968,683 | -- |
| Real Estate | 6,095,778 | 3,575,192 | 2,520,586 | -- |
| Utilities | 10,752,777 | 4,927,686 | 5,825,091 | -- |
| Money Market Funds | 6,277,780 | 6,277,780 | -- | -- |
| Total Investments in Securities: | $406,647,908 | $153,052,919 | $253,594,989 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $359,240,842) | $400,370,128 | |
| Fidelity Central Funds (cost $6,277,780) | 6,277,780 | |
| Total Investment in Securities (cost $365,518,622) | | $406,647,908 |
| Foreign currency held at value (cost $23,782) | | 23,535 |
| Receivable for investments sold | | 592,927 |
| Receivable for fund shares sold | | 246,453 |
| Dividends receivable | | 1,681,342 |
| Reclaims receivable | | 1,268,784 |
| Distributions receivable from Fidelity Central Funds | | 581 |
| Prepaid expenses | | 859 |
| Receivable from investment adviser for expense reductions | | 3,691 |
| Other receivables | | 24,810 |
| Total assets | | 410,490,890 |
| Liabilities | | |
| Payable for investments purchased | $666,617 | |
| Payable for fund shares redeemed | 201,387 | |
| Accrued management fee | 311,992 | |
| Distribution and service plan fees payable | 6,599 | |
| Other affiliated payables | 77,790 | |
| Other payables and accrued expenses | 60,337 | |
| Total liabilities | | 1,324,722 |
| Net Assets | | $409,166,168 |
| Net Assets consist of: | | |
| Paid in capital | | $403,061,795 |
| Total accumulated earnings (loss) | | 6,104,373 |
| Net Assets | | $409,166,168 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($10,565,841 ÷ 1,094,886 shares)(a) | | $9.65 |
| Maximum offering price per share (100/94.25 of $9.65) | | $10.24 |
| Class M: | | |
| Net Asset Value and redemption price per share ($4,375,332 ÷ 454,236 shares)(a) | | $9.63 |
| Maximum offering price per share (100/96.50 of $9.63) | | $9.98 |
| Class C: | | |
| Net Asset Value and offering price per share ($3,176,619 ÷ 330,726 shares)(a) | | $9.60 |
| International Value: | | |
| Net Asset Value, offering price and redemption price per share ($372,441,210 ÷ 38,555,274 shares) | | $9.66 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($6,660,673 ÷ 688,834 shares) | | $9.67 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($11,946,493 ÷ 1,235,996 shares) | | $9.67 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $19,983,286 |
| Non-Cash dividends | | 6,412,422 |
| Income from Fidelity Central Funds (including $665,433 from security lending) | | 671,698 |
| Income before foreign taxes withheld | | 27,067,406 |
| Less foreign taxes withheld | | (3,019,066) |
| Total income | | 24,048,340 |
| Expenses | | |
| Management fee | | |
| Basic fee | $3,959,724 | |
| Performance adjustment | 489,484 | |
| Transfer agent fees | 900,832 | |
| Distribution and service plan fees | 78,563 | |
| Accounting fees | 293,893 | |
| Custodian fees and expenses | 74,240 | |
| Independent trustees' fees and expenses | 2,265 | |
| Registration fees | 99,818 | |
| Audit | 66,702 | |
| Legal | 1,427 | |
| Interest | 128 | |
| Miscellaneous | 2,313 | |
| Total expenses before reductions | 5,969,389 | |
| Expense reductions | (18,554) | |
| Total expenses after reductions | | 5,950,835 |
| Net investment income (loss) | | 18,097,505 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 8,669,278 | |
| Redemptions in-kind with affiliated entities | 57,480,336 | |
| Fidelity Central Funds | 177 | |
| Foreign currency transactions | 72,224 | |
| Total net realized gain (loss) | | 66,222,015 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 94,592,554 | |
| Assets and liabilities in foreign currencies | (68,039) | |
| Total change in net unrealized appreciation (depreciation) | | 94,524,515 |
| Net gain (loss) | | 160,746,530 |
| Net increase (decrease) in net assets resulting from operations | | $178,844,035 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $18,097,505 | $9,009,090 |
| Net realized gain (loss) | 66,222,015 | (36,248,719) |
| Change in net unrealized appreciation (depreciation) | 94,524,515 | (37,319,182) |
| Net increase (decrease) in net assets resulting from operations | 178,844,035 | (64,558,811) |
| Distributions to shareholders | (9,153,610) | (17,025,846) |
| Share transactions - net increase (decrease) | (191,918,258) | 44,017,671 |
| Total increase (decrease) in net assets | (22,227,833) | (37,566,986) |
| Net Assets | | |
| Beginning of period | 431,394,001 | 468,960,987 |
| End of period | $409,166,168 | $431,394,001 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Value Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $6.87 | $8.25 | $8.13 | $9.08 | $7.78 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .25B | .13 | .25 | .21 | .17 |
| Net realized and unrealized gain (loss) | 2.66 | (1.24) | .08 | (1.04) | 1.31 |
| Total from investment operations | 2.91 | (1.11) | .33 | (.83) | 1.48 |
| Distributions from net investment income | (.13) | (.24) | (.21) | (.10) | (.17) |
| Distributions from net realized gain | – | (.03) | – | (.01) | (.01) |
| Total distributions | (.13) | (.27) | (.21) | (.12)C | (.18) |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $9.65 | $6.87 | $8.25 | $8.13 | $9.08 |
| Total ReturnE,F | 42.56% | (14.01)% | 4.38% | (9.30)% | 19.36% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.37% | 1.30% | 1.14% | 1.23% | 1.33% |
| Expenses net of fee waivers, if any | 1.33% | 1.30% | 1.13% | 1.23% | 1.33% |
| Expenses net of all reductions | 1.33% | 1.28% | 1.12% | 1.21% | 1.32% |
| Net investment income (loss) | 2.77%B | 1.71% | 3.19% | 2.36% | 2.01% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $10,566 | $5,947 | $7,806 | $7,887 | $8,151 |
| Portfolio turnover rateI | 29%J | 36% | 47% | 55% | 50% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.73%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Value Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $6.86 | $8.24 | $8.11 | $9.06 | $7.76 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23B | .11 | .23 | .18 | .14 |
| Net realized and unrealized gain (loss) | 2.65 | (1.25) | .08 | (1.04) | 1.31 |
| Total from investment operations | 2.88 | (1.14) | .31 | (.86) | 1.45 |
| Distributions from net investment income | (.11) | (.21) | (.18) | (.08) | (.14) |
| Distributions from net realized gain | – | (.03) | – | (.01) | (.01) |
| Total distributions | (.11) | (.24) | (.18) | (.09) | (.15) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $9.63 | $6.86 | $8.24 | $8.11 | $9.06 |
| Total ReturnD,E | 42.20% | (14.29)% | 4.11% | (9.59)% | 19.04% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.62% | 1.57% | 1.44% | 1.56% | 1.64% |
| Expenses net of fee waivers, if any | 1.58% | 1.57% | 1.43% | 1.55% | 1.64% |
| Expenses net of all reductions | 1.58% | 1.55% | 1.42% | 1.54% | 1.63% |
| Net investment income (loss) | 2.51%B | 1.44% | 2.89% | 2.04% | 1.70% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $4,375 | $2,884 | $3,756 | $3,920 | $4,181 |
| Portfolio turnover rateH | 29%I | 36% | 47% | 55% | 50% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.48%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Value Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $6.85 | $8.22 | $8.08 | $9.04 | $7.75 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .18B | .07 | .19 | .14 | .10 |
| Net realized and unrealized gain (loss) | 2.65 | (1.24) | .08 | (1.04) | 1.31 |
| Total from investment operations | 2.83 | (1.17) | .27 | (.90) | 1.41 |
| Distributions from net investment income | (.08) | (.17) | (.13) | (.04) | (.11) |
| Distributions from net realized gain | – | (.03) | – | (.01) | (.01) |
| Total distributions | (.08) | (.20) | (.13) | (.06)C | (.12) |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $9.60 | $6.85 | $8.22 | $8.08 | $9.04 |
| Total ReturnE,F | 41.45% | (14.67)% | 3.53% | (10.06)% | 18.41% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 2.12% | 2.07% | 1.93% | 2.04% | 2.12% |
| Expenses net of fee waivers, if any | 2.09% | 2.07% | 1.92% | 2.04% | 2.12% |
| Expenses net of all reductions | 2.09% | 2.05% | 1.91% | 2.02% | 2.11% |
| Net investment income (loss) | 2.00%B | .94% | 2.40% | 1.55% | 1.22% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $3,177 | $2,947 | $3,839 | $5,339 | $5,171 |
| Portfolio turnover rateI | 29%J | 36% | 47% | 55% | 50% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Value Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $6.87 | $8.25 | $8.14 | $9.09 | $7.79 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .28B | .15 | .28 | .24 | .20 |
| Net realized and unrealized gain (loss) | 2.66 | (1.23) | .07 | (1.04) | 1.31 |
| Total from investment operations | 2.94 | (1.08) | .35 | (.80) | 1.51 |
| Distributions from net investment income | (.15) | (.27) | (.24) | (.14) | (.20) |
| Distributions from net realized gain | – | (.03) | – | (.01) | (.01) |
| Total distributions | (.15) | (.30) | (.24) | (.15) | (.21) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $9.66 | $6.87 | $8.25 | $8.14 | $9.09 |
| Total ReturnD | 43.08% | (13.70)% | 4.65% | (8.95)% | 19.83% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.01% | .94% | .79% | .89% | .97% |
| Expenses net of fee waivers, if any | 1.01% | .94% | .78% | .89% | .97% |
| Expenses net of all reductions | 1.01% | .92% | .78% | .87% | .96% |
| Net investment income (loss) | 3.09%B | 2.07% | 3.54% | 2.70% | 2.36% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $372,441 | $406,661 | $442,816 | $433,015 | $359,770 |
| Portfolio turnover rateG | 29%H | 36% | 47% | 55% | 50% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.05%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Value Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $6.88 | $8.26 | $8.15 | $9.10 | $7.80 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .28B | .15 | .27 | .23 | .19 |
| Net realized and unrealized gain (loss) | 2.66 | (1.24) | .08 | (1.04) | 1.31 |
| Total from investment operations | 2.94 | (1.09) | .35 | (.81) | 1.50 |
| Distributions from net investment income | (.15) | (.26) | (.24) | (.13) | (.19) |
| Distributions from net realized gain | – | (.03) | – | (.01) | (.01) |
| Total distributions | (.15) | (.29) | (.24) | (.14) | (.20) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $9.67 | $6.88 | $8.26 | $8.15 | $9.10 |
| Total ReturnD | 43.05% | (13.75)% | 4.57% | (9.04)% | 19.68% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.07% | .98% | .86% | .97% | 1.10% |
| Expenses net of fee waivers, if any | 1.05% | .98% | .85% | .97% | 1.10% |
| Expenses net of all reductions | 1.05% | .97% | .85% | .95% | 1.09% |
| Net investment income (loss) | 3.05%B | 2.03% | 3.47% | 2.62% | 2.23% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,661 | $10,406 | $8,495 | $6,779 | $5,523 |
| Portfolio turnover rateG | 29%H | 36% | 47% | 55% | 50% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.01%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Value Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $6.87 | $8.25 | $8.14 | $8.81 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .30C | .16 | .29 | .01 |
| Net realized and unrealized gain (loss) | 2.65 | (1.23) | .08 | (.68) |
| Total from investment operations | 2.95 | (1.07) | .37 | (.67) |
| Distributions from net investment income | (.15) | (.28) | (.26) | – |
| Distributions from net realized gain | – | (.03) | – | – |
| Total distributions | (.15) | (.31) | (.26) | – |
| Redemption fees added to paid in capitalB | – | – | – | –D |
| Net asset value, end of period | $9.67 | $6.87 | $8.25 | $8.14 |
| Total ReturnE,F | 43.35% | (13.58)% | 4.84% | (7.60)% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .89% | .82% | .67% | .84%I |
| Expenses net of fee waivers, if any | .89% | .82% | .67% | .84%I |
| Expenses net of all reductions | .89% | .81% | .66% | .82%I |
| Net investment income (loss) | 3.21%C | 2.19% | 3.66% | 1.58%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $11,946 | $2,549 | $2,249 | $92 |
| Portfolio turnover rateJ | 29%K | 36% | 47% | 55% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income 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%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $66,296,510 |
| Gross unrealized depreciation | (32,065,843) |
| Net unrealized appreciation (depreciation) | $34,230,667 |
| Tax Cost | $372,417,241 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $17,408,551 |
| Capital loss carryforward | $(45,533,858) |
| Net unrealized appreciation (depreciation) on securities and other investments | $34,229,678 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(12,286,570) |
| Long-term | (33,247,288) |
| Total capital loss carryforward | $(45,533,858) |
Due to large redemptions in the period, approximately $45,054,107 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $5,836,972 of those capital losses per year to offset capital gains.
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $9,153,610 | $ 17,025,846 |
| Total | $9,153,610 | $ 17,025,846 |
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 | 215,800,153 | 164,280,126 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .76% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $22,137 | $1,642 |
| Class M | .25% | .25% | 20,038 | 190 |
| Class C | .75% | .25% | 36,388 | 6,324 |
| | | | $78,563 | $ 8,156 |
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 | $7,163 |
| Class M | 887 |
| Class C(a) | 200 |
| | $8,250 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $23,827 | .27 |
| Class M | 11,035 | .27 |
| Class C | 10,007 | .27 |
| International Value | 804,639 | .16 |
| Class I | 31,274 | .22 |
| Class Z | 20,050 | .04 |
| | $900,832 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity International Value Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity International Value Fund | $267 |
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 Value Fund | Borrower | $7,337,000 | .32% | $128 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Value Fund | 2,231,949 | 2,726,243 | 535,966 |
Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss
($) | Total Proceeds
($) | Participating classes |
| Fidelity International Value Fund | 25,377,058 | 57,480,336 | 238,544,345 | Class Z |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity International Value Fund | $1,049 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity International Value Fund | $45,688 | $– | $– |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| | Expense Limitations | Reimbursement |
| Class A | 1.35%/1.30%(a) | $3,170 |
| Class M | 1.60%/1.55%(a) | 1,522 |
| Class C | 2.10%/2.05%(a) | 1,038 |
| International Value | 1.10%/1.05%(a) | – |
| Class I | 1.10%/1.05%(a) | 2,753 |
| Class Z | .95%/.90%(a) | – |
| | | $8,483 |
(a) Expense limitation effective June 1, 2021.
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 $10,071.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity International Value Fund | | |
| Distributions to shareholders | | |
| Class A | $106,686 | $250,358 |
| Class M | 46,945 | 108,862 |
| Class C | 32,999 | 90,015 |
| International Value | 8,705,034 | 16,196,338 |
| Class I | 210,394 | 295,710 |
| Class Z | 51,552 | 84,563 |
| Total | $9,153,610 | $17,025,846 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity International Value Fund | | | | |
| Class A | | | | |
| Shares sold | 379,781 | 149,593 | $3,507,076 | $1,096,696 |
| Reinvestment of distributions | 12,439 | 30,176 | 104,422 | 245,629 |
| Shares redeemed | (163,522) | (259,934) | (1,470,744) | (1,928,162) |
| Net increase (decrease) | 228,698 | (80,165) | $2,140,754 | $(585,837) |
| Class M | | | | |
| Shares sold | 71,451 | 43,159 | $640,857 | $312,065 |
| Reinvestment of distributions | 5,424 | 12,987 | 45,591 | 105,846 |
| Shares redeemed | (43,156) | (91,699) | (385,663) | (664,466) |
| Net increase (decrease) | 33,719 | (35,553) | $300,785 | $(246,555) |
| Class C | | | | |
| Shares sold | 92,170 | 68,089 | $842,206 | $493,863 |
| Reinvestment of distributions | 3,921 | 11,018 | 32,999 | 90,015 |
| Shares redeemed | (195,756) | (115,728) | (1,803,534) | (851,545) |
| Net increase (decrease) | (99,665) | (36,621) | $(928,329) | $(267,667) |
| International Value | | | | |
| Shares sold | 13,959,911 | 13,140,575 | $129,814,337 | $91,311,864 |
| Reinvestment of distributions | 534,908 | 1,031,528 | 4,484,422 | 8,365,693 |
| Shares redeemed | (35,146,329) | (8,634,726) | (331,246,581) | (58,976,320) |
| Net increase (decrease) | (20,651,510) | 5,537,377 | $(196,947,822) | $40,701,237 |
| Class I | | | | |
| Shares sold | 2,362,565 | 1,243,265 | $22,186,695 | $9,161,904 |
| Reinvestment of distributions | 24,378 | 34,548 | 204,597 | 280,876 |
| Shares redeemed | (3,211,043) | (793,273) | (29,755,410) | (5,758,278) |
| Net increase (decrease) | (824,100) | 484,540 | $(7,364,118) | $3,684,502 |
| Class Z | | | | |
| Shares sold | 28,776,748 | 223,353 | $272,875,410 | $1,616,204 |
| Reinvestment of distributions | 5,969 | 10,427 | 50,000 | 84,563 |
| Shares redeemed | (27,917,700) | (135,243) | (262,044,938) | (968,776) |
| Net increase (decrease) | 865,017 | 98,537 | $10,880,472 | $731,991 |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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 50% Portfolio | VIP FundsManager 60% Portfolio |
| Fidelity International Value Fund | 12% | 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 International Value Fund | 40% |
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Value Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Value Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity International Value Fund | | | | |
| Class A | 1.32% | | | |
| Actual | | $1,000.00 | $1,043.20 | $6.80 |
| Hypothetical-C | | $1,000.00 | $1,018.55 | $6.72 |
| Class M | 1.57% | | | |
| Actual | | $1,000.00 | $1,042.20 | $8.08 |
| Hypothetical-C | | $1,000.00 | $1,017.29 | $7.98 |
| Class C | 2.09% | | | |
| Actual | | $1,000.00 | $1,039.00 | $10.74 |
| Hypothetical-C | | $1,000.00 | $1,014.67 | $10.61 |
| International Value | 1.00% | | | |
| Actual | | $1,000.00 | $1,045.50 | $5.16 |
| Hypothetical-C | | $1,000.00 | $1,020.16 | $5.09 |
| Class I | 1.08% | | | |
| Actual | | $1,000.00 | $1,045.40 | $5.57 |
| Hypothetical-C | | $1,000.00 | $1,019.76 | $5.50 |
| Class Z | .87% | | | |
| Actual | | $1,000.00 | $1,046.50 | $4.49 |
| Hypothetical-C | | $1,000.00 | $1,020.82 | $4.43 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A, Class M, Class C, International Value, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Class A | 12/07/2020 | $0.1360 | $0.0150 |
| Class A | 12/30/2020 | $0.0040 | $0.0000 |
| Class M | 12/07/2020 | $0.1200 | $0.0150 |
| Class M | 12/30/2020 | $0.0040 | $0.0000 |
| Class C | 12/07/2020 | $0.0890 | $0.0150 |
| Class C | 12/30/2020 | $0.0040 | $0.0000 |
| International Value | 12/07/2020 | $0.1580 | $0.0150 |
| International Value | 12/30/2020 | $0.0040 | $0.0000 |
| Class I | 12/07/2020 | $0.1600 | $0.0150 |
| Class I | 12/30/2020 | $0.0040 | $0.0000 |
| Class Z | 12/07/2020 | $0.1650 | $0.0150 |
| Class Z | 12/30/2020 | $0.0040 | $0.0000 |
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Value Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity International Value Fund
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
Fidelity International Value Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.35%, 1.60%, 2.10%, 1.10%, 0.95%, and 1.10% through February 28, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
FIV-ANN-1221
1.827482.115
Fidelity® International Discovery Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 25.22% | 11.36% | 8.70% |
| Class M (incl. 3.50% sales charge) | 27.90% | 11.62% | 8.70% |
| Class C (incl. contingent deferred sales charge) | 30.79% | 11.81% | 8.68% |
| Fidelity® International Discovery Fund | 33.29% | 13.08% | 9.72% |
| Class K | 33.40% | 13.20% | 9.87% |
| Class I | 33.26% | 13.05% | 9.71% |
| Class Z | 33.40% | 13.20% | 9.83% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® International Discovery Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $25,294 | Fidelity® International Discovery Fund |
| $20,722 | MSCI EAFE Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager William Kennedy: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 32% to 33%, underperforming the 34.45% result of the benchmark MSCI EAFE (Net MA) Index. From a regional standpoint, an overweighting and stock picks in emerging markets, specifically China, along with investment choices in the U.K., detracted from the portfolio's relative result. By sector, security selection was the primary detractor versus the benchmark, especially in consumer discretionary and communication services. Stock picks and an underweighting in energy also hindered the fund's relative result. Alibaba Group Holding, the portfolio’s largest individual detractor, returned -39% this period and was sold during the past 12 months. Further pressuring relative performance was Tencent Holdings (-23%), a stake no longer held at the end of the period. Another notable detractor was Stillfront Group, which returned approximately -62%. We increased our stake in this the company over the period. All of these detractors were non-benchmark positions. Conversely, stock picks and underweightings in Japan and Asia Pacific Ex Japan aided the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our overweighting and investment choices in information technology. Also boosting the portfolio’s relative result was our underweighting in consumer staples, positioning in the financials sector, and security selection in health care. The biggest individual relative contributor was an overweighting in Capgemini (+103%). Also bolstering the fund’s relative return was our outsized stake in ASML Holding, which gained about 124% and was our top position at period end. Another notable relative contributor was an overweighting in KBC Groupe (+90%). Notable changes in the portfolio’s positioning on a geographic basis include increased exposure to Japan, France and India and a lower allocation to Switzerland. By sector, meaningful shifts consisted of an uptick in energy, materials, and financials stocks and reduced allocations to communication services, consumer staples and real estate stocks.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 18.3% |
| | United Kingdom | 9.7% |
| | Germany | 8.7% |
| | Switzerland | 8.2% |
| | France | 7.6% |
| | Netherlands | 6.7% |
| | India | 5.7% |
| | United States of America* | 5.2% |
| | Sweden | 4.5% |
| | Other | 25.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 95.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.8 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.7 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.1 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.9 |
| Daimler AG (Germany) (Germany, Automobiles) | 1.8 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 1.8 |
| Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) | 1.5 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.5 |
| Equinor ASA (Norway, Oil, Gas & Consumable Fuels) | 1.5 |
| Sony Group Corp. (Japan, Household Durables) | 1.4 |
| | 19.0 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 20.1 |
| Industrials | 17.4 |
| Information Technology | 14.7 |
| Consumer Discretionary | 13.2 |
| Health Care | 12.0 |
| Materials | 5.4 |
| Consumer Staples | 4.3 |
| Communication Services | 3.2 |
| Energy | 3.1 |
| Real Estate | 1.5 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 95.1% | | | |
| | | Shares | Value (000s) |
| Australia - 1.8% | | | |
| Bapcor Ltd. | | 5,835,969 | $34,901 |
| Hyperion Metals Ltd. (a)(b) | | 12,405,511 | 9,332 |
| Lynas Rare Earths Ltd. (a) | | 11,538,082 | 63,621 |
| National Storage REIT unit | | 40,399,001 | 72,632 |
| Rio Tinto Ltd. | | 342 | 23 |
| Technology One Ltd. | | 2,599,732 | 23,878 |
|
| TOTAL AUSTRALIA | | | 204,387 |
|
| Austria - 1.2% | | | |
| Erste Group Bank AG | | 1,779,291 | 76,310 |
| Wienerberger AG | | 1,591,848 | 56,346 |
|
| TOTAL AUSTRIA | | | 132,656 |
|
| Bailiwick of Jersey - 0.5% | | | |
| Experian PLC | | 1,280,280 | 58,644 |
| Belgium - 1.9% | | | |
| Azelis Group NV | | 525,800 | 17,019 |
| KBC Groep NV | | 1,524,101 | 141,936 |
| UCB SA | | 486,572 | 57,991 |
|
| TOTAL BELGIUM | | | 216,946 |
|
| Bermuda - 0.1% | | | |
| AutoStore Holdings Ltd. | | 2,739,800 | 10,798 |
| Brazil - 0.4% | | | |
| CM Hospitalar SA | | 5,067,600 | 18,003 |
| Rede D'Oregon Sao Luiz SA (c) | | 2,095,900 | 21,910 |
|
| TOTAL BRAZIL | | | 39,913 |
|
| British Virgin Islands - 0.1% | | | |
| Fix Price Group Ltd. GDR (Reg. S) | | 1,152,790 | 10,041 |
| Canada - 1.0% | | | |
| Constellation Software, Inc. | | 57,160 | 100,454 |
| Topicus.Com, Inc. | | 106,341 | 11,867 |
|
| TOTAL CANADA | | | 112,321 |
|
| Cayman Islands - 1.2% | | | |
| Akeso, Inc. (a)(c) | | 2,813,884 | 15,768 |
| Medlive Technology Co. Ltd. (c) | | 1,541,082 | 8,012 |
| Medlive Technology Co. Ltd. | | 793,500 | 3,919 |
| Sea Ltd. ADR (a) | | 229,881 | 78,980 |
| Zai Lab Ltd. (a) | | 243,298 | 25,240 |
|
| TOTAL CAYMAN ISLANDS | | | 131,919 |
|
| China - 0.4% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 101,000 | 28,792 |
| WuXi AppTec Co. Ltd. (H Shares) (c) | | 982,731 | 21,005 |
|
| TOTAL CHINA | | | 49,797 |
|
| Denmark - 1.0% | | | |
| A.P. Moller - Maersk A/S Series B | | 12,628 | 36,595 |
| ORSTED A/S (c) | | 514,814 | 72,642 |
|
| TOTAL DENMARK | | | 109,237 |
|
| Finland - 0.7% | | | |
| Musti Group OYJ | | 562,848 | 22,109 |
| Neste Oyj | | 1,116,917 | 62,221 |
|
| TOTAL FINLAND | | | 84,330 |
|
| France - 7.6% | | | |
| Antin Infrastructure Partners SA | | 219,988 | 8,367 |
| AXA SA | | 2,651,134 | 77,129 |
| BNP Paribas SA | | 1,524,249 | 102,029 |
| Capgemini SA | | 629,231 | 146,424 |
| Elior SA (a)(c) | | 1,364,884 | 10,761 |
| Exclusive Networks SA | | 1,510,117 | 35,525 |
| Hydrogen Refueling Solutions | | 201,062 | 7,449 |
| LVMH Moet Hennessy Louis Vuitton SE | | 272,133 | 213,385 |
| Societe Generale Series A | | 2,198,721 | 73,446 |
| Teleperformance | | 176,846 | 73,821 |
| VINCI SA | | 708,981 | 75,705 |
| Worldline SA (a)(c) | | 456,401 | 26,580 |
|
| TOTAL FRANCE | | | 850,621 |
|
| Germany - 8.7% | | | |
| adidas AG | | 227,079 | 74,367 |
| Allianz SE | | 458,100 | 106,522 |
| Brenntag SE | | 633,204 | 60,198 |
| Daimler AG (Germany) | | 2,064,030 | 204,577 |
| Deutsche Post AG | | 2,392,230 | 148,005 |
| Exasol AG (a) | | 327,654 | 3,326 |
| Instone Real Estate Group BV (c) | | 1,209,030 | 31,866 |
| Linde PLC | | 163,357 | 52,592 |
| Merck KGaA | | 156,284 | 36,892 |
| Nexus AG | | 574,666 | 50,089 |
| Shop Apotheke Europe NV (a)(c) | | 215,268 | 32,599 |
| Siemens AG | | 777,190 | 126,357 |
| Siemens Healthineers AG (c) | | 497,465 | 33,043 |
| SUSE SA (a) | | 370,507 | 15,989 |
|
| TOTAL GERMANY | | | 976,422 |
|
| Greece - 0.1% | | | |
| Alpha Bank SA (a) | | 8,300,685 | 10,541 |
| Piraeus Financial Holdings SA (a) | | 3,436,277 | 5,839 |
|
| TOTAL GREECE | | | 16,380 |
|
| Hong Kong - 2.7% | | | |
| AIA Group Ltd. | | 13,255,061 | 148,550 |
| Antengene Corp. (c) | | 10,202,858 | 13,533 |
| Hong Kong Exchanges and Clearing Ltd. | | 1,166,010 | 70,556 |
| Techtronic Industries Co. Ltd. | | 3,443,203 | 70,851 |
|
| TOTAL HONG KONG | | | 303,490 |
|
| Hungary - 0.9% | | | |
| OTP Bank PLC (a) | | 1,342,885 | 80,653 |
| Richter Gedeon PLC | | 890,603 | 24,949 |
|
| TOTAL HUNGARY | | | 105,602 |
|
| India - 5.5% | | | |
| Avenue Supermarts Ltd. (a)(c) | | 505,358 | 31,253 |
| Axis Bank Ltd. (a) | | 2,938,000 | 29,084 |
| Eicher Motors Ltd. | | 595,700 | 19,748 |
| FSN E-Commerce Ventures Private Ltd. (d) | | 210,804 | 3,006 |
| HDFC Bank Ltd. | | 3,117,382 | 65,973 |
| HDFC Bank Ltd. sponsored ADR | | 1,609,380 | 115,731 |
| Housing Development Finance Corp. Ltd. | | 4,463,615 | 169,404 |
| Pine Labs Private Ltd. (e)(f) | | 8,672 | 3,718 |
| PVR Ltd. (a) | | 649,600 | 14,539 |
| Reliance Industries Ltd. | | 2,499,500 | 84,576 |
| Reliance Industries Ltd. | | 118,680 | 3,012 |
| Reliance Industries Ltd. sponsored GDR (c) | | 414,558 | 28,190 |
| Sunteck Realty Ltd. | | 2,762,804 | 16,972 |
| Vijaya Diagnostic Centre Pvt Ltd. | | 2,660,784 | 20,039 |
| Zomato Ltd. (e) | | 10,934,400 | 16,312 |
|
| TOTAL INDIA | | | 621,557 |
|
| Ireland - 2.6% | | | |
| Cairn Homes PLC | | 29,285,909 | 37,995 |
| CRH PLC | | 2,326,969 | 111,354 |
| Dalata Hotel Group PLC (a)(b) | | 13,142,844 | 56,215 |
| Flutter Entertainment PLC (a) | | 232,923 | 43,974 |
| Ryanair Holdings PLC sponsored ADR (a) | | 413,858 | 46,977 |
|
| TOTAL IRELAND | | | 296,515 |
|
| Isle of Man - 0.2% | | | |
| Entain PLC (a) | | 891,947 | 24,999 |
| Italy - 1.0% | | | |
| BFF Bank SpA (c) | | 3,303,871 | 29,561 |
| Intesa Sanpaolo SpA | | 21,095,508 | 59,957 |
| Reply SpA | | 124,595 | 24,154 |
|
| TOTAL ITALY | | | 113,672 |
|
| Japan - 18.3% | | | |
| Daiichi Sankyo Kabushiki Kaisha | | 2,447,417 | 61,754 |
| FUJIFILM Holdings Corp. | | 1,205,314 | 93,144 |
| Fujitsu Ltd. | | 285,536 | 49,349 |
| Hitachi Ltd. | | 2,232,267 | 128,633 |
| Hoya Corp. | | 1,143,720 | 168,365 |
| Itochu Corp. | | 2,575,352 | 73,451 |
| JEOL Ltd. | | 1,035,904 | 78,509 |
| Keyence Corp. | | 243,551 | 147,011 |
| Lifenet Insurance Co. (a) | | 1,152,816 | 11,484 |
| Minebea Mitsumi, Inc. | | 4,374,164 | 110,741 |
| Misumi Group, Inc. | | 981,930 | 41,068 |
| Mitsubishi UFJ Financial Group, Inc. | | 5,981,226 | 32,798 |
| Money Forward, Inc. (a) | | 185,722 | 12,620 |
| ORIX Corp. | | 7,421,595 | 147,514 |
| Persol Holdings Co. Ltd. | | 2,355,441 | 63,311 |
| Recruit Holdings Co. Ltd. | | 3,056,578 | 203,321 |
| Renesas Electronics Corp. (a) | | 7,066,848 | 86,932 |
| SHIFT, Inc. (a) | | 98,055 | 22,613 |
| Shin-Etsu Chemical Co. Ltd. | | 630,982 | 112,525 |
| Shiseido Co. Ltd. | | 490,595 | 32,736 |
| SMC Corp. | | 74,340 | 44,364 |
| Sony Group Corp. | | 1,407,816 | 163,020 |
| THK Co. Ltd. | | 738,818 | 15,887 |
| TIS, Inc. | | 1,485,608 | 40,472 |
| Z Holdings Corp. | | 12,259,669 | 76,108 |
| ZOZO, Inc. | | 1,418,959 | 45,547 |
|
| TOTAL JAPAN | | | 2,063,277 |
|
| Korea (South) - 0.3% | | | |
| Samsung SDI Co. Ltd. | | 61,660 | 38,704 |
| Luxembourg - 0.8% | | | |
| B&M European Value Retail SA | | 3,331,134 | 28,866 |
| Eurofins Scientific SA | | 475,198 | 55,999 |
|
| TOTAL LUXEMBOURG | | | 84,865 |
|
| Netherlands - 6.7% | | | |
| AerCap Holdings NV (a) | | 1,082,727 | 63,924 |
| Airbus Group NV (a) | | 935,055 | 119,951 |
| ASML Holding NV (Netherlands) | | 386,912 | 314,524 |
| IMCD NV | | 145,037 | 32,200 |
| ING Groep NV (Certificaten Van Aandelen) | | 5,176,540 | 78,522 |
| NXP Semiconductors NV | | 498,007 | 100,030 |
| RHI Magnesita NV | | 435,151 | 19,998 |
| Universal Music Group NV | | 970,961 | 28,190 |
|
| TOTAL NETHERLANDS | | | 757,339 |
|
| New Zealand - 0.9% | | | |
| EBOS Group Ltd. | | 1,483,971 | 38,549 |
| Ryman Healthcare Group Ltd. | | 5,818,419 | 60,249 |
|
| TOTAL NEW ZEALAND | | | 98,798 |
|
| Norway - 2.1% | | | |
| Equinor ASA | | 6,528,237 | 165,178 |
| Schibsted ASA (A Shares) | | 1,183,496 | 61,039 |
| Volue A/S | | 1,200,992 | 8,402 |
|
| TOTAL NORWAY | | | 234,619 |
|
| Spain - 1.8% | | | |
| Aena SME SA (a)(c) | | 141,425 | 23,227 |
| Amadeus IT Holding SA Class A (a) | | 1,328,846 | 88,851 |
| Cellnex Telecom SA (c) | | 1,523,996 | 93,689 |
|
| TOTAL SPAIN | | | 205,767 |
|
| Sweden - 4.4% | | | |
| ASSA ABLOY AB (B Shares) | | 2,325,576 | 68,239 |
| EQT AB | | 1,240,477 | 65,375 |
| Evolution AB (c) | | 393,371 | 63,632 |
| HEXPOL AB (B Shares) | | 2,053,585 | 23,984 |
| Industrivarden AB (A Shares) (g) | | 75,657 | 2,495 |
| Indutrade AB | | 3,307,612 | 96,247 |
| Kry International AB (f) | | 4,183 | 1,729 |
| Lagercrantz Group AB (B Shares) | | 866,200 | 11,599 |
| Nibe Industrier AB (B Shares) | | 3,092,173 | 46,033 |
| Nordnet AB | | 1,980,612 | 37,972 |
| Stillfront Group AB (a) | | 4,950,820 | 22,091 |
| Svenska Handelsbanken AB (A Shares) | | 4,917,732 | 56,369 |
|
| TOTAL SWEDEN | | | 495,765 |
|
| Switzerland - 8.2% | | | |
| Dufry AG (a) | | 294,899 | 15,614 |
| Lonza Group AG | | 128,875 | 105,650 |
| Nestle SA (Reg. S) | | 1,789,817 | 236,090 |
| Partners Group Holding AG | | 74,875 | 130,639 |
| Roche Holding AG (participation certificate) | | 783,188 | 303,402 |
| Schindler Holding AG (participation certificate) | | 31,780 | 8,268 |
| Sika AG | | 212,444 | 71,928 |
| SKAN Group AG | | 67,800 | 5,348 |
| Zur Rose Group AG (a) | | 119,514 | 42,423 |
|
| TOTAL SWITZERLAND | | | 919,362 |
|
| Taiwan - 1.5% | | | |
| MediaTek, Inc. | | 1,546,000 | 50,691 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 5,587,000 | 118,402 |
|
| TOTAL TAIWAN | | | 169,093 |
|
| United Kingdom - 9.7% | | | |
| Anglo American PLC (United Kingdom) | | 1,991,285 | 75,754 |
| AstraZeneca PLC (United Kingdom) | | 470,678 | 58,882 |
| Big Yellow Group PLC | | 2,202,619 | 44,583 |
| Bytes Technology Group PLC | | 2,484,921 | 18,160 |
| Compass Group PLC (a) | | 5,521,332 | 117,166 |
| Dechra Pharmaceuticals PLC | | 858,347 | 60,144 |
| Deliveroo PLC Class A (a)(c)(g) | | 5,013,849 | 18,547 |
| Diageo PLC | | 2,319,792 | 115,414 |
| Dr. Martens Ltd. (a) | | 4,424,178 | 22,330 |
| Harbour Energy PLC (a) | | 3,527,958 | 16,966 |
| JD Sports Fashion PLC | | 6,281,836 | 93,535 |
| Jet2 PLC (a) | | 1,774,756 | 29,620 |
| JTC PLC (c) | | 4,338,482 | 46,134 |
| Lloyds Banking Group PLC | | 69,054,489 | 47,260 |
| M&G PLC | | 35,241,241 | 96,362 |
| Prudential PLC (a) | | 5,479,300 | 112,068 |
| Smart Metering Systems PLC | | 2,987,191 | 33,359 |
| Starling Bank Ltd. Series D (a)(e)(f) | | 6,223,100 | 11,023 |
| Vistry Group PLC | | 2,708,014 | 45,214 |
| WH Smith PLC (a) | | 1,432,968 | 30,632 |
| Zegona Communications PLC (b) | | 337,693 | 495 |
|
| TOTAL UNITED KINGDOM | | | 1,093,648 |
|
| United States of America - 0.8% | | | |
| Dlocal Ltd. | | 256,116 | 12,424 |
| MercadoLibre, Inc. (a) | | 26,261 | 38,893 |
| NICE Systems Ltd. sponsored ADR (a) | | 121,315 | 34,335 |
|
| TOTAL UNITED STATES OF AMERICA | | | 85,652 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $7,045,070) | | | 10,717,136 |
|
| Preferred Stocks - 0.5% | | | |
| Convertible Preferred Stocks - 0.3% | | | |
| China - 0.2% | | | |
| ByteDance Ltd. Series E1 (e)(f) | | 131,235 | 16,315 |
| dMed Biopharmaceutical Co. Ltd. Series C (e)(f) | | 727,754 | 10,065 |
| | | | 26,380 |
| India - 0.1% | | | |
| Delhivery Private Ltd. Series H (e)(f) | | 10,208 | 4,856 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 31,236 |
|
| Nonconvertible Preferred Stocks - 0.2% | | | |
| India - 0.1% | | | |
| Pine Labs Private Ltd.: | | | |
| Series 1 (e)(f) | | 20,726 | 8,886 |
| Series A (e)(f) | | 5,179 | 2,220 |
| Series B (e)(f) | | 5,635 | 2,416 |
| Series B2 (e)(f) | | 4,558 | 1,954 |
| Series C (e)(f) | | 8,478 | 3,635 |
| Series C1 (e)(f) | | 1,786 | 766 |
| Series D (e)(f) | | 1,910 | 819 |
| | | | 20,696 |
| Sweden - 0.1% | | | |
| Kry International AB Series E (f) | | 24,162 | 10,515 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 31,211 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $58,743) | | | 62,447 |
|
| Money Market Funds - 3.6% | | | |
| Fidelity Cash Central Fund 0.06% (h) | | 398,197,365 | 398,277 |
| Fidelity Securities Lending Cash Central Fund 0.06% (h)(i) | | 2,885,260 | 2,886 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $401,163) | | | 401,163 |
| TOTAL INVESTMENT IN SECURITIES - 99.2% | | | |
| (Cost $7,504,976) | | | 11,180,746 |
| NET OTHER ASSETS (LIABILITIES) - 0.8% | | | 87,592 |
| NET ASSETS - 100% | | | $11,268,338 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Affiliated company
(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 $621,952,000 or 5.5% of net assets.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $82,985,000 or 0.7% of net assets.
(f) Level 3 security
(g) Security or a portion of the security is on loan at period end.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| ByteDance Ltd. Series E1 | 11/18/20 | $14,380 |
| Delhivery Private Ltd. Series H | 5/20/21 | $4,983 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $10,336 |
| Pine Labs Private Ltd. | 6/30/21 | $3,233 |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | $7,728 |
| Pine Labs Private Ltd. Series A | 6/30/21 | $1,931 |
| Pine Labs Private Ltd. Series B | 6/30/21 | $2,101 |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | $1,699 |
| Pine Labs Private Ltd. Series C | 6/30/21 | $3,161 |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | $666 |
| Pine Labs Private Ltd. Series D | 6/30/21 | $712 |
| Starling Bank Ltd. Series D | 6/18/21 | $11,126 |
| Zomato Ltd. | 12/9/20 - 2/10/21 | $7,648 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $141,859 | $2,620,896 | $2,364,475 | $74 | $(3) | $-- | $398,277 | 0.7% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 11,911 | 551,723 | 560,748 | 878 | -- | -- | 2,886 | 0.0% |
| Total | $153,770 | $3,172,619 | $2,925,223 | $952 | $(3) | $-- | $401,163 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Dalata Hotel Group PLC | $18,669 | $31,208 | $1,736 | $-- | $596 | $7,478 | $56,215 |
| Hyperion Metals Ltd. | -- | 10,892 | 56 | -- | (3) | (1,501) | 9,332 |
| Piraeus Financial Holdings SA | -- | 4,874 | 111 | 73 | 18 | 1,058 | -- |
| Zegona Communications PLC | 27,072 | -- | 38,471 | 1,235 | 13,786 | (1,892) | 495 |
| Total | $45,741 | $46,974 | $40,374 | $1,308 | $14,397 | $5,143 | $66,042 |
(a) Includes the value of securities delivered through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | | | | |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $375,131 | $299,023 | $76,108 | $-- |
| Consumer Discretionary | 1,487,985 | 913,935 | 574,050 | -- |
| Consumer Staples | 486,708 | 102,468 | 384,240 | -- |
| Energy | 360,143 | 360,143 | -- | -- |
| Financials | 2,252,951 | 1,340,897 | 901,031 | 11,023 |
| Health Care | 1,351,961 | 641,825 | 700,071 | 10,065 |
| Industrials | 1,939,119 | 879,118 | 1,055,145 | 4,856 |
| Information Technology | 1,689,433 | 712,689 | 923,771 | 52,973 |
| Materials | 597,457 | 297,824 | 299,633 | -- |
| Real Estate | 166,053 | 166,053 | -- | -- |
| Utilities | 72,642 | 72,642 | -- | -- |
| Money Market Funds | 401,163 | 401,163 | -- | -- |
| Total Investments in Securities: | $11,180,746 | $6,187,780 | $4,914,049 | $78,917 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $2,575) — See accompanying schedule:
Unaffiliated issuers (cost $7,028,075) | $10,713,541 | |
| Fidelity Central Funds (cost $401,163) | 401,163 | |
| Other affiliated issuers (cost $75,738) | 66,042 | |
| Total Investment in Securities (cost $7,504,976) | | $11,180,746 |
| Foreign currency held at value (cost $27,786) | | 27,782 |
| Receivable for investments sold | | 100,381 |
| Receivable for fund shares sold | | 5,006 |
| Dividends receivable | | 11,945 |
| Reclaims receivable | | 24,074 |
| Distributions receivable from Fidelity Central Funds | | 37 |
| Prepaid expenses | | 15 |
| Other receivables | | 4,072 |
| Total assets | | 11,354,058 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $56,580 | |
| Delayed delivery | 3,164 | |
| Payable for fund shares redeemed | 3,190 | |
| Accrued management fee | 7,594 | |
| Distribution and service plan fees payable | 62 | |
| Other affiliated payables | 1,044 | |
| Other payables and accrued expenses | 11,208 | |
| Collateral on securities loaned | 2,878 | |
| Total liabilities | | 85,720 |
| Net Assets | | $11,268,338 |
| Net Assets consist of: | | |
| Paid in capital | | $6,675,880 |
| Total accumulated earnings (loss) | | 4,592,458 |
| Net Assets | | $11,268,338 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($206,114 ÷ 3,505.77 shares)(a) | | $58.79 |
| Maximum offering price per share (100/94.25 of $58.79) | | $62.38 |
| Class M: | | |
| Net Asset Value and redemption price per share ($25,178 ÷ 431.53 shares)(a) | | $58.35 |
| Maximum offering price per share (100/96.50 of $58.35) | | $60.47 |
| Class C: | | |
| Net Asset Value and offering price per share ($10,230 ÷ 177.65 shares)(a) | | $57.59 |
| International Discovery: | | |
| Net Asset Value, offering price and redemption price per share ($5,117,474 ÷ 86,285.34 shares) | | $59.31 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($1,371,352 ÷ 23,170.69 shares) | | $59.18 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($565,667 ÷ 9,563.28 shares) | | $59.15 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($3,972,323 ÷ 67,170.52 shares) | | $59.14 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends (including $1,308 earned from other affiliated issuers) | | $198,888 |
| Income from Fidelity Central Funds (including $878 from security lending) | | 952 |
| Income before foreign taxes withheld | | 199,840 |
| Less foreign taxes withheld | | (23,367) |
| Total income | | 176,473 |
| Expenses | | |
| Management fee | | |
| Basic fee | $69,994 | |
| Performance adjustment | 18,981 | |
| Transfer agent fees | 12,418 | |
| Distribution and service plan fees | 758 | |
| Accounting fees | 1,802 | |
| Custodian fees and expenses | 1,346 | |
| Independent trustees' fees and expenses | 42 | |
| Registration fees | 151 | |
| Audit | 191 | |
| Legal | 18 | |
| Interest | 2 | |
| Miscellaneous | 48 | |
| Total expenses before reductions | 105,751 | |
| Expense reductions | (174) | |
| Total expenses after reductions | | 105,577 |
| Net investment income (loss) | | 70,896 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 1,040,738 | |
| Fidelity Central Funds | (3) | |
| Other affiliated issuers | 14,397 | |
| Foreign currency transactions | (1,814) | |
| Total net realized gain (loss) | | 1,053,318 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $10,194) | 1,770,802 | |
| Affiliated issuers | 5,143 | |
| Assets and liabilities in foreign currencies | (422) | |
| Total change in net unrealized appreciation (depreciation) | | 1,775,523 |
| Net gain (loss) | | 2,828,841 |
| Net increase (decrease) in net assets resulting from operations | | $2,899,737 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $70,896 | $64,741 |
| Net realized gain (loss) | 1,053,318 | 368,358 |
| Change in net unrealized appreciation (depreciation) | 1,775,523 | 260,409 |
| Net increase (decrease) in net assets resulting from operations | 2,899,737 | 693,508 |
| Distributions to shareholders | (373,978) | (219,470) |
| Share transactions - net increase (decrease) | (89,410) | (699,272) |
| Total increase (decrease) in net assets | 2,436,349 | (225,234) |
| Net Assets | | |
| Beginning of period | 8,831,989 | 9,057,223 |
| End of period | $11,268,338 | $8,831,989 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Discovery Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $45.84 | $43.31 | $39.99 | $46.66 | $37.60 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .18 | .16 | .63B | .37 | .36 |
| Net realized and unrealized gain (loss) | 14.60 | 3.27 | 3.93 | (4.87) | 9.22 |
| Total from investment operations | 14.78 | 3.43 | 4.56 | (4.50) | 9.58 |
| Distributions from net investment income | (.12) | (.62) | (.33) | (.34) | (.47) |
| Distributions from net realized gain | (1.71) | (.28) | (.91) | (1.83) | (.05) |
| Total distributions | (1.83) | (.90) | (1.24) | (2.17) | (.52) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $58.79 | $45.84 | $43.31 | $39.99 | $46.66 |
| Total ReturnD,E | 32.86% | 8.02% | 11.90% | (10.11)% | 25.87% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.32% | 1.36% | 1.12% | 1.22% | 1.29% |
| Expenses net of fee waivers, if any | 1.32% | 1.36% | 1.12% | 1.22% | 1.29% |
| Expenses net of all reductions | 1.32% | 1.36% | 1.11% | 1.21% | 1.27% |
| Net investment income (loss) | .32% | .38% | 1.57%B | .83% | .88% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $206 | $173 | $185 | $191 | $248 |
| Portfolio turnover rateH | 41%I | 34%I | 70%I | 45%I | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Discovery Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $45.53 | $43.01 | $39.71 | $46.35 | $37.34 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .04 | .06 | .53B | .27 | .26 |
| Net realized and unrealized gain (loss) | 14.51 | 3.24 | 3.91 | (4.84) | 9.17 |
| Total from investment operations | 14.55 | 3.30 | 4.44 | (4.57) | 9.43 |
| Distributions from net investment income | (.02) | (.51) | (.22) | (.24) | (.37) |
| Distributions from net realized gain | (1.71) | (.28) | (.91) | (1.83) | (.05) |
| Total distributions | (1.73) | (.78)C | (1.14)C | (2.07) | (.42) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $58.35 | $45.53 | $43.01 | $39.71 | $46.35 |
| Total ReturnE,F | 32.53% | 7.77% | 11.62% | (10.31)% | 25.57% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.57% | 1.61% | 1.37% | 1.46% | 1.53% |
| Expenses net of fee waivers, if any | 1.57% | 1.61% | 1.37% | 1.46% | 1.52% |
| Expenses net of all reductions | 1.57% | 1.60% | 1.35% | 1.45% | 1.51% |
| Net investment income (loss) | .07% | .13% | 1.32%B | .59% | .64% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $25 | $21 | $24 | $28 | $35 |
| Portfolio turnover rateI | 41%J | 34%J | 70%J | 45%J | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .80%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Discovery Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $45.18 | $42.60 | $39.32 | $45.94 | $36.96 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.27) | (.18) | .31B | .02 | .04 |
| Net realized and unrealized gain (loss) | 14.38 | 3.22 | 3.88 | (4.79) | 9.12 |
| Total from investment operations | 14.11 | 3.04 | 4.19 | (4.77) | 9.16 |
| Distributions from net investment income | – | (.19) | – | (.02) | (.13) |
| Distributions from net realized gain | (1.70) | (.28) | (.91) | (1.83) | (.05) |
| Total distributions | (1.70) | (.46)C | (.91) | (1.85) | (.18) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $57.59 | $45.18 | $42.60 | $39.32 | $45.94 |
| Total ReturnE,F | 31.79% | 7.19% | 11.02% | (10.80)% | 24.93% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 2.14% | 2.16% | 1.91% | 2.00% | 2.05% |
| Expenses net of fee waivers, if any | 2.13% | 2.15% | 1.91% | 2.00% | 2.05% |
| Expenses net of all reductions | 2.13% | 2.15% | 1.90% | 1.99% | 2.04% |
| Net investment income (loss) | (.50)% | (.41)% | .78%B | .05% | .11% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $10 | $11 | $12 | $22 | $28 |
| Portfolio turnover rateI | 41%J | 34%J | 70%J | 45%J | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .26%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Discovery Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.20 | $43.65 | $40.32 | $47.04 | $37.91 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .36 | .32 | .78B | .53 | .50 |
| Net realized and unrealized gain (loss) | 14.71 | 3.29 | 3.95 | (4.92) | 9.29 |
| Total from investment operations | 15.07 | 3.61 | 4.73 | (4.39) | 9.79 |
| Distributions from net investment income | (.25) | (.78) | (.49) | (.50) | (.61) |
| Distributions from net realized gain | (1.71) | (.28) | (.91) | (1.83) | (.05) |
| Total distributions | (1.96) | (1.06) | (1.40) | (2.33) | (.66) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $59.31 | $46.20 | $43.65 | $40.32 | $47.04 |
| Total ReturnD | 33.29% | 8.39% | 12.31% | (9.81)% | 26.33% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .99% | 1.02% | .78% | .88% | .94% |
| Expenses net of fee waivers, if any | .99% | 1.02% | .78% | .88% | .94% |
| Expenses net of all reductions | .99% | 1.01% | .76% | .87% | .92% |
| Net investment income (loss) | .65% | .72% | 1.92%B | 1.17% | 1.22% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $5,117 | $6,784 | $6,726 | $6,515 | $7,351 |
| Portfolio turnover rateG | 41%H | 34%H | 70%H | 45%H | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.40%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Discovery Fund Class K
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.10 | $43.55 | $40.25 | $46.96 | $37.86 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .41 | .36 | .82B | .58 | .55 |
| Net realized and unrealized gain (loss) | 14.67 | 3.29 | 3.93 | (4.90) | 9.26 |
| Total from investment operations | 15.08 | 3.65 | 4.75 | (4.32) | 9.81 |
| Distributions from net investment income | (.29) | (.82) | (.54) | (.55) | (.66) |
| Distributions from net realized gain | (1.71) | (.28) | (.91) | (1.83) | (.05) |
| Total distributions | (2.00) | (1.10) | (1.45) | (2.39)C | (.71) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $59.18 | $46.10 | $43.55 | $40.25 | $46.96 |
| Total ReturnE | 33.40% | 8.52% | 12.41% | (9.70)% | 26.47% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .90% | .91% | .66% | .77% | .82% |
| Expenses net of fee waivers, if any | .90% | .91% | .66% | .77% | .82% |
| Expenses net of all reductions | .90% | .91% | .65% | .76% | .80% |
| Net investment income (loss) | .74% | .83% | 2.03%B | 1.29% | 1.35% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $1,371 | $1,401 | $1,566 | $2,064 | $2,228 |
| Portfolio turnover rateH | 41%I | 34%I | 70%I | 45%I | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Discovery Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.08 | $43.53 | $40.22 | $46.92 | $37.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .35 | .31 | .77B | .52 | .49 |
| Net realized and unrealized gain (loss) | 14.67 | 3.28 | 3.93 | (4.90) | 9.27 |
| Total from investment operations | 15.02 | 3.59 | 4.70 | (4.38) | 9.76 |
| Distributions from net investment income | (.24) | (.76) | (.48) | (.49) | (.61) |
| Distributions from net realized gain | (1.71) | (.28) | (.91) | (1.83) | (.05) |
| Total distributions | (1.95) | (1.04) | (1.39) | (2.32) | (.66) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $59.15 | $46.08 | $43.53 | $40.22 | $46.92 |
| Total ReturnD | 33.26% | 8.37% | 12.26% | (9.81)% | 26.29% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.02% | 1.04% | .80% | .91% | .96% |
| Expenses net of fee waivers, if any | 1.02% | 1.04% | .80% | .91% | .96% |
| Expenses net of all reductions | 1.02% | 1.03% | .79% | .90% | .94% |
| Net investment income (loss) | .62% | .70% | 1.89%B | 1.15% | 1.21% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $566 | $388 | $463 | $579 | $658 |
| Portfolio turnover rateG | 41%H | 34%H | 70%H | 45%H | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.37%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity International Discovery Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.07 | $43.52 | $40.22 | $46.92 | $37.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .43 | .36 | .82B | .58 | .56 |
| Net realized and unrealized gain (loss) | 14.64 | 3.29 | 3.94 | (4.89) | 9.24 |
| Total from investment operations | 15.07 | 3.65 | 4.76 | (4.31) | 9.80 |
| Distributions from net investment income | (.29) | (.82) | (.54) | (.56) | (.67) |
| Distributions from net realized gain | (1.71) | (.28) | (.91) | (1.83) | (.05) |
| Total distributions | (2.00) | (1.10) | (1.46)C | (2.39) | (.72) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $59.14 | $46.07 | $43.52 | $40.22 | $46.92 |
| Total ReturnE,F | 33.40% | 8.53% | 12.42% | (9.68)% | 26.44% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .90% | .91% | .66% | .77% | .82% |
| Expenses net of fee waivers, if any | .90% | .91% | .66% | .77% | .82% |
| Expenses net of all reductions | .90% | .91% | .65% | .76% | .80% |
| Net investment income (loss) | .74% | .83% | 2.03%B | 1.29% | 1.35% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $3,972 | $54 | $82 | $118 | $101 |
| Portfolio turnover rateI | 41%J | 34%J | 70%J | 45%J | 42% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
(Amounts in thousands except percentages)
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Discovery, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity International Discovery Fund | $709 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, redemptions in-kind, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $3,656,885 |
| Gross unrealized depreciation | (148,077) |
| Net unrealized appreciation (depreciation) | $3,508,808 |
| Tax Cost | $7,671,938 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $350,422 |
| Undistributed long-term capital gain | $745,311 |
| Net unrealized appreciation (depreciation) on securities and other investments | $3,507,480 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $49,750 | $ 161,887 |
| Long-term Capital Gains | 324,228 | 57,583 |
| Total | $373,978 | $ 219,470 |
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 | 4,261,532 | 4,699,133 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss
($) | Total Proceeds
($) | Participating classes |
| Fidelity International Discovery Fund | 5,142 | 121,741 | 296,500 | International Discovery and Class K |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss
($) | Total Proceeds
($) | Participating classes |
| Fidelity International Discovery Fund | 391 | 5,107 | 17,621 | Class K |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $515 | $2 |
| Class M | .25% | .25% | 126 | 1 |
| Class C | .75% | .25% | 117 | 10 |
| | | | $758 | $13 |
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 |
| Class M | 2 |
| Class C(a) | 1 |
| | $16 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $443 | .21 |
| Class M | 53 | .21 |
| Class C | 32 | .28 |
| International Discovery | 10,060 | .13 |
| Class K | 666 | .04 |
| Class I | 754 | .16 |
| Class Z | 410 | .04 |
| | $12,418 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity International Discovery Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity International Discovery Fund | $7 |
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 | $63,582 | .33% | $2 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Discovery Fund | 62,501 | 154,610 | 36,690 |
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 | $19 |
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 | $81 | $–(a) | $– |
(a) In the amount of less than five hundred dollars.
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $174.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity International Discovery Fund | | |
| Distributions to shareholders | | |
| Class A | $6,843 | $3,793 |
| Class M | 802 | 430 |
| Class C | 398 | 132 |
| International Discovery | 286,406 | 162,657 |
| Class K | 61,075 | 39,624 |
| Class I | 16,153 | 10,816 |
| Class Z | 2,301 | 2,018 |
| Total | $373,978 | $219,470 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity International Discovery Fund | | | | |
| Class A | | | | |
| Shares sold | 238 | 272 | $13,197 | $11,717 |
| Reinvestment of distributions | 133 | 86 | 6,770 | 3,755 |
| Shares redeemed | (634) | (851) | (35,444) | (36,666) |
| Net increase (decrease) | (263) | (493) | $(15,477) | $(21,194) |
| Class M | | | | |
| Shares sold | 17 | 24 | $947 | $1,052 |
| Reinvestment of distributions | 16 | 10 | 797 | 427 |
| Shares redeemed | (70) | (123) | (3,858) | (5,204) |
| Net increase (decrease) | (37) | (89) | $(2,114) | $(3,725) |
| Class C | | | | |
| Shares sold | 29 | 21 | $1,540 | $907 |
| Reinvestment of distributions | 8 | 3 | 392 | 129 |
| Shares redeemed | (96) | (77) | (5,269) | (3,294) |
| Net increase (decrease) | (59) | (53) | $(3,337) | $(2,258) |
| International Discovery | | | | |
| Shares sold | 12,516 | 16,409 | $714,365 | $717,307 |
| Reinvestment of distributions | 5,339 | 3,541 | 273,648 | 155,371 |
| Shares redeemed | (78,418) | (27,210) | (4,595,438) | (1,183,873) |
| Net increase (decrease) | (60,563) | (7,260) | $(3,607,425) | $(311,195) |
| Class K | | | | |
| Shares sold | 5,378 | 7,748 | $296,062 | $337,174 |
| Reinvestment of distributions | 1,195 | 906 | 61,075 | 39,624 |
| Shares redeemed | (13,782) | (14,222) | (776,307) | (623,171) |
| Net increase (decrease) | (7,209) | (5,568) | $(419,170) | $(246,373) |
| Class I | | | | |
| Shares sold | 2,483 | 2,297 | $143,258 | $86,875 |
| Reinvestment of distributions | 94 | 70 | 4,805 | 3,049 |
| Shares redeemed | (1,442) | (4,575) | (80,483) | (180,333) |
| Net increase (decrease) | 1,135 | (2,208) | $67,580 | $(90,409) |
| Class Z | | | | |
| Shares sold | 66,388 | 226 | $3,911,924 | $9,843 |
| Reinvestment of distributions | 36 | 26 | 1,857 | 1,127 |
| Shares redeemed | (424) | (957) | (23,248) | (35,088) |
| Net increase (decrease) | 66,000 | (705) | $3,890,533 | $(24,118) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
| Fidelity International Discovery Fund | 23% | 11% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity International Discovery Fund | 37% |
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Discovery Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity International Discovery Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity International Discovery Fund | | | | |
| Class A | 1.31% | | | |
| Actual | | $1,000.00 | $1,046.60 | $6.76 |
| Hypothetical-C | | $1,000.00 | $1,018.60 | $6.67 |
| Class M | 1.56% | | | |
| Actual | | $1,000.00 | $1,045.50 | $8.04 |
| Hypothetical-C | | $1,000.00 | $1,017.34 | $7.93 |
| Class C | 2.12% | | | |
| Actual | | $1,000.00 | $1,042.50 | $10.91 |
| Hypothetical-C | | $1,000.00 | $1,014.52 | $10.76 |
| International Discovery | .98% | | | |
| Actual | | $1,000.00 | $1,048.40 | $5.06 |
| Hypothetical-C | | $1,000.00 | $1,020.27 | $4.99 |
| Class K | .89% | | | |
| Actual | | $1,000.00 | $1,048.70 | $4.60 |
| Hypothetical-C | | $1,000.00 | $1,020.72 | $4.53 |
| Class I | 1.01% | | | |
| Actual | | $1,000.00 | $1,048.20 | $5.21 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.14 |
| Class Z | .91% | | | |
| Actual | | $1,000.00 | $1,049.00 | $4.70 |
| Hypothetical-C | | $1,000.00 | $1,020.62 | $4.63 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity International Discovery fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity International Discovery Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $1.225 | $4.382 |
| Class M | 12/06/21 | 12/03/21 | $1.078 | $4.382 |
| Class C | 12/06/21 | 12/03/21 | $0.650 | $4.382 |
| International Discovery | 12/06/21 | 12/03/21 | $1.384 | $4.382 |
| Class K | 12/06/21 | 12/03/21 | $1.472 | $4.382 |
| Class I | 12/06/21 | 12/03/21 | $1.418 | $4.382 |
| Class Z | 12/06/21 | 12/03/21 | $1.495 | $4.382 |
|
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $745,334,572, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
Class A, International Discovery, Class K, Class I and Class Z designate 1% and Class M designates 3% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A, Class M, International Discovery, Class K, Class I and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity International Discovery Fund | | | |
| Class A | 12/07/2020 | 0.1952 | 0.0692 |
| Class M | 12/07/2020 | 0.0962 | 0.0692 |
| International Discovery Fund | 12/07/2020 | 0.3282 | 0.0692 |
| Class K | 12/07/2020 | 0.3672 | 0.0692 |
| Class I | 12/07/2020 | 0.3162 | 0.0692 |
| Class Z | 12/07/2020 | 0.3662 | 0.0692 |
|
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Discovery Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent
one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.Fidelity International Discovery Fund
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
Fidelity International Discovery Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
IGI-ANN-1221
1.807258.117
Fidelity's Broadly Diversified International Equity Funds
Fidelity® Diversified International Fund
Fidelity® International Capital Appreciation Fund
Fidelity® Overseas Fund
Fidelity® Worldwide Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Diversified International Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Diversified International Fund | 29.58% | 12.79% | 9.68% |
| Class K | 29.71% | 12.92% | 9.81% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $25,183 | Fidelity® Diversified International Fund |
| $20,722 | MSCI EAFE Index |
Fidelity® Diversified International Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Bill Bower: For the fiscal year ending October 31, 2021, the fund's share classes gained roughly 29% to 30%, underperforming the 34.45% result of the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks and an underweighting in Europe ex U.K. and an overweighting emerging markets, specifically China, hurt the fund's relative result. By sector, the primary detractors from performance versus the benchmark were stock selection and an underweighting in financials. Weak picks in consumer discretionary also hindered the fund's relative result. Also hampering our result were stock picks in consumer staples, especially within the food & staples retailing industry. Our biggest individual relative detractor was an out-of-benchmark stake in Alibaba Group Holding (-46%). We reduced our position this period. The fund's stake in Tencent Holdings returned -15%. We decreased our non-benchmark stake in the company the past year. Another notable relative detractor was an outsized stake in London Stock Exchange Group (-9%). This period we reduced our stake. Conversely, a non-benchmark allocation to the U.S. and an underweighting and stock picks in Japan contributed most to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our stock picks in industrials. An overweighting and stock selection in information technology and stock picks in health care also helped the fund's relative performance. The biggest individual relative contributor was an overweight position in ASML Holding (+126%), the fund's largest holding. Another key contributor was our out-of-benchmark position in Rivian Automotive (+294%). Another notable relative contributor was an overweighting in Capgemini (+103%). Notable changes in positioning include increased exposure to France and United Kingdom. By sector, meaningful changes in positioning include increased exposure to financials and industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Diversified International Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 18.8% |
| | France | 9.4% |
| | United Kingdom | 8.6% |
| | Switzerland | 8.4% |
| | United States of America* | 7.6% |
| | Germany | 7.4% |
| | Netherlands | 6.8% |
| | India | 4.3% |
| | Canada | 2.8% |
| | Other | 25.9% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 98.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment) | 3.0 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.6 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.2 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 2.1 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.9 |
| AIA Group Ltd. (Hong Kong, Insurance) | 1.6 |
| Keyence Corp. (Japan, Electronic Equipment & Components) | 1.6 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.5 |
| RELX PLC (Euronext N.V.) (United Kingdom, Professional Services) | 1.2 |
| KBC Groep NV (Belgium, Banks) | 1.2 |
| | 18.9 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 20.2 |
| Information Technology | 17.5 |
| Financials | 16.3 |
| Health Care | 13.2 |
| Consumer Discretionary | 11.1 |
| Consumer Staples | 6.6 |
| Materials | 5.1 |
| Communication Services | 4.5 |
| Energy | 3.1 |
| Real Estate | 0.5 |
Fidelity® Diversified International Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 97.1% | | | |
| | | Shares | Value |
| Australia - 0.8% | | | |
| Aristocrat Leisure Ltd. | | 2,485,067 | $87,263,202 |
| Lynas Rare Earths Ltd. (a) | | 4,824,749 | 26,603,630 |
|
| TOTAL AUSTRALIA | | | 113,866,832 |
|
| Austria - 0.2% | | | |
| Erste Group Bank AG | | 635,515 | 27,255,713 |
| Bailiwick of Jersey - 2.3% | | | |
| Experian PLC | | 1,898,065 | 86,941,566 |
| Ferguson PLC | | 868,744 | 130,721,709 |
| Glencore Xstrata PLC | | 9,908,925 | 49,550,370 |
| WPP PLC | | 4,968,938 | 71,824,840 |
|
| TOTAL BAILIWICK OF JERSEY | | | 339,038,485 |
|
| Belgium - 1.9% | | | |
| Azelis Group NV | | 696,064 | 22,530,200 |
| KBC Groep NV | | 1,976,159 | 184,034,471 |
| UCB SA | | 655,586 | 78,135,100 |
|
| TOTAL BELGIUM | | | 284,699,771 |
|
| Bermuda - 1.2% | | | |
| Hiscox Ltd. | | 4,327,515 | 49,333,764 |
| IHS Markit Ltd. | | 941,583 | 123,083,730 |
|
| TOTAL BERMUDA | | | 172,417,494 |
|
| Brazil - 0.0% | | | |
| Natura & Co. Holding SA (a) | | 1,138,000 | 7,843,687 |
| Canada - 2.8% | | | |
| Canadian Natural Resources Ltd. | | 2,839,811 | 120,696,557 |
| Constellation Software, Inc. | | 58,327 | 102,505,367 |
| Fairfax India Holdings Corp. (a)(b) | | 1,668,776 | 21,694,088 |
| First Quantum Minerals Ltd. | | 1,391,402 | 32,941,240 |
| Franco-Nevada Corp. | | 430,561 | 61,435,655 |
| Thomson Reuters Corp. | | 364,843 | 43,886,698 |
| Tourmaline Oil Corp. | | 951,678 | 34,396,054 |
|
| TOTAL CANADA | | | 417,555,659 |
|
| Cayman Islands - 2.3% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 265,179 | 43,738,624 |
| Anta Sports Products Ltd. | | 3,679,806 | 57,511,010 |
| GlobalFoundries, Inc. | | 847,450 | 41,304,713 |
| Li Ning Co. Ltd. | | 6,253,836 | 69,527,256 |
| Medlive Technology Co. Ltd. (b) | | 318,232 | 1,654,455 |
| Medlive Technology Co. Ltd. | | 1,065,500 | 5,262,451 |
| Sea Ltd. ADR (a) | | 81,690 | 28,066,233 |
| Tencent Holdings Ltd. | | 1,102,016 | 67,035,405 |
| Zai Lab Ltd. ADR (a) | | 206,662 | 21,575,513 |
|
| TOTAL CAYMAN ISLANDS | | | 335,675,660 |
|
| China - 0.7% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 303,255 | 86,448,564 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 268,200 | 15,746,374 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 1,744,300 | 8,917,898 |
|
| TOTAL CHINA | | | 111,112,836 |
|
| Curacao - 0.3% | | | |
| Schlumberger Ltd. | | 1,524,272 | 49,173,015 |
| Denmark - 1.8% | | | |
| DSV A/S | | 773,257 | 179,705,648 |
| GN Store Nord A/S | | 576,402 | 34,978,241 |
| Vestas Wind Systems A/S | | 1,098,812 | 47,521,271 |
|
| TOTAL DENMARK | | | 262,205,160 |
|
| France - 9.4% | | | |
| Amundi SA (b) | | 632,984 | 56,379,758 |
| BNP Paribas SA | | 2,325,029 | 155,631,007 |
| Capgemini SA | | 706,958 | 164,511,107 |
| Dassault Systemes SA | | 1,333,235 | 77,857,481 |
| Edenred SA | | 633,989 | 34,277,325 |
| Hermes International SCA | | 13,661 | 21,643,095 |
| Legrand SA | | 835,471 | 91,141,644 |
| LVMH Moet Hennessy Louis Vuitton SE | | 359,497 | 281,889,386 |
| Pernod Ricard SA | | 671,201 | 154,172,991 |
| Sanofi SA | | 295,461 | 29,677,337 |
| Sartorius Stedim Biotech | | 128,708 | 70,852,107 |
| Societe Generale Series A | | 1,910,918 | 63,832,216 |
| Teleperformance | | 326,632 | 136,346,519 |
| Worldline SA (a)(b) | | 1,112,401 | 64,785,434 |
|
| TOTAL FRANCE | | | 1,402,997,407 |
|
| Germany - 7.4% | | | |
| adidas AG | | 402,064 | 131,673,870 |
| Allianz SE | | 653,434 | 151,942,617 |
| Auto1 Group SE (b) | | 508,937 | 20,003,260 |
| Brenntag SE | | 418,114 | 39,749,864 |
| Deutsche Post AG | | 2,663,845 | 164,809,747 |
| Hannover Reuck SE | | 419,892 | 76,692,434 |
| Linde PLC | | 535,664 | 172,454,883 |
| Merck KGaA | | 380,357 | 89,785,248 |
| SAP SE | | 454,779 | 65,857,082 |
| Siemens Healthineers AG (b) | | 1,631,689 | 108,382,919 |
| SUSE SA (a) | | 570,965 | 24,639,127 |
| Symrise AG | | 350,769 | 48,476,206 |
|
| TOTAL GERMANY | | | 1,094,467,257 |
|
| Greece - 0.1% | | | |
| Piraeus Financial Holdings SA (a) | | 5,464,100 | 9,285,254 |
| Hong Kong - 2.5% | | | |
| AIA Group Ltd. | | 21,741,184 | 243,653,691 |
| Hong Kong Exchanges and Clearing Ltd. | | 704,347 | 42,620,213 |
| Techtronic Industries Co. Ltd. | | 4,189,618 | 86,210,120 |
|
| TOTAL HONG KONG | | | 372,484,024 |
|
| India - 4.3% | | | |
| Axis Bank Ltd. (a) | | 2,884,400 | 28,553,463 |
| HDFC Bank Ltd. | | 6,821,894 | 144,371,736 |
| Housing Development Finance Corp. Ltd. | | 3,125,347 | 118,613,496 |
| Kotak Mahindra Bank Ltd. (a) | | 3,800,705 | 102,992,488 |
| Reliance Industries Ltd. | | 499,134 | 12,668,634 |
| Reliance Industries Ltd. | | 6,651,012 | 225,050,086 |
|
| TOTAL INDIA | | | 632,249,903 |
|
| Indonesia - 0.6% | | | |
| PT Bank Central Asia Tbk | | 86,564,474 | 45,672,803 |
| PT Bank Rakyat Indonesia Tbk | | 169,165,777 | 50,780,830 |
|
| TOTAL INDONESIA | | | 96,453,633 |
|
| Ireland - 2.2% | | | |
| Aon PLC | | 305,898 | 97,862,888 |
| Flutter Entertainment PLC (a) | | 306,603 | 57,884,032 |
| Kingspan Group PLC (Ireland) | | 809,934 | 93,291,309 |
| Ryanair Holdings PLC sponsored ADR (a) | | 660,423 | 74,964,615 |
|
| TOTAL IRELAND | | | 324,002,844 |
|
| Isle of Man - 0.2% | | | |
| Entain PLC (a) | | 1,093,052 | 30,635,956 |
| Italy - 0.9% | | | |
| FinecoBank SpA | | 3,032,805 | 57,900,312 |
| GVS SpA (b) | | 505,216 | 7,504,782 |
| Recordati SpA | | 604,191 | 37,799,833 |
| Reply SpA | | 155,775 | 30,198,729 |
|
| TOTAL ITALY | | | 133,403,656 |
|
| Japan - 18.8% | | | |
| Daikin Industries Ltd. | | 315,620 | 69,125,462 |
| FUJIFILM Holdings Corp. | | 1,172,082 | 90,575,474 |
| Fujitsu Ltd. | | 273,189 | 47,215,189 |
| Hitachi Ltd. | | 2,740,553 | 157,923,167 |
| Hoya Corp. | | 2,083,791 | 306,751,864 |
| Itochu Corp. | | 3,715,695 | 105,974,845 |
| Keyence Corp. | | 387,367 | 233,820,449 |
| Minebea Mitsumi, Inc. | | 6,092,490 | 154,243,809 |
| Misumi Group, Inc. | | 1,604,992 | 67,126,806 |
| Money Forward, Inc. (a) | | 246,782 | 16,769,547 |
| Murata Manufacturing Co. Ltd. | | 845,328 | 62,705,237 |
| Nitori Holdings Co. Ltd. | | 211,992 | 38,945,158 |
| NOF Corp. | | 350,344 | 17,582,574 |
| ORIX Corp. | | 4,500,510 | 89,453,518 |
| Pan Pacific International Holdings Ltd. | | 2,050,007 | 43,043,784 |
| Persol Holdings Co. Ltd. | | 2,842,420 | 76,400,435 |
| Recruit Holdings Co. Ltd. | | 2,563,724 | 170,536,404 |
| Relo Group, Inc. | | 1,713,764 | 35,646,051 |
| Seven & i Holdings Co. Ltd. | | 760,977 | 31,949,450 |
| Shin-Etsu Chemical Co. Ltd. | | 1,028,761 | 183,462,108 |
| Shiseido Co. Ltd. | | 944,334 | 63,012,556 |
| SMC Corp. | | 193,861 | 115,689,504 |
| Sony Group Corp. | | 1,438,153 | 166,532,909 |
| Sugi Holdings Co. Ltd. | | 275,837 | 19,750,291 |
| TIS, Inc. | | 1,577,240 | 42,968,549 |
| Tokyo Electron Ltd. | | 282,583 | 131,693,027 |
| Tsuruha Holdings, Inc. | | 658,965 | 81,280,174 |
| Welcia Holdings Co. Ltd. | | 1,575,123 | 58,801,571 |
| Z Holdings Corp. | | 11,626,808 | 72,179,469 |
| ZOZO, Inc. | | 1,094,976 | 35,147,148 |
|
| TOTAL JAPAN | | | 2,786,306,529 |
|
| Korea (South) - 1.0% | | | |
| NAVER Corp. | | 138,540 | 47,921,087 |
| Samsung Electronics Co. Ltd. | | 1,719,270 | 102,410,494 |
|
| TOTAL KOREA (SOUTH) | | | 150,331,581 |
|
| Luxembourg - 1.0% | | | |
| B&M European Value Retail SA | | 11,040,899 | 95,676,661 |
| Eurofins Scientific SA | | 472,286 | 55,655,429 |
|
| TOTAL LUXEMBOURG | | | 151,332,090 |
|
| Netherlands - 6.8% | | | |
| Adyen BV (a)(b) | | 34,434 | 103,898,066 |
| Airbus Group NV (a) | | 791,580 | 101,545,496 |
| Argenx SE (a) | | 70,189 | 21,131,032 |
| ASML Holding NV | | 538,328 | 437,596,059 |
| Corbion NV | | 18,674 | 887,232 |
| IMCD NV | | 468,365 | 103,981,620 |
| NXP Semiconductors NV | | 506,538 | 101,743,223 |
| Wolters Kluwer NV | | 1,342,126 | 140,627,748 |
|
| TOTAL NETHERLANDS | | | 1,011,410,476 |
|
| New Zealand - 0.2% | | | |
| Ryman Healthcare Group Ltd. | | 2,341,438 | 24,245,286 |
| Norway - 0.8% | | | |
| Schibsted ASA (A Shares) | | 2,356,080 | 121,514,703 |
| Spain - 1.6% | | | |
| Cellnex Telecom SA (b) | | 2,171,487 | 133,494,509 |
| Industria de Diseno Textil SA (c) | | 3,097,456 | 111,859,792 |
|
| TOTAL SPAIN | | | 245,354,301 |
|
| Sweden - 2.2% | | | |
| EQT AB | | 583,537 | 30,753,242 |
| Hexagon AB (B Shares) | | 5,954,116 | 95,823,759 |
| Indutrade AB | | 3,787,386 | 110,208,170 |
| Investor AB (B Shares) | | 2,575,343 | 59,345,643 |
| Kry International AB (d) | | 2,651 | 1,095,977 |
| Nibe Industrier AB (B Shares) | | 453,024 | 6,744,192 |
| Nordnet AB | | 875,753 | 16,790,025 |
|
| TOTAL SWEDEN | | | 320,761,008 |
|
| Switzerland - 8.4% | | | |
| Dufry AG (a) | | 697,958 | 36,954,289 |
| Idorsia Ltd. (a) | | 233,124 | 4,796,916 |
| Julius Baer Group Ltd. | | 571,166 | 41,313,633 |
| Lonza Group AG | | 216,904 | 177,815,796 |
| Nestle SA (Reg. S) | | 2,449,907 | 323,160,440 |
| Roche Holding AG (participation certificate) | | 989,447 | 383,306,023 |
| Sika AG | | 514,018 | 174,034,054 |
| Sonova Holding AG | | 192,253 | 79,433,497 |
| Zur Rose Group AG (a) | | 56,599 | 20,090,296 |
|
| TOTAL SWITZERLAND | | | 1,240,904,944 |
|
| Taiwan - 1.0% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,286,718 | 146,299,837 |
| United Kingdom - 8.6% | | | |
| AstraZeneca PLC (United Kingdom) | | 1,410,224 | 176,420,912 |
| Big Yellow Group PLC | | 2,451,012 | 49,610,577 |
| Bridgepoint Group Holdings Ltd. (b) | | 5,369,824 | 36,450,408 |
| Compass Group PLC (a) | | 3,187,974 | 67,650,824 |
| Diageo PLC | | 2,492,367 | 123,999,467 |
| Harbour Energy PLC (a) | | 4,641,346 | 22,320,626 |
| JD Sports Fashion PLC | | 4,221,398 | 62,855,873 |
| Jet2 PLC (a) | | 789,934 | 13,183,578 |
| Lloyds Banking Group PLC | | 126,288,904 | 86,429,682 |
| London Stock Exchange Group PLC | | 483,193 | 47,035,803 |
| Ocado Group PLC (a) | | 912,982 | 22,527,791 |
| Prudential PLC(a) | | 6,010,623 | 122,935,150 |
| Prudential PLC (Hong Kong)(a) | | 1,445,193 | 29,347,792 |
| RELX PLC (Euronext N.V.) | | 5,938,401 | 184,182,358 |
| Rentokil Initial PLC | | 11,324,298 | 91,189,455 |
| S4 Capital PLC (a) | | 2,617,755 | 26,009,158 |
| Smith & Nephew PLC | | 5,271,107 | 91,032,408 |
| Starling Bank Ltd. Series D (a)(d)(e) | | 8,636,400 | 15,298,369 |
| WH Smith PLC (a) | | 280,756 | 6,001,651 |
|
| TOTAL UNITED KINGDOM | | | 1,274,481,882 |
|
| United States of America - 4.8% | | | |
| Alphabet, Inc. Class C (a) | | 32,562 | 96,559,680 |
| Booking Holdings, Inc. (a) | | 17,488 | 42,334,601 |
| Boston Scientific Corp. (a) | | 678,636 | 29,269,571 |
| Dlocal Ltd. | | 337,885 | 16,390,801 |
| IQVIA Holdings, Inc. (a) | | 433,562 | 113,341,778 |
| Marsh & McLennan Companies, Inc. | | 549,767 | 91,701,136 |
| Marvell Technology, Inc. | | 1,403,156 | 96,116,186 |
| MasterCard, Inc. Class A | | 215,961 | 72,459,235 |
| NICE Systems Ltd. sponsored ADR (a) | | 290,698 | 82,273,348 |
| Visa, Inc. Class A | | 328,147 | 69,491,690 |
|
| TOTAL UNITED STATES OF AMERICA | | | 709,938,026 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $8,218,545,839) | | | 14,399,704,909 |
|
| Preferred Stocks - 1.0% | | | |
| Convertible Preferred Stocks - 0.9% | | | |
| United States of America - 0.9% | | | |
| Rivian Automotive, Inc.: | | | |
| Series E (a)(e) | | 1,231,878 | 86,477,836 |
| Series F (e) | | 298,264 | 20,938,133 |
| Wasabi Holdings, Inc. Series C (d)(e) | | 2,976,172 | 32,334,918 |
| | | | 139,750,887 |
| Nonconvertible Preferred Stocks - 0.1% | | | |
| Sweden - 0.1% | | | |
| Kry International AB Series E (d) | | 15,316 | 6,665,336 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $69,409,798) | | | 146,416,223 |
|
| Money Market Funds - 3.0% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 329,094,723 | 329,160,542 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 119,795,270 | 119,807,250 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $448,949,507) | | | 448,967,792 |
| TOTAL INVESTMENT IN SECURITIES - 101.1% | | | |
| (Cost $8,736,905,144) | | | 14,995,088,924 |
| NET OTHER ASSETS (LIABILITIES) - (1.1)% | | | (158,592,922) |
| NET ASSETS - 100% | | | $14,836,496,002 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $554,247,679 or 3.7% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Level 3 security
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $155,049,256 or 1.0% of net assets.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Rivian Automotive, Inc. Series E | 7/10/20 | $19,081,790 |
| Rivian Automotive, Inc. Series F | 1/19/21 | $10,991,028 |
| Starling Bank Ltd. Series D | 6/18/21 | $15,440,896 |
| Wasabi Holdings, Inc. Series C | 3/31/21 | $32,334,918 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $599,302,780 | $2,281,289,901 | $2,551,435,239 | $218,117 | $11,845 | $(8,745) | $329,160,542 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 18,710,181 | 850,914,127 | 749,817,058 | 178,298 | -- | -- | 119,807,250 | 0.3% |
| Total | $618,012,961 | $3,132,204,028 | $3,301,252,297 | $396,415 | $11,845 | $(8,745) | $448,967,792 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Piraeus Financial Holdings SA | $-- | $8,208,332 | $217,509 | $116,786 | $37,734 | $1,256,697 | $-- |
| Total | $-- | $8,208,332 | $217,509 | $116,786 | $37,734 | $1,256,697 | $-- |
(a) Includes the value of securities delivered through in-kind transactions, as applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $664,605,084 | $405,644,283 | $258,960,801 | $-- |
| Consumer Discretionary | 1,648,523,268 | 838,608,883 | 777,579,467 | 32,334,918 |
| Consumer Staples | 993,037,278 | 291,083,329 | 701,953,949 | -- |
| Energy | 464,304,972 | 464,304,972 | -- | -- |
| Financials | 2,395,957,643 | 1,458,157,158 | 922,502,116 | 15,298,369 |
| Health Care | 1,964,554,872 | 950,972,845 | 1,013,582,027 | -- |
| Industrials | 2,989,587,689 | 1,879,880,117 | 1,109,707,572 | -- |
| Information Technology | 2,563,947,848 | 1,484,592,181 | 1,071,594,354 | 7,761,313 |
| Materials | 776,345,850 | 525,750,798 | 250,595,052 | -- |
| Real Estate | 85,256,628 | 49,610,577 | 35,646,051 | -- |
| Money Market Funds | 448,967,792 | 448,967,792 | -- | -- |
| Total Investments in Securities: | $14,995,088,924 | $8,797,572,935 | $6,142,121,389 | $55,394,600 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Diversified International Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $111,819,589) — See accompanying schedule:
Unaffiliated issuers (cost $8,287,955,637) | $14,546,121,132 | |
| Fidelity Central Funds (cost $448,949,507) | 448,967,792 | |
| Total Investment in Securities (cost $8,736,905,144) | | $14,995,088,924 |
| Foreign currency held at value (cost $1,224,925) | | 1,212,855 |
| Receivable for investments sold | | 20,084,052 |
| Receivable for fund shares sold | | 4,759,610 |
| Dividends receivable | | 17,032,231 |
| Reclaims receivable | | 22,285,404 |
| Distributions receivable from Fidelity Central Funds | | 39,406 |
| Prepaid expenses | | 19,315 |
| Other receivables | | 3,044,708 |
| Total assets | | 15,063,566,505 |
| Liabilities | | |
| Payable to custodian bank | $5,693 | |
| Payable for investments purchased | 53,838,791 | |
| Payable for fund shares redeemed | 11,111,005 | |
| Accrued management fee | 10,173,953 | |
| Other affiliated payables | 1,644,923 | |
| Other payables and accrued expenses | 30,488,888 | |
| Collateral on securities loaned | 119,807,250 | |
| Total liabilities | | 227,070,503 |
| Net Assets | | $14,836,496,002 |
| Net Assets consist of: | | |
| Paid in capital | | $7,346,609,877 |
| Total accumulated earnings (loss) | | 7,489,886,125 |
| Net Assets | | $14,836,496,002 |
| Net Asset Value and Maximum Offering Price | | |
| Diversified International: | | |
| Net Asset Value, offering price and redemption price per share ($11,529,722,052 ÷ 215,975,545 shares) | | $53.38 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($3,306,773,950 ÷ 62,018,720 shares) | | $53.32 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends (including $116,786 earned from other affiliated issuers) | | $225,819,336 |
| Income from Fidelity Central Funds (including $178,298 from security lending) | | 396,415 |
| Income before foreign taxes withheld | | 226,215,751 |
| Less foreign taxes withheld | | (29,489,698) |
| Total income | | 196,726,053 |
| Expenses | | |
| Management fee | | |
| Basic fee | $96,154,831 | |
| Performance adjustment | 27,855,721 | |
| Transfer agent fees | 17,726,919 | |
| Accounting fees | 1,967,148 | |
| Custodian fees and expenses | 1,270,437 | |
| Independent trustees' fees and expenses | 58,530 | |
| Registration fees | 127,014 | |
| Audit | 361,208 | |
| Legal | 25,558 | |
| Miscellaneous | 67,376 | |
| Total expenses before reductions | 145,614,742 | |
| Expense reductions | (232,237) | |
| Total expenses after reductions | | 145,382,505 |
| Net investment income (loss) | | 51,343,548 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 1,759,842,456 | |
| Fidelity Central Funds | 11,845 | |
| Other affiliated issuers | 37,734 | |
| Forward foreign currency contracts | (1,612,773) | |
| Foreign currency transactions | 1,789,022 | |
| Total net realized gain (loss) | | 1,760,068,284 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $16,663,069) | 1,940,627,392 | |
| Fidelity Central Funds | (8,745) | |
| Other affiliated issuers | 1,256,697 | |
| Assets and liabilities in foreign currencies | (1,519,022) | |
| Total change in net unrealized appreciation (depreciation) | | 1,940,356,322 |
| Net gain (loss) | | 3,700,424,606 |
| Net increase (decrease) in net assets resulting from operations | | $3,751,768,154 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $51,343,548 | $38,147,045 |
| Net realized gain (loss) | 1,760,068,284 | 469,571,452 |
| Change in net unrealized appreciation (depreciation) | 1,940,356,322 | 596,179,911 |
| Net increase (decrease) in net assets resulting from operations | 3,751,768,154 | 1,103,898,408 |
| Distributions to shareholders | (149,529,825) | (182,593,177) |
| Share transactions - net increase (decrease) | (1,946,201,266) | (722,178,785) |
| Total increase (decrease) in net assets | 1,656,037,063 | 199,126,446 |
| Net Assets | | |
| Beginning of period | 13,180,458,939 | 12,981,332,493 |
| End of period | $14,836,496,002 | $13,180,458,939 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Diversified International Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $41.61 | $38.67 | $35.72 | $41.39 | $34.28 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .10 | .50 | .50 | .41 |
| Net realized and unrealized gain (loss) | 12.07 | 3.37 | 4.77 | (4.05) | 7.15 |
| Total from investment operations | 12.23 | 3.47 | 5.27 | (3.55) | 7.56 |
| Distributions from net investment income | (.02) | (.53) | (.43) | (.43) | (.38) |
| Distributions from net realized gain | (.45) | – | (1.89) | (1.69) | (.07) |
| Total distributions | (.46)B | (.53) | (2.32) | (2.12) | (.45) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $53.38 | $41.61 | $38.67 | $35.72 | $41.39 |
| Total ReturnD | 29.58% | 9.07% | 16.02% | (9.05)% | 22.38% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.01% | 1.05% | .75% | .81% | .94% |
| Expenses net of fee waivers, if any | 1.01% | 1.05% | .75% | .80% | .94% |
| Expenses net of all reductions | 1.01% | 1.04% | .75% | .79% | .93% |
| Net investment income (loss) | .32% | .26% | 1.42% | 1.27% | 1.10% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $11,529,722 | $9,419,192 | $8,734,682 | $9,275,299 | $11,349,633 |
| Portfolio turnover rateG,H | 29% | 29% | 37% | 30% | 37% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Portfolio turnover rate excludes securities received or delivered in-kind.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Diversified International Fund Class K
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $41.56 | $38.61 | $35.68 | $41.35 | $34.25 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .21 | .15 | .55 | .55 | .45 |
| Net realized and unrealized gain (loss) | 12.06 | 3.37 | 4.74 | (4.05) | 7.15 |
| Total from investment operations | 12.27 | 3.52 | 5.29 | (3.50) | 7.60 |
| Distributions from net investment income | (.06) | (.57) | (.47) | (.48) | (.43) |
| Distributions from net realized gain | (.45) | – | (1.89) | (1.69) | (.07) |
| Total distributions | (.51) | (.57) | (2.36) | (2.17) | (.50) |
| Redemption fees added to paid in capitalA | – | – | – | – | –B |
| Net asset value, end of period | $53.32 | $41.56 | $38.61 | $35.68 | $41.35 |
| Total ReturnC | 29.71% | 9.22% | 16.14% | (8.95)% | 22.55% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .91% | .94% | .63% | .69% | .82% |
| Expenses net of fee waivers, if any | .91% | .94% | .63% | .69% | .81% |
| Expenses net of all reductions | .91% | .93% | .63% | .67% | .81% |
| Net investment income (loss) | .42% | .38% | 1.54% | 1.39% | 1.22% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $3,306,774 | $3,761,267 | $4,246,651 | $4,998,889 | $8,498,740 |
| Portfolio turnover rateF,G | 29% | 29% | 37% | 30% | 37% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Portfolio turnover rate excludes securities received or delivered in-kind.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
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 Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Diversified International Fund | $2,310,422 |
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. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, deferred 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 | $6,248,995,725 |
| Gross unrealized depreciation | (124,312,955) |
| Net unrealized appreciation (depreciation) | $6,124,682,770 |
| Tax Cost | $8,870,406,154 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $156,739,231 |
| Undistributed long-term capital gain | $1,237,900,492 |
| Net unrealized appreciation (depreciation) on securities and other investments | $6,124,674,725 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $9,270,617 | $ 182,593,177 |
| Long-term Capital Gains | 140,259,208 | – |
| Total | $149,529,825 | $ 182,593,177 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns to facilitate transactions in foreign-denominated securities and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Foreign Exchange Risk | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Forward Foreign Currency Contracts. Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. The Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.
Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the closing value and the value at the time it was opened. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.
Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Diversified International Fund | 4,114,946,394 | 5,231,147,050 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss
($) | Total Proceeds
($) | Participating classes |
| Fidelity Diversified International Fund | 12,120,689 | 302,712,975 | 611,863,014 | Diversified International and Class K |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss
($) | Total Proceeds
($) | Participating classes |
| Fidelity Diversified International Fund | 10,333,035 | 142,444,028 | 388,760,021 | Class K |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Diversified International as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .84% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Diversified International | $16,103,209 | .15 |
| Class K | 1,623,710 | .04 |
| | $17,726,919 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Diversified International Fund | .01 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Diversified International Fund | $10,513 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Diversified International Fund | 54,566,415 | 116,329,831 | 54,331,018 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity Diversified International Fund | 129,138 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Diversified International Fund | $26,580 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Diversified International Fund | $15,327 | $– | $– |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $251.
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 $231,986.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Diversified International Fund | | |
| Distributions to shareholders | | |
| Diversified International | $104,309,903 | $119,920,878 |
| Class K | 45,219,922 | 62,672,299 |
| Total | $149,529,825 | $182,593,177 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Diversified International Fund | | | | |
| Diversified International | | | | |
| Shares sold | 22,494,237 | 38,741,958 | $1,111,665,577 | $1,486,815,140 |
| Reinvestment of distributions | 2,044,541 | 2,775,559 | 94,191,973 | 108,718,654 |
| Shares redeemed | (34,915,913) | (41,070,036) | (1,720,243,591) | (1,568,595,127) |
| Net increase (decrease) | (10,377,135) | 447,481 | $(514,386,041) | $26,938,667 |
| Class K | | | | |
| Shares sold | 13,530,019 | 24,863,226 | $662,274,443 | $944,668,040 |
| Reinvestment of distributions | 983,393 | 1,604,103 | 45,206,563 | 62,672,299 |
| Shares redeemed | (42,999,587) | (45,948,568) | (2,139,296,231) | (1,756,457,791) |
| Net increase (decrease) | (28,486,175) | (19,481,239) | $(1,431,815,225) | $(749,117,452) |
12. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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 | 15% |
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 | 20% |
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® International Capital Appreciation Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® International Capital Appreciation Fund | 27.56% | 15.61% | 12.38% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® International Capital Appreciation Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $32,137 | Fidelity® International Capital Appreciation Fund |
| $19,347 | MSCI ACWI (All Country World Index) ex USA Index |
Fidelity® International Capital Appreciation Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Sammy Simnegar: For the fiscal year ending October 31, 2021, the fund gained 27.56%, underperforming the 29.85% result of the benchmark MSCI All Country World ex USA (Net MA) Index. From a regional standpoint, stock picks in emerging markets and Europe ex U.K. hurt the fund's relative result most. By sector, the primary detractors from performance versus the benchmark were an underweighting and security selection in financials, especially among banks. Stock picks and an overweighting in consumer discretionary, along with investment choices in communication services, also hampered the portfolio’s relative return. The biggest individual relative detractor was an overweight position in Tencent Holdings (-24%), which was among the fund's largest holdings the past 12 months. Another notable relative detractor was an outsized stake in Cellnex Telecom (-23%). The fund's non-benchmark holding in SolarEdge Technologies, a position not held at period end, returned about -32%. Conversely, an underweighting in emerging markets, positioning in Japan and an overweighting in Europe ex U.K. contributed to the fund's relative result. By sector, the primary contributors to performance versus the benchmark were security selection and an underweighting in health care, especially within the pharmaceuticals, biotechnology & life sciences industry. Also bolstering the fund's relative performance were strong stock picks and an overweighting in both information technology and industrials. The biggest individual relative contributor was an overweight position in Sea Limited (+124%). Adding further value was an out-of-benchmark stake in Nvidia (+103%). Another notable relative contributor was an outsized stake in Ashtead Group (+132%). Notable changes in positioning this period include increased exposure to Canada and France. By sector, meaningful shifts include increased exposure to industrials stocks and a lower allocation to consumer discretionary.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® International Capital Appreciation Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | United States of America* | 13.4% |
| | France | 13.2% |
| | Canada | 9.1% |
| | Netherlands | 8.6% |
| | Switzerland | 7.5% |
| | Japan | 7.1% |
| | Sweden | 6.3% |
| | United Kingdom | 6.3% |
| | India | 5.1% |
| | Other | 23.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 99.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.0 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.5 |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.4 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.9 |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.9 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 1.5 |
| Diageo PLC (United Kingdom, Beverages) | 1.5 |
| Canadian National Railway Co. (Canada, Road & Rail) | 1.5 |
| AIA Group Ltd. (Hong Kong, Insurance) | 1.5 |
| Keyence Corp. (Japan, Electronic Equipment & Components) | 1.5 |
| | 19.2 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 28.5 |
| Industrials | 25.4 |
| Consumer Discretionary | 10.5 |
| Health Care | 9.2 |
| Financials | 8.8 |
| Consumer Staples | 6.6 |
| Materials | 6.3 |
| Communication Services | 2.4 |
| Energy | 1.5 |
Fidelity® International Capital Appreciation Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 99.2% | | | |
| | | Shares | Value |
| Australia - 1.2% | | | |
| Aristocrat Leisure Ltd. | | 2,026,218 | $71,150,706 |
| Bailiwick of Jersey - 1.2% | | | |
| Ferguson PLC | | 479,200 | 72,106,217 |
| Bermuda - 1.1% | | | |
| IHS Markit Ltd. | | 499,200 | 65,255,424 |
| Canada - 9.1% | | | |
| Brookfield Asset Management, Inc. Class A | | 1,363,961 | 82,369,605 |
| Canadian National Railway Co. | | 676,374 | 89,891,722 |
| Canadian Pacific Railway Ltd. | | 1,107,555 | 85,724,542 |
| CGI, Inc. Class A (sub. vtg.) (a) | | 755,900 | 67,527,718 |
| Constellation Software, Inc. | | 40,394 | 70,989,452 |
| Thomson Reuters Corp. | | 590,700 | 71,054,872 |
| Waste Connections, Inc. (Canada) | | 475,652 | 64,721,878 |
|
| TOTAL CANADA | | | 532,279,789 |
|
| Cayman Islands - 2.3% | | | |
| Sea Ltd. ADR (a) | | 190,000 | 65,278,300 |
| Shenzhou International Group Holdings Ltd. | | 3,071,200 | 66,166,554 |
|
| TOTAL CAYMAN ISLANDS | | | 131,444,854 |
|
| Denmark - 3.2% | | | |
| DSV A/S | | 319,200 | 74,182,378 |
| Novo Nordisk A/S Series B | | 1,010,300 | 110,784,359 |
|
| TOTAL DENMARK | | | 184,966,737 |
|
| France - 13.2% | | | |
| Air Liquide SA | | 470,810 | 78,605,427 |
| Compagnie de St. Gobain | | 1,075,200 | 74,202,307 |
| Dassault Systemes SA | | 1,242,885 | 72,581,274 |
| Edenred SA | | 970,806 | 52,487,714 |
| EssilorLuxottica SA | | 374,000 | 77,346,342 |
| Hermes International SCA | | 46,911 | 74,321,004 |
| LVMH Moet Hennessy Louis Vuitton SE | | 142,960 | 112,098,033 |
| Pernod Ricard SA | | 329,431 | 75,669,379 |
| Schneider Electric SA | | 502,600 | 86,657,377 |
| Teleperformance | | 164,954 | 68,857,012 |
|
| TOTAL FRANCE | | | 772,825,869 |
|
| Germany - 3.8% | | | |
| Brenntag SE | | 692,273 | 65,814,007 |
| Infineon Technologies AG | | 1,758,300 | 82,343,578 |
| Merck KGaA | | 312,900 | 73,861,672 |
|
| TOTAL GERMANY | | | 222,019,257 |
|
| Hong Kong - 2.7% | | | |
| AIA Group Ltd. | | 7,985,000 | 89,487,984 |
| Techtronic Industries Co. Ltd. | | 3,406,000 | 70,085,547 |
|
| TOTAL HONG KONG | | | 159,573,531 |
|
| India - 5.1% | | | |
| HDFC Bank Ltd. | | 3,189,664 | 67,502,856 |
| Kotak Mahindra Bank Ltd. (a) | | 2,563,954 | 69,478,689 |
| Reliance Industries Ltd. | | 2,526,377 | 85,484,940 |
| Tata Consultancy Services Ltd. | | 1,639,000 | 74,296,741 |
|
| TOTAL INDIA | | | 296,763,226 |
|
| Ireland - 3.6% | | | |
| Accenture PLC Class A | | 187,900 | 67,416,641 |
| Kingspan Group PLC (Ireland) | | 657,100 | 75,687,302 |
| Linde PLC | | 209,300 | 66,808,560 |
|
| TOTAL IRELAND | | | 209,912,503 |
|
| Japan - 7.1% | | | |
| Hoya Corp. | | 503,700 | 74,148,950 |
| Keyence Corp. | | 146,560 | 88,465,783 |
| Recruit Holdings Co. Ltd. | | 1,365,800 | 90,851,675 |
| Shin-Etsu Chemical Co. Ltd. | | 447,600 | 79,821,882 |
| Tokyo Electron Ltd. | | 178,826 | 83,338,833 |
|
| TOTAL JAPAN | | | 416,627,123 |
|
| Netherlands - 8.6% | | | |
| Adyen BV (a)(b) | | 26,220 | 79,113,879 |
| Akzo Nobel NV | | 600,600 | 69,026,670 |
| ASM International NV (Netherlands) | | 167,357 | 75,722,081 |
| ASML Holding NV (Netherlands) | | 171,360 | 139,298,589 |
| Ferrari NV | | 301,247 | 71,389,514 |
| Wolters Kluwer NV | | 673,200 | 70,537,789 |
|
| TOTAL NETHERLANDS | | | 505,088,522 |
|
| Spain - 1.3% | | | |
| Cellnex Telecom SA (b) | | 1,189,200 | 73,107,355 |
| Sweden - 6.3% | | | |
| ASSA ABLOY AB (B Shares) | | 2,677,600 | 78,567,926 |
| Atlas Copco AB (A Shares) | | 1,218,600 | 78,298,030 |
| Evolution AB (b) | | 460,400 | 74,474,578 |
| Hexagon AB (B Shares) | | 4,460,300 | 71,782,732 |
| Swedish Match Co. AB | | 7,723,300 | 67,970,076 |
|
| TOTAL SWEDEN | | | 371,093,342 |
|
| Switzerland - 7.5% | | | |
| Lonza Group AG | | 92,976 | 76,220,823 |
| Nestle SA (Reg. S) | | 1,114,880 | 147,060,730 |
| Partners Group Holding AG | | 44,919 | 78,372,764 |
| Sika AG | | 220,606 | 74,691,852 |
| TE Connectivity Ltd. | | 445,428 | 65,032,488 |
|
| TOTAL SWITZERLAND | | | 441,378,657 |
|
| Taiwan - 3.0% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 8,252,000 | 174,880,450 |
| United Kingdom - 6.3% | | | |
| Ashtead Group PLC | | 867,700 | 72,721,938 |
| Diageo PLC | | 1,818,800 | 90,488,371 |
| London Stock Exchange Group PLC | | 646,700 | 62,952,183 |
| RELX PLC (London Stock Exchange) | | 2,454,700 | 76,056,356 |
| Rentokil Initial PLC | | 8,191,700 | 65,964,059 |
|
| TOTAL UNITED KINGDOM | | | 368,182,907 |
|
| United States of America - 12.6% | | | |
| Adobe, Inc. (a) | | 103,440 | 67,273,238 |
| Autodesk, Inc. (a) | | 218,500 | 69,397,785 |
| Danaher Corp. | | 212,200 | 66,157,594 |
| MasterCard, Inc. Class A | | 184,724 | 61,978,596 |
| MercadoLibre, Inc. (a) | | 43,200 | 63,980,064 |
| Moody's Corp. | | 168,700 | 68,180,105 |
| NICE Systems Ltd. sponsored ADR (a) | | 247,145 | 69,946,978 |
| NVIDIA Corp. | | 291,660 | 74,568,712 |
| Thermo Fisher Scientific, Inc. | | 108,600 | 68,751,402 |
| Visa, Inc. Class A | | 285,312 | 60,420,522 |
| Zoetis, Inc. Class A | | 302,200 | 65,335,640 |
|
| TOTAL UNITED STATES OF AMERICA | | | 735,990,636 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $4,113,659,199) | | | 5,804,647,105 |
|
| Money Market Funds - 2.0% | | | |
| Fidelity Cash Central Fund 0.06% (c) | | | |
| (Cost $115,699,173) | | 115,676,038 | 115,699,173 |
| TOTAL INVESTMENT IN SECURITIES - 101.2% | | | |
| (Cost $4,229,358,372) | | | 5,920,346,278 |
| NET OTHER ASSETS (LIABILITIES) - (1.2)% | | | (68,589,747) |
| NET ASSETS - 100% | | | $5,851,756,531 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $226,695,812 or 3.9% of net assets.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $90,367,291 | $2,383,340,523 | $2,358,006,151 | $33,888 | $(2,490) | $-- | $115,699,173 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 19,331,147 | 668,340,260 | 687,671,407 | 79,789 | -- | -- | -- | 0.0% |
| Total | $109,698,438 | $3,051,680,783 | $3,045,677,558 | $113,677 | $(2,490) | $-- | $115,699,173 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $138,385,655 | $138,385,655 | $-- | $-- |
| Consumer Discretionary | 610,926,795 | 432,662,208 | 178,264,587 | -- |
| Consumer Staples | 381,188,556 | 143,639,455 | 237,549,101 | -- |
| Energy | 85,484,940 | 85,484,940 | -- | -- |
| Financials | 518,344,186 | 298,401,163 | 219,943,023 | -- |
| Health Care | 535,260,440 | 350,327,131 | 184,933,309 | -- |
| Industrials | 1,497,238,358 | 1,166,959,073 | 330,279,285 | -- |
| Information Technology | 1,668,863,784 | 877,058,666 | 791,805,118 | -- |
| Materials | 368,954,391 | 210,527,082 | 158,427,309 | -- |
| Money Market Funds | 115,699,173 | 115,699,173 | -- | -- |
| Total Investments in Securities: | $5,920,346,278 | $3,819,144,546 | $2,101,201,732 | $-- |
See accompanying notes which are an integral part of the financial statements.
Fidelity® International Capital Appreciation Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $4,113,659,199) | $5,804,647,105 | |
| Fidelity Central Funds (cost $115,699,173) | 115,699,173 | |
| Total Investment in Securities (cost $4,229,358,372) | | $5,920,346,278 |
| Foreign currency held at value (cost $1,758,873) | | 1,758,873 |
| Receivable for investments sold | | 7,816,768 |
| Receivable for fund shares sold | | 3,271,535 |
| Dividends receivable | | 3,362,141 |
| Reclaims receivable | | 3,617,405 |
| Distributions receivable from Fidelity Central Funds | | 4,632 |
| Prepaid expenses | | 7,043 |
| Other receivables | | 1,758,072 |
| Total assets | | 5,941,942,747 |
| Liabilities | | |
| Payable for investments purchased | $74,842,205 | |
| Payable for fund shares redeemed | 3,054,577 | |
| Accrued management fee | 3,853,379 | |
| Other affiliated payables | 841,565 | |
| Other payables and accrued expenses | 7,594,490 | |
| Total liabilities | | 90,186,216 |
| Net Assets | | $5,851,756,531 |
| Net Assets consist of: | | |
| Paid in capital | | $3,690,950,440 |
| Total accumulated earnings (loss) | | 2,160,806,091 |
| Net Assets | | $5,851,756,531 |
| Net Asset Value, offering price and redemption price per share ($5,851,756,531 ÷ 189,212,705 shares) | | $30.93 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $54,265,946 |
| Non-Cash dividends | | 3,350,490 |
| Income from Fidelity Central Funds (including $79,789 from security lending) | | 113,677 |
| Income before foreign taxes withheld | | 57,730,113 |
| Less foreign taxes withheld | | (8,076,512) |
| Total income | | 49,653,601 |
| Expenses | | |
| Management fee | | |
| Basic fee | $36,602,060 | |
| Performance adjustment | 7,043,837 | |
| Transfer agent fees | 8,090,536 | |
| Accounting fees | 1,582,556 | |
| Custodian fees and expenses | 738,424 | |
| Independent trustees' fees and expenses | 20,886 | |
| Registration fees | 114,945 | |
| Audit | 95,972 | |
| Legal | 11,322 | |
| Interest | 6,613 | |
| Miscellaneous | 22,897 | |
| Total expenses before reductions | 54,330,048 | |
| Expense reductions | (87,377) | |
| Total expenses after reductions | | 54,242,671 |
| Net investment income (loss) | | (4,589,070) |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 559,772,164 | |
| Fidelity Central Funds | (2,490) | |
| Foreign currency transactions | (1,451,390) | |
| Total net realized gain (loss) | | 558,318,284 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,818,467) | 692,813,159 | |
| Assets and liabilities in foreign currencies | (160,664) | |
| Total change in net unrealized appreciation (depreciation) | | 692,652,495 |
| Net gain (loss) | | 1,250,970,779 |
| Net increase (decrease) in net assets resulting from operations | | $1,246,381,709 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(4,589,070) | $10,046,941 |
| Net realized gain (loss) | 558,318,284 | 52,282,500 |
| Change in net unrealized appreciation (depreciation) | 692,652,495 | 404,200,279 |
| Net increase (decrease) in net assets resulting from operations | 1,246,381,709 | 466,529,720 |
| Distributions to shareholders | (66,059,567) | (120,186,215) |
| Share transactions | | |
| Proceeds from sales of shares | 1,217,696,177 | 1,441,046,707 |
| Reinvestment of distributions | 56,261,510 | 99,745,074 |
| Cost of shares redeemed | (1,116,865,992) | (853,557,177) |
| Net increase (decrease) in net assets resulting from share transactions | 157,091,695 | 687,234,604 |
| Total increase (decrease) in net assets | 1,337,413,837 | 1,033,578,109 |
| Net Assets | | |
| Beginning of period | 4,514,342,694 | 3,480,764,585 |
| End of period | $5,851,756,531 | $4,514,342,694 |
| Other Information | | |
| Shares | | |
| Sold | 42,651,879 | 64,137,836 |
| Issued in reinvestment of distributions | 2,109,542 | 4,470,868 |
| Redeemed | (39,288,434) | (40,187,064) |
| Net increase (decrease) | 5,472,987 | 28,421,640 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Capital Appreciation Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $24.57 | $22.41 | $18.84 | $21.06 | $16.81 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.02) | .06 | .17B | .11 | .09 |
| Net realized and unrealized gain (loss) | 6.74 | 2.86 | 3.93 | (1.63) | 4.27 |
| Total from investment operations | 6.72 | 2.92 | 4.10 | (1.52) | 4.36 |
| Distributions from net investment income | (.05) | (.13) | (.08) | (.07) | (.11) |
| Distributions from net realized gain | (.31) | (.62) | (.45) | (.63) | – |
| Total distributions | (.36) | (.76)C | (.53) | (.70) | (.11) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $30.93 | $24.57 | $22.41 | $18.84 | $21.06 |
| Total ReturnE | 27.56% | 13.35% | 22.45% | (7.51)% | 26.13% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.03% | 1.01% | 1.06% | 1.12% |
| Expenses net of fee waivers, if any | 1.00% | 1.03% | 1.01% | 1.06% | 1.12% |
| Expenses net of all reductions | 1.00% | .99% | 1.00% | 1.01% | 1.10% |
| Net investment income (loss) | (.08)% | .25% | .81%B | .54% | .50% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,851,757 | $4,514,343 | $3,480,765 | $2,165,082 | $2,112,031 |
| Portfolio turnover rateH | 141% | 135% | 131%I | 157%I | 178%I |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,717,931,678 |
| Gross unrealized depreciation | (32,225,866) |
| Net unrealized appreciation (depreciation) | $1,685,705,812 |
| Tax Cost | $4,234,640,466 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $136,580,725 |
| Undistributed long-term capital gain | $346,016,943 |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,685,626,777 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $8,931,998 | $ 21,331,063 |
| Long-term Capital Gains | 57,127,569 | 98,855,152 |
| Total | $66,059,567 | $ 120,186,215 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity International Capital Appreciation Fund | 7,545,978,456 | 7,505,961,539 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity International Capital Appreciation Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity International Capital Appreciation Fund | $21,101 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity International Capital Appreciation Fund | Borrower | $21,831,343 | .31% | $6,613 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Capital Appreciation Fund | 237,639,465 | 280,210,756 | 16,775,801 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity International Capital Appreciation Fund | 517,647 |
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 | $9,600 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity International Capital Appreciation Fund | $6,750 | $– | $– |
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 $401.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $86,976.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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 | 33% |
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 | 37% |
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Overseas Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Overseas Fund | 37.83% | 13.76% | 11.34% |
| Class K | 37.97% | 13.89% | 11.49% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Overseas Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $29,285 | Fidelity® Overseas Fund |
| $20,722 | MSCI EAFE Index |
Fidelity® Overseas Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Vincent Montemaggiore: For the fiscal year ending October 31, 2021, the fund's share classes gained roughly 38%, outperforming the 34.45% result of the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, the fund received notable boosts to performance versus the benchmark from its positioning in both Europe ex U.K. – especially Sweden and the Netherlands – and Japan. A non-benchmark allocation to the U.S. also contributed to the fund's relative result. By sector, the top contributor to performance versus the benchmark was security selection in industrials. Stock picks and a sizable overweighting in information technology and stock selection in health care also boosted the fund's relative result. Our non-benchmark stake in Sweden-based AddLife was the fund's largest individual relative contributor, driven by a gain of 176%. Also helping performance was our overweighting in ASM International, which gained about 218%. The fund's non-benchmark stake in IMCD gained 93%. Conversely, security selection in emerging markets and the U.K. detracted from the fund's relative result. By sector, the largest detractor from performance versus the benchmark was security selection in consumer discretionary. An underweighting and stock picks in energy and security selection in financials also hurt relative performance. Our non-benchmark stake in Alibaba Group Holding was the fund's largest individual relative detractor, due to its roughly -33% result. Positions in Alibaba Group Holding were sold the past 12 months. Iberdrola, another position that was sold during the period, returned -11% in the portfolio and detracted from relative performance. Avoiding Royal Dutch Shell, a benchmark component that gained 96%, also hurt our relative result. Notable changes in positioning include a higher allocation to France and Germany. By sector, meaningful changes in positioning include reduced exposure to consumer staples and a higher allocation to industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Overseas Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | France | 14.4% |
| | Japan | 14.3% |
| | Switzerland | 9.9% |
| | United Kingdom | 9.2% |
| | Netherlands | 9.0% |
| | United States of America* | 8.7% |
| | Sweden | 7.5% |
| | Germany | 6.6% |
| | Italy | 2.4% |
| | Other | 18.0% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 97.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.0 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.6 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.1 |
| Sony Group Corp. (Japan, Household Durables) | 1.6 |
| Capgemini SA (France, IT Services) | 1.5 |
| DSV A/S (Denmark, Air Freight & Logistics) | 1.5 |
| Diageo PLC (United Kingdom, Beverages) | 1.4 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.4 |
| AIA Group Ltd. (Hong Kong, Insurance) | 1.4 |
| | 18.6 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 23.8 |
| Information Technology | 18.1 |
| Financials | 17.1 |
| Health Care | 12.9 |
| Consumer Discretionary | 8.1 |
| Consumer Staples | 6.8 |
| Materials | 4.9 |
| Communication Services | 2.4 |
| Energy | 1.9 |
| Real Estate | 1.0 |
Fidelity® Overseas Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 96.9% | | | |
| | | Shares | Value |
| Australia - 0.2% | | | |
| Lynas Rare Earths Ltd. (a) | | 2,956,336 | $16,301,215 |
| Austria - 0.4% | | | |
| Erste Group Bank AG | | 1,080,900 | 46,357,207 |
| Bailiwick of Jersey - 0.9% | | | |
| Ferguson PLC | | 627,300 | 94,391,131 |
| Belgium - 1.0% | | | |
| Azelis Group NV | | 476,400 | 15,420,115 |
| KBC Groep NV | | 1,028,954 | 95,823,770 |
|
| TOTAL BELGIUM | | | 111,243,885 |
|
| Bermuda - 1.9% | | | |
| Genpact Ltd. | | 1,139,500 | 56,234,325 |
| Hiscox Ltd. | | 2,862,313 | 32,630,430 |
| IHS Markit Ltd. | | 867,000 | 113,334,240 |
|
| TOTAL BERMUDA | | | 202,198,995 |
|
| Canada - 1.3% | | | |
| Constellation Software, Inc. | | 71,100 | 124,952,965 |
| Topicus.Com, Inc. | | 122,288 | 13,646,732 |
|
| TOTAL CANADA | | | 138,599,697 |
|
| Cayman Islands - 0.6% | | | |
| Parade Technologies Ltd. | | 960,000 | 61,540,672 |
| Denmark - 1.9% | | | |
| DSV A/S | | 663,600 | 154,221,259 |
| GN Store Nord A/S | | 708,900 | 43,018,718 |
|
| TOTAL DENMARK | | | 197,239,977 |
|
| Finland - 0.8% | | | |
| Nordea Bank ABP | | 7,000,500 | 85,639,559 |
| France - 14.4% | | | |
| Air Liquide SA | | 587,800 | 98,137,827 |
| ALTEN | | 493,856 | 79,468,937 |
| Antin Infrastructure Partners SA | | 198,900 | 7,564,644 |
| BNP Paribas SA | | 1,760,400 | 117,836,305 |
| Capgemini SA | | 670,233 | 155,965,096 |
| Compagnie de St. Gobain | | 1,108,300 | 76,486,622 |
| Dassault Systemes SA | | 1,952,600 | 114,026,797 |
| Edenred SA | | 1,497,779 | 80,979,099 |
| Legrand SA | | 1,028,700 | 112,221,021 |
| LVMH Moet Hennessy Louis Vuitton SE | | 282,063 | 221,171,709 |
| Pernod Ricard SA | | 440,300 | 101,135,678 |
| Safran SA | | 629,800 | 84,764,651 |
| Teleperformance | | 319,666 | 133,438,690 |
| Total SA | | 2,692,744 | 134,839,063 |
|
| TOTAL FRANCE | | | 1,518,036,139 |
|
| Germany - 6.6% | | | |
| adidas AG | | 255,942 | 83,819,674 |
| Allianz SE | | 492,000 | 114,404,465 |
| Auto1 Group SE (b) | | 100,600 | 3,953,982 |
| Brenntag SE | | 713,300 | 67,813,032 |
| Deutsche Borse AG | | 492,900 | 81,822,189 |
| Hannover Reuck SE | | 463,900 | 84,730,408 |
| Merck KGaA | | 480,500 | 113,424,524 |
| SAP SE | | 279,045 | 40,408,835 |
| Siemens Healthineers AG (b) | | 1,267,400 | 84,185,474 |
| SUSE SA (a) | | 519,874 | 22,434,372 |
|
| TOTAL GERMANY | | | 696,996,955 |
|
| Hong Kong - 1.4% | | | |
| AIA Group Ltd. | | 13,055,200 | 146,309,772 |
| India - 1.3% | | | |
| HDFC Bank Ltd. | | 3,580,400 | 75,772,002 |
| Reliance Industries Ltd. | | 142,253 | 3,610,556 |
| Reliance Industries Ltd. | | 1,866,300 | 63,149,935 |
|
| TOTAL INDIA | | | 142,532,493 |
|
| Ireland - 1.9% | | | |
| Flutter Entertainment PLC (a) | | 241,574 | 45,607,111 |
| Kingspan Group PLC (Ireland) | | 794,500 | 91,513,561 |
| Linde PLC | | 205,200 | 65,499,840 |
|
| TOTAL IRELAND | | | 202,620,512 |
|
| Italy - 2.4% | | | |
| FinecoBank SpA | | 3,982,700 | 76,035,080 |
| GVS SpA (b) | | 528,100 | 7,844,714 |
| Moncler SpA | | 1,012,600 | 72,715,535 |
| Recordati SpA | | 1,518,930 | 95,028,393 |
|
| TOTAL ITALY | | | 251,623,722 |
|
| Japan - 14.3% | | | |
| Advantest Corp. | | 518,900 | 42,543,537 |
| Capcom Co. Ltd. | | 917,500 | 24,694,907 |
| FUJIFILM Holdings Corp. | | 999,800 | 77,261,965 |
| Hoya Corp. | | 1,006,600 | 148,180,133 |
| Iriso Electronics Co. Ltd. | | 501,900 | 23,057,563 |
| Kao Corp. | | 881,000 | 49,836,469 |
| Keyence Corp. | | 182,660 | 110,256,277 |
| Misumi Group, Inc. | | 633,003 | 26,474,568 |
| Nitori Holdings Co. Ltd. | | 272,900 | 50,134,598 |
| NOF Corp. | | 941,400 | 47,245,664 |
| Olympus Corp. | | 2,882,400 | 62,441,561 |
| Persol Holdings Co. Ltd. | | 2,301,900 | 61,871,983 |
| Recruit Holdings Co. Ltd. | | 2,187,400 | 145,503,701 |
| Relo Group, Inc. | | 1,728,500 | 35,952,557 |
| Shin-Etsu Chemical Co. Ltd. | | 503,800 | 89,844,201 |
| SMC Corp. | | 138,200 | 82,472,955 |
| Sony Group Corp. | | 1,413,500 | 163,678,181 |
| Suzuki Motor Corp. | | 1,006,700 | 44,895,700 |
| TIS, Inc. | | 1,528,800 | 41,648,904 |
| Tokyo Electron Ltd. | | 281,600 | 131,234,917 |
| Tsuruha Holdings, Inc. | | 464,800 | 57,330,852 |
|
| TOTAL JAPAN | | | 1,516,561,193 |
|
| Kenya - 0.4% | | | |
| Safaricom Ltd. | | 99,329,800 | 38,196,904 |
| Korea (South) - 0.2% | | | |
| Samsung Electronics Co. Ltd. | | 281,780 | 16,784,582 |
| Netherlands - 9.0% | | | |
| Akzo Nobel NV | | 609,100 | 70,003,571 |
| ASM International NV (Netherlands) | | 204,100 | 92,346,760 |
| ASML Holding NV (Netherlands) | | 393,100 | 319,551,093 |
| Corbion NV | | 20,963 | 995,986 |
| Euronext NV (b) | | 614,480 | 69,187,007 |
| IMCD NV | | 651,824 | 144,711,316 |
| Koninklijke Philips Electronics NV | | 1,442,898 | 68,068,966 |
| Prosus NV | | 784,900 | 69,148,717 |
| Prosus NV rights (a)(c) | | 784,900 | 127,028 |
| Wolters Kluwer NV | | 1,169,900 | 122,581,935 |
|
| TOTAL NETHERLANDS | | | 956,722,379 |
|
| Norway - 0.7% | | | |
| Schibsted ASA (A Shares) | | 1,379,000 | 71,121,853 |
| Spain - 2.3% | | | |
| Aena SME SA (a)(b) | | 344,800 | 56,628,756 |
| Amadeus IT Holding SA Class A (a) | | 1,370,057 | 91,606,176 |
| Cellnex Telecom SA (b) | | 1,555,529 | 95,627,826 |
|
| TOTAL SPAIN | | | 243,862,758 |
|
| Sweden - 7.4% | | | |
| Addlife AB | | 3,173,372 | 129,772,735 |
| AddTech AB (B Shares) | | 3,841,696 | 85,887,940 |
| ASSA ABLOY AB (B Shares) | | 3,187,500 | 93,529,752 |
| Atlas Copco AB (A Shares) | | 1,490,386 | 95,760,945 |
| Hexagon AB (B Shares) | | 7,882,942 | 126,865,707 |
| Indutrade AB | | 4,431,701 | 128,956,926 |
| Kry International AB (d) | | 2,787 | 1,152,202 |
| Nordnet AB | | 1,778,863 | 34,104,540 |
| Swedish Match Co. AB | | 9,585,300 | 84,356,890 |
|
| TOTAL SWEDEN | | | 780,387,637 |
|
| Switzerland - 9.9% | | | |
| Julius Baer Group Ltd. | | 1,348,409 | 97,533,247 |
| Lonza Group AG | | 134,932 | 110,615,945 |
| Nestle SA (Reg. S) | | 2,070,720 | 273,142,934 |
| Roche Holding AG (participation certificate) | | 567,198 | 219,729,212 |
| Sika AG | | 390,712 | 132,285,627 |
| Sonova Holding AG | | 271,631 | 112,230,240 |
| Zurich Insurance Group Ltd. | | 231,470 | 102,592,311 |
|
| TOTAL SWITZERLAND | | | 1,048,129,516 |
|
| Taiwan - 0.8% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 3,977,000 | 84,282,544 |
| United Kingdom - 9.2% | | | |
| Beazley PLC (a) | | 7,769,200 | 41,466,901 |
| Bridgepoint Group Holdings Ltd. (b) | | 3,838,657 | 26,056,834 |
| Compass Group PLC (a) | | 4,939,798 | 104,825,637 |
| Cranswick PLC | | 305,933 | 14,486,487 |
| Dechra Pharmaceuticals PLC | | 939,895 | 65,858,217 |
| Diageo PLC | | 3,061,200 | 152,299,869 |
| Diploma PLC | | 1,567,295 | 64,433,444 |
| Dr. Martens Ltd. (a) | | 788,600 | 3,980,232 |
| Future PLC | | 400,600 | 19,341,947 |
| JTC PLC (b) | | 2,649,000 | 28,168,495 |
| London Stock Exchange Group PLC | | 569,358 | 55,423,425 |
| RELX PLC (London Stock Exchange) | | 3,997,900 | 123,870,821 |
| Rentokil Initial PLC | | 12,456,000 | 100,302,540 |
| Smith & Nephew PLC | | 3,156,400 | 54,511,262 |
| St. James's Place Capital PLC | | 3,360,600 | 72,643,560 |
| Volution Group PLC | | 7,215,267 | 48,779,801 |
|
| TOTAL UNITED KINGDOM | | | 976,449,472 |
|
| United States of America - 5.7% | | | |
| Ares Management Corp. | | 1,014,700 | 85,985,678 |
| Boston Scientific Corp. (a) | | 1,054,100 | 45,463,333 |
| CBRE Group, Inc. (a) | | 674,500 | 70,201,960 |
| Equifax, Inc. | | 253,600 | 70,356,248 |
| Intercontinental Exchange, Inc. | | 556,800 | 77,094,528 |
| Marsh & McLennan Companies, Inc. | | 624,800 | 104,216,640 |
| Moody's Corp. | | 165,400 | 66,846,410 |
| Roper Technologies, Inc. | | 170,600 | 83,230,622 |
|
| TOTAL UNITED STATES OF AMERICA | | | 603,395,419 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $6,445,649,573) | | | 10,247,526,188 |
|
| Nonconvertible Preferred Stocks - 0.1% | | | |
| Sweden - 0.1% | | | |
| Kry International AB Series E (d) | | | |
| (Cost $7,360,943) | | 16,101 | 7,006,958 |
|
| Money Market Funds - 3.0% | | | |
| Fidelity Cash Central Fund 0.06% (e) | | | |
| (Cost $322,300,071) | | 322,235,624 | 322,300,071 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $6,775,310,587) | | | 10,576,833,217 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (3,827,786) |
| NET ASSETS - 100% | | | $10,573,005,431 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $371,653,088 or 3.5% of net assets.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $244,924,728 | $2,331,712,838 | $2,254,326,418 | $76,455 | $(11,077) | $-- | $322,300,071 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 309,059,379 | 309,059,379 | 255,574 | -- | -- | -- | 0.0% |
| Total | $244,924,728 | $2,640,772,217 | $2,563,385,797 | $332,029 | $(11,077) | $-- | $322,300,071 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $248,983,437 | $224,288,530 | $24,694,907 | $-- |
| Consumer Discretionary | 864,058,104 | 279,225,251 | 584,832,853 | -- |
| Consumer Staples | 732,589,179 | 199,979,055 | 532,610,124 | -- |
| Energy | 201,599,554 | 66,760,491 | 134,839,063 | -- |
| Financials | 1,826,245,407 | 1,230,778,345 | 595,467,062 | -- |
| Health Care | 1,360,373,427 | 807,442,293 | 552,931,134 | -- |
| Industrials | 2,478,958,575 | 1,739,004,566 | 739,954,009 | -- |
| Information Technology | 1,915,257,015 | 779,175,134 | 1,127,922,721 | 8,159,160 |
| Materials | 520,313,931 | 285,086,239 | 235,227,692 | -- |
| Real Estate | 106,154,517 | 70,201,960 | 35,952,557 | -- |
| Money Market Funds | 322,300,071 | 322,300,071 | -- | -- |
| Total Investments in Securities: | $10,576,833,217 | $6,004,241,935 | $4,564,432,122 | $8,159,160 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Overseas Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $6,453,010,516) | $10,254,533,146 | |
| Fidelity Central Funds (cost $322,300,071) | 322,300,071 | |
| Total Investment in Securities (cost $6,775,310,587) | | $10,576,833,217 |
| Cash | | 542,461 |
| Foreign currency held at value (cost $463,640) | | 463,640 |
| Receivable for investments sold | | 56,204,522 |
| Receivable for fund shares sold | | 4,216,969 |
| Dividends receivable | | 7,264,183 |
| Reclaims receivable | | 13,578,991 |
| Distributions receivable from Fidelity Central Funds | | 24,460 |
| Prepaid expenses | | 12,365 |
| Other receivables | | 739,276 |
| Total assets | | 10,659,880,084 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $69,217,440 | |
| Delayed delivery | 127,028 | |
| Payable for fund shares redeemed | 3,075,257 | |
| Accrued management fee | 6,823,954 | |
| Other affiliated payables | 1,214,811 | |
| Other payables and accrued expenses | 6,416,163 | |
| Total liabilities | | 86,874,653 |
| Net Assets | | $10,573,005,431 |
| Net Assets consist of: | | |
| Paid in capital | | $6,326,729,285 |
| Total accumulated earnings (loss) | | 4,246,276,146 |
| Net Assets | | $10,573,005,431 |
| Net Asset Value and Maximum Offering Price | | |
| Overseas: | | |
| Net Asset Value, offering price and redemption price per share ($8,981,608,675 ÷ 128,687,575 shares) | | $69.79 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($1,591,396,756 ÷ 22,837,722 shares) | | $69.68 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $136,533,396 |
| Income from Fidelity Central Funds (including $255,574 from security lending) | | 332,029 |
| Income before foreign taxes withheld | | 136,865,425 |
| Less foreign taxes withheld | | (16,495,506) |
| Total income | | 120,369,919 |
| Expenses | | |
| Management fee | | |
| Basic fee | $59,295,696 | |
| Performance adjustment | 14,903,820 | |
| Transfer agent fees | 11,673,580 | |
| Accounting fees | 1,734,658 | |
| Custodian fees and expenses | 758,060 | |
| Independent trustees' fees and expenses | 34,675 | |
| Registration fees | 98,041 | |
| Audit | 186,124 | |
| Legal | 12,820 | |
| Interest | 1,751 | |
| Miscellaneous | 38,985 | |
| Total expenses before reductions | 88,738,210 | |
| Expense reductions | (148,582) | |
| Total expenses after reductions | | 88,589,628 |
| Net investment income (loss) | | 31,780,291 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $16,528) | 474,943,001 | |
| Fidelity Central Funds | (11,077) | |
| Foreign currency transactions | 480,790 | |
| Futures contracts | 104,424 | |
| Total net realized gain (loss) | | 475,517,138 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $2,548,493) | 2,242,581,555 | |
| Assets and liabilities in foreign currencies | (1,096,694) | |
| Total change in net unrealized appreciation (depreciation) | | 2,241,484,861 |
| Net gain (loss) | | 2,717,001,999 |
| Net increase (decrease) in net assets resulting from operations | | $2,748,782,290 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $31,780,291 | $20,377,597 |
| Net realized gain (loss) | 475,517,138 | 133,870,382 |
| Change in net unrealized appreciation (depreciation) | 2,241,484,861 | 33,669,347 |
| Net increase (decrease) in net assets resulting from operations | 2,748,782,290 | 187,917,326 |
| Distributions to shareholders | (45,118,729) | (103,794,461) |
| Share transactions - net increase (decrease) | 686,322,636 | (123,936,452) |
| Total increase (decrease) in net assets | 3,389,986,197 | (39,813,587) |
| Net Assets | | |
| Beginning of period | 7,183,019,234 | 7,222,832,821 |
| End of period | $10,573,005,431 | $7,183,019,234 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Overseas Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $50.91 | $49.51 | $46.04 | $50.18 | $40.73 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .21 | .13 | .77 | .68 | .58 |
| Net realized and unrealized gain (loss) | 18.98 | 1.97 | 5.12 | (4.27) | 9.65 |
| Total from investment operations | 19.19 | 2.10 | 5.89 | (3.59) | 10.23 |
| Distributions from net investment income | (.11) | (.70) | (.68) | (.52) | (.72) |
| Distributions from net realized gain | (.21) | – | (1.74) | (.03) | (.05) |
| Total distributions | (.31)B | (.70) | (2.42) | (.55) | (.78)B |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $69.79 | $50.91 | $49.51 | $46.04 | $50.18 |
| Total ReturnD | 37.83% | 4.25% | 13.78% | (7.23)% | 25.63% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .99% | 1.04% | .90% | .97% | 1.00% |
| Expenses net of fee waivers, if any | .98% | 1.04% | .90% | .97% | 1.00% |
| Expenses net of all reductions | .98% | 1.03% | .89% | .96% | 1.00% |
| Net investment income (loss) | .33% | .27% | 1.68% | 1.35% | 1.30% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $8,981,609 | $6,160,617 | $6,182,831 | $5,825,757 | $6,828,078 |
| Portfolio turnover rateG | 30%H | 41% | 46%H | 33% | 26%H |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Overseas Fund Class K
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $50.83 | $49.43 | $45.98 | $50.11 | $40.67 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .19 | .82 | .73 | .64 |
| Net realized and unrealized gain (loss) | 18.95 | 1.96 | 5.11 | (4.26) | 9.62 |
| Total from investment operations | 19.22 | 2.15 | 5.93 | (3.53) | 10.26 |
| Distributions from net investment income | (.16) | (.75) | (.73) | (.57) | (.77) |
| Distributions from net realized gain | (.21) | – | (1.74) | (.03) | (.05) |
| Total distributions | (.37) | (.75) | (2.48)B | (.60) | (.82) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $69.68 | $50.83 | $49.43 | $45.98 | $50.11 |
| Total ReturnD | 37.97% | 4.36% | 13.90% | (7.13)% | 25.80% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .89% | .94% | .78% | .86% | .89% |
| Expenses net of fee waivers, if any | .88% | .93% | .78% | .86% | .89% |
| Expenses net of all reductions | .88% | .93% | .77% | .85% | .88% |
| Net investment income (loss) | .43% | .38% | 1.79% | 1.46% | 1.42% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,591,397 | $1,022,402 | $1,040,002 | $1,026,091 | $1,157,882 |
| Portfolio turnover rateG | 30%H | 41% | 46%H | 33% | 26%H |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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 dividends foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Overseas Fund | $445,821 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $3,939,155,356 |
| Gross unrealized depreciation | (157,538,653) |
| Net unrealized appreciation (depreciation) | $3,781,616,703 |
| Tax Cost | $6,795,216,514 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $57,806,035 |
| Undistributed long-term capital gain | $413,079,649 |
| Net unrealized appreciation (depreciation) on securities and other investments | $3,781,345,406 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $16,186,407 | $ 103,794,461 |
| Long-term Capital Gains | 28,932,322 | – |
| Total | $45,118,729 | $ 103,794,461 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Overseas Fund | 3,202,320,745 | 2,684,401,451 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Overseas as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Overseas | $11,112,427 | .14 |
| Class K | 561,153 | .04 |
| | $11,673,580 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Overseas Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Overseas Fund | $4,253 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Overseas Fund | Borrower | $21,660,222 | .32% | $1,751 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Overseas Fund | 186,817,107 | 265,000,364 | 7,348,419 |
Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds
($) | Participating classes |
| Fidelity Overseas Fund | 1,544,949 | 98,196,961 | Overseas |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Overseas Fund | $15,928 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Overseas Fund | $24,391 | $– | $– |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $31.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $148,551.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Overseas Fund | | |
| Distributions to shareholders | | |
| Overseas | $37,598,959 | $88,028,325 |
| Class K | 7,519,770 | 15,766,136 |
| Total | $45,118,729 | $103,794,461 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Overseas Fund | | | | |
| Overseas | | | | |
| Shares sold | 22,257,713 | 22,194,543 | $1,441,872,978 | $1,095,517,512 |
| Reinvestment of distributions | 591,381 | 1,551,196 | 34,075,384 | 77,916,561 |
| Shares redeemed | (15,174,982) | (27,600,967) | (956,264,272) | (1,280,750,561) |
| Net increase (decrease) | 7,674,112 | (3,855,228) | $519,684,090 | $(107,316,488) |
| Class K | | | | |
| Shares sold | 11,014,981 | 6,459,409 | $703,185,104 | $328,765,506 |
| Reinvestment of distributions | 130,824 | 314,693 | 7,519,770 | 15,766,136 |
| Shares redeemed | (8,423,101) | (7,698,662) | (544,066,328) | (361,151,606) |
| Net increase (decrease) | 2,722,704 | (924,560) | $166,638,546 | $(16,619,964) |
12. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund |
| Fidelity Overseas Fund | 26% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity Overseas Fund | 45% |
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Worldwide Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 29.80% | 18.20% | 13.49% |
| Class M (incl. 3.50% sales charge) | 32.56% | 18.43% | 13.45% |
| Class C (incl. contingent deferred sales charge) | 35.63% | 18.67% | 13.47% |
| Fidelity® Worldwide Fund | 38.11% | 19.97% | 14.52% |
| Class I | 38.06% | 19.95% | 14.48% |
| Class Z | 38.27% | 20.05% | 14.53% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Worldwide Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI World Index performed over the same period.
| Period Ending Values |
| $38,790 | Fidelity® Worldwide Fund |
| $32,964 | MSCI World Index |
Fidelity® Worldwide Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) Index gained 37.70% for the 12 months ending October 31, 2021, with global equities rising amid improved global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. The period began with a shift in momentum. In November 2020, global stocks shrugged off a two-month retreat by gaining roughly 12%. As 2021 began, the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative and the index returned -4.10% for the month, due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. The index rebounded in October (+5.12%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, whereas emerging markets (+17%) lagged the most. Looking at sectors, energy (+87%) was the top performer by a wide margin, followed by financials (+60%). In contrast, notable “laggards” included the utilities (+14%) and consumer staples (+18%) sectors.
Comments from Lead Portfolio Manager William Kennedy and Co-Managers Stephen DuFour and Andrew Sergeant: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 37% to 38%, underperforming the 40.92% result of the benchmark MSCI World (Net MA) Index. From a geographic standpoint, an overweighting and stock picks in emerging markets, specifically China, and investment choices in the U.K. hurt the fund's relative result. By sector, the primary detractor from performance versus the benchmark was our security selection in industrials. Investment choices and an underweighting in energy, as well as picks among health care stocks, further hindered the portfolio’s relative return. Our smaller-than-benchmark stake in Tesla (+38%), a position we established this period, was the fund's largest individual relative detractor. Also pressuring performance was our outsized exposure to Exxon Mobil (-3%), a holding that we initiated and later eliminated this period. Another notable relative detractor was an overweighting in PayPal Holdings (+24%), which was among our biggest positions. Conversely, an underweighting and favorable stock picks in both Japan and Asia Pacific ex Japan contributed most to the fund's relative result. From a sector standpoint, the leading contributor to performance versus the benchmark was our security selection in information technology. Picks within the materials sector and underweightings in utilities and consumer staples also bolstered the portfolio's relative performance. The biggest individual relative contributor was an overweight position in Nvidia (+105%). An outsized stake in Caesars Entertainment, which gained about 143%, also helped. Nvidia and Caesars Entertainment were among the fund's largest holdings on October 31. Another notable relative contributor was an overweighting in Intuit (+100%), a portfolio position we increased over the past 12 months.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Worldwide Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | United States of America* | 66.0% |
| | Japan | 5.8% |
| | United Kingdom | 3.4% |
| | Switzerland | 3.0% |
| | Ireland | 2.6% |
| | Germany | 2.5% |
| | France | 2.4% |
| | Netherlands | 2.1% |
| | India | 2.1% |
| | Other | 10.1% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 99.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Microsoft Corp. (United States of America, Software) | 4.5 |
| Alphabet, Inc. Class A (United States of America, Interactive Media & Services) | 4.1 |
| S&P Global, Inc. (United States of America, Capital Markets) | 3.8 |
| NVIDIA Corp. (United States of America, Semiconductors & Semiconductor Equipment) | 3.5 |
| Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) | 3.3 |
| Caesars Entertainment, Inc. (United States of America, Hotels, Restaurants & Leisure) | 3.3 |
| Amazon.com, Inc. (United States of America, Internet & Direct Marketing Retail) | 3.1 |
| Intuit, Inc. (United States of America, Software) | 3.1 |
| PayPal Holdings, Inc. (United States of America, IT Services) | 2.7 |
| Marvell Technology, Inc. (United States of America, Semiconductors & Semiconductor Equipment) | 2.6 |
| | 34.0 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 31.0 |
| Consumer Discretionary | 17.2 |
| Financials | 16.1 |
| Communication Services | 9.2 |
| Health Care | 8.1 |
| Industrials | 7.0 |
| Materials | 4.9 |
| Energy | 2.8 |
| Consumer Staples | 1.2 |
| Real Estate | 1.2 |
Fidelity® Worldwide Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 98.7% | | | |
| | | Shares | Value |
| Australia - 0.6% | | | |
| Bapcor Ltd. | | 560,404 | $3,351,433 |
| Lynas Rare Earths Ltd. (a) | | 1,055,144 | 5,818,056 |
| National Storage REIT unit | | 3,852,257 | 6,925,886 |
| Rio Tinto Ltd. | | 24 | 1,630 |
| Technology One Ltd. | | 249,900 | 2,295,325 |
|
| TOTAL AUSTRALIA | | | 18,392,330 |
|
| Austria - 0.4% | | | |
| Erste Group Bank AG | | 162,700 | 6,977,813 |
| Wienerberger AG | | 147,300 | 5,213,937 |
|
| TOTAL AUSTRIA | | | 12,191,750 |
|
| Bailiwick of Jersey - 0.1% | | | |
| Experian PLC | | 101,977 | 4,671,094 |
| Belgium - 0.7% | | | |
| Azelis Group NV | | 147,800 | 4,783,990 |
| KBC Groep NV | | 130,364 | 12,140,455 |
| UCB SA | | 39,600 | 4,719,671 |
|
| TOTAL BELGIUM | | | 21,644,116 |
|
| Bermuda - 0.1% | | | |
| AutoStore Holdings Ltd. | | 672,400 | 2,650,074 |
| Brazil - 0.1% | | | |
| CM Hospitalar SA | | 650,200 | 2,309,882 |
| Rede D'Oregon Sao Luiz SA (b) | | 196,100 | 2,050,019 |
|
| TOTAL BRAZIL | | | 4,359,901 |
|
| British Virgin Islands - 0.1% | | | |
| Fix Price Group Ltd. GDR (Reg. S) | | 252,800 | 2,201,888 |
| Canada - 0.7% | | | |
| Brookfield Asset Management, Inc. Class A | | 125,000 | 7,548,750 |
| Constellation Software, Inc. | | 4,800 | 8,435,643 |
| Keyera Corp. (c) | | 75,000 | 1,922,269 |
| Nutrien Ltd. | | 5,000 | 349,467 |
| PrairieSky Royalty Ltd. | | 111,000 | 1,365,974 |
| Shopify, Inc. Class A (a) | | 500 | 730,050 |
| Topicus.Com, Inc. | | 8,183 | 913,182 |
|
| TOTAL CANADA | | | 21,265,335 |
|
| Cayman Islands - 1.0% | | | |
| Akeso, Inc. (a)(b) | | 226,000 | 1,266,448 |
| Antengene Corp. (b) | | 895,402 | 1,187,655 |
| Medlive Technology Co. Ltd. (b) | | 142,000 | 738,243 |
| Medlive Technology Co. Ltd. | | 222,500 | 1,098,916 |
| Sea Ltd. ADR (a) | | 83,400 | 28,653,738 |
| Zai Lab Ltd. (a) | | 21,900 | 2,271,929 |
|
| TOTAL CAYMAN ISLANDS | | | 35,216,929 |
|
| China - 0.1% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 8,800 | 2,508,606 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 87,780 | 1,876,205 |
|
| TOTAL CHINA | | | 4,384,811 |
|
| Denmark - 0.3% | | | |
| A.P. Moller - Maersk A/S Series B | | 1,200 | 3,477,538 |
| ORSTED A/S (b) | | 38,900 | 5,488,920 |
|
| TOTAL DENMARK | | | 8,966,458 |
|
| Finland - 0.4% | | | |
| Musti Group OYJ | | 83,200 | 3,268,169 |
| Nanoform Finland PLC (a) | | 688,200 | 5,895,094 |
| Neste Oyj | | 95,400 | 5,314,509 |
|
| TOTAL FINLAND | | | 14,477,772 |
|
| France - 2.4% | | | |
| Antin Infrastructure Partners SA | | 50,000 | 1,901,620 |
| AXA SA | | 219,800 | 6,394,640 |
| BNP Paribas SA | | 129,200 | 8,648,290 |
| Capgemini SA | | 45,500 | 10,587,977 |
| Elior SA (a)(b) | | 321,900 | 2,537,834 |
| Exclusive Networks SA | | 155,300 | 3,653,370 |
| Hydrogen Refueling Solutions | | 56,700 | 2,100,724 |
| LVMH Moet Hennessy Louis Vuitton SE | | 22,339 | 17,516,494 |
| Sartorius Stedim Biotech | | 6,000 | 3,302,923 |
| Societe Generale Series A | | 195,000 | 6,513,771 |
| Teleperformance | | 13,400 | 5,593,583 |
| VINCI SA | | 44,263 | 4,726,391 |
| Worldline SA (a)(b) | | 53,900 | 3,139,097 |
|
| TOTAL FRANCE | | | 76,616,714 |
|
| Germany - 2.5% | | | |
| adidas AG | | 17,869 | 5,852,005 |
| Allianz SE | | 38,100 | 8,859,370 |
| Brenntag SE | | 57,600 | 5,476,000 |
| Daimler AG (Germany) | | 184,700 | 18,306,622 |
| Deutsche Post AG | | 213,000 | 13,178,123 |
| Exasol AG (a) | | 61,709 | 626,327 |
| Instone Real Estate Group BV (b) | | 94,872 | 2,500,522 |
| Linde PLC | | 10,034 | 3,230,406 |
| Merck KGaA | | 14,900 | 3,517,222 |
| Nexus AG | | 46,000 | 4,009,470 |
| Siemens AG | | 62,200 | 10,112,599 |
| Siemens Healthineers AG (b) | | 64,600 | 4,290,975 |
| SUSE SA (a) | | 59,000 | 2,546,055 |
|
| TOTAL GERMANY | | | 82,505,696 |
|
| Greece - 0.1% | | | |
| Alpha Bank SA (a) | | 763,500 | 969,543 |
| Piraeus Financial Holdings SA (a) | | 470,500 | 799,530 |
|
| TOTAL GREECE | | | 1,769,073 |
|
| Hong Kong - 0.5% | | | |
| AIA Group Ltd. | | 800,000 | 8,965,609 |
| Hong Kong Exchanges and Clearing Ltd. | | 105,700 | 6,395,933 |
|
| TOTAL HONG KONG | | | 15,361,542 |
|
| Hungary - 0.3% | | | |
| OTP Bank PLC (a) | | 115,900 | 6,960,866 |
| Richter Gedeon PLC | | 86,900 | 2,434,393 |
|
| TOTAL HUNGARY | | | 9,395,259 |
|
| India - 2.0% | | | |
| Avenue Supermarts Ltd. (a)(b) | | 16,542 | 1,023,009 |
| Axis Bank Ltd. (a) | | 264,100 | 2,614,398 |
| Eicher Motors Ltd. | | 54,500 | 1,806,705 |
| HDFC Bank Ltd. | | 217,024 | 4,592,879 |
| HDFC Bank Ltd. sponsored ADR | | 149,386 | 10,742,347 |
| Housing Development Finance Corp. Ltd. | | 255,594 | 9,700,330 |
| Pine Labs Private Ltd. (d)(e) | | 792 | 339,542 |
| PVR Ltd. (a) | | 59,000 | 1,320,544 |
| Reliance Industries Ltd. | | 10,760 | 273,102 |
| Reliance Industries Ltd. | | 479,600 | 16,228,210 |
| Reliance Industries Ltd. sponsored GDR (b) | | 36,700 | 2,495,600 |
| Sunteck Realty Ltd. | | 186,516 | 1,145,771 |
| V-Mart Retail Ltd. (a) | | 104,303 | 5,652,581 |
| Vijaya Diagnostic Centre Pvt Ltd. | | 256,700 | 1,933,255 |
| Zomato Ltd. (e) | | 2,358,400 | 3,518,250 |
|
| TOTAL INDIA | | | 63,386,523 |
|
| Ireland - 2.6% | | | |
| Accenture PLC Class A | | 75,000 | 26,909,250 |
| Cairn Homes PLC | | 2,946,839 | 3,823,186 |
| CRH PLC | | 200,700 | 9,604,263 |
| Dalata Hotel Group PLC (a) | | 1,126,374 | 4,817,727 |
| Flutter Entertainment PLC (a) | | 21,100 | 3,983,500 |
| Horizon Therapeutics PLC (a) | | 30,000 | 3,597,300 |
| Linde PLC | | 82,000 | 26,174,400 |
| Ryanair Holdings PLC sponsored ADR (a) | | 35,874 | 4,072,058 |
|
| TOTAL IRELAND | | | 82,981,684 |
|
| Isle of Man - 0.1% | | | |
| Entain PLC (a) | | 138,700 | 3,887,470 |
| Italy - 0.3% | | | |
| BFF Bank SpA (b) | | 403,100 | 3,606,713 |
| Intesa Sanpaolo SpA | | 1,816,900 | 5,163,955 |
| Reply SpA | | 11,200 | 2,171,245 |
|
| TOTAL ITALY | | | 10,941,913 |
|
| Japan - 5.8% | | | |
| Daiichi Sankyo Kabushiki Kaisha | | 206,300 | 5,205,440 |
| Daiichikosho Co. Ltd. | | 55,700 | 2,022,436 |
| FUJIFILM Holdings Corp. | | 109,500 | 8,461,878 |
| Fujitsu Ltd. | | 25,700 | 4,441,725 |
| Hitachi Ltd. | | 198,000 | 11,409,663 |
| Hoya Corp. | | 85,800 | 12,630,494 |
| Itochu Corp. | | 225,200 | 6,422,899 |
| JEOL Ltd. | | 95,400 | 7,230,208 |
| Keyence Corp. | | 18,740 | 11,311,741 |
| Lifenet Insurance Co. (a) | | 157,600 | 1,569,950 |
| Minebea Mitsumi, Inc. | | 359,300 | 9,096,412 |
| Misumi Group, Inc. | | 60,900 | 2,547,067 |
| Mitsubishi UFJ Financial Group, Inc. | | 585,500 | 3,210,588 |
| Money Forward, Inc. (a) | | 43,700 | 2,969,541 |
| NSD Co. Ltd. | | 220,800 | 4,207,235 |
| ORIX Corp. | | 562,200 | 11,174,460 |
| PALTAC Corp. | | 40,500 | 1,793,332 |
| Persol Holdings Co. Ltd. | | 222,900 | 5,991,253 |
| Recruit Holdings Co. Ltd. | | 248,600 | 16,536,628 |
| Renesas Electronics Corp. (a) | | 678,500 | 8,346,520 |
| SHIFT, Inc. (a) | | 9,600 | 2,213,944 |
| Shin-Etsu Chemical Co. Ltd. | | 57,000 | 10,164,985 |
| Shiseido Co. Ltd. | | 45,200 | 3,016,060 |
| SMC Corp. | | 7,000 | 4,177,357 |
| Sony Group Corp. | | 123,800 | 14,335,592 |
| THK Co. Ltd. | | 64,600 | 1,389,135 |
| TIS, Inc. | | 139,800 | 3,808,554 |
| Toyota Motor Corp. sponsored ADR | | 6,000 | 1,059,420 |
| Z Holdings Corp. | | 1,256,200 | 7,798,516 |
| ZOZO, Inc. | | 132,700 | 4,259,478 |
|
| TOTAL JAPAN | | | 188,802,511 |
|
| Kenya - 0.1% | | | |
| Safaricom Ltd. | | 5,920,700 | 2,276,783 |
| Korea (South) - 0.1% | | | |
| Samsung SDI Co. Ltd. | | 5,120 | 3,213,796 |
| Luxembourg - 0.3% | | | |
| B&M European Value Retail SA | | 315,800 | 2,736,615 |
| Eurofins Scientific SA | | 50,810 | 5,987,585 |
|
| TOTAL LUXEMBOURG | | | 8,724,200 |
|
| Netherlands - 2.1% | | | |
| AerCap Holdings NV (a) | | 91,400 | 5,396,256 |
| Airbus Group NV (a) | | 79,100 | 10,147,109 |
| ASML Holding NV (Netherlands) | | 30,900 | 25,118,618 |
| IMCD NV | | 23,300 | 5,172,828 |
| ING Groep NV (Certificaten Van Aandelen) | | 446,400 | 6,771,400 |
| NXP Semiconductors NV | | 43,000 | 8,636,980 |
| RHI Magnesita NV | | 42,522 | 1,954,137 |
| Shop Apotheke Europe NV (a)(b) | | 18,200 | 2,756,135 |
| Universal Music Group NV | | 88,200 | 2,560,705 |
|
| TOTAL NETHERLANDS | | | 68,514,168 |
|
| New Zealand - 0.2% | | | |
| EBOS Group Ltd. | | 72,992 | 1,896,095 |
| Ryman Healthcare Group Ltd. | | 491,775 | 5,092,266 |
|
| TOTAL NEW ZEALAND | | | 6,988,361 |
|
| Norway - 0.9% | | | |
| Equinor ASA | | 552,280 | 13,973,869 |
| Kongsberg Gruppen ASA | | 227,700 | 7,466,104 |
| Schibsted ASA (A Shares) | | 73,700 | 3,801,074 |
| Volue A/S | | 341,200 | 2,386,974 |
|
| TOTAL NORWAY | | | 27,628,021 |
|
| Spain - 0.6% | | | |
| Aena SME SA (a)(b) | | 13,500 | 2,217,193 |
| Amadeus IT Holding SA Class A (a) | | 116,500 | 7,789,544 |
| Cellnex Telecom SA (b) | | 130,156 | 8,001,481 |
|
| TOTAL SPAIN | | | 18,008,218 |
|
| Sweden - 1.5% | | | |
| ASSA ABLOY AB (B Shares) | | 175,200 | 5,140,835 |
| EQT AB | | 113,900 | 6,002,694 |
| Evolution AB (b) | | 36,000 | 5,823,381 |
| Haypp Group (a) | | 525,000 | 3,625,116 |
| HEXPOL AB (B Shares) | | 189,100 | 2,208,515 |
| Industrivarden AB (A Shares) (c) | | 6,361 | 209,762 |
| Indutrade AB | | 276,100 | 8,034,163 |
| Kry International AB (d) | | 489 | 202,163 |
| Lagercrantz Group AB (B Shares) | | 160,000 | 2,142,524 |
| Nibe Industrier AB (B Shares) | | 265,000 | 3,945,069 |
| Nordnet AB | | 296,200 | 5,678,776 |
| Stillfront Group AB (a) | | 465,380 | 2,076,544 |
| Svenska Handelsbanken AB (A Shares) (c) | | 413,500 | 4,739,678 |
|
| TOTAL SWEDEN | | | 49,829,220 |
|
| Switzerland - 3.0% | | | |
| ADC Therapeutics SA (a) | | 74,800 | 2,168,452 |
| Dufry AG (a) | | 53,050 | 2,808,801 |
| Garmin Ltd. | | 67,068 | 9,630,965 |
| Lonza Group AG | | 15,732 | 12,896,941 |
| Nestle SA (Reg. S) | | 135,890 | 17,924,873 |
| On Holding AG | | 14,300 | 488,488 |
| Partners Group Holding AG | | 5,898 | 10,290,580 |
| Roche Holding AG (participation certificate) | | 64,949 | 25,160,866 |
| Schindler Holding AG (participation certificate) | | 2,560 | 666,003 |
| Sika AG | | 27,869 | 9,435,769 |
| SKAN Group AG | | 19,300 | 1,522,331 |
| Zur Rose Group AG (a) | | 13,000 | 4,614,460 |
|
| TOTAL SWITZERLAND | | | 97,608,529 |
|
| Taiwan - 0.4% | | | |
| MediaTek, Inc. | | 128,000 | 4,196,947 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 477,000 | 10,108,819 |
|
| TOTAL TAIWAN | | | 14,305,766 |
|
| United Kingdom - 3.4% | | | |
| Anglo American PLC (United Kingdom) | | 133,514 | 5,079,274 |
| AstraZeneca PLC (United Kingdom) | | 42,800 | 5,354,337 |
| Big Yellow Group PLC | | 184,600 | 3,736,462 |
| Bytes Technology Group PLC | | 556,500 | 4,066,934 |
| Clarkson PLC | | 105,100 | 5,753,384 |
| Compass Group PLC (a) | | 494,650 | 10,496,786 |
| Cranswick PLC | | 19,987 | 946,421 |
| Dechra Pharmaceuticals PLC | | 59,400 | 4,162,144 |
| Deliveroo PLC Class A (a)(b) | | 638,100 | 2,360,454 |
| Diageo PLC | | 173,573 | 8,635,550 |
| Dr. Martens Ltd. (a) | | 407,300 | 2,055,730 |
| Harbour Energy PLC (a) | | 527,300 | 2,535,830 |
| J.D. Wetherspoon PLC (a) | | 172,100 | 2,409,446 |
| JD Sports Fashion PLC | | 551,300 | 8,208,760 |
| Jet2 PLC (a) | | 171,400 | 2,860,575 |
| JTC PLC (b) | | 378,800 | 4,028,020 |
| Lloyds Banking Group PLC | | 5,793,651 | 3,965,063 |
| M&G PLC | | 3,370,063 | 9,214,975 |
| Next PLC | | 37,000 | 4,033,692 |
| Prudential PLC (a) | | 477,112 | 9,758,362 |
| Smart Metering Systems PLC | | 296,200 | 3,307,774 |
| Vistry Group PLC | | 252,755 | 4,220,076 |
| WH Smith PLC (a) | | 144,000 | 3,078,252 |
| Zegona Communications PLC | | 30,559 | 44,749 |
|
| TOTAL UNITED KINGDOM | | | 110,313,050 |
|
| United States of America - 64.9% | | | |
| 10X Genomics, Inc. (a) | | 31,000 | 4,999,370 |
| Abbott Laboratories | | 73,000 | 9,408,970 |
| Acuity Brands, Inc. | | 6,000 | 1,232,580 |
| Adobe, Inc. (a) | | 113,124 | 73,571,325 |
| Affirm Holdings, Inc. | | 21,000 | 3,412,500 |
| Alphabet, Inc. Class A (a) | | 45,000 | 133,241,400 |
| Amazon.com, Inc. (a) | | 30,000 | 101,172,900 |
| American Tower Corp. | | 63,000 | 17,764,110 |
| Antero Resources Corp. (a) | | 249,000 | 4,947,630 |
| APA Corp. | | 67,000 | 1,756,070 |
| Apple, Inc. | | 714,000 | 106,957,200 |
| Ares Management Corp. | | 112,000 | 9,490,880 |
| Arthur J. Gallagher & Co. | | 45,000 | 7,545,150 |
| AvidXchange Holdings, Inc. | | 8,500 | 188,955 |
| Caesars Entertainment, Inc. (a) | | 961,000 | 105,191,060 |
| Callaway Golf Co. (a) | | 64,000 | 1,731,200 |
| Carlyle Group LP | | 218,000 | 12,240,700 |
| CF Industries Holdings, Inc. | | 36,000 | 2,044,800 |
| Chart Industries, Inc. (a)(c) | | 161,000 | 28,580,720 |
| Cheniere Energy, Inc. | | 18,000 | 1,861,200 |
| Chesapeake Energy Corp. | | 15,000 | 956,100 |
| CME Group, Inc. | | 16,000 | 3,528,800 |
| Coinbase Global, Inc. (a) | | 13,000 | 4,152,460 |
| Concentrix Corp. | | 6,000 | 1,066,080 |
| Coterra Energy, Inc. | | 100,000 | 2,132,000 |
| Crocs, Inc. (a) | | 50,000 | 8,072,500 |
| Danaher Corp. | | 83,000 | 25,876,910 |
| Deckers Outdoor Corp. (a) | | 80,555 | 31,844,197 |
| Diamondback Energy, Inc. | | 20,000 | 2,143,800 |
| Dlocal Ltd. | | 68,700 | 3,332,637 |
| Eli Lilly & Co. | | 122,000 | 31,080,720 |
| EOG Resources, Inc. | | 16,000 | 1,479,360 |
| EQT Corp. (a) | | 52,000 | 1,035,320 |
| First Republic Bank | | 43,000 | 9,302,190 |
| FleetCor Technologies, Inc. (a) | | 4,000 | 989,640 |
| Floor & Decor Holdings, Inc. Class A (a) | | 62,000 | 8,427,040 |
| Freeport-McMoRan, Inc. | | 148,000 | 5,582,560 |
| G-III Apparel Group Ltd. (a) | | 9,000 | 257,940 |
| GitLab, Inc. | | 2,600 | 291,720 |
| Intercontinental Exchange, Inc. | | 20,000 | 2,769,200 |
| Intuit, Inc. | | 158,700 | 99,344,613 |
| Jones Lang LaSalle, Inc. (a) | | 7,000 | 1,807,610 |
| JPMorgan Chase & Co. | | 53,000 | 9,004,170 |
| KBR, Inc. | | 198,000 | 8,403,120 |
| KKR & Co. LP | | 91,000 | 7,249,970 |
| Laredo Petroleum, Inc. (a)(c) | | 18,000 | 1,357,200 |
| Lowe's Companies, Inc. | | 204,000 | 47,699,280 |
| lululemon athletica, Inc. (a) | | 12,000 | 5,592,120 |
| Marsh & McLennan Companies, Inc. | | 73,000 | 12,176,400 |
| Marvell Technology, Inc. | | 1,221,900 | 83,700,150 |
| MasterCard, Inc. Class A | | 7,000 | 2,348,640 |
| MercadoLibre, Inc. (a) | | 2,400 | 3,554,448 |
| Meta Platforms, Inc. Class A (a) | | 201,000 | 65,037,570 |
| MGM Resorts International | | 90,000 | 4,244,400 |
| Microsoft Corp. | | 441,000 | 146,244,425 |
| Moody's Corp. | | 22,000 | 8,891,300 |
| Morgan Stanley | | 126,000 | 12,950,280 |
| MSCI, Inc. | | 19,000 | 12,632,720 |
| Netflix, Inc. (a) | | 51,000 | 35,205,810 |
| NextEra Energy, Inc. | | 51,000 | 4,351,830 |
| NICE Systems Ltd. sponsored ADR (a) | | 11,200 | 3,169,824 |
| NIKE, Inc. Class B | | 12,000 | 2,007,480 |
| Northern Oil & Gas, Inc. | | 27,000 | 625,320 |
| NVIDIA Corp. | | 448,000 | 114,540,160 |
| Oasis Petroleum, Inc. | | 10,000 | 1,206,000 |
| Occidental Petroleum Corp. | | 48,000 | 1,609,440 |
| Olaplex Holdings, Inc. | | 35,000 | 976,850 |
| Old Dominion Freight Lines, Inc. | | 3,000 | 1,024,050 |
| Olin Corp. | | 1,207,000 | 68,774,860 |
| ON Semiconductor Corp. (a) | | 698,600 | 33,581,702 |
| ONEOK, Inc. | | 9,000 | 572,580 |
| Outset Medical, Inc. (a) | | 25,486 | 1,357,639 |
| PayPal Holdings, Inc. (a) | | 382,000 | 88,849,380 |
| Penn National Gaming, Inc. (a) | | 20,592 | 1,474,387 |
| Pioneer Natural Resources Co. | | 43,000 | 8,040,140 |
| PVH Corp. | | 33,000 | 3,607,890 |
| Range Resources Corp. (a) | | 372,000 | 8,675,040 |
| Red Rock Resorts, Inc. (a) | | 20,000 | 1,088,200 |
| RH (a) | | 3,000 | 1,978,890 |
| S&P Global, Inc. | | 256,628 | 121,682,732 |
| Salesforce.com, Inc. (a) | | 87,000 | 26,073,030 |
| SandRidge Energy, Inc. (a) | | 94,000 | 1,203,200 |
| Seer, Inc. | | 16,133 | 595,630 |
| Signature Bank | | 107,000 | 31,866,740 |
| Silvergate Capital Corp. (a) | | 10,000 | 1,566,200 |
| SM Energy Co. | | 50,000 | 1,716,000 |
| Snap, Inc. Class A (a) | | 40,000 | 2,103,200 |
| Square, Inc. (a) | | 117,000 | 29,776,500 |
| Stripe, Inc. Class B (a)(d)(e) | | 10,000 | 401,250 |
| Stronghold Digital Mining, Inc. Class A | | 36,400 | 999,544 |
| Stryker Corp. | | 10,000 | 2,660,700 |
| SVB Financial Group (a) | | 37,000 | 26,543,800 |
| TaskUs, Inc. | | 44,000 | 2,547,600 |
| TDCX, Inc. ADR | | 36,211 | 1,038,531 |
| Tesla, Inc. (a) | | 39,500 | 44,003,000 |
| The Mosaic Co. | | 25,000 | 1,039,250 |
| Thermo Fisher Scientific, Inc. | | 70,000 | 44,314,900 |
| Triumph Group, Inc. (a) | | 593,000 | 12,126,850 |
| Twitter, Inc. (a) | | 28,000 | 1,499,120 |
| Ulta Beauty, Inc. (a) | | 14,000 | 5,143,040 |
| Visa, Inc. Class A | | 10,000 | 2,117,700 |
| W.W. Grainger, Inc. | | 3,000 | 1,389,330 |
| Wayfair LLC Class A (a) | | 16,029 | 3,992,824 |
| Wells Fargo & Co. | | 656,000 | 33,560,960 |
| Welltower, Inc. | | 70,000 | 5,628,000 |
| Williams-Sonoma, Inc. | | 7,000 | 1,300,110 |
| Zoetis, Inc. Class A | | 27,000 | 5,837,400 |
| Zoom Video Communications, Inc. Class A (a) | | 3,000 | 823,950 |
|
| TOTAL UNITED STATES OF AMERICA | | | 2,100,166,873 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $2,033,862,195) | | | 3,193,647,828 |
|
| Preferred Stocks - 0.3% | | | |
| Convertible Preferred Stocks - 0.2% | | | |
| China - 0.1% | | | |
| ByteDance Ltd. Series E1 (d)(e) | | 14,425 | 1,793,316 |
| dMed Biopharmaceutical Co. Ltd. Series C (d)(e) | | 138,905 | 1,921,056 |
| | | | 3,714,372 |
| India - 0.0% | | | |
| Delhivery Private Ltd. Series H (d)(e) | | 2,037 | 968,971 |
| United States of America - 0.1% | | | |
| Instacart, Inc. Series I (d)(e) | | 8,000 | 927,600 |
| Stripe, Inc. Series H (d)(e) | | 4,200 | 168,525 |
| | | | 1,096,125 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 5,779,468 |
|
| Nonconvertible Preferred Stocks - 0.1% | | | |
| India - 0.1% | | | |
| Pine Labs Private Ltd.: | | | |
| Series 1 (d)(e) | | 1,892 | 811,129 |
| Series A (d)(e) | | 473 | 202,782 |
| Series B (d)(e) | | 514 | 220,360 |
| Series B2 (d)(e) | | 416 | 178,345 |
| Series C (d)(e) | | 774 | 331,825 |
| Series C1 (d)(e) | | 163 | 69,881 |
| Series D (d)(e) | | 174 | 74,596 |
| | | | 1,888,918 |
| Sweden - 0.0% | | | |
| Kry International AB Series E (d) | | 2,824 | 1,228,970 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 3,117,888 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $8,650,208) | | | 8,897,356 |
|
| Money Market Funds - 1.4% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 32,086,229 | 32,092,646 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 13,242,277 | 13,243,601 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $45,332,703) | | | 45,336,247 |
| TOTAL INVESTMENT IN SECURITIES - 100.4% | | | |
| (Cost $2,087,845,106) | | | 3,247,881,431 |
| NET OTHER ASSETS (LIABILITIES) - (0.4)% | | | (12,278,265) |
| NET ASSETS - 100% | | | $3,235,603,166 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $57,387,904 or 1.8% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Level 3 security
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,927,428 or 0.4% of net assets.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $1,580,608 |
| Delhivery Private Ltd. Series H | 5/20/21 | $994,308 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $1,972,888 |
| Instacart, Inc. Series I | 2/26/21 | $1,000,000 |
| Pine Labs Private Ltd. | 6/30/21 | $295,305 |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | $705,451 |
| Pine Labs Private Ltd. Series A | 6/30/21 | $176,363 |
| Pine Labs Private Ltd. Series B | 6/30/21 | $191,650 |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | $155,110 |
| Pine Labs Private Ltd. Series C | 6/30/21 | $288,594 |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | $60,776 |
| Pine Labs Private Ltd. Series D | 6/30/21 | $64,878 |
| Stripe, Inc. Class B | 5/18/21 | $401,284 |
| Stripe, Inc. Series H | 3/15/21 | $168,525 |
| Zomato Ltd. | 12/9/20 - 2/10/21 | $1,583,813 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $69,101,346 | $914,307,125 | $951,315,974 | $24,729 | $149 | $-- | $32,092,646 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 13,681,346 | 206,566,781 | 207,004,526 | 94,385 | -- | -- | 13,243,601 | 0.0% |
| Total | $82,782,692 | $1,120,873,906 | $1,158,320,500 | $119,114 | $149 | $-- | $45,336,247 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $295,643,670 | $285,822,718 | $9,820,952 | $-- |
| Consumer Discretionary | 550,014,889 | 494,358,556 | 54,728,733 | 927,600 |
| Consumer Staples | 39,645,829 | 10,069,346 | 29,576,483 | -- |
| Energy | 85,425,763 | 85,425,763 | -- | -- |
| Financials | 524,788,103 | 453,077,820 | 71,710,283 | -- |
| Health Care | 262,337,723 | 201,464,477 | 58,952,190 | 1,921,056 |
| Industrials | 232,245,502 | 142,610,843 | 88,665,688 | 968,971 |
| Information Technology | 1,006,418,285 | 916,193,230 | 84,202,371 | 6,022,684 |
| Materials | 156,676,309 | 131,827,787 | 24,848,522 | -- |
| Real Estate | 39,508,361 | 39,508,361 | -- | -- |
| Utilities | 9,840,750 | 9,840,750 | -- | -- |
| Money Market Funds | 45,336,247 | 45,336,247 | -- | -- |
| Total Investments in Securities: | $3,247,881,431 | $2,815,535,898 | $422,505,222 | $9,840,311 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Worldwide Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $12,636,466) — See accompanying schedule:
Unaffiliated issuers (cost $2,042,512,403) | $3,202,545,184 | |
| Fidelity Central Funds (cost $45,332,703) | 45,336,247 | |
| Total Investment in Securities (cost $2,087,845,106) | | $3,247,881,431 |
| Cash | | 17,471 |
| Foreign currency held at value (cost $118,415) | | 117,875 |
| Receivable for investments sold | | 23,695,780 |
| Receivable for fund shares sold | | 1,212,749 |
| Dividends receivable | | 1,660,945 |
| Reclaims receivable | | 2,604,871 |
| Distributions receivable from Fidelity Central Funds | | 4,317 |
| Prepaid expenses | | 3,990 |
| Other receivables | | 71,651 |
| Total assets | | 3,277,271,080 |
| Liabilities | | |
| Payable for investments purchased | $23,518,581 | |
| Payable for fund shares redeemed | 1,086,443 | |
| Accrued management fee | 2,121,491 | |
| Distribution and service plan fees payable | 40,332 | |
| Other affiliated payables | 434,520 | |
| Other payables and accrued expenses | 1,223,242 | |
| Collateral on securities loaned | 13,243,305 | |
| Total liabilities | | 41,667,914 |
| Net Assets | | $3,235,603,166 |
| Net Assets consist of: | | |
| Paid in capital | | $1,731,629,476 |
| Total accumulated earnings (loss) | | 1,503,973,690 |
| Net Assets | | $3,235,603,166 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($99,730,715 ÷ 2,489,389 shares)(a) | | $40.06 |
| Maximum offering price per share (100/94.25 of $40.06) | | $42.50 |
| Class M: | | |
| Net Asset Value and redemption price per share ($22,771,161 ÷ 574,765 shares)(a) | | $39.62 |
| Maximum offering price per share (100/96.50 of $39.62) | | $41.06 |
| Class C: | | |
| Net Asset Value and offering price per share ($13,601,977 ÷ 357,451 shares)(a) | | $38.05 |
| Worldwide: | | |
| Net Asset Value, offering price and redemption price per share ($2,896,684,154 ÷ 71,074,378 shares) | | $40.76 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($86,852,484 ÷ 2,146,560 shares) | | $40.46 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($115,962,675 ÷ 2,864,762 shares) | | $40.48 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $29,990,719 |
| Income from Fidelity Central Funds (including $94,385 from security lending) | | 119,114 |
| Income before foreign taxes withheld | | 30,109,833 |
| Less foreign taxes withheld | | (2,143,197) |
| Total income | | 27,966,636 |
| Expenses | | |
| Management fee | | |
| Basic fee | $19,315,697 | |
| Performance adjustment | 4,813,848 | |
| Transfer agent fees | 4,289,739 | |
| Distribution and service plan fees | 453,092 | |
| Accounting fees | 874,452 | |
| Custodian fees and expenses | 179,356 | |
| Independent trustees' fees and expenses | 11,474 | |
| Registration fees | 117,210 | |
| Audit | 99,686 | |
| Legal | 10,536 | |
| Miscellaneous | 12,887 | |
| Total expenses before reductions | 30,177,977 | |
| Expense reductions | (48,133) | |
| Total expenses after reductions | | 30,129,844 |
| Net investment income (loss) | | (2,163,208) |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $6,566) | 389,556,666 | |
| Fidelity Central Funds | 149 | |
| Foreign currency transactions | (145,753) | |
| Total net realized gain (loss) | | 389,411,062 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,104,562) | 532,628,865 | |
| Assets and liabilities in foreign currencies | (51,720) | |
| Total change in net unrealized appreciation (depreciation) | | 532,577,145 |
| Net gain (loss) | | 921,988,207 |
| Net increase (decrease) in net assets resulting from operations | | $919,824,999 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(2,163,208) | $2,128,723 |
| Net realized gain (loss) | 389,411,062 | 221,714,478 |
| Change in net unrealized appreciation (depreciation) | 532,577,145 | 193,081,991 |
| Net increase (decrease) in net assets resulting from operations | 919,824,999 | 416,925,192 |
| Distributions to shareholders | (212,769,678) | (109,767,429) |
| Share transactions - net increase (decrease) | 82,772,537 | (208,021,277) |
| Total increase (decrease) in net assets | 789,827,858 | 99,136,486 |
| Net Assets | | |
| Beginning of period | 2,445,775,308 | 2,346,638,822 |
| End of period | $3,235,603,166 | $2,445,775,308 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Worldwide Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $31.49 | $27.36 | $26.57 | $27.28 | $21.83 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.13) | (.05) | .11 | .03 | .11 |
| Net realized and unrealized gain (loss) | 11.40 | 5.50 | 2.84 | 1.00 | 5.53 |
| Total from investment operations | 11.27 | 5.45 | 2.95 | 1.03 | 5.64 |
| Distributions from net investment income | – | (.12) | (.02) | (.09) | (.12) |
| Distributions from net realized gain | (2.70) | (1.20) | (2.14) | (1.65) | (.07) |
| Total distributions | (2.70) | (1.32) | (2.16) | (1.74) | (.19) |
| Redemption fees added to paid in capitalA | – | – | – | – | –B |
| Net asset value, end of period | $40.06 | $31.49 | $27.36 | $26.57 | $27.28 |
| Total ReturnC,D | 37.72% | 20.72% | 12.35% | 3.96% | 26.06% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.29% | 1.34% | 1.26% | 1.23% | 1.12% |
| Expenses net of fee waivers, if any | 1.28% | 1.34% | 1.26% | 1.23% | 1.12% |
| Expenses net of all reductions | 1.28% | 1.33% | 1.25% | 1.22% | 1.11% |
| Net investment income (loss) | (.34)% | (.18)% | .41% | .12% | .47% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $99,731 | $63,690 | $52,516 | $42,947 | $32,823 |
| Portfolio turnover rateG | 96% | 112% | 147% | 117% | 111% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Worldwide Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $31.19 | $27.10 | $26.39 | $27.11 | $21.67 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.22) | (.13) | .03 | (.05) | .04 |
| Net realized and unrealized gain (loss) | 11.29 | 5.46 | 2.82 | 1.00 | 5.50 |
| Total from investment operations | 11.07 | 5.33 | 2.85 | .95 | 5.54 |
| Distributions from net investment income | – | (.04) | – | (.02) | (.03) |
| Distributions from net realized gain | (2.64) | (1.20) | (2.14) | (1.65) | (.07) |
| Total distributions | (2.64) | (1.24) | (2.14) | (1.67) | (.10) |
| Redemption fees added to paid in capitalA | – | – | – | – | –B |
| Net asset value, end of period | $39.62 | $31.19 | $27.10 | $26.39 | $27.11 |
| Total ReturnC,D | 37.37% | 20.40% | 12.05% | 3.65% | 25.68% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.55% | 1.61% | 1.55% | 1.52% | 1.42% |
| Expenses net of fee waivers, if any | 1.55% | 1.61% | 1.54% | 1.52% | 1.42% |
| Expenses net of all reductions | 1.55% | 1.61% | 1.54% | 1.51% | 1.41% |
| Net investment income (loss) | (.61)% | (.45)% | .13% | (.17)% | .17% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $22,771 | $17,387 | $13,066 | $12,746 | $10,634 |
| Portfolio turnover rateG | 96% | 112% | 147% | 117% | 111% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Worldwide Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $30.14 | $26.33 | $25.82 | $26.67 | $21.33 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.39) | (.27) | (.10) | (.18) | (.07) |
| Net realized and unrealized gain (loss) | 10.88 | 5.28 | 2.75 | .98 | 5.42 |
| Total from investment operations | 10.49 | 5.01 | 2.65 | .80 | 5.35 |
| Distributions from net investment income | – | – | – | – | – |
| Distributions from net realized gain | (2.58) | (1.20) | (2.14) | (1.65) | (.01) |
| Total distributions | (2.58) | (1.20) | (2.14) | (1.65) | (.01) |
| Redemption fees added to paid in capitalA | – | – | – | – | –B |
| Net asset value, end of period | $38.05 | $30.14 | $26.33 | $25.82 | $26.67 |
| Total ReturnC,D | 36.63% | 19.76% | 11.49% | 3.12% | 25.10% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 2.08% | 2.14% | 2.06% | 2.01% | 1.89% |
| Expenses net of fee waivers, if any | 2.08% | 2.14% | 2.06% | 2.01% | 1.89% |
| Expenses net of all reductions | 2.08% | 2.13% | 2.06% | 2.00% | 1.88% |
| Net investment income (loss) | (1.14)% | (.98)% | (.39)% | (.66)% | (.30)% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $13,602 | $11,677 | $10,618 | $12,744 | $10,264 |
| Portfolio turnover rateG | 96% | 112% | 147% | 117% | 111% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Worldwide Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $31.97 | $27.74 | $26.90 | $27.61 | $22.09 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.02) | .03 | .18 | .11 | .19 |
| Net realized and unrealized gain (loss) | 11.58 | 5.58 | 2.89 | 1.00 | 5.60 |
| Total from investment operations | 11.56 | 5.61 | 3.07 | 1.11 | 5.79 |
| Distributions from net investment income | (.02) | (.18) | (.09) | (.17) | (.20) |
| Distributions from net realized gain | (2.75) | (1.20) | (2.14) | (1.65) | (.07) |
| Total distributions | (2.77) | (1.38) | (2.23) | (1.82) | (.27) |
| Redemption fees added to paid in capitalA | – | – | – | – | –B |
| Net asset value, end of period | $40.76 | $31.97 | $27.74 | $26.90 | $27.61 |
| Total ReturnC | 38.11% | 21.07% | 12.71% | 4.23% | 26.49% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | 1.05% | .99% | .94% | .81% |
| Expenses net of fee waivers, if any | 1.00% | 1.05% | .99% | .94% | .81% |
| Expenses net of all reductions | 1.00% | 1.05% | .98% | .93% | .80% |
| Net investment income (loss) | (.06)% | .11% | .69% | .41% | .79% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,896,684 | $2,217,129 | $2,020,487 | $2,112,988 | $1,656,173 |
| Portfolio turnover rateF | 96% | 112% | 147% | 117% | 111% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Worldwide Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $31.77 | $27.58 | $26.77 | $27.49 | $21.99 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.03) | .03 | .18 | .11 | .19 |
| Net realized and unrealized gain (loss) | 11.49 | 5.55 | 2.86 | .99 | 5.56 |
| Total from investment operations | 11.46 | 5.58 | 3.04 | 1.10 | 5.75 |
| Distributions from net investment income | (.02) | (.19) | (.09) | (.18) | (.18) |
| Distributions from net realized gain | (2.75) | (1.20) | (2.14) | (1.65) | (.07) |
| Total distributions | (2.77) | (1.39) | (2.23) | (1.82)B | (.25) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $40.46 | $31.77 | $27.58 | $26.77 | $27.49 |
| Total ReturnD | 38.06% | 21.08% | 12.70% | 4.22% | 26.45% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.02% | 1.06% | .99% | .96% | .83% |
| Expenses net of fee waivers, if any | 1.02% | 1.06% | .99% | .95% | .83% |
| Expenses net of all reductions | 1.02% | 1.05% | .98% | .94% | .82% |
| Net investment income (loss) | (.08)% | .10% | .69% | .40% | .77% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $86,852 | $64,615 | $44,754 | $50,956 | $21,711 |
| Portfolio turnover rateG | 96% | 112% | 147% | 117% | 111% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Worldwide Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $31.76 | $27.59 | $26.78 | $29.54 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .02 | .07 | .22 | (.01) |
| Net realized and unrealized gain (loss) | 11.50 | 5.53 | 2.86 | (2.75) |
| Total from investment operations | 11.52 | 5.60 | 3.08 | (2.76) |
| Distributions from net investment income | (.05) | (.23) | (.13) | – |
| Distributions from net realized gain | (2.75) | (1.20) | (2.14) | – |
| Total distributions | (2.80) | (1.43) | (2.27) | – |
| Net asset value, end of period | $40.48 | $31.76 | $27.59 | $26.78 |
| Total ReturnC,D | 38.27% | 21.19% | 12.85% | (9.34)% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .90% | .93% | .85% | .88%G |
| Expenses net of fee waivers, if any | .90% | .93% | .84% | .88%G |
| Expenses net of all reductions | .90% | .93% | .84% | .87%G |
| Net investment income (loss) | .04% | .23% | .83% | (.27)%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $115,963 | $71,278 | $205,197 | $294 |
| Portfolio turnover rateH | 96% | 112% | 147% | 117% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Worldwide, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,165,923,678 |
| Gross unrealized depreciation | (22,908,275) |
| Net unrealized appreciation (depreciation) | $1,143,015,403 |
| Tax Cost | $2,104,866,028 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $80,987,333 |
| Undistributed long-term capital gain | $281,066,254 |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,143,022,930 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $14,367,075 | $ 14,226,954 |
| Long-term Capital Gains | 198,402,603 | 95,540,474 |
| Total | $212,769,678 | $ 109,767,428 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Worldwide Fund | 2,776,977,990 | 2,881,234,921 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $212,795 | $10,108 |
| Class M | .25% | .25% | 105,852 | – |
| Class C | .75% | .25% | 134,445 | 17,446 |
| | | | $453,092 | $27,554 |
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 | $50,475 |
| Class M | 3,231 |
| Class C(a) | 1,032 |
| | $54,738 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $155,271 | .18 |
| Class M | 42,364 | .20 |
| Class C | 30,279 | .23 |
| Worldwide | 3,894,196 | .15 |
| Class I | 126,105 | .16 |
| Class Z | 41,524 | .04 |
| | $4,289,739 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Worldwide Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Worldwide Fund | $45,138 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Worldwide Fund | 136,971,766 | 176,170,770 | 11,637,472 |
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 | $5,260 |
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 | $9,234 | $705 | $– |
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 $95.
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 $48,038.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Worldwide Fund | | |
| Distributions to shareholders | | |
| Class A | $5,558,931 | $2,540,627 |
| Class M | 1,453,529 | 597,019 |
| Class C | 982,551 | 485,913 |
| Worldwide | 192,474,658 | 99,015,506 |
| Class I | 5,902,121 | 2,193,016 |
| Class Z | 6,397,888 | 4,935,348 |
| Total | $212,769,678 | $109,767,429 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Worldwide Fund | | | | |
| Class A | | | | |
| Shares sold | 687,168 | 475,915 | $24,638,768 | $13,883,005 |
| Reinvestment of distributions | 167,703 | 93,342 | 5,488,908 | 2,520,240 |
| Shares redeemed | (387,967) | (466,219) | (14,002,191) | (12,948,526) |
| Net increase (decrease) | 466,904 | 103,038 | $16,125,485 | $3,454,719 |
| Class M | | | | |
| Shares sold | 86,854 | 169,701 | $3,031,424 | $4,832,166 |
| Reinvestment of distributions | 44,443 | 21,955 | 1,442,165 | 588,617 |
| Shares redeemed | (113,937) | (116,311) | (4,049,636) | (3,349,819) |
| Net increase (decrease) | 17,360 | 75,345 | $423,953 | $2,070,964 |
| Class C | | | | |
| Shares sold | 70,402 | 68,467 | $2,403,125 | $1,909,883 |
| Reinvestment of distributions | 31,369 | 18,008 | 982,175 | 468,757 |
| Shares redeemed | (131,707) | (102,322) | (4,545,518) | (2,788,194) |
| Net increase (decrease) | (29,936) | (15,847) | $(1,160,218) | $(409,554) |
| Worldwide | | | | |
| Shares sold | 8,509,868 | 11,137,411 | $306,520,502 | $329,813,105 |
| Reinvestment of distributions | 5,570,483 | 3,477,030 | 184,995,722 | 95,061,988 |
| Shares redeemed | (12,365,391) | (18,098,665) | (449,935,236) | (510,876,592) |
| Net increase (decrease) | 1,714,960 | (3,484,224) | $41,580,988 | $(86,001,499) |
| Class I | | | | |
| Shares sold | 670,926 | 1,129,208 | $24,272,391 | $33,641,446 |
| Reinvestment of distributions | 174,445 | 79,304 | 5,753,187 | 2,154,693 |
| Shares redeemed | (732,928) | (797,116) | (25,932,444) | (22,006,317) |
| Net increase (decrease) | 112,443 | 411,396 | $4,093,134 | $13,789,822 |
| Class Z | | | | |
| Shares sold | 823,146 | 1,477,770 | $29,837,475 | $42,218,184 |
| Reinvestment of distributions | 185,769 | 179,413 | 6,122,936 | 4,867,461 |
| Shares redeemed | (388,243) | (6,851,775) | (14,251,216) | (188,011,374) |
| Net increase (decrease) | 620,672 | (5,194,592) | $21,709,195 | $(140,925,729) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund and Fidelity Worldwide Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund and Fidelity Worldwide Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte &Touche LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Overseas Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Overseas Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Diversified International Fund | | | | |
| Diversified International | 1.00% | | | |
| Actual | | $1,000.00 | $1,082.80 | $5.25 |
| Hypothetical-C | | $1,000.00 | $1,020.16 | $5.09 |
| Class K | .90% | | | |
| Actual | | $1,000.00 | $1,083.50 | $4.73 |
| Hypothetical-C | | $1,000.00 | $1,020.67 | $4.58 |
| Fidelity International Capital Appreciation Fund | 1.00% | | | |
| Actual | | $1,000.00 | $1,078.50 | $5.24 |
| Hypothetical-C | | $1,000.00 | $1,020.16 | $5.09 |
| Fidelity Overseas Fund | | | | |
| Overseas | .97% | | | |
| Actual | | $1,000.00 | $1,102.20 | $5.14 |
| Hypothetical-C | | $1,000.00 | $1,020.32 | $4.94 |
| Class K | .87% | | | |
| Actual | | $1,000.00 | $1,102.70 | $4.61 |
| Hypothetical-C | | $1,000.00 | $1,020.82 | $4.43 |
| Fidelity Worldwide Fund | | | | |
| Class A | 1.28% | | | |
| Actual | | $1,000.00 | $1,105.70 | $6.79 |
| Hypothetical-C | | $1,000.00 | $1,018.75 | $6.51 |
| Class M | 1.54% | | | |
| Actual | | $1,000.00 | $1,104.20 | $8.17 |
| Hypothetical-C | | $1,000.00 | $1,017.44 | $7.83 |
| Class C | 2.06% | | | |
| Actual | | $1,000.00 | $1,101.30 | $10.91 |
| Hypothetical-C | | $1,000.00 | $1,014.82 | $10.46 |
| Worldwide | .99% | | | |
| Actual | | $1,000.00 | $1,107.60 | $5.26 |
| Hypothetical-C | | $1,000.00 | $1,020.21 | $5.04 |
| Class I | 1.01% | | | |
| Actual | | $1,000.00 | $1,107.30 | $5.36 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.14 |
| Class Z | .89% | | | |
| Actual | | $1,000.00 | $1,107.80 | $4.73 |
| Hypothetical-C | | $1,000.00 | $1,020.72 | $4.53 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Diversified International Fund | | | | |
| Diversified International | 12/06/21 | 12/03/21 | $0.568 | $4.568 |
| Class K | 12/06/21 | 12/03/21 | $0.616 | $4.568 |
| Fidelity International Capital Appreciation Fund | 12/06/21 | 12/03/21 | $0.000 | $2.580 |
| Fidelity Overseas Fund | | | | |
| Overseas | 12/06/21 | 12/03/21 | $0.202 | $2.872 |
| Class K | 12/06/21 | 12/03/21 | $0.264 | $2.872 |
| Fidelity Worldwide Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.070 | $4.425 |
| Class M | 12/06/21 | 12/03/21 | $0.000 | $4.377 |
| Class C | 12/06/21 | 12/03/21 | $0.000 | $4.177 |
| Worldwide | 12/06/21 | 12/03/21 | $0.161 | $4.425 |
| Class I | 12/06/21 | 12/03/21 | $0.157 | $4.425 |
| Class Z | 12/06/21 | 12/03/21 | $0.202 | $4.425 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Diversified International Fund | $1,382,180,689 |
| Fidelity International Capital Appreciation Fund | $346,241,098 |
| Fidelity Overseas Fund | $413,214,005 |
| Fidelity Worldwide Fund | $281,124,465 |
|
The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:
| | December, 2020 |
| Fidelity Diversified International Fund | – |
| Fidelity International Capital Appreciation Fund | – |
| Fidelity Overseas Fund | – |
| Fidelity Worldwide Fund | 100% |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Class A | Class M | Retail Class | Class I | Class Z | Class K |
| Fidelity Diversified International Fund | | | | | | |
| December, 2020 | – | – | 21% | – | – | 13% |
| Fidelity International Capital Appreciation Fund | | | | | | |
| December, 2020 | – | – | 7% | – | – | – |
| Fidelity Overseas Fund | | | | | | |
| December, 2020 | – | – | 13% | – | – | 10% |
| Fidelity Worldwide Fund | | | | | | |
| December, 2020 | 98% | 100% | 65% | 62% | 56% | – |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| | Class A | Class M | Retail Class | Class I | Class Z | Class K |
| Fidelity Diversified International Fund | | | | | | |
| December, 2020 | – | – | 100% | – | – | 100% |
| Fidelity International Capital Appreciation Fund | | | | | | |
| December, 2020 | – | – | 100% | – | – | – |
| Fidelity Overseas Fund | | | | | | |
| December, 2020 | – | – | 100% | – | – | 100% |
| Fidelity Worldwide Fund | | | | | | |
| December, 2020 | 100% | 100% | 100% | 100% | 100% | – |
|
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Diversified International Fund | | | |
| Diversified International | 12/07/20 | $0.0685 | $0.0515 |
| Class K | 12/07/20 | $0.1125 | $0.0515 |
| Fidelity International Capital Appreciation Fund | 12/07/20 | $0.0741 | $0.0261 |
| Fidelity Overseas Fund | | | |
| Overseas | 12/07/20 | $0.1751 | $0.0681 |
| Class K | 12/07/20 | $0.2321 | $0.0681 |
|
The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Broadly Diversified International Equity Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for Fidelity Worldwide Fund in October 2020. The Board will continue to monitor closely each applicable fund's performance, taking into account the portfolio management change.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity Diversified International Fund
Fidelity International Capital Appreciation Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
The Board also considered that each fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked and the impact of a fund's performance adjustment, is also included in the charts and was considered by the Board.
Fidelity Diversified International Fund
Fidelity International Capital Appreciation Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of each fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees (in the case of Fidelity Worldwide Fund), and custodial, legal, and audit fees. The Board noted the impact of each fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class for each fund compared to competitive fund median expenses. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for each fund's representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class of each fund ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of Fidelity International Capital Appreciation Fund and the total expense ratio of each class of Fidelity Diversified International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund were reasonable in light of the services that each fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
IBD-ANN-1221
1.754543.121
Fidelity's Targeted International Equity Funds®
Fidelity® Canada Fund
Fidelity® China Region Fund
Fidelity® Emerging Asia Fund
Fidelity® Emerging Markets Fund
Fidelity® Europe Fund
Fidelity® Japan Fund
Fidelity® Japan Smaller Companies Fund
Fidelity® Latin America Fund
Fidelity® Nordic Fund
Fidelity® Pacific Basin Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Canada Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 40.86% | 9.13% | 5.46% |
| Class M (incl. 3.50% sales charge) | 43.82% | 9.33% | 5.41% |
| Class C (incl. contingent deferred sales charge) | 47.31% | 9.62% | 5.47% |
| Fidelity® Canada Fund | 49.91% | 10.78% | 6.42% |
| Class I | 50.02% | 10.83% | 6.45% |
| Class Z | 50.13% | 10.90% | 6.49% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Canada Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the S&P/TSX Composite Index performed over the same period.
| Period Ending Values |
| $18,630 | Fidelity® Canada Fund |
| $18,592 | S&P/TSX Composite Index |
Fidelity® Canada Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Ryan Oldham: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 48% to 50%, approximately in line with the 49.27% result of the benchmark, the S&P/TSX Composite Index. From a regional standpoint, stock picks in Canada and a non-benchmark allocation stocks in the Netherlands contributed to the fund's relative result. Versus the benchmark, security selection added value, especially picks in the materials sector. Stock choices in energy and an underweighting in utilities also helped on a relative basis. Looking at individual stocks, not owning benchmark component Barrick Gold (-29%), a mining company, contributed to the fund’s relative performance, as did an outsized stake in Canadian National Resources, which gained roughly 178%. Canadian National Resources was among our largest holdings. Conversely, by sector, overweighting consumer staples, especially within the food & staples retailing industry, detracted versus the benchmark. Unhelpful picks in consumer discretionary also hampered the fund's relative result. The biggest individual relative detractor was an overweight position in Franco-Nevada (+6%). Franco-Nevada was among the fund's biggest holdings. Another notable relative detractor was an outsized stake in Wheaton Precious Metals (-11%). Notable changes in fund positioning for the 12 months included reduced exposure to the materials sector and added exposure to energy and industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Canada Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Canada | 99.1% |
| | United States of America* | 0.9% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 98.8 |
| Bonds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Royal Bank of Canada (Banks) | 9.9 |
| The Toronto-Dominion Bank (Banks) | 9.5 |
| Canadian Pacific Railway Ltd. (Road & Rail) | 6.4 |
| Brookfield Asset Management, Inc. (Canada) Class A (Capital Markets) | 4.9 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (Food & Staples Retailing) | 4.8 |
| Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 4.3 |
| Franco-Nevada Corp. (Metals & Mining) | 4.3 |
| Canadian National Railway Co. (Road & Rail) | 4.2 |
| Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.5 |
| Sun Life Financial, Inc. (Insurance) | 3.3 |
| | 55.1 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 29.7 |
| Industrials | 15.2 |
| Energy | 13.7 |
| Materials | 12.1 |
| Information Technology | 9.3 |
| Consumer Staples | 8.8 |
| Communication Services | 4.6 |
| Consumer Discretionary | 4.1 |
| Health Care | 0.8 |
| Real Estate | 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 October 31, 2021, the Fund did not have more than 25% of its total assets invested in any one industry.
Fidelity® Canada Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 98.7% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 4.3% | | | |
| Diversified Telecommunication Services - 2.6% | | | |
| TELUS Corp. | | 1,033,800 | $23,714,918 |
| Interactive Media & Services - 0.2% | | | |
| VerticalScope Holdings, Inc. | | 80,396 | 1,721,472 |
| Wireless Telecommunication Services - 1.5% | | | |
| Rogers Communications, Inc. Class B (non-vtg.) | | 289,900 | 13,483,067 |
|
| TOTAL COMMUNICATION SERVICES | | | 38,919,457 |
|
| CONSUMER DISCRETIONARY - 4.1% | | | |
| Hotels, Restaurants & Leisure - 1.6% | | | |
| Restaurant Brands International, Inc. | | 260,400 | 14,743,235 |
| Multiline Retail - 2.0% | | | |
| Dollarama, Inc. | | 403,300 | 18,229,316 |
| Specialty Retail - 0.1% | | | |
| Diversified Royalty Corp. (a) | | 184,600 | 417,647 |
| Textiles, Apparel & Luxury Goods - 0.4% | | | |
| Canada Goose Holdings, Inc. (b) | | 106,900 | 3,964,698 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 37,354,896 |
|
| CONSUMER STAPLES - 8.8% | | | |
| Beverages - 0.4% | | | |
| GURU Organic Energy Corp. (b) | | 212,200 | 2,743,374 |
| GURU Organic Energy Corp. | | 112,400 | 1,307,822 |
| | | | 4,051,196 |
| Food & Staples Retailing - 8.1% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 1,153,000 | 43,246,816 |
| George Weston Ltd. | | 46,500 | 5,024,224 |
| Metro, Inc. | | 346,495 | 17,433,940 |
| Neighbourly Pharmacy, Inc. | | 39,378 | 972,041 |
| North West Co., Inc. | | 216,500 | 5,883,076 |
| | | | 72,560,097 |
| Personal Products - 0.3% | | | |
| Jamieson Wellness, Inc. (c) | | 75,800 | 2,334,145 |
|
| TOTAL CONSUMER STAPLES | | | 78,945,438 |
|
| ENERGY - 13.7% | | | |
| Energy Equipment & Services - 0.3% | | | |
| Computer Modelling Group Ltd. | | 480,800 | 2,105,637 |
| Pason Systems, Inc. | | 123,500 | 918,067 |
| | | | 3,023,704 |
| Oil, Gas & Consumable Fuels - 13.4% | | | |
| Canadian Natural Resources Ltd. | | 903,998 | 38,421,376 |
| Enbridge, Inc. | | 587,200 | 24,596,354 |
| Parkland Corp. (a) | | 262,600 | 7,640,777 |
| PrairieSky Royalty Ltd. (a) | | 1,479,018 | 18,200,908 |
| Suncor Energy, Inc. | | 1,200,800 | 31,582,127 |
| | | | 120,441,542 |
|
| TOTAL ENERGY | | | 123,465,246 |
|
| FINANCIALS - 29.7% | | | |
| Banks - 19.4% | | | |
| Royal Bank of Canada | | 852,600 | 88,745,906 |
| The Toronto-Dominion Bank | | 1,183,200 | 85,890,989 |
| | | | 174,636,895 |
| Capital Markets - 4.9% | | | |
| Brookfield Asset Management, Inc. (Canada) Class A | | 724,206 | 43,723,879 |
| Insurance - 5.4% | | | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 3,692 | 1,495,326 |
| Intact Financial Corp. | | 133,425 | 17,886,669 |
| Sun Life Financial, Inc. | | 519,200 | 29,588,862 |
| | | | 48,970,857 |
|
| TOTAL FINANCIALS | | | 267,331,631 |
|
| HEALTH CARE - 0.8% | | | |
| Health Care Providers & Services - 0.8% | | | |
| Andlauer Healthcare Group, Inc. | | 135,100 | 5,263,835 |
| dentalcorp Holdings Ltd. (b) | | 165,300 | 2,217,178 |
| | | | 7,481,013 |
| INDUSTRIALS - 15.2% | | | |
| Commercial Services & Supplies - 2.2% | | | |
| GFL Environmental, Inc. | | 476,700 | 19,601,861 |
| Professional Services - 2.4% | | | |
| Thomson Reuters Corp. | | 176,700 | 21,255,114 |
| Road & Rail - 10.6% | | | |
| Canadian National Railway Co. | | 282,850 | 37,591,442 |
| Canadian Pacific Railway Ltd. (a) | | 748,800 | 57,956,975 |
| | | | 95,548,417 |
|
| TOTAL INDUSTRIALS | | | 136,405,392 |
|
| INFORMATION TECHNOLOGY - 9.2% | | | |
| IT Services - 3.9% | | | |
| CGI, Inc. Class A (sub. vtg.) (b) | | 193,500 | 17,286,167 |
| Shopify, Inc. Class A (b) | | 12,000 | 17,521,202 |
| | | | 34,807,369 |
| Software - 5.3% | | | |
| ApplyBoard, Inc. (d)(e) | | 1,677 | 180,980 |
| ApplyBoard, Inc. (non-vtg.) (d)(e) | | 414 | 44,678 |
| Constellation Software, Inc. | | 14,300 | 25,131,187 |
| Copperleaf Technologies, Inc. | | 16,300 | 340,988 |
| Dye & Durham Ltd. | | 262,000 | 8,017,081 |
| Open Text Corp. | | 284,828 | 14,347,267 |
| | | | 48,062,181 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 82,869,550 |
|
| MATERIALS - 12.1% | | | |
| Chemicals - 3.0% | | | |
| Nutrien Ltd. | | 385,781 | 26,963,523 |
| Containers & Packaging - 1.4% | | | |
| CCL Industries, Inc. Class B | | 224,300 | 12,260,743 |
| Metals & Mining - 7.1% | | | |
| Franco-Nevada Corp. | | 268,900 | 38,368,658 |
| Lundin Mining Corp. | | 680,300 | 5,920,193 |
| Wheaton Precious Metals Corp. | | 486,400 | 19,635,217 |
| | | | 63,924,068 |
| Paper & Forest Products - 0.6% | | | |
| Stella-Jones, Inc. | | 21,988 | 789,372 |
| Western Forest Products, Inc. | | 2,894,083 | 5,004,313 |
| | | | 5,793,685 |
|
| TOTAL MATERIALS | | | 108,942,019 |
|
| REAL ESTATE - 0.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| Allied Properties (REIT) | | 187,800 | 6,490,147 |
| Real Estate Management & Development - 0.1% | | | |
| Information Services Corp. | | 15,300 | 340,591 |
|
| TOTAL REAL ESTATE | | | 6,830,738 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $445,353,568) | | | 888,545,380 |
|
| Nonconvertible Preferred Stocks - 0.1% | | | |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Software - 0.1% | | | |
| ApplyBoard, Inc.: | | | |
| Series A1 (d)(e) | | 2,063 | 222,636 |
| Series A2 (d)(e) | | 1,615 | 174,289 |
| Series A3 (d)(e) | | 92 | 9,929 |
| Series D (d)(e) | | 4,504 | 486,066 |
| Series Seed (d)(e) | | 617 | 66,586 |
| TOTAL NONCONVERTIBLE PERFERRED STOCKS | | | |
| (Cost $770,130) | | | 959,506 |
| | | Principal Amount | Value |
|
| Convertible Bonds - 0.3% | | | |
| COMMUNICATION SERVICES - 0.3% | | | |
| Entertainment - 0.3% | | | |
Cineplex, Inc. 5.75% 9/30/25
(Cost $1,787,374)(c) | CAD | 2,715,000 | 2,906,735 |
| | | Shares | Value |
|
| Money Market Funds - 9.3% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 479,756 | 479,852 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 82,968,735 | 82,977,032 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $83,456,884) | | | 83,456,884 |
| TOTAL INVESTMENT IN SECURITIES - 108.4% | | | |
| (Cost $531,367,956) | | | 975,868,505 |
| NET OTHER ASSETS (LIABILITIES) - (8.4)% | | | (75,919,522) |
| NET ASSETS - 100% | | | $899,948,983 |
Currency Abbreviations
CAD – Canadian dollar
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,240,880 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 $1,185,164 or 0.1% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ApplyBoard, Inc. | 6/4/21 - 6/30/21 | $85,688 |
| ApplyBoard, Inc. (non-vtg.) | 6/30/21 | $44,290 |
| ApplyBoard, Inc. Series A1 | 6/4/21 | $133,582 |
| ApplyBoard, Inc. Series A2 | 6/4/21 | $104,573 |
| ApplyBoard, Inc. Series A3 | 6/4/21 | $5,957 |
| ApplyBoard, Inc. Series D | 6/4/21 | $486,066 |
| ApplyBoard, Inc. Series Seed | 6/4/21 | $39,952 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $648,015 | $50,509,733 | $50,677,960 | $903 | $64 | $-- | $479,852 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 3,722,233 | 795,520,006 | 716,265,207 | 75,719 | -- | -- | 82,977,032 | 0.2% |
| Total | $4,370,248 | $846,029,739 | $766,943,167 | $76,622 | $64 | $-- | $83,456,884 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $38,919,457 | $38,919,457 | $-- | $-- |
| Consumer Discretionary | 37,354,896 | 37,354,896 | -- | -- |
| Consumer Staples | 78,945,438 | 77,637,616 | 1,307,822 | -- |
| Energy | 123,465,246 | 123,465,246 | -- | -- |
| Financials | 267,331,631 | 267,331,631 | -- | -- |
| Health Care | 7,481,013 | 7,481,013 | -- | -- |
| Industrials | 136,405,392 | 136,405,392 | -- | -- |
| Information Technology | 83,829,056 | 82,643,892 | -- | 1,185,164 |
| Materials | 108,942,019 | 108,942,019 | -- | -- |
| Real Estate | 6,830,738 | 6,830,738 | -- | -- |
| Corporate Bonds | 2,906,735 | -- | 2,906,735 | -- |
| Money Market Funds | 83,456,884 | 83,456,884 | -- | -- |
| Total Investments in Securities: | $975,868,505 | $970,468,784 | $4,214,557 | $1,185,164 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Canada Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $78,133,173) — See accompanying schedule:
Unaffiliated issuers (cost $447,911,072) | $892,411,621 | |
| Fidelity Central Funds (cost $83,456,884) | 83,456,884 | |
| Total Investment in Securities (cost $531,367,956) | | $975,868,505 |
| Cash | | 78,930 |
| Foreign currency held at value (cost $5,071,943) | | 5,065,307 |
| Receivable for investments sold | | 899,452 |
| Receivable for fund shares sold | | 1,576,288 |
| Dividends receivable | | 1,416,951 |
| Interest receivable | | 11,059 |
| Distributions receivable from Fidelity Central Funds | | 4,855 |
| Prepaid expenses | | 1,169 |
| Other receivables | | 455 |
| Total assets | | 984,922,971 |
| Liabilities | | |
| Payable for investments purchased | $463,664 | |
| Payable for fund shares redeemed | 934,555 | |
| Accrued management fee | 373,899 | |
| Distribution and service plan fees payable | 11,343 | |
| Other affiliated payables | 157,809 | |
| Other payables and accrued expenses | 59,260 | |
| Collateral on securities loaned | 82,973,458 | |
| Total liabilities | | 84,973,988 |
| Net Assets | | $899,948,983 |
| Net Assets consist of: | | |
| Paid in capital | | $414,343,654 |
| Total accumulated earnings (loss) | | 485,605,329 |
| Net Assets | | $899,948,983 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($33,086,758 ÷ 492,116 shares)(a) | | $67.23 |
| Maximum offering price per share (100/94.25 of $67.23) | | $71.33 |
| Class M: | | |
| Net Asset Value and redemption price per share ($7,828,572 ÷ 117,119 shares)(a) | | $66.84 |
| Maximum offering price per share (100/96.50 of $66.84) | | $69.26 |
| Class C: | | |
| Net Asset Value and offering price per share ($1,682,781 ÷ 25,588 shares)(a) | | $65.76 |
| Canada: | | |
| Net Asset Value, offering price and redemption price per share ($821,617,451 ÷ 12,150,310 shares) | | $67.62 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($13,723,914 ÷ 202,721 shares) | | $67.70 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($22,009,507 ÷ 326,651 shares) | | $67.38 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $19,665,392 |
| Interest | | 181,772 |
| Income from Fidelity Central Funds (including $75,719 from security lending) | | 76,622 |
| Income before foreign taxes withheld | | 19,923,786 |
| Less foreign taxes withheld | | (3,003,145) |
| Total income | | 16,920,641 |
| Expenses | | |
| Management fee | | |
| Basic fee | $5,605,858 | |
| Performance adjustment | (1,033,169) | |
| Transfer agent fees | 1,496,165 | |
| Distribution and service plan fees | 137,897 | |
| Accounting fees | 395,750 | |
| Custodian fees and expenses | 18,409 | |
| Independent trustees' fees and expenses | 3,215 | |
| Registration fees | 85,701 | |
| Audit | 65,789 | |
| Legal | 1,818 | |
| Miscellaneous | 3,912 | |
| Total expenses before reductions | 6,781,345 | |
| Expense reductions | (13,474) | |
| Total expenses after reductions | | 6,767,871 |
| Net investment income (loss) | | 10,152,770 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 36,222,705 | |
| Fidelity Central Funds | 64 | |
| Foreign currency transactions | 197,727 | |
| Total net realized gain (loss) | | 36,420,496 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 271,063,619 | |
| Assets and liabilities in foreign currencies | 1,701 | |
| Total change in net unrealized appreciation (depreciation) | | 271,065,320 |
| Net gain (loss) | | 307,485,816 |
| Net increase (decrease) in net assets resulting from operations | | $317,638,586 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $10,152,770 | $12,017,605 |
| Net realized gain (loss) | 36,420,496 | 11,132,208 |
| Change in net unrealized appreciation (depreciation) | 271,065,320 | (85,638,301) |
| Net increase (decrease) in net assets resulting from operations | 317,638,586 | (62,488,488) |
| Distributions to shareholders | (19,441,097) | (38,692,729) |
| Share transactions - net increase (decrease) | (67,034,603) | (114,078,173) |
| Total increase (decrease) in net assets | 231,162,886 | (215,259,390) |
| Net Assets | | |
| Beginning of period | 668,786,097 | 884,045,487 |
| End of period | $899,948,983 | $668,786,097 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Canada Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.01 | $51.95 | $49.75 | $54.11 | $48.09 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .55 | .61 | .66 | .60 | .50 |
| Net realized and unrealized gain (loss) | 21.89 | (4.38) | 4.56 | (3.88) | 6.16 |
| Total from investment operations | 22.44 | (3.77) | 5.22 | (3.28) | 6.66 |
| Distributions from net investment income | (.63) | (.77) | (.39) | (.59) | (.45) |
| Distributions from net realized gain | (.59) | (1.40) | (2.63) | (.49) | (.19) |
| Total distributions | (1.22) | (2.17) | (3.02) | (1.08) | (.64) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $67.23 | $46.01 | $51.95 | $49.75 | $54.11 |
| Total ReturnC,D | 49.45% | (7.70)% | 11.34% | (6.19)% | 13.98% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.12% | 1.20% | 1.20% | 1.21% | 1.34% |
| Expenses net of fee waivers, if any | 1.12% | 1.20% | 1.20% | 1.21% | 1.34% |
| Expenses net of all reductions | 1.12% | 1.19% | 1.19% | 1.20% | 1.34% |
| Net investment income (loss) | .92% | 1.27% | 1.32% | 1.13% | .98% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $33,087 | $23,395 | $30,598 | $29,420 | $37,557 |
| Portfolio turnover rateG | 7% | 11% | 8%H | 29% | 26% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Canada Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $45.74 | $51.67 | $49.46 | $53.77 | $47.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .38 | .47 | .51 | .44 | .35 |
| Net realized and unrealized gain (loss) | 21.78 | (4.36) | 4.55 | (3.86) | 6.13 |
| Total from investment operations | 22.16 | (3.89) | 5.06 | (3.42) | 6.48 |
| Distributions from net investment income | (.47) | (.64) | (.22) | (.40) | (.34) |
| Distributions from net realized gain | (.59) | (1.40) | (2.63) | (.49) | (.19) |
| Total distributions | (1.06) | (2.04) | (2.85) | (.89) | (.53) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $66.84 | $45.74 | $51.67 | $49.46 | $53.77 |
| Total ReturnC,D | 49.04% | (7.95)% | 11.02% | (6.47)% | 13.64% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.40% | 1.47% | 1.49% | 1.51% | 1.63% |
| Expenses net of fee waivers, if any | 1.39% | 1.47% | 1.48% | 1.51% | 1.63% |
| Expenses net of all reductions | 1.39% | 1.47% | 1.48% | 1.51% | 1.63% |
| Net investment income (loss) | .64% | .99% | 1.03% | .83% | .69% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $7,829 | $5,911 | $8,589 | $7,844 | $10,356 |
| Portfolio turnover rateG | 7% | 11% | 8%H | 29% | 26% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Canada Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $44.96 | $50.61 | $48.48 | $52.72 | $46.87 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .08 | .24 | .29 | .21 | .13 |
| Net realized and unrealized gain (loss) | 21.46 | (4.31) | 4.47 | (3.78) | 6.01 |
| Total from investment operations | 21.54 | (4.07) | 4.76 | (3.57) | 6.14 |
| Distributions from net investment income | (.15) | (.18) | – | (.18) | (.11) |
| Distributions from net realized gain | (.59) | (1.40) | (2.63) | (.49) | (.19) |
| Total distributions | (.74) | (1.58) | (2.63) | (.67) | (.29)B |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $65.76 | $44.96 | $50.61 | $48.48 | $52.72 |
| Total ReturnD,E | 48.31% | (8.39)% | 10.53% | (6.85)% | 13.16% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.90% | 1.95% | 1.92% | 1.94% | 2.06% |
| Expenses net of fee waivers, if any | 1.90% | 1.95% | 1.92% | 1.93% | 2.06% |
| Expenses net of all reductions | 1.90% | 1.95% | 1.91% | 1.93% | 2.06% |
| Net investment income (loss) | .14% | .51% | .60% | .40% | .26% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,683 | $3,151 | $6,226 | $11,196 | $15,938 |
| Portfolio turnover rateH | 7% | 11% | 8%I | 29% | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Canada Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.26 | $52.21 | $50.02 | $54.41 | $48.35 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .74 | .76 | .82 | .77 | .66 |
| Net realized and unrealized gain (loss) | 21.99 | (4.38) | 4.58 | (3.90) | 6.20 |
| Total from investment operations | 22.73 | (3.62) | 5.40 | (3.13) | 6.86 |
| Distributions from net investment income | (.78) | (.92) | (.58) | (.77) | (.61) |
| Distributions from net realized gain | (.59) | (1.40) | (2.63) | (.49) | (.19) |
| Total distributions | (1.37) | (2.33)B | (3.21) | (1.26) | (.80) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $67.62 | $46.26 | $52.21 | $50.02 | $54.41 |
| Total ReturnD | 49.91% | (7.40)% | 11.70% | (5.89)% | 14.35% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .80% | .88% | .88% | .89% | 1.02% |
| Expenses net of fee waivers, if any | .80% | .88% | .88% | .89% | 1.02% |
| Expenses net of all reductions | .80% | .88% | .87% | .88% | 1.02% |
| Net investment income (loss) | 1.24% | 1.58% | 1.64% | 1.45% | 1.30% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $821,617 | $612,716 | $803,629 | $903,662 | $1,130,803 |
| Portfolio turnover rateG | 7% | 11% | 8%H | 29% | 26% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Canada Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.24 | $52.11 | $49.93 | $54.29 | $48.28 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .78 | .79 | .85 | .79 | .67 |
| Net realized and unrealized gain (loss) | 22.00 | (4.39) | 4.55 | (3.90) | 6.19 |
| Total from investment operations | 22.78 | (3.60) | 5.40 | (3.11) | 6.86 |
| Distributions from net investment income | (.73) | (.87) | (.59) | (.77) | (.66) |
| Distributions from net realized gain | (.59) | (1.40) | (2.63) | (.49) | (.19) |
| Total distributions | (1.32) | (2.27) | (3.22) | (1.25)B | (.85) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $67.70 | $46.24 | $52.11 | $49.93 | $54.29 |
| Total ReturnD | 50.02% | (7.35)% | 11.74% | (5.86)% | 14.38% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .74% | .81% | .84% | .86% | 1.00% |
| Expenses net of fee waivers, if any | .74% | .81% | .84% | .85% | .99% |
| Expenses net of all reductions | .74% | .81% | .83% | .85% | .99% |
| Net investment income (loss) | 1.29% | 1.65% | 1.68% | 1.49% | 1.33% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $13,724 | $8,392 | $14,507 | $26,923 | $30,581 |
| Portfolio turnover rateG | 7% | 11% | 8%H | 29% | 26% |
A Calculated based on average shares outstanding during the period.
��B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Canada Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $46.11 | $52.07 | $49.94 | $53.92 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .82 | .84 | .92 | .06 |
| Net realized and unrealized gain (loss) | 21.91 | (4.37) | 4.53 | (4.04) |
| Total from investment operations | 22.73 | (3.53) | 5.45 | (3.98) |
| Distributions from net investment income | (.87) | (1.03) | (.69) | – |
| Distributions from net realized gain | (.59) | (1.40) | (2.63) | – |
| Total distributions | (1.46) | (2.43) | (3.32) | – |
| Net asset value, end of period | $67.38 | $46.11 | $52.07 | $49.94 |
| Total ReturnC,D | 50.13% | (7.24)% | 11.87% | (7.38)% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .66% | .72% | .72% | .80%G |
| Expenses net of fee waivers, if any | .66% | .72% | .72% | .80%G |
| Expenses net of all reductions | .66% | .72% | .71% | .79%G |
| Net investment income (loss) | 1.38% | 1.74% | 1.80% | 1.48%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $22,010 | $15,221 | $20,496 | $128 |
| Portfolio turnover rateH | 7% | 11% | 8%I | 29% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Canada, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $458,817,301 |
| Gross unrealized depreciation | (15,252,885) |
| Net unrealized appreciation (depreciation) | $443,564,416 |
| Tax Cost | $532,304,089 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $11,158,639 |
| Undistributed long-term capital gain | $30,889,619 |
| Net unrealized appreciation (depreciation) on securities and other investments | $443,557,071 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $13,764,443 | $ 15,760,276 |
| Long-term Capital Gains | 5,676,654 | 22,932,453 |
| Total | $19,441,097 | $ 38,692,729 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. 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 | 59,480,219 | 141,766,005 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .55% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $75,486 | $802 |
| Class M | .25% | .25% | 36,472 | 155 |
| Class C | .75% | .25% | 25,939 | 1,765 |
| | | | $137,897 | $2,722 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC |
| Class A | $3,529 |
| Class M | 678 |
| Class C(a) | 99 |
| | $4,306 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $75,108 | .25 |
| Class M | 20,232 | .28 |
| Class C | 7,102 | .28 |
| Canada | 1,371,622 | .18 |
| Class I | 13,788 | .13 |
| Class Z | 8,313 | .04 |
| | $1,496,165 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Canada Fund | .05 |
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 Canada Fund | $26 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Canada Fund | 146,463 | 16,710,023 | 4,106,467 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Canada Fund | $1,461 |
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 | $6,033 | $– | $– |
8. Expense Reductions.
During the period, the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $13,474.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Canada Fund | | |
| Distributions to shareholders | | |
| Class A | $618,232 | $1,268,788 |
| Class M | 133,891 | 336,513 |
| Class C | 49,983 | 180,277 |
| Canada | 17,909,638 | 35,323,208 |
| Class I | 258,425 | 642,320 |
| Class Z | 470,928 | 941,623 |
| Total | $19,441,097 | $38,692,729 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Canada Fund | | | | |
| Class A | | | | |
| Shares sold | 57,546 | 46,439 | $3,411,614 | $2,172,552 |
| Reinvestment of distributions | 11,025 | 22,901 | 589,714 | 1,177,102 |
| Shares redeemed | (84,917) | (149,855) | (5,008,946) | (7,199,345) |
| Net increase (decrease) | (16,346) | (80,515) | $(1,007,618) | $(3,849,691) |
| Class M | | | | |
| Shares sold | 5,995 | 8,286 | $361,311 | $397,961 |
| Reinvestment of distributions | 2,501 | 6,547 | 133,344 | 335,323 |
| Shares redeemed | (20,590) | (51,867) | (1,194,828) | (2,210,068) |
| Net increase (decrease) | (12,094) | (37,034) | $(700,173) | $(1,476,784) |
| Class C | | | | |
| Shares sold | 3,093 | 3,703 | $176,271 | $167,936 |
| Reinvestment of distributions | 943 | 3,299 | 49,676 | 166,843 |
| Shares redeemed | (48,530) | (59,945) | (2,827,895) | (2,760,164) |
| Net increase (decrease) | (44,494) | (52,943) | $(2,601,948) | $(2,425,385) |
| Canada | | | | |
| Shares sold | 688,197 | 395,512 | $42,135,723 | $18,632,031 |
| Reinvestment of distributions | 312,199 | 643,578 | 16,749,465 | 33,163,571 |
| Shares redeemed | (2,096,008) | (3,185,779) | (123,048,904) | (150,419,840) |
| Net increase (decrease) | (1,095,612) | (2,146,689) | $(64,163,716) | $(98,624,238) |
| Class I | | | | |
| Shares sold | 125,979 | 161,893 | $7,822,995 | $7,404,128 |
| Reinvestment of distributions | 4,470 | 11,916 | 239,960 | 613,432 |
| Shares redeemed | (109,208) | (270,737) | (6,469,644) | (12,875,085) |
| Net increase (decrease) | 21,241 | (96,928) | $1,593,311 | $(4,857,525) |
| Class Z | | | | |
| Shares sold | 48,490 | 39,258 | $2,951,806 | $1,907,626 |
| Reinvestment of distributions | 8,746 | 18,328 | 466,957 | 939,856 |
| Shares redeemed | (60,703) | (121,084) | (3,573,222) | (5,692,032) |
| Net increase (decrease) | (3,467) | (63,498) | $(154,459) | $(2,844,550) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® China Region Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | (2.31)% | 14.77% | 10.87% |
| Class M (incl. 3.50% sales charge) | (0.26)% | 14.95% | 10.78% |
| Class C (incl. contingent deferred sales charge) | 1.90% | 15.29% | 10.87% |
| Fidelity® China Region Fund | 3.97% | 16.50% | 11.88% |
| Class I | 3.96% | 16.49% | 11.89% |
| Class Z | 4.09% | 16.59% | 11.94% |
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® China Region Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Golden Dragon Index performed over the same period.
| Period Ending Values |
| $30,730 | Fidelity® China Region Fund |
| $23,568 | MSCI Golden Dragon Index |
Fidelity® China Region Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Co-Managers Ivan Xie and Peifang Sun: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 3% to 4%, roughly in line with the 3.80% advance of the benchmark, the MSCI Golden Dragon Index. Solid security selection and an underweighting in China notably contributed to the fund's relative result, as did non-benchmark allocations to South Korea, the U.S. and Europe ex U.K. By sector, security selection and an overweighting in information technology jointly made the largest contribution versus the benchmark, by far. Stock selection in consumer discretionary and an underweighting in communication services also bolstered the fund's relative result. Our non-benchmark stake in eMemory Technology, a provider of semiconductor memory technologies, rose 317% and added more value than any other fund position. We added meaningfully to our eMemory Technology stake over the 12 months. It also helped to own a non-benchmark position in China-based technology hardware & equipment firm Canaan (+327%), which we sold from the fund by period end. In contrast, stock picks and an underweighting in Hong Kong hurt the fund's relative result, as did an underweighting in Taiwan. Among sectors, financials stood out as a detractor, weighed down by stock picks and an underweighting. Stock selection in industrials and an overweighting in consumer discretionary also hampered the fund's relative performance. The fund's largest individual relative detractor was an outsized stake in Alibaba Group Holding, which returned -46% the past year. This company was among the fund’s largest holdings. Also holding back performance was our outsized stake in video-based social media platform Joyy, which returned -49%. Joyy was not held at period end. Notable changes in fund positioning the past 12 months included reduced exposure to communication services and a higher allocation to information technology.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® China Region Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Cayman Islands | 34.3% |
| | Taiwan | 23.7% |
| | China | 21.9% |
| | Hong Kong | 9.9% |
| | Netherlands | 4.9% |
| | France | 1.5% |
| | United States of America* | 1.0% |
| | Korea (South) | 1.0% |
| | Bermuda | 0.9% |
| | Other | 0.9% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 100.0 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 15.6 |
| Alibaba Group Holding Ltd. sponsored ADR (Internet & Direct Marketing Retail) | 8.7 |
| Tencent Holdings Ltd. (Interactive Media & Services) | 5.7 |
| Prosus NV (Internet & Direct Marketing Retail) | 4.9 |
| AIA Group Ltd. (Insurance) | 4.6 |
| Meituan Class B (Internet & Direct Marketing Retail) | 3.9 |
| MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 2.5 |
| Pinduoduo, Inc. ADR (Internet & Direct Marketing Retail) | 2.1 |
| Bilibili, Inc. ADR (Entertainment) | 2.0 |
| Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) | 2.0 |
| | 52.0 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Consumer Discretionary | 29.2 |
| Information Technology | 26.1 |
| Financials | 12.4 |
| Communication Services | 8.3 |
| Industrials | 6.4 |
| Health Care | 5.8 |
| Materials | 3.6 |
| Real Estate | 3.4 |
| Consumer Staples | 3.2 |
| Energy | 0.9 |
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese markets. As of October 31, 2021, the Fund did not have more than 25% of its total assets invested in any one industry.
Fidelity® China Region Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 99.0% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 8.3% | | | |
| Entertainment - 2.6% | | | |
| Bilibili, Inc. ADR (a)(b) | | 496,700 | $36,408,110 |
| NetEase, Inc. | | 546,100 | 10,593,079 |
| | | | 47,001,189 |
| Interactive Media & Services - 5.7% | | | |
| Tencent Holdings Ltd. | | 1,719,700 | 104,608,995 |
|
| TOTAL COMMUNICATION SERVICES | | | 151,610,184 |
|
| CONSUMER DISCRETIONARY - 29.2% | | | |
| Auto Components - 0.3% | | | |
| Beijing Sinohytec Co. Ltd. (A Shares) (b) | | 130,983 | 5,050,588 |
| Automobiles - 4.0% | | | |
| Great Wall Motor Co. Ltd. (H Shares) | | 3,256,500 | 14,690,977 |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | | 9,646,000 | 9,124,678 |
| Li Auto, Inc. ADR (b) | | 527,700 | 17,218,851 |
| XPeng, Inc. ADR (b) | | 658,300 | 30,696,529 |
| | | | 71,731,035 |
| Hotels, Restaurants & Leisure - 1.6% | | | |
| Sands China Ltd. (b) | | 2,905,600 | 6,622,372 |
| SJM Holdings Ltd. (a)(b) | | 12,978,000 | 9,691,174 |
| Summit Ascent Holdings Ltd. (b) | | 58,410,000 | 3,716,079 |
| Trip.com Group Ltd. ADR (b) | | 330,400 | 9,436,224 |
| | | | 29,465,849 |
| Internet & Direct Marketing Retail - 20.3% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (b) | | 958,700 | 158,127,978 |
| JD.com, Inc. sponsored ADR (b) | | 60,900 | 4,767,252 |
| Meituan Class B (b)(c) | | 2,088,988 | 71,085,423 |
| momo.com, Inc. | | 97,400 | 6,261,304 |
| Pinduoduo, Inc. ADR (b) | | 438,105 | 38,956,297 |
| Prosus NV | | 1,028,719 | 89,919,806 |
| | | | 369,118,060 |
| Leisure Products - 0.3% | | | |
| Bafang Electric Suzhou Co. Ltd. (A Shares) | | 150,700 | 5,621,475 |
| Specialty Retail - 0.5% | | | |
| China International Travel Service Corp. Ltd. (A Shares) | | 140,300 | 5,879,864 |
| Dufry AG (b) | | 70,723 | 3,744,521 |
| | | | 9,624,385 |
| Textiles, Apparel & Luxury Goods - 2.2% | | | |
| Anta Sports Products Ltd. | | 486,000 | 7,595,604 |
| Li Ning Co. Ltd. | | 515,500 | 5,731,091 |
| LVMH Moet Hennessy Louis Vuitton SE | | 33,900 | 26,581,724 |
| | | | 39,908,419 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 530,519,811 |
|
| CONSUMER STAPLES - 3.2% | | | |
| Beverages - 1.2% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 75,345 | 21,478,515 |
| Food Products - 1.5% | | | |
| Angel Yeast Co. Ltd. (A Shares) | | 1,395,020 | 12,114,891 |
| Uni-President Enterprises Corp. | | 6,355,000 | 15,199,964 |
| | | | 27,314,855 |
| Household Products - 0.2% | | | |
| C&S Paper Co. Ltd. (A Shares) | | 1,569,402 | 4,174,782 |
| Personal Products - 0.3% | | | |
| Proya Cosmetics Co. Ltd. (A Shares) | | 190,900 | 5,990,071 |
|
| TOTAL CONSUMER STAPLES | | | 58,958,223 |
|
| ENERGY - 0.9% | | | |
| Energy Equipment & Services - 0.9% | | | |
| China Oilfield Services Ltd. (H Shares) | | 17,780,000 | 17,116,149 |
| FINANCIALS - 12.4% | | | |
| Banks - 5.2% | | | |
| China Construction Bank Corp. (H Shares) | | 42,791,610 | 29,123,147 |
| China Merchants Bank Co. Ltd. (H Shares) | | 445,500 | 3,753,297 |
| E.SUN Financial Holdings Co. Ltd. | | 9,709,225 | 9,257,674 |
| Hang Seng Bank Ltd. | | 866,200 | 16,476,782 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 63,863,000 | 35,007,287 |
| | | | 93,618,187 |
| Capital Markets - 1.3% | | | |
| Hong Kong Exchanges and Clearing Ltd. | | 398,000 | 24,083,079 |
| Diversified Financial Services - 0.5% | | | |
| Far East Horizon Ltd. | | 10,248,500 | 9,786,820 |
| Insurance - 5.4% | | | |
| AIA Group Ltd. | | 7,477,000 | 83,794,822 |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 5,800 | 17,891 |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | | 2,024,000 | 14,497,372 |
| | | | 98,310,085 |
|
| TOTAL FINANCIALS | | | 225,798,171 |
|
| HEALTH CARE - 5.6% | | | |
| Biotechnology - 2.3% | | | |
| Akeso, Inc. (b)(c) | | 1,320,000 | 7,396,954 |
| Brii Biosciences Ltd. | | 1,188,500 | 3,727,190 |
| Innovent Biologics, Inc. (b)(c) | | 1,021,000 | 9,159,540 |
| Jacobio Pharmaceuticals Group Co. Ltd. (a)(c) | | 2,130,600 | 4,846,940 |
| Zai Lab Ltd. (b) | | 66,600 | 6,909,153 |
| Zai Lab Ltd. ADR (b) | | 90,600 | 9,458,640 |
| | | | 41,498,417 |
| Health Care Equipment & Supplies - 0.8% | | | |
| MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (b)(c) | | 1,091,500 | 4,278,742 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 167,315 | 9,823,284 |
| | | | 14,102,026 |
| Health Care Technology - 0.1% | | | |
| Medlive Technology Co. Ltd. (c) | | 250,000 | 1,299,724 |
| Medlive Technology Co. Ltd. | | 170,500 | 842,091 |
| | | | 2,141,815 |
| Life Sciences Tools & Services - 1.6% | | | |
| Pharmaron Beijing Co. Ltd. (H Shares) (c) | | 265,800 | 5,790,515 |
| Wuxi Biologics (Cayman), Inc. (b)(c) | | 1,500,500 | 22,728,022 |
| | | | 28,518,537 |
| Pharmaceuticals - 0.8% | | | |
| Antengene Corp. (c) | | 4,084,922 | 5,418,212 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 4,450,000 | 9,940,364 |
| | | | 15,358,576 |
|
| TOTAL HEALTH CARE | | | 101,619,371 |
|
| INDUSTRIALS - 6.4% | | | |
| Aerospace & Defense - 0.0% | | | |
| Space Exploration Technologies Corp. Class A (b)(d)(e) | | 1,000 | 419,990 |
| Air Freight & Logistics - 0.6% | | | |
| Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) | | 657,129 | 11,251,440 |
| Electrical Equipment - 1.0% | | | |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 491,634 | 12,594,488 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 1,029,700 | 4,936,419 |
| | | | 17,530,907 |
| Machinery - 3.7% | | | |
| HIWIN Technologies Corp. | | 956,402 | 10,613,332 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 1,686,313 | 17,171,791 |
| Weichai Power Co. Ltd. (H Shares) | | 7,964,000 | 14,309,713 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 6,637,984 | 24,579,945 |
| | | | 66,674,781 |
| Professional Services - 0.4% | | | |
| Guangzhou GRG Metrology & Test Co., Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 1/11/23 (b)(c) | | 1,926,391 | 7,734,730 |
| Transportation Infrastructure - 0.7% | | | |
| Hainan Meilan International Airport Co. Ltd. (b) | | 3,159,000 | 12,809,774 |
|
| TOTAL INDUSTRIALS | | | 116,421,622 |
|
| INFORMATION TECHNOLOGY - 25.3% | | | |
| Communications Equipment - 0.4% | | | |
| ZTE Corp. (H Shares) | | 2,468,600 | 7,424,361 |
| Electronic Equipment & Components - 1.1% | | | |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 3,313,000 | 12,730,867 |
| Unimicron Technology Corp. | | 1,014,000 | 6,919,016 |
| | | | 19,649,883 |
| IT Services - 0.8% | | | |
| TravelSky Technology Ltd. (H Shares) | | 7,260,000 | 13,585,965 |
| Semiconductors & Semiconductor Equipment - 22.5% | | | |
| Advanced Wireless Semiconductor Co. | | 1,713,000 | 9,812,300 |
| Alchip Technologies Ltd. | | 188,000 | 6,954,211 |
| ASM Pacific Technology Ltd. | | 873,400 | 9,435,032 |
| eMemory Technology, Inc. | | 369,481 | 30,519,170 |
| Hua Hong Semiconductor Ltd. (b)(c) | | 1,728,000 | 8,706,073 |
| MediaTek, Inc. | | 1,408,000 | 46,166,421 |
| Parade Technologies Ltd. | | 232,000 | 14,872,329 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 13,386,000 | 283,682,704 |
| | | | 410,148,240 |
| Technology Hardware, Storage & Peripherals - 0.5% | | | |
| Samsung Electronics Co. Ltd. | | 150,970 | 8,992,719 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 459,801,168 |
|
| MATERIALS - 3.6% | | | |
| Chemicals - 0.4% | | | |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 675,258 | 7,156,581 |
| Construction Materials - 0.3% | | | |
| West China Cement Ltd. | | 35,348,000 | 6,178,688 |
| Containers & Packaging - 1.1% | | | |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 3,860,071 | 19,734,976 |
| Metals & Mining - 1.8% | | | |
| Ganfeng Lithium Co. Ltd. (H Shares) (c) | | 293,600 | 5,505,590 |
| Zijin Mining Group Co. Ltd. (H Shares) | | 19,118,000 | 26,635,707 |
| | | | 32,141,297 |
|
| TOTAL MATERIALS | | | 65,211,542 |
|
| REAL ESTATE - 3.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| Link (REIT) | | 1,293,463 | 11,470,850 |
| Real Estate Management & Development - 2.7% | | | |
| China Overseas Land and Investment Ltd. | | 2,431,000 | 5,361,604 |
| China Resources Mixc Lifestyle Services Ltd. (c) | | 1,142,000 | 6,010,526 |
| Jinke Smart Services Group Co. Ltd. | | 2,085,300 | 11,283,482 |
| KE Holdings, Inc. ADR (b) | | 584,400 | 10,647,768 |
| Longfor Properties Co. Ltd. (c) | | 1,855,500 | 9,014,575 |
| Sunac China Holdings Ltd. | | 3,391,000 | 7,304,564 |
| | | | 49,622,519 |
|
| TOTAL REAL ESTATE | | | 61,093,369 |
|
| UTILITIES - 0.7% | | | |
| Gas Utilities - 0.7% | | | |
| China Gas Holdings Ltd. | | 5,200,932 | 13,008,179 |
| TOTAL COMMON STOCKS | | | |
| (Cost $1,357,225,944) | | | 1,801,157,789 |
|
| Preferred Stocks - 1.0% | | | |
| Convertible Preferred Stocks - 0.5% | | | |
| HEALTH CARE - 0.2% | | | |
| Health Care Providers & Services - 0.2% | | | |
| dMed Biopharmaceutical Co. Ltd. Series C (d)(e) | | 275,211 | 3,806,168 |
| INFORMATION TECHNOLOGY - 0.3% | | | |
| IT Services - 0.3% | | | |
| ByteDance Ltd. Series E1 (d)(e) | | 38,752 | 4,817,649 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 8,623,817 |
|
| Nonconvertible Preferred Stocks - 0.5% | | | |
| INFORMATION TECHNOLOGY - 0.5% | | | |
| Technology Hardware, Storage & Peripherals - 0.5% | | | |
| Samsung Electronics Co. Ltd. | | 169,130 | 9,243,711 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $13,702,334) | | | 17,867,528 |
|
| Money Market Funds - 2.1% | | | |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | | |
| (Cost $38,808,345) | | 38,804,465 | 38,808,345 |
| TOTAL INVESTMENT IN SECURITIES - 102.1% | | | |
| (Cost $1,409,736,623) | | | 1,857,833,662 |
| NET OTHER ASSETS (LIABILITIES) - (2.1)% | | | (37,378,549) |
| NET ASSETS - 100% | | | $1,820,455,113 |
Security Type Abbreviations
ELS – Equity-Linked Security
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $178,915,930 or 9.8% of net assets.
(d) Level 3 security
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,043,807 or 0.5% of net assets.
(f) Investment made with cash collateral received from securities on loan.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $4,246,219 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $3,908,863 |
| Space Exploration Technologies Corp. Class A | 2/16/21 | $419,990 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $31,713,446 | $726,171,355 | $757,884,881 | $30,188 | $80 | $-- | $-- | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 14,463,334 | 591,857,137 | 567,512,126 | 329,579 | -- | -- | 38,808,345 | 0.1% |
| Total | $46,176,780 | $1,318,028,492 | $1,325,397,007 | $359,767 | $80 | $-- | $38,808,345 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $151,610,184 | $36,408,110 | $115,202,074 | $-- |
| Consumer Discretionary | 530,519,811 | 422,485,771 | 108,034,040 | -- |
| Consumer Staples | 58,958,223 | 58,958,223 | -- | -- |
| Energy | 17,116,149 | 17,116,149 | -- | -- |
| Financials | 225,798,171 | 63,375,543 | 162,422,628 | -- |
| Health Care | 105,425,539 | 71,140,105 | 30,479,266 | 3,806,168 |
| Industrials | 116,421,622 | 108,266,902 | 7,734,730 | 419,990 |
| Information Technology | 473,862,528 | 167,125,745 | 301,919,134 | 4,817,649 |
| Materials | 65,211,542 | 65,211,542 | -- | -- |
| Real Estate | 61,093,369 | 61,093,369 | -- | -- |
| Utilities | 13,008,179 | 13,008,179 | -- | -- |
| Money Market Funds | 38,808,345 | 38,808,345 | -- | -- |
| Total Investments in Securities: | $1,857,833,662 | $1,122,997,983 | $725,791,872 | $9,043,807 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® China Region Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $34,950,259) — See accompanying schedule:
Unaffiliated issuers (cost $1,370,928,278) | $1,819,025,317 | |
| Fidelity Central Funds (cost $38,808,345) | 38,808,345 | |
| Total Investment in Securities (cost $1,409,736,623) | | $1,857,833,662 |
| Foreign currency held at value (cost $1,895,827) | | 1,895,827 |
| Receivable for investments sold | | 3,350,179 |
| Receivable for fund shares sold | | 1,003,395 |
| Dividends receivable | | 613,616 |
| Distributions receivable from Fidelity Central Funds | | 5,959 |
| Prepaid expenses | | 3,102 |
| Other receivables | | 111,680 |
| Total assets | | 1,864,817,420 |
| Liabilities | | |
| Payable to custodian bank | $967,440 | |
| Payable for fund shares redeemed | 2,902,119 | |
| Accrued management fee | 1,025,356 | |
| Distribution and service plan fees payable | 25,645 | |
| Other affiliated payables | 311,062 | |
| Other payables and accrued expenses | 323,797 | |
| Collateral on securities loaned | 38,806,888 | |
| Total liabilities | | 44,362,307 |
| Net Assets | | $1,820,455,113 |
| Net Assets consist of: | | |
| Paid in capital | | $1,215,265,351 |
| Total accumulated earnings (loss) | | 605,189,762 |
| Net Assets | | $1,820,455,113 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($45,300,704 ÷ 900,287 shares)(a) | | $50.32 |
| Maximum offering price per share (100/94.25 of $50.32) | | $53.39 |
| Class M: | | |
| Net Asset Value and redemption price per share ($12,623,217 ÷ 252,363 shares)(a) | | $50.02 |
| Maximum offering price per share (100/96.50 of $50.02) | | $51.83 |
| Class C: | | |
| Net Asset Value and offering price per share ($13,168,435 ÷ 272,437 shares)(a) | | $48.34 |
| China Region: | | |
| Net Asset Value, offering price and redemption price per share ($1,609,325,947 ÷ 31,538,436 shares) | | $51.03 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($68,463,500 ÷ 1,352,241 shares) | | $50.63 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($71,573,310 ÷ 1,415,423 shares) | | $50.57 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $32,087,613 |
| Income from Fidelity Central Funds (including $329,579 from security lending) | | 359,767 |
| Income before foreign taxes withheld | | 32,447,380 |
| Less foreign taxes withheld | | (3,475,338) |
| Total income | | 28,972,042 |
| Expenses | | |
| Management fee | $14,884,729 | |
| Transfer agent fees | 3,331,420 | |
| Distribution and service plan fees | 355,417 | |
| Accounting fees | 965,427 | |
| Custodian fees and expenses | 553,641 | |
| Independent trustees' fees and expenses | 8,549 | |
| Registration fees | 183,901 | |
| Audit | 85,572 | |
| Legal | 3,850 | |
| Interest | 221 | |
| Miscellaneous | 9,031 | |
| Total expenses before reductions | 20,381,758 | |
| Expense reductions | (32,917) | |
| Total expenses after reductions | | 20,348,841 |
| Net investment income (loss) | | 8,623,201 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 216,275,760 | |
| Fidelity Central Funds | 80 | |
| Foreign currency transactions | (462,235) | |
| Total net realized gain (loss) | | 215,813,605 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (207,131,664) | |
| Assets and liabilities in foreign currencies | (6,843) | |
| Total change in net unrealized appreciation (depreciation) | | (207,138,507) |
| Net gain (loss) | | 8,675,098 |
| Net increase (decrease) in net assets resulting from operations | | $17,298,299 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,623,201 | $6,638,765 |
| Net realized gain (loss) | 215,813,605 | 91,760,775 |
| Change in net unrealized appreciation (depreciation) | (207,138,507) | 397,428,988 |
| Net increase (decrease) in net assets resulting from operations | 17,298,299 | 495,828,528 |
| Distributions to shareholders | (94,181,422) | (8,548,175) |
| Share transactions - net increase (decrease) | 197,486,715 | (4,177,297) |
| Total increase (decrease) in net assets | 120,603,592 | 483,103,056 |
| Net Assets | | |
| Beginning of period | 1,699,851,521 | 1,216,748,465 |
| End of period | $1,820,455,113 | $1,699,851,521 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity China Region Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $50.90 | $35.86 | $28.73 | $34.22 | $25.46 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | .08 | .15 | .15 | .08 |
| Net realized and unrealized gain (loss) | 1.95 | 15.11 | 7.10 | (5.56) | 8.90 |
| Total from investment operations | 2.01 | 15.19 | 7.25 | (5.41) | 8.98 |
| Distributions from net investment income | (.44) | (.15) | (.12) | (.08) | (.18) |
| Distributions from net realized gain | (2.16) | – | – | – | (.05) |
| Total distributions | (2.59)B | (.15) | (.12) | (.08) | (.23) |
| Redemption fees added to paid in capitalA | – | – | – | –C | .01 |
| Net asset value, end of period | $50.32 | $50.90 | $35.86 | $28.73 | $34.22 |
| Total ReturnD,E | 3.65% | 42.52% | 25.30% | (15.86)% | 35.67% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.21% | 1.24% | 1.27% | 1.27% | 1.30% |
| Expenses net of fee waivers, if any | 1.21% | 1.24% | 1.26% | 1.27% | 1.30% |
| Expenses net of all reductions | 1.21% | 1.22% | 1.26% | 1.24% | 1.29% |
| Net investment income (loss) | .11% | .18% | .44% | .43% | .28% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $45,301 | $39,303 | $29,963 | $23,424 | $35,539 |
| Portfolio turnover rateH | 60% | 60% | 80% | 60% | 68% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity China Region Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $50.64 | $35.66 | $28.55 | $34.05 | $25.34 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.10) | (.05) | .04 | .03 | (.02) |
| Net realized and unrealized gain (loss) | 1.96 | 15.04 | 7.07 | (5.53) | 8.88 |
| Total from investment operations | 1.86 | 14.99 | 7.11 | (5.50) | 8.86 |
| Distributions from net investment income | (.32) | (.01) | – | – | (.11) |
| Distributions from net realized gain | (2.16) | – | – | – | (.05) |
| Total distributions | (2.48) | (.01) | – | – | (.16) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $50.02 | $50.64 | $35.66 | $28.55 | $34.05 |
| Total ReturnC,D | 3.36% | 42.04% | 24.90% | (16.15)% | 35.25% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.50% | 1.56% | 1.59% | 1.62% | 1.65% |
| Expenses net of fee waivers, if any | 1.50% | 1.56% | 1.59% | 1.62% | 1.65% |
| Expenses net of all reductions | 1.50% | 1.53% | 1.58% | 1.58% | 1.64% |
| Net investment income (loss) | (.18)% | (.13)% | .12% | .08% | (.07)% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $12,623 | $12,028 | $9,251 | $8,132 | $9,763 |
| Portfolio turnover rateG | 60% | 60% | 80% | 60% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity China Region Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $49.10 | $34.71 | $27.90 | $33.41 | $24.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.35) | (.22) | (.09) | (.11) | (.13) |
| Net realized and unrealized gain (loss) | 1.92 | 14.61 | 6.90 | (5.40) | 8.73 |
| Total from investment operations | 1.57 | 14.39 | 6.81 | (5.51) | 8.60 |
| Distributions from net investment income | (.17) | – | – | – | – |
| Distributions from net realized gain | (2.16) | – | – | – | (.02) |
| Total distributions | (2.33) | – | – | – | (.02) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $48.34 | $49.10 | $34.71 | $27.90 | $33.41 |
| Total ReturnC,D | 2.89% | 41.46% | 24.41% | (16.49)% | 34.71% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.96% | 1.98% | 2.00% | 2.01% | 2.05% |
| Expenses net of fee waivers, if any | 1.96% | 1.98% | 2.00% | 2.01% | 2.05% |
| Expenses net of all reductions | 1.96% | 1.96% | 1.99% | 1.98% | 2.03% |
| Net investment income (loss) | (.65)% | (.55)% | (.29)% | (.31)% | (.46)% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $13,168 | $11,308 | $9,437 | $10,138 | $12,952 |
| Portfolio turnover rateG | 60% | 60% | 80% | 60% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity China Region Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $51.53 | $36.30 | $29.11 | $34.64 | $25.78 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .21 | .25 | .26 | .17 |
| Net realized and unrealized gain (loss) | 1.97 | 15.28 | 7.19 | (5.65) | 9.00 |
| Total from investment operations | 2.20 | 15.49 | 7.44 | (5.39) | 9.17 |
| Distributions from net investment income | (.54) | (.26) | (.25) | (.14) | (.27) |
| Distributions from net realized gain | (2.16) | – | – | – | (.05) |
| Total distributions | (2.70) | (.26) | (.25) | (.14) | (.32) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $51.03 | $51.53 | $36.30 | $29.11 | $34.64 |
| Total ReturnC | 3.97% | 42.95% | 25.72% | (15.62)% | 36.10% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .91% | .93% | .95% | .96% | 1.00% |
| Expenses net of fee waivers, if any | .91% | .93% | .95% | .96% | 1.00% |
| Expenses net of all reductions | .91% | .91% | .95% | .93% | .99% |
| Net investment income (loss) | .41% | .49% | .76% | .74% | .58% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,609,326 | $1,518,404 | $1,093,827 | $969,679 | $1,294,775 |
| Portfolio turnover rateF | 60% | 60% | 80% | 60% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity China Region Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $51.16 | $36.05 | $28.90 | $34.41 | $25.62 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .20 | .25 | .26 | .16 |
| Net realized and unrealized gain (loss) | 1.96 | 15.17 | 7.13 | (5.61) | 8.95 |
| Total from investment operations | 2.18 | 15.37 | 7.38 | (5.35) | 9.11 |
| Distributions from net investment income | (.55) | (.26) | (.23) | (.16) | (.28) |
| Distributions from net realized gain | (2.16) | – | – | – | (.05) |
| Total distributions | (2.71) | (.26) | (.23) | (.16) | (.33) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $50.63 | $51.16 | $36.05 | $28.90 | $34.41 |
| Total ReturnC | 3.96% | 42.91% | 25.71% | (15.63)% | 36.11% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .93% | .95% | .97% | .98% | 1.01% |
| Expenses net of fee waivers, if any | .93% | .95% | .96% | .98% | 1.01% |
| Expenses net of all reductions | .93% | .93% | .96% | .95% | .99% |
| Net investment income (loss) | .39% | .48% | .74% | .72% | .57% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $68,464 | $47,688 | $27,410 | $20,854 | $27,880 |
| Portfolio turnover rateF | 60% | 60% | 80% | 60% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity China Region Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $51.07 | $36.00 | $28.91 | $32.63 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .29 | .26 | .30 | .01 |
| Net realized and unrealized gain (loss) | 1.95 | 15.14 | 7.11 | (3.73) |
| Total from investment operations | 2.24 | 15.40 | 7.41 | (3.72) |
| Distributions from net investment income | (.59) | (.33) | (.32) | – |
| Distributions from net realized gain | (2.16) | – | – | – |
| Total distributions | (2.74)C | (.33) | (.32) | – |
| Net asset value, end of period | $50.57 | $51.07 | $36.00 | $28.91 |
| Total ReturnD,E | 4.09% | 43.13% | 25.86% | (11.40)% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .80% | .81% | .82% | .91%H |
| Expenses net of fee waivers, if any | .80% | .81% | .82% | .90%H |
| Expenses net of all reductions | .80% | .79% | .81% | .87%H |
| Net investment income (loss) | .52% | .61% | .89% | .57%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $71,573 | $71,121 | $46,861 | $323 |
| Portfolio turnover rateI | 60% | 60% | 80% | 60% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, China Region, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $543,845,358 |
| Gross unrealized depreciation | (101,619,718) |
| Net unrealized appreciation (depreciation) | $442,225,640 |
| Tax Cost | $1,415,608,022 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $1,964,159 |
| Undistributed long-term capital gain | $161,002,664 |
| Net unrealized appreciation (depreciation) on securities and other investments | $442,222,940 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $81,944,292 | $ 8,548,175 |
| Long-term Capital Gains | 12,237,130 | – |
| Total | $94,181,422 | $ 8,548,175 |
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 | 1,412,571,667 | 1,252,891,985 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $130,791 | $4,632 |
| Class M | .25% | .25% | 75,614 | 522 |
| Class C | .75% | .25% | 149,012 | 39,246 |
| | | | $355,417 | $44,400 |
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 | $36,017 |
| Class M | 2,370 |
| Class C(a) | 3,109 |
| | $41,496 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $106,082 | .20 |
| Class M | 36,800 | .24 |
| Class C | 30,550 | .21 |
| China Region | 2,972,915 | .15 |
| Class I | 145,648 | .17 |
| Class Z | 39,425 | .04 |
| | $3,331,420 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity China Region Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity China Region Fund | $9,406 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity China Region Fund | Borrower | $5,023,200 | .32% | $221 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity China Region Fund | 74,507,586 | 27,180,222 | 5,671,933 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity China Region Fund | 29,647 |
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 | $3,955 |
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 | $31,509 | $190 | $– |
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 $4 .
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 $32,913.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity China Region Fund | | |
| Distributions to shareholders | | |
| Class A | $2,089,736 | $125,875 |
| Class M | 603,440 | 2,316 |
| Class C | 569,251 | – |
| China Region | 83,672,749 | 7,803,466 |
| Class I | 2,974,817 | 196,223 |
| Class Z | 4,271,429 | 420,295 |
| Total | $94,181,422 | $8,548,175 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity China Region Fund | | | | |
| Class A | | | | |
| Shares sold | 412,947 | 252,850 | $23,655,622 | $10,700,822 |
| Reinvestment of distributions | 37,370 | 3,337 | 1,998,564 | 122,352 |
| Shares redeemed | (322,190) | (319,557) | (17,301,503) | (12,564,945) |
| Net increase (decrease) | 128,127 | (63,370) | $8,352,683 | $(1,741,771) |
| Class M | | | | |
| Shares sold | 85,266 | 44,515 | $5,026,895 | $1,766,098 |
| Reinvestment of distributions | 11,219 | 63 | 597,960 | 2,314 |
| Shares redeemed | (81,626) | (66,503) | (4,472,103) | (2,606,169) |
| Net increase (decrease) | 14,859 | (21,925) | $1,152,752 | $(837,757) |
| Class C | | | | |
| Shares sold | 130,300 | 63,570 | $7,093,045 | $2,554,562 |
| Reinvestment of distributions | 10,599 | – | 548,200 | – |
| Shares redeemed | (98,762) | (105,168) | (5,268,045) | (4,175,715) |
| Net increase (decrease) | 42,137 | (41,598) | $2,373,200 | $(1,621,153) |
| China Region | | | | |
| Shares sold | 13,958,356 | 9,843,654 | $817,280,904 | $415,483,498 |
| Reinvestment of distributions | 1,469,668 | 199,161 | 79,494,358 | 7,372,929 |
| Shares redeemed | (13,356,838) | (10,708,896) | (741,842,711) | (439,021,765) |
| Net increase (decrease) | 2,071,186 | (666,081) | $154,932,551 | $(16,165,338) |
| Class I | | | | |
| Shares sold | 1,514,190 | 879,811 | $87,084,728 | $38,355,592 |
| Reinvestment of distributions | 47,711 | 4,369 | 2,560,644 | 160,612 |
| Shares redeemed | (1,141,702) | (712,536) | (61,526,332) | (29,163,388) |
| Net increase (decrease) | 420,199 | 171,644 | $28,119,040 | $9,352,816 |
| Class Z | | | | |
| Shares sold | 985,463 | 663,465 | $56,944,564 | $29,709,073 |
| Reinvestment of distributions | 78,962 | 11,468 | 4,227,602 | 420,295 |
| Shares redeemed | (1,041,575) | (583,926) | (58,615,677) | (23,293,462) |
| Net increase (decrease) | 22,850 | 91,007 | $2,556,489 | $6,835,906 |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Emerging Asia Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Emerging Asia Fund | 17.02% | 20.21% | 12.56% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Asia Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI AC (All Country) Asia ex Japan Index performed over the same period.
| Period Ending Values |
| $32,661 | Fidelity® Emerging Asia Fund |
| $20,483 | MSCI AC (All Country) Asia ex Japan Index |
Fidelity® Emerging Asia Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Xiaoting Zhao: For the fiscal year ending October 31, 2021, the fund gained 17.02%, outperforming the 12.82% advance of the benchmark MSCI AC Asia Ex Japan (Net Mass) Linked Index. Stock picks in emerging markets, especially China, and a non-benchmark allocation to the U.S. contributed to the fund's relative result. Among sectors and industries, security selection in the media & entertainment area of the communication services sector notably added value. An overweighting and stock picking in information technology also helped. Elsewhere, stock selection in health care, especially within the pharmaceuticals, biotechnology & life sciences industry, contributed. Looking at individual stocks, an overweighted position in Bilibili (+67%) added more value than any other fund holding. It also helped to overweight Reliance Industries, which gained about 22%. Elsewhere, an outsized stake in Sungrow Power Supply (+338%) added meaningful value. Conversely, an underweighting in emerging markets – especially Taiwan – detracted from the fund’s return versus the benchmark, along with non-benchmark exposure to Japan. By sector, underweighting banks and materials companies hampered the fund's relative result, as did overweighting retailing stocks in consumer discretionary. Among individual stocks, overweighting internet retailer Alibaba Group Holding (-44%) detracted notably. Owning Base (-62%), a Japan-based company that offers internet-based services for developing and building e-commerce platforms, hurt as well. We increased the fund’s non-benchmark position in Base during the period. Notable changes in fund positioning the past 12 months included increased exposure to health care and a lower allocation to financials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Emerging Asia Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Cayman Islands | 35.5% |
| | China | 18.6% |
| | India | 14.4% |
| | Taiwan | 8.6% |
| | Japan | 7.2% |
| | Korea (South) | 4.2% |
| | United States of America* | 3.1% |
| | Netherlands | 1.9% |
| | Germany | 1.4% |
| | Other | 5.1% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 99.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 8.1 |
| Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) | 8.0 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 6.7 |
| Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) | 4.1 |
| Bilibili, Inc. ADR (Cayman Islands, Entertainment) | 3.6 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.0 |
| Pinduoduo, Inc. ADR (Cayman Islands, Internet & Direct Marketing Retail) | 2.7 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 2.5 |
| Sea Ltd. ADR (Cayman Islands, Entertainment) | 2.3 |
| Beijing Shiji Information Technology Co. Ltd (A Shares) (China, Application Software) | 1.9 |
| | 42.9 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 26.8 |
| Consumer Discretionary | 23.5 |
| Communication Services | 15.6 |
| Health Care | 12.6 |
| Energy | 6.7 |
| Industrials | 5.3 |
| Financials | 4.9 |
| Consumer Staples | 1.9 |
| Real Estate | 1.6 |
| Materials | 0.9 |
Fidelity® Emerging Asia Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 98.8% | | | |
| | | Shares | Value |
| Bermuda - 0.6% | | | |
| Alibaba Health Information Technology Ltd. (a) | | 6,361,377 | $8,037,059 |
| Huanxi Media Group Ltd. (a) | | 26,271,520 | 4,997,346 |
|
| TOTAL BERMUDA | | | 13,034,405 |
|
| Cayman Islands - 35.5% | | | |
| Akeso, Inc. (a)(b) | | 1,663,699 | 9,322,958 |
| Alchip Technologies Ltd. | | 143,000 | 5,289,639 |
| Alibaba Group Holding Ltd. (a) | | 2,903,343 | 59,700,449 |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 611,708 | 100,895,118 |
| Antengene Corp. (b) | | 3,938,596 | 5,224,126 |
| Archosaur Games, Inc. (b)(c) | | 4,891,736 | 5,859,646 |
| Bairong, Inc. (a)(b) | | 2,151,000 | 3,405,992 |
| BC Technology Group Ltd. (a) | | 3,557,859 | 6,255,576 |
| Bilibili, Inc. ADR (a)(c) | | 976,271 | 71,560,664 |
| Boqii Holding Ltd. ADR (a)(c) | | 860,900 | 1,747,627 |
| Frontage Holdings Corp. (a)(b) | | 12,925,744 | 7,558,915 |
| GDS Holdings Ltd. ADR (a) | | 69,200 | 4,110,480 |
| Innovent Biologics, Inc. (a)(b) | | 897,533 | 8,051,899 |
| iQIYI, Inc. ADR (a)(c) | | 911,243 | 7,545,092 |
| Jacobio Pharmaceuticals Group Co. Ltd. (b) | | 1,355,909 | 3,084,582 |
| Kangji Medical Holdings Ltd. (c) | | 1,680,708 | 1,907,416 |
| KE Holdings, Inc. ADR (a) | | 1,040,236 | 18,953,100 |
| Kuaishou Technology Class B (b) | | 1,467,167 | 19,516,970 |
| Li Auto, Inc. Class A (a) | | 679,909 | 11,465,081 |
| Medlive Technology Co. Ltd. (b) | | 1,794,246 | 9,328,096 |
| Medlive Technology Co. Ltd. | | 193,500 | 955,687 |
| Meituan Class B (a)(b) | | 2,386,147 | 81,197,341 |
| Microport Cardioflow Medtech Corp. (b) | | 11,794,593 | 8,231,430 |
| Ming Yuan Cloud Group Holdings Ltd. | | 3,272,126 | 10,724,145 |
| New Horizon Health Ltd. (b)(c) | | 1,872,720 | 6,811,641 |
| Pinduoduo, Inc. ADR (a) | | 609,920 | 54,234,086 |
| Pop Mart International Group Ltd. (b) | | 1,945,925 | 11,492,225 |
| RLX Technology, Inc. ADR (c) | | 804,679 | 3,910,740 |
| Sea Ltd. ADR (a) | | 132,716 | 45,597,236 |
| Shimao Property Holdings Ltd. | | 5,409,091 | 8,509,385 |
| Smoore International Holdings Ltd. (b) | | 1,971,225 | 9,450,124 |
| Sunac China Holdings Ltd. | | 2,994,067 | 6,449,529 |
| Tencent Holdings Ltd. | | 838,792 | 51,023,544 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 1,741,390 | 26,376,775 |
| Yatsen Holding Ltd. ADR (c) | | 1,751,022 | 4,902,862 |
| Zai Lab Ltd. (a) | | 54,405 | 5,644,031 |
| Zai Lab Ltd. ADR (a) | | 119,830 | 12,510,252 |
|
| TOTAL CAYMAN ISLANDS | | | 708,804,459 |
|
| China - 18.3% | | | |
| Anhui Korrun Co. Ltd. (A Shares) | | 1,624,461 | 5,637,399 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 17,346,035 | 25,345,805 |
| Beijing Shiji Information Technology Co. Ltd. (A Shares) | | 10,343,175 | 38,235,395 |
| Beijing Sinohytec Co. Ltd. (A Shares) (a) | | 351,243 | 13,543,616 |
| DBAPPSecurity Ltd. (A Shares) | | 80,000 | 3,660,336 |
| Estun Automation Co. Ltd.: | | | |
| (A Shares) | | 3,445,500 | 14,226,824 |
| (A Shares) | | 2,812,528 | 11,613,217 |
| Great Wall Motor Co. Ltd. (H Shares) | | 926,472 | 4,179,573 |
| Guangzhou GRG Metrology & Test Co. Ltd. (A Shares) (a) | | 1,297,490 | 5,209,607 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 627,132 | 11,208,733 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 616,797 | 16,407,479 |
| Hundsun Technologies, Inc. (A Shares) | | 943,136 | 9,275,661 |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 1,478,200 | 11,362,693 |
| Joinn Laboratories China Co. Ltd. (A Shares) | | 734,390 | 18,343,270 |
| LONGi Green Energy Technology Co. Ltd. | | 1,585,754 | 24,183,321 |
| MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b) | | 1,449,863 | 5,683,545 |
| Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) | | 423,906 | 7,258,168 |
| Pharmaron Beijing Co. Ltd. (A Shares) | | 637,079 | 19,030,569 |
| Shanghai Milkground Food Tech Co. Ltd. (A Shares) (a) | | 1,114,900 | 8,683,193 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 1,445,232 | 14,716,853 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 255,089 | 14,976,610 |
| Shenzhen Transsion Holdings Co. Ltd. (A Shares) | | 253,200 | 6,244,869 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 927,042 | 23,748,600 |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c) | | 2,205,141 | 10,217,253 |
| Weihai Guangwei Composites Co. Ltd. (A Shares) | | 881,660 | 9,344,089 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 1,111,510 | 23,757,357 |
| Zhejiang Huace Film & Television Co. Ltd. (A Shares) | | 12,233,500 | 10,771,095 |
|
| TOTAL CHINA | | | 366,865,130 |
|
| Germany - 1.4% | | | |
| Delivery Hero AG (a)(b) | | 143,266 | 17,811,947 |
| Shop Apotheke Europe NV (a)(b) | | 70,389 | 10,659,429 |
|
| TOTAL GERMANY | | | 28,471,376 |
|
| Hong Kong - 0.5% | | | |
| Hong Kong Exchanges and Clearing Ltd. | | 185,489 | 11,223,986 |
| India - 14.4% | | | |
| Amber Enterprises India Ltd. (a) | | 113,234 | 4,993,974 |
| Asian Paints Ltd. | | 167,315 | 6,920,062 |
| Aster DM Healthcare Ltd. (a)(b) | | 901,033 | 2,257,541 |
| Computer Age Management Services Private Ltd. | | 574,307 | 23,078,782 |
| Devyani International Ltd. | | 2,431,493 | 3,980,311 |
| Dixon Technologies India Ltd. | | 207,414 | 13,818,053 |
| HDFC Asset Management Co. Ltd. (b) | | 422,095 | 14,907,209 |
| HDFC Bank Ltd. | | 1,081,728 | 22,892,609 |
| HDFC Bank Ltd. sponsored ADR | | 54,737 | 3,936,138 |
| Hindustan Aeronautics Ltd. | | 482,743 | 8,415,076 |
| Indian Energy Exchange Ltd. (b) | | 1,054,365 | 9,963,401 |
| Kotak Mahindra Bank Ltd. (a) | | 315,363 | 8,545,788 |
| Page Industries Ltd. | | 16,327 | 8,198,036 |
| Reliance Industries Ltd. | | 86,056 | 2,184,207 |
| Reliance Industries Ltd. | | 3,896,923 | 131,860,062 |
| Tata Motors Ltd. (a) | | 976,904 | 6,278,255 |
| Vijaya Diagnostic Centre Pvt Ltd. | | 248,973 | 1,875,062 |
| Voltas Ltd. | | 798,344 | 12,829,635 |
| Zomato Ltd. (a) | | 272,749 | 478,689 |
|
| TOTAL INDIA | | | 287,412,890 |
|
| Indonesia - 0.3% | | | |
| PT Bank Central Asia Tbk | | 10,598,226 | 5,591,794 |
| Japan - 7.2% | | | |
| BASE, Inc. (a)(c) | | 1,521,333 | 12,431,707 |
| Demae-Can Co. Ltd. (a)(c) | | 911,628 | 10,845,102 |
| Freee KK (a) | | 255,410 | 18,332,278 |
| Hennge K.K. (a)(c) | | 389,019 | 19,238,522 |
| Lifenet Insurance Co. (a) | | 496,964 | 4,950,564 |
| Money Forward, Inc. (a) | | 399,093 | 27,119,518 |
| SHIFT, Inc. (a) | | 48,615 | 11,211,553 |
| Uzabase, Inc. (a) | | 487,309 | 8,732,138 |
| Z Holdings Corp. | | 5,175,800 | 32,131,475 |
|
| TOTAL JAPAN | | | 144,992,857 |
|
| Korea (South) - 3.5% | | | |
| ILJIN Hysolus Co. Ltd. (a) | | 4,000 | 244,125 |
| Kakao Corp. | | 87,843 | 9,402,104 |
| Kakao Pay Corp. (a)(d) | | 7,900 | 605,328 |
| Samsung Electronics Co. Ltd. | | 989,575 | 58,945,288 |
|
| TOTAL KOREA (SOUTH) | | | 69,196,845 |
|
| Mauritius - 1.2% | | | |
| MakeMyTrip Ltd. (a) | | 773,739 | 24,504,314 |
| Netherlands - 1.9% | | | |
| ASML Holding NV (Netherlands) | | 15,262 | 12,406,484 |
| NXP Semiconductors NV | | 50,637 | 10,170,948 |
| Yandex NV Series A (a) | | 174,983 | 14,495,592 |
|
| TOTAL NETHERLANDS | | | 37,073,024 |
|
| Poland - 0.6% | | | |
| CD Projekt RED SA (c) | | 272,148 | 11,860,964 |
| Switzerland - 0.6% | | | |
| Dufry AG (a) | | 220,671 | 11,683,711 |
| Taiwan - 8.6% | | | |
| eMemory Technology, Inc. | | 120,000 | 9,912,013 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 6,328,892 | 134,124,994 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 247,375 | 28,126,538 |
|
| TOTAL TAIWAN | | | 172,163,545 |
|
| United Kingdom - 1.1% | | | |
| Espressif Systems (Shanghai) Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 9/6/22 (a)(b) | | 325,200 | 8,310,541 |
| Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/23/23 (a)(b) | | 205,603 | 7,285,614 |
| ZWSOFT Co. Ltd. (Guangzhou) (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/12/23 (a) | | 133,100 | 6,172,374 |
|
| TOTAL UNITED KINGDOM | | | 21,768,529 |
|
| United States of America - 2.9% | | | |
| AiHuiShou International Co. Ltd. ADR | | 203,339 | 1,602,311 |
| Array Technologies, Inc. | | 341,642 | 7,294,057 |
| Li Auto, Inc. ADR (a) | | 226,897 | 7,403,649 |
| New Frontier Health Corp. (a)(c) | | 413,407 | 4,650,829 |
| NVIDIA Corp. | | 66,236 | 16,934,558 |
| ON Semiconductor Corp. (a) | | 371,539 | 17,859,880 |
| Smart Share Global Ltd. ADR (a)(c) | | 726,500 | 2,063,260 |
| Space Exploration Technologies Corp. Class A (a)(e)(f) | | 1,100 | 461,989 |
|
| TOTAL UNITED STATES OF AMERICA | | | 58,270,533 |
|
| Vietnam - 0.2% | | | |
| Vietnam Dairy Products Corp. | | 1,043,400 | 4,159,567 |
| TOTAL COMMON STOCKS | | | |
| (Cost $1,612,350,902) | | | 1,977,077,929 |
|
| Preferred Stocks - 1.0% | | | |
| Convertible Preferred Stocks - 0.3% | | | |
| China - 0.3% | | | |
| ByteDance Ltd. Series E1 (e)(f) | | 23,366 | 2,904,861 |
| dMed Biopharmaceutical Co. Ltd. Series C (e)(f) | | 128,423 | 1,776,090 |
| | | | 4,680,951 |
| Nonconvertible Preferred Stocks - 0.7% | | | |
| Korea (South) - 0.7% | | | |
| Samsung Electronics Co. Ltd. | | 261,544 | 14,294,549 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $13,388,172) | | | 18,975,500 |
|
| Money Market Funds - 6.2% | | | |
| Fidelity Cash Central Fund 0.06% (g) | | 169 | 169 |
| Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) | | 124,517,607 | 124,530,059 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $124,530,228) | | | 124,530,228 |
| TOTAL INVESTMENT IN SECURITIES - 106.0% | | | |
| (Cost $1,750,269,302) | | | 2,120,583,657 |
| NET OTHER ASSETS (LIABILITIES) - (6.0)% | | | (120,463,296) |
| NET ASSETS - 100% | | | $2,000,120,361 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $325,766,557 or 16.3% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Level 3 security
(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,142,940 or 0.3% of net assets.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $2,560,310 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $1,824,011 |
| Space Exploration Technologies Corp. Class A | 2/16/21 | $461,989 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $29,694,723 | $1,068,042,809 | $1,097,743,908 | $25,159 | $6,545 | $-- | $169 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 53,158,830 | 1,203,356,598 | 1,131,985,369 | 1,493,687 | -- | -- | 124,530,059 | 0.3% |
| Total | $82,853,553 | $2,271,399,407 | $2,229,729,277 | $1,518,846 | $6,545 | $-- | $124,530,228 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $310,107,533 | $217,550,410 | $92,557,123 | $-- |
| Consumer Discretionary | 468,657,681 | 298,708,698 | 169,948,983 | -- |
| Consumer Staples | 38,392,100 | 31,106,486 | 7,285,614 | -- |
| Energy | 134,044,269 | 134,044,269 | -- | -- |
| Financials | 100,405,195 | 63,829,884 | 36,575,311 | -- |
| Health Care | 254,591,898 | 219,839,315 | 32,976,493 | 1,776,090 |
| Industrials | 105,774,026 | 105,312,037 | -- | 461,989 |
| Information Technology | 533,904,562 | 207,806,565 | 323,193,136 | 2,904,861 |
| Materials | 16,264,151 | 16,264,151 | -- | -- |
| Real Estate | 33,912,014 | 33,912,014 | -- | -- |
| Money Market Funds | 124,530,228 | 124,530,228 | -- | -- |
| Total Investments in Securities: | $2,120,583,657 | $1,452,904,057 | $662,536,660 | $5,142,940 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Emerging Asia Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $116,738,083) — See accompanying schedule:
Unaffiliated issuers (cost $1,625,739,074) | $1,996,053,429 | |
| Fidelity Central Funds (cost $124,530,228) | 124,530,228 | |
| Total Investment in Securities (cost $1,750,269,302) | | $2,120,583,657 |
| Foreign currency held at value (cost $1,126,765) | | 1,125,634 |
| Receivable for investments sold | | 51,274,088 |
| Receivable for fund shares sold | | 563,298 |
| Dividends receivable | | 436,325 |
| Distributions receivable from Fidelity Central Funds | | 66,499 |
| Prepaid expenses | | 3,479 |
| Other receivables | | 1,578,195 |
| Total assets | | 2,175,631,175 |
| Liabilities | | |
| Payable for investments purchased on a delayed delivery basis | $611,381 | |
| Payable for fund shares redeemed | 3,421,512 | |
| Accrued management fee | 1,428,072 | |
| Notes payable to affiliates | 31,251,000 | |
| Deferred foreign taxes | 12,501,426 | |
| Other affiliated payables | 352,144 | |
| Other payables and accrued expenses | 1,413,991 | |
| Collateral on securities loaned | 124,531,288 | |
| Total liabilities | | 175,510,814 |
| Net Assets | | $2,000,120,361 |
| Net Assets consist of: | | |
| Paid in capital | | $1,430,125,045 |
| Total accumulated earnings (loss) | | 569,995,316 |
| Net Assets | | $2,000,120,361 |
| Net Asset Value, offering price and redemption price per share ($2,000,120,361 ÷ 30,934,106 shares) | | $64.66 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $12,765,621 |
| Special dividends | | 2,299,884 |
| Income from Fidelity Central Funds (including $1,493,687 from security lending) | | 1,518,846 |
| Income before foreign taxes withheld | | 16,584,351 |
| Less foreign taxes withheld | | (2,516,364) |
| Total income | | 14,067,987 |
| Expenses | | |
| Management fee | | |
| Basic fee | $16,565,788 | |
| Performance adjustment | 2,710,671 | |
| Transfer agent fees | 3,720,621 | |
| Accounting fees | 1,068,699 | |
| Custodian fees and expenses | 741,441 | |
| Independent trustees' fees and expenses | 9,221 | |
| Registration fees | 168,717 | |
| Audit | 89,619 | |
| Legal | 3,041 | |
| Interest | 8,365 | |
| Miscellaneous | 9,087 | |
| Total expenses before reductions | 25,095,270 | |
| Expense reductions | (36,657) | |
| Total expenses after reductions | | 25,058,613 |
| Net investment income (loss) | | (10,990,626) |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $9,584,736) | 293,265,355 | |
| Fidelity Central Funds | 6,545 | |
| Foreign currency transactions | (665,814) | |
| Total net realized gain (loss) | | 292,606,086 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $8,121,984) | (83,431,390) | |
| Assets and liabilities in foreign currencies | (25,818) | |
| Total change in net unrealized appreciation (depreciation) | | (83,457,208) |
| Net gain (loss) | | 209,148,878 |
| Net increase (decrease) in net assets resulting from operations | | $198,158,252 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(10,990,626) | $(2,757,370) |
| Net realized gain (loss) | 292,606,086 | 292,368,377 |
| Change in net unrealized appreciation (depreciation) | (83,457,208) | 190,645,318 |
| Net increase (decrease) in net assets resulting from operations | 198,158,252 | 480,256,325 |
| Distributions to shareholders | (263,140,424) | (61,694,228) |
| Share transactions | | |
| Proceeds from sales of shares | 1,491,669,517 | 382,512,284 |
| Reinvestment of distributions | 244,049,572 | 56,885,103 |
| Cost of shares redeemed | (1,249,398,074) | (272,798,218) |
| Net increase (decrease) in net assets resulting from share transactions | 486,321,015 | 166,599,169 |
| Total increase (decrease) in net assets | 421,338,843 | 585,161,266 |
| Net Assets | | |
| Beginning of period | 1,578,781,518 | 993,620,252 |
| End of period | $2,000,120,361 | $1,578,781,518 |
| Other Information | | |
| Shares | | |
| Sold | 20,776,389 | 6,985,258 |
| Issued in reinvestment of distributions | 3,825,228 | 1,329,091 |
| Redeemed | (18,489,539) | (5,557,270) |
| Net increase (decrease) | 6,112,078 | 2,757,079 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Emerging Asia Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $63.60 | $45.03 | $36.69 | $43.94 | $33.37 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.31)B | (.12) | .34 | .41 | .40 |
| Net realized and unrealized gain (loss) | 11.00 | 21.49 | 9.27 | (7.27) | 10.56 |
| Total from investment operations | 10.69 | 21.37 | 9.61 | (6.86) | 10.96 |
| Distributions from net investment income | – | (.29)C | (.39) | (.37) | (.34) |
| Distributions from net realized gain | (9.63) | (2.51)C | (.88) | (.02) | (.05) |
| Total distributions | (9.63) | (2.80) | (1.27) | (.39) | (.39) |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $64.66 | $63.60 | $45.03 | $36.69 | $43.94 |
| Total ReturnE | 17.02% | 50.46% | 26.95% | (15.75)% | 33.28% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.02% | 1.13% | 1.11% | 1.02% | 1.10% |
| Expenses net of fee waivers, if any | 1.02% | 1.13% | 1.11% | 1.02% | 1.10% |
| Expenses net of all reductions | 1.02% | 1.10% | 1.11% | 1.00% | 1.08% |
| Net investment income (loss) | (.45)%B | (.24)% | .82% | .93% | 1.07% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,000,120 | $1,578,782 | $993,620 | $913,940 | $1,286,331 |
| Portfolio turnover rateH | 85% | 114% | 61%I | 36% | 40% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.54) %.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, 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 | $620,187,366 |
| Gross unrealized depreciation | (255,719,647) |
| Net unrealized appreciation (depreciation) | $364,467,719 |
| Tax Cost | $1,756,115,938 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,654,396 |
| Undistributed long-term capital gain | $215,613,895 |
| Net unrealized appreciation (depreciation) on securities and other investments | $364,228,453 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $124,687,153 | $ 7,703,502 |
| Long-term Capital Gains | 138,453,271 | 53,990,726 |
| Total | $263,140,424 | $ 61,694,228 |
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 | 2,196,216,915 | 1,989,482,578 |
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. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Asia ex Japan Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .79% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity 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 | $15,935 |
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 under the caption "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 Emerging Asia Fund | Borrower | $12,764,162 | .31% | $7,490 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Emerging Asia Fund | 119,849,107 | 32,355,769 | 3,666,003 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity Emerging Asia Fund | 2,452 |
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 | $4,349 |
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 | $109,798 | $21,725 | $– |
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 Emerging Asia Fund | $4,668,583 | .56% | $875 |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $36,657.
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Emerging Markets Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 12.75% | 14.24% | 8.24% |
| Class M (incl. 3.50% sales charge) | 15.29% | 14.75% | 8.49% |
| Class C (incl. contingent deferred sales charge) | 18.20% | 15.51% | 8.85% |
| Fidelity® Emerging Markets Fund | 19.83% | 15.64% | 8.91% |
| Class K | 19.94% | 15.79% | 9.09% |
| Class I | 19.80% | 15.63% | 8.90% |
| Class Z | 19.90% | 15.65% | 8.91% |
Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class I shares took place on May 11, 2021. Returns prior to May 11, 2021 are those of Fidelity® Emerging Markets Fund, the original class of the fund.
The initial offering of Class Z shares took place on May 11, 2021. Returns prior to May 11, 2021 are those of Fidelity® Emerging Markets Fund, the original class of the fund.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
| Period Ending Values |
| $23,469 | Fidelity® Emerging Markets Fund |
| $16,162 | MSCI Emerging Markets Index |
Fidelity® Emerging Markets Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager John Dance: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 19% to 20%, outperforming the 16.98% result of the benchmark MSCI Emerging Markets (Net MA) Index. From a regional standpoint, out-of-benchmark exposure to stocks in Europe ex U.K., the U.S. and Asia Pacific ex Japan notably contributed to the portfolio's relative result. Stock picks in Taiwan also helped. By sector, security selection in information technology stood out for its contribution. Strong investment choices in communication services – the media & entertainment industry especially – also lifted the fund's relative result. Further aiding performance were stock picks in financials. eMemory Technology, the portfolio’s top individual contributor, gained 317% the past 12 months and was among the biggest holdings at period end. Adding further value was Nvidia, which rose approximately 104% during the period and also was among the fund's largest positions. Another key contributor this past year was ASML Holding (+124%). All of these contributors were non-benchmark stakes within the portfolio. In contrast, stock picks in Latin America, largely driven by Brazil, as well as an underweighting in the Middle East, hindered the fund's relative result. By sector, the largest detractor from performance versus the benchmark was security selection in energy. An underweighting and picks among materials stocks, in addition to smaller-than-benchmark exposure to financials, also hurt relative performance. An overweight stake in Alibaba Group Holding, the fund's biggest individual relative detractor and one of our largest holdings, returned -45% the past 12 months. Also hindering performance was our larger-than-benchmark position in Tencent Holdings, which returned -19% and was one of the portfolio's biggest holdings. Further weighing on performance was our overweighting in New Oriental Education & Technology Group, which returned about -46% and was no longer held at period end. Notable geographical changes in positioning include higher allocations to both Taiwan and India. By sector, meaningful shifts in exposure include a smaller allocation to consumer staples and consumer discretionary stocks.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Emerging Markets Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Cayman Islands | 22.4% |
| | India | 14.2% |
| | Taiwan | 12.4% |
| | United States of America* | 8.2% |
| | China | 7.7% |
| | Korea (South) | 6.3% |
| | Netherlands | 3.8% |
| | Russia | 2.9% |
| | Hong Kong | 2.8% |
| | Other | 19.3% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 99.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 8.5 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 6.6 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.0 |
| Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) | 3.9 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 3.3 |
| Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) | 3.0 |
| NVIDIA Corp. (United States of America, Semiconductors & Semiconductor Equipment) | 2.5 |
| eMemory Technology, Inc. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.2 |
| Al Rajhi Bank (Saudi Arabia, Banks) | 2.0 |
| Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) | 2.0 |
| | 38.0 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 26.6 |
| Financials | 16.4 |
| Communication Services | 14.9 |
| Consumer Discretionary | 13.5 |
| Health Care | 7.6 |
| Industrials | 6.2 |
| Energy | 6.0 |
| Consumer Staples | 4.3 |
| Materials | 1.9 |
| Utilities | 1.1 |
Fidelity® Emerging Markets Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 99.4% | | | |
| | | Shares | Value |
| Australia - 0.8% | | | |
| Lynas Rare Earths Ltd. (a) | | 11,851,610 | $65,349,689 |
| Brazil - 2.2% | | | |
| Atacadao SA | | 17,996,300 | 53,059,717 |
| Boa Vista Servicos SA | | 16,305,938 | 26,378,187 |
| Hapvida Participacoes e Investimentos SA (b) | | 22,150,200 | 45,290,993 |
| Localiza Rent A Car SA | | 8,029,745 | 64,450,804 |
|
| TOTAL BRAZIL | | | 189,179,701 |
|
| Canada - 0.6% | | | |
| First Quantum Minerals Ltd. | | 2,262,500 | 53,564,358 |
| Cayman Islands - 22.4% | | | |
| Alibaba Group Holding Ltd. (a) | | 15,994,532 | 328,890,090 |
| Chailease Holding Co. Ltd. | | 12,238,250 | 116,910,558 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 20,308,000 | 45,363,799 |
| Medlive Technology Co. Ltd. | | 626,000 | 3,091,783 |
| Meituan Class B (a)(b) | | 7,608,400 | 258,903,515 |
| NetEase, Inc. ADR | | 1,060,400 | 103,484,436 |
| Pinduoduo, Inc. ADR (a) | | 1,303,000 | 115,862,760 |
| Sea Ltd. ADR (a) | | 392,800 | 134,954,296 |
| Shenzhou International Group Holdings Ltd. | | 2,971,900 | 64,027,215 |
| Silergy Corp. | | 427,000 | 70,233,794 |
| Tencent Holdings Ltd. | | 9,259,900 | 563,277,798 |
| XP, Inc. Class A (a) | | 1,416,500 | 46,475,365 |
| Zai Lab Ltd. ADR (a) | | 594,700 | 62,086,680 |
|
| TOTAL CAYMAN ISLANDS | | | 1,913,562,089 |
|
| China - 7.6% | | | |
| Angel Yeast Co. Ltd. (A Shares) | | 9,536,883 | 82,821,965 |
| Guangzhou GRG Metrology & Test Co. Ltd. (A Shares) (a) | | 8,539,692 | 34,288,082 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 557,233 | 158,849,789 |
| Midea Group Co. Ltd. (A Shares) | | 5,339,948 | 57,327,904 |
| Shandong Sinocera Functional Material Co. Ltd. (A Shares) | | 6,044,599 | 40,368,098 |
| Shanghai Baosight Software Co. Ltd. (A Shares) | | 4,002,560 | 43,738,704 |
| Shenzhen H&T Intelligent Control Co. Ltd. (A Shares) | | 10,418,449 | 37,765,505 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 1,446,256 | 84,911,590 |
| Sinopharm Group Co. Ltd. (H Shares) | | 21,017,200 | 50,135,497 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 16,938,282 | 62,721,157 |
|
| TOTAL CHINA | | | 652,928,291 |
|
| France - 2.7% | | | |
| Hermes International SCA | | 36,019 | 57,064,830 |
| LVMH Moet Hennessy Louis Vuitton SE | | 111,799 | 87,664,018 |
| Sartorius Stedim Biotech | | 155,300 | 85,490,662 |
|
| TOTAL FRANCE | | | 230,219,510 |
|
| Hong Kong - 2.8% | | | |
| AIA Group Ltd. | | 5,968,200 | 66,885,684 |
| Hong Kong Exchanges and Clearing Ltd. | | 1,148,074 | 69,470,245 |
| Hysan Development Co. Ltd. | | 10,390,000 | 36,122,293 |
| Techtronic Industries Co. Ltd. | | 3,409,500 | 70,157,567 |
|
| TOTAL HONG KONG | | | 242,635,789 |
|
| Hungary - 0.7% | | | |
| Richter Gedeon PLC | | 2,158,900 | 60,478,829 |
| India - 14.2% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 6,530,700 | 60,379,896 |
| Burger King India Ltd. | | 13,898,436 | 28,304,933 |
| FSN E-Commerce Ventures Private Ltd. (a)(c) | | 1,693,920 | 21,610,446 |
| HDFC Bank Ltd. | | 5,425,294 | 114,815,492 |
| Housing Development Finance Corp. Ltd. | | 4,386,246 | 166,467,267 |
| Kotak Mahindra Bank Ltd. (a) | | 4,768,948 | 129,230,188 |
| Larsen & Toubro Ltd. | | 4,348,200 | 102,484,791 |
| Petronet LNG Ltd. | | 32,522,700 | 99,600,904 |
| Power Grid Corp. of India Ltd. | | 37,193,200 | 91,823,116 |
| Reliance Industries Ltd. | | 6,875,818 | 232,656,839 |
| Reliance Industries Ltd. sponsored GDR (b) | | 665,900 | 45,281,200 |
| Tata Consultancy Services Ltd. | | 2,378,500 | 107,818,670 |
| Zomato Ltd. (c) | | 7,510,700 | 11,204,425 |
|
| TOTAL INDIA | | | 1,211,678,167 |
|
| Indonesia - 1.8% | | | |
| PT Bank Central Asia Tbk | | 291,783,870 | 153,949,845 |
| Japan - 1.5% | | | |
| Hoya Corp. | | 568,800 | 83,732,227 |
| Tokyo Electron Ltd. | | 92,600 | 43,154,664 |
|
| TOTAL JAPAN | | | 126,886,891 |
|
| Kazakhstan - 0.4% | | | |
| Kaspi.KZ JSC unit | | 221,500 | 32,117,500 |
| Kenya - 1.5% | | | |
| Safaricom Ltd. | | 340,321,000 | 130,869,172 |
| Korea (South) - 6.3% | | | |
| Kakao Corp. | | 678,000 | 72,568,405 |
| NAVER Corp. | | 352,050 | 121,774,351 |
| Samsung Electronics Co. Ltd. | | 5,744,997 | 342,208,019 |
|
| TOTAL KOREA (SOUTH) | | | 536,550,775 |
|
| Luxembourg - 0.7% | | | |
| Globant SA (a) | | 183,700 | 58,635,203 |
| Mexico - 0.9% | | | |
| Banco del Bajio SA (b) | | 23,515,520 | 44,145,854 |
| Grupo Aeroportuario Norte S.A.B. de CV (a) | | 5,637,411 | 34,016,688 |
|
| TOTAL MEXICO | | | 78,162,542 |
|
| Multi-National - 0.7% | | | |
| HKT Trust/HKT Ltd. unit | | 42,316,000 | 57,432,936 |
| Netherlands - 3.8% | | | |
| ASML Holding NV (Netherlands) | | 153,500 | 124,780,191 |
| Ferrari NV | | 294,900 | 69,941,433 |
| Prosus NV | | 521,179 | 45,915,224 |
| Prosus NV rights (a)(d) | | 521,179 | 84,348 |
| Yandex NV Series A (a) | | 967,887 | 80,179,759 |
|
| TOTAL NETHERLANDS | | | 320,900,955 |
|
| Philippines - 0.6% | | | |
| Ayala Land, Inc. | | 76,575,700 | 53,213,365 |
| Russia - 2.9% | | | |
| Lukoil PJSC sponsored ADR | | 802,595 | 81,864,690 |
| Sberbank of Russia | | 32,984,860 | 165,940,025 |
|
| TOTAL RUSSIA | | | 247,804,715 |
|
| Saudi Arabia - 2.6% | | | |
| Al Rajhi Bank | | 4,561,500 | 168,552,587 |
| Saudi Arabian Oil Co. | | 5,369,200 | 54,036,978 |
|
| TOTAL SAUDI ARABIA | | | 222,589,565 |
|
| South Africa - 0.9% | | | |
| Clicks Group Ltd. | | 4,148,583 | 75,730,991 |
| Sweden - 0.7% | | | |
| VEF AB (a)(e) | | 81,129,072 | 58,759,062 |
| Taiwan - 12.4% | | | |
| E.SUN Financial Holdings Co. Ltd. | | 70,536,912 | 67,256,420 |
| eMemory Technology, Inc. | | 2,289,000 | 189,071,647 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 34,150,000 | 723,723,628 |
| Voltronic Power Technology Corp. | | 1,331,868 | 77,726,181 |
|
| TOTAL TAIWAN | | | 1,057,777,876 |
|
| United States of America - 7.7% | | | |
| Adobe, Inc. (a) | | 134,678 | 87,589,184 |
| Dlocal Ltd. (f) | | 884,372 | 42,900,886 |
| Lam Research Corp. | | 132,508 | 74,677,534 |
| Maravai LifeSciences Holdings, Inc. | | 1,553,400 | 65,693,286 |
| NVIDIA Corp. | | 851,908 | 217,807,318 |
| TaskUs, Inc. | | 722,816 | 41,851,046 |
| Thermo Fisher Scientific, Inc. | | 104,338 | 66,053,258 |
| UiPath, Inc. Class A (a) | | 1,155,400 | 58,058,850 |
|
| TOTAL UNITED STATES OF AMERICA | | | 654,631,362 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $5,649,002,589) | | | 8,485,609,178 |
|
| Convertible Preferred Stocks - 0.1% | | | |
| China - 0.1% | | | |
| ByteDance Ltd. Series E1 (c)(g) | | | |
| (Cost $9,341,528) | | 85,253 | 10,598,653 |
|
| Money Market Funds - 1.7% | | | |
| Fidelity Cash Central Fund 0.06% (h) | | 104,816,957 | 104,837,920 |
| Fidelity Securities Lending Cash Central Fund 0.06% (h)(i) | | 38,980,502 | 38,984,400 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $143,822,320) | | | 143,822,320 |
| TOTAL INVESTMENT IN SECURITIES - 101.2% | | | |
| (Cost $5,802,166,437) | | | 8,640,030,151 |
| NET OTHER ASSETS (LIABILITIES) - (1.2)% | | | (100,757,899) |
| NET ASSETS - 100% | | | $8,539,272,252 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $438,985,361 or 5.1% of net assets.
(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $43,413,524 or 0.5% of net assets.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Affiliated company
(f) Security or a portion of the security is on loan at period end.
(g) Level 3 security
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $9,341,528 |
| FSN E-Commerce Ventures Private Ltd. | 10/7/20 - 10/26/20 | $4,649,356 |
| Zomato Ltd. | 12/9/20 - 2/10/21 | $5,294,724 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $225,898,034 | $2,245,859,747 | $2,366,916,088 | $111,801 | $(3,773) | $-- | $104,837,920 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 9,441,175 | 507,843,574 | 478,300,349 | 243,844 | -- | -- | 38,984,400 | 0.1% |
| Total | $235,339,209 | $2,753,703,321 | $2,845,216,437 | $355,645 | $(3,773) | $-- | $143,822,320 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| VEF AB | $-- | $19,335,570 | $-- | $-- | $-- | $25,847,572 | $58,759,062 |
| VEF Ltd. (depository receipt) | 10,054,202 | 3,245,299 | -- | -- | -- | 276,419 | -- |
| Total | $10,054,202 | $22,580,869 | $-- | $-- | $-- | $26,123,991 | $58,759,062 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $1,264,541,153 | $506,920,599 | $757,620,554 | $-- |
| Consumer Discretionary | 1,146,801,141 | 374,417,084 | 772,384,057 | -- |
| Consumer Staples | 370,462,462 | 370,462,462 | -- | -- |
| Energy | 513,440,611 | 513,440,611 | -- | -- |
| Financials | 1,400,976,092 | 1,053,334,891 | 347,641,201 | -- |
| Health Care | 652,328,604 | 565,504,594 | 86,824,010 | -- |
| Industrials | 532,603,353 | 532,603,353 | -- | -- |
| Information Technology | 2,274,613,496 | 1,030,148,341 | 1,233,866,502 | 10,598,653 |
| Materials | 159,282,145 | 159,282,145 | -- | -- |
| Real Estate | 89,335,658 | 89,335,658 | -- | -- |
| Utilities | 91,823,116 | 91,823,116 | -- | -- |
| Money Market Funds | 143,822,320 | 143,822,320 | -- | -- |
| Total Investments in Securities: | $8,640,030,151 | $5,431,095,174 | $3,198,336,324 | $10,598,653 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Emerging Markets Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $37,081,044) — See accompanying schedule:
Unaffiliated issuers (cost $5,625,432,627) | $8,437,448,769 | |
| Fidelity Central Funds (cost $143,822,320) | 143,822,320 | |
| Other affiliated issuers (cost $32,911,490) | 58,759,062 | |
| Total Investment in Securities (cost $5,802,166,437) | | $8,640,030,151 |
| Cash | | 5,230,255 |
| Foreign currency held at value (cost $14,392,845) | | 14,360,842 |
| Receivable for investments sold | | 1,584,951 |
| Receivable for fund shares sold | | 5,503,082 |
| Dividends receivable | | 4,146,873 |
| Distributions receivable from Fidelity Central Funds | | 21,756 |
| Prepaid expenses | | 11,275 |
| Other receivables | | 1,910,713 |
| Total assets | | 8,672,799,898 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $40,568,370 | |
| Delayed delivery | 84,348 | |
| Payable for fund shares redeemed | 3,776,618 | |
| Accrued management fee | 4,749,144 | |
| Distribution and service plan fees payable | 3,594 | |
| Deferred foreign taxes | 43,577,069 | |
| Other affiliated payables | 916,504 | |
| Other payables and accrued expenses | 867,999 | |
| Collateral on securities loaned | 38,984,000 | |
| Total liabilities | | 133,527,646 |
| Net Assets | | $8,539,272,252 |
| Net Assets consist of: | | |
| Paid in capital | | $5,351,127,741 |
| Total accumulated earnings (loss) | | 3,188,144,511 |
| Net Assets | | $8,539,272,252 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($6,248,449 ÷ 131,597 shares)(a) | | $47.48 |
| Maximum offering price per share (100/94.25 of $47.48) | | $50.38 |
| Class M: | | |
| Net Asset Value and redemption price per share ($2,234,006 ÷ 47,110 shares)(a) | | $47.42 |
| Maximum offering price per share (100/96.50 of $47.42) | | $49.14 |
| Class C: | | |
| Net Asset Value and offering price per share ($1,586,590 ÷ 33,535 shares)(a) | | $47.31 |
| Emerging Markets: | | |
| Net Asset Value, offering price and redemption price per share ($5,016,159,212 ÷ 105,470,568 shares) | | $47.56 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($1,689,453,853 ÷ 35,475,976 shares) | | $47.62 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($25,823,957 ÷ 543,072 shares) | | $47.55 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($1,797,766,185 ÷ 37,778,373 shares) | | $47.59 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $100,686,134 |
| Income from Fidelity Central Funds (including $243,844 from security lending) | | 355,645 |
| Income before foreign taxes withheld | | 101,041,779 |
| Less foreign taxes withheld | | (13,687,617) |
| Total income | | 87,354,162 |
| Expenses | | |
| Management fee | $53,263,720 | |
| Transfer agent fees | 9,990,164 | |
| Distribution and service plan fees | 19,615 | |
| Accounting fees | 1,683,661 | |
| Custodian fees and expenses | 1,895,766 | |
| Independent trustees' fees and expenses | 29,355 | |
| Registration fees | 344,807 | |
| Audit | 136,677 | |
| Legal | 29,856 | |
| Miscellaneous | 26,978 | |
| Total expenses before reductions | 67,420,599 | |
| Expense reductions | (129,165) | |
| Total expenses after reductions | | 67,291,434 |
| Net investment income (loss) | | 20,062,728 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 433,267,000 | |
| Fidelity Central Funds | (3,773) | |
| Foreign currency transactions | (1,357,796) | |
| Futures contracts | (292,895) | |
| Total net realized gain (loss) | | 431,612,536 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $37,505,191) | 685,129,647 | |
| Affiliated issuers | 26,123,991 | |
| Assets and liabilities in foreign currencies | (110,007) | |
| Total change in net unrealized appreciation (depreciation) | | 711,143,631 |
| Net gain (loss) | | 1,142,756,167 |
| Net increase (decrease) in net assets resulting from operations | | $1,162,818,895 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $20,062,728 | $20,943,612 |
| Net realized gain (loss) | 431,612,536 | 149,980,434 |
| Change in net unrealized appreciation (depreciation) | 711,143,631 | 815,006,813 |
| Net increase (decrease) in net assets resulting from operations | 1,162,818,895 | 985,930,859 |
| Distributions to shareholders | (94,102,390) | (76,670,557) |
| Share transactions - net increase (decrease) | 1,716,927,864 | 720,715,607 |
| Total increase (decrease) in net assets | 2,785,644,369 | 1,629,975,909 |
| Net Assets | | |
| Beginning of period | 5,753,627,883 | 4,123,651,974 |
| End of period | $8,539,272,252 | $5,753,627,883 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Emerging Markets Fund Class A
| Year ended October 31, | 2021 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $46.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | (.04) |
| Net realized and unrealized gain (loss) | .69 |
| Total from investment operations | .65 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $47.48 |
| Total ReturnC,D,E | 1.39% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | 1.25%H |
| Expenses net of fee waivers, if any | 1.25%H |
| Expenses net of all reductions | 1.25%H |
| Net investment income (loss) | (.17)%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $6,248 |
| Portfolio turnover rateI | 38%H,J |
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Fund Class M
| Year ended October 31, | 2021 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $46.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | (.09) |
| Net realized and unrealized gain (loss) | .68 |
| Total from investment operations | .59 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $47.42 |
| Total ReturnC,D,E | 1.26% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | 1.52%H |
| Expenses net of fee waivers, if any | 1.51%H |
| Expenses net of all reductions | 1.51%H |
| Net investment income (loss) | (.39)%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $2,234 |
| Portfolio turnover rateI | 38%H,J |
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Fund Class C
| Year ended October 31, | 2021 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $46.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | (.19) |
| Net realized and unrealized gain (loss) | .67 |
| Total from investment operations | .48 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $47.31 |
| Total ReturnC,D,E | 1.02% |
| Ratios to Average Net AssetsF,G | |
| Expenses before reductions | 2.01%H |
| Expenses net of fee waivers, if any | 2.01%H |
| Expenses net of all reductions | 2.01%H |
| Net investment income (loss) | (.86)%H |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,587 |
| Portfolio turnover rateI | 38%H,J |
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $40.26 | $33.03 | $26.66 | $31.37 | $24.25 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .12 | .15 | .61B | .24 | .22 |
| Net realized and unrealized gain (loss) | 7.81 | 7.68 | 5.98 | (4.76) | 7.05 |
| Total from investment operations | 7.93 | 7.83 | 6.59 | (4.52) | 7.27 |
| Distributions from net investment income | (.09) | (.60) | (.22) | (.16) | (.15) |
| Distributions from net realized gain | (.54) | – | –C | (.03) | – |
| Total distributions | (.63) | (.60) | (.22) | (.19) | (.15) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $47.56 | $40.26 | $33.03 | $26.66 | $31.37 |
| Total ReturnD | 19.83% | 24.09% | 24.91% | (14.51)% | 30.21% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .88% | .92% | .94% | .96% | .97% |
| Expenses net of fee waivers, if any | .88% | .92% | .94% | .96% | .97% |
| Expenses net of all reductions | .88% | .91% | .92% | .92% | .96% |
| Net investment income (loss) | .26% | .43% | 2.02%B | .75% | .83% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,016,159 | $4,526,531 | $3,104,887 | $3,493,583 | $3,933,401 |
| Portfolio turnover rateG | 38%H | 34% | 85%I | 86% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 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 .88%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H The portfolio turnover rate does not include the assets acquired in the merger.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Fund Class K
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $40.30 | $33.07 | $26.70 | $31.41 | $24.28 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .19 | .65B | .28 | .26 |
| Net realized and unrealized gain (loss) | 7.83 | 7.69 | 5.99 | (4.76) | 7.06 |
| Total from investment operations | 7.99 | 7.88 | 6.64 | (4.48) | 7.32 |
| Distributions from net investment income | (.12) | (.65) | (.26) | (.20) | (.19) |
| Distributions from net realized gain | (.54) | – | –C | (.03) | – |
| Total distributions | (.67)D | (.65) | (.27)D | (.23) | (.19) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $47.62 | $40.30 | $33.07 | $26.70 | $31.41 |
| Total ReturnE | 19.94% | 24.24% | 25.08% | (14.39)% | 30.44% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .77% | .80% | .80% | .82% | .83% |
| Expenses net of fee waivers, if any | .77% | .80% | .80% | .82% | .82% |
| Expenses net of all reductions | .77% | .79% | .79% | .78% | .81% |
| Net investment income (loss) | .34% | .55% | 2.15%B | .89% | .98% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,689,454 | $1,227,097 | $1,018,765 | $870,859 | $924,783 |
| Portfolio turnover rateH | 38%I | 34% | 85%J | 86% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 1.02%.
C Amount represents less than $.005 per share.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I The portfolio turnover rate does not include the assets acquired in the merger.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Fund Class I
| Year ended October 31, | 2021 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $46.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | .04 |
| Net realized and unrealized gain (loss) | .68 |
| Total from investment operations | .72 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $47.55 |
| Total ReturnC,D | 1.54% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .94%G |
| Expenses net of fee waivers, if any | .93%G |
| Expenses net of all reductions | .93%G |
| Net investment income (loss) | .17%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $25,824 |
| Portfolio turnover rateH | 38%G,I |
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Fund Class Z
| Year ended October 31, | 2021 A |
| Selected Per–Share Data | |
| Net asset value, beginning of period | $46.83 |
| Income from Investment Operations | |
| Net investment income (loss)B | (.03) |
| Net realized and unrealized gain (loss) | .79 |
| Total from investment operations | .76 |
| Distributions from net investment income | – |
| Distributions from net realized gain | – |
| Total distributions | – |
| Net asset value, end of period | $47.59 |
| Total ReturnC,D | 1.62% |
| Ratios to Average Net AssetsE,F | |
| Expenses before reductions | .78%G |
| Expenses net of fee waivers, if any | .78%G |
| Expenses net of all reductions | .78%G |
| Net investment income (loss) | (.13)%G |
| Supplemental Data | |
| Net assets, end of period (000 omitted) | $1,797,766 |
| Portfolio turnover rateH | 38%G,I |
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I The portfolio turnover rate does not include the assets acquire in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on May 11, 2021. The Fund offers Class A, Class M, Class C, Emerging Markets, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $3,037,581,773 |
| Gross unrealized depreciation | (282,471,991) |
| Net unrealized appreciation (depreciation) | $2,755,109,782 |
| Tax Cost | $5,884,920,369 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $85,843,727 |
| Undistributed long-term capital gain | $391,630,805 |
| Net unrealized appreciation (depreciation) on securities and other investments | $2,754,247,048 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $14,214,447 | $ 76,670,557 |
| Long-term Capital Gains | 79,887,943 | – |
| Total | $94,102,390 | $ 76,670,557 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, securities acquired in the merger, and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Emerging Markets Fund | 4,562,898,247 | 2,885,298,655 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
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% | $6,606 | $142 |
| Class M | .25% | .25% | 5,400 | 295 |
| Class C | .75% | .25% | 7,609 | 950 |
| | | | $19,615 | $1,387 |
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 | $1,406 |
| Class M | 291 |
| Class C(a) | – |
| | $1,697 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $6,889 | .26 |
| Class M | 3,016 | .28 |
| Class C | 2,081 | .27 |
| Emerging Markets | 9,116,970 | .16 |
| Class K | 678,734 | .04 |
| Class I | 13,583 | .20 |
| Class Z | 168,891 | .04 |
| | $9,990,164 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Emerging Markets Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Emerging Markets Fund | $10,573 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Emerging Markets Fund | 84,498,680 | 6,320,489 | 1,223,905 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Emerging Markets Fund | $13,695 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Emerging Markets Fund | $21,868 | $– | $– |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $421.
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 $128,744.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021(a) | Year ended
October 31, 2020 |
| Fidelity Emerging Markets Fund | | |
| Distributions to shareholders | | |
| Class A | $– | $– |
| Class M | – | – |
| Class C | – | – |
| Emerging Markets | 73,337,964 | 57,031,002 |
| Class K | 20,764,426 | 19,639,555 |
| Class I | – | – |
| Class Z | – | – |
| Total | $94,102,390 | $76,670,557 |
(a) Distributions for Class A, Class M, Class C, Class I and Class Z are for the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 (a) | Year ended October 31, 2020 | Year ended October 31, 2021(a) | Year ended October 31, 2020 |
| Fidelity Emerging Markets Fund | | | | |
| Class A | | | | |
| Shares sold | 33,473 | – | $1,591,260 | $– |
| Issued in exchange for the shares of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | 108,045 | – | 4,995,991 | – |
| Shares redeemed | (9,921) | – | (469,831) | – |
| Net increase (decrease) | 131,597 | – | $6,117,420 | $– |
| Class M | | | | |
| Shares sold | 5,398 | – | $256,234 | $– |
| Issued in exchange for the shares of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | 47,393 | – | 2,190,992 | – |
| Shares redeemed | (5,681) | – | (268,777) | – |
| Net increase (decrease) | 47,110 | – | $2,178,449 | $– |
| Class C | | | | |
| Shares sold | 5,656 | – | $268,640 | $– |
| Issued in exchange for the shares of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | 37,074 | – | 1,713,931 | – |
| Shares redeemed | (9,195) | – | (437,335) | – |
| Net increase (decrease) | 33,535 | – | $1,545,236 | $– |
| Emerging Markets | | | | |
| Shares sold | 51,262,366 | 43,168,611 | $2,407,337,547 | $1,531,210,661 |
| Issued in exchange for the shares of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | 1,053,093 | – | 48,684,329 | – |
| Reinvestment of distributions | 1,357,618 | 1,515,070 | 60,020,270 | 50,270,030 |
| Shares redeemed | (60,624,133) | (26,256,594) | (2,847,240,636) | (856,791,443) |
| Net increase (decrease) | (6,951,056) | 18,427,087 | $(331,198,490) | $724,689,248 |
| Class K | | | | |
| Shares sold | 13,228,413 | 10,051,612 | $621,422,438 | $349,351,112 |
| Reinvestment of distributions | 469,461 | 591,909 | 20,764,260 | 19,639,530 |
| Shares redeemed | (8,670,886) | (11,002,042) | (406,215,879) | (372,964,283) |
| Net increase (decrease) | 5,026,988 | (358,521) | $235,970,819 | $(3,973,641) |
| Class I | | | | |
| Shares sold | 187,665 | – | $8,912,073 | $– |
| Issued in exchange for the shares of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | 456,278 | – | 21,098,248 | – |
| Shares redeemed | (100,871) | – | (4,648,575) | – |
| Net increase (decrease) | 543,072 | – | $25,361,746 | $– |
| Class Z | | | | |
| Shares sold | 37,800,433 | – | $1,778,004,149 | $– |
| Shares redeemed | (22,060) | – | (1,051,465) | – |
| Net increase (decrease) | 37,778,373 | – | $1,776,952,684 | $– |
(a) Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
12. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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 | 12% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity Emerging Markets Fund | 24% |
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
14. Merger Information.
On May 14, 2021, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The securities held by the Target Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on May 11, 2021. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
| Target Fund | Investments $ | Unrealized appreciation (depreciation) $ | Net Assets $ | Shares Exchanged | Shares Exchanged Ratio |
| Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | 56,236,270 | 7,237,677 | | | |
| Class A | | | 4,995,991 | 108,045 | .2212608131 |
| Class M | | | 2,190,992 | 47,393 | .2206510924 |
| Class C | | | 1,713,931 | 37,074 | .2226022064 |
| Emerging Europe, Middle East, Africa (EMEA) | | | 48,684,329 | 1,053,093 | .2212329656 |
| Class I | | | 21,098,248 | 456,278 | .2203676471 |
| Surviving Fund | Net Assets $ | Total net assets after the acquisition $ |
| Fidelity Emerging Markets Fund | 7,934,554,249 | 8,013,237,740 |
Pro forma results of operations of the combined entity for the entire period ended October 31, 2021, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Net investment income (loss) | $21,004,334 |
| Total net realized gain (loss) | 450,169,192 |
| Total change in net unrealized appreciation (depreciation) | 714,676,169 |
| Net increase (decrease) in net assets resulting from operations | $1,185,849,695 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that has been included in the Fidelity Emerging Market Fund's accompanying Statement of Operations since May 14, 2021.
Fidelity® Europe Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 24.03% | 9.64% | 7.97% |
| Class M (incl. 3.50% sales charge) | 26.61% | 9.82% | 7.98% |
| Class C (incl. contingent deferred sales charge) | 29.53% | 10.07% | 7.96% |
| Fidelity® Europe Fund | 31.99% | 11.30% | 8.88% |
| Class I | 31.99% | 11.32% | 8.90% |
| Class Z | 32.13% | 11.39% | 8.93% |
Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class I shares took place on March 18, 2014. Returns prior to March 18, 2014 are those of Fidelity® Europe Fund, the original class of the fund.
The initial offering of Class Z shares took place on October 2, 2018. Returns between March 18, 2014 and October 2, 2018 are those of Class I. Returns prior to March 18, 2014 are those of Fidelity® Europe Fund, the original class of the fund.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Europe Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Europe Index performed over the same period.
| Period Ending Values |
| $23,408 | Fidelity® Europe Fund |
| $20,943 | MSCI Europe Index |
Fidelity® Europe Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Lead Manager Andrew Sergeant: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 31% to 32%, trailing the 41.29% result of the benchmark MSCI Europe Index (Net MA). From a regional standpoint, stock picks in Europe ex U.K. and a non-benchmark allocation to emerging markets detracted from the fund's relative result. Versus the benchmark, security selection was the primary detractor, especially in the consumer discretionary sector. Security selection and an underweighting in energy and stock picks in financials also hurt. Stillfront Group, the fund's biggest individual detractor, returned -62% this period. Our second-largest detractor was Naspers, which gained 3% the past 12 months. Naspers was not held at period end. Another detractor this period was TGS. The stock gained approximately 1% the past 12 months. We added to our position in the company the past year. All of these detractors were non-benchmark positions. In contrast, an overweighting in the U.K. contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark were stock picks in industrials, primarily driven by the capital goods industry. An underweighting and stock selection in consumer staples and an underweighting in utilities also lifted the fund's relative performance. Our non-benchmark stake in Kongsberg Gruppen, a position we established this period, was the fund's largest individual relative contributor, driven by a rise of about 98%. Also boosting value was our overweighting in ASM International, which gained about 150%. This was a stake we established the past 12 months. Another top relative contributor was an out-of-benchmark stake in Dustin Group (+105%). Notable changes in positioning include increased exposure to France and a lower allocation to Germany. By sector, meaningful changes in positioning include a higher allocation to communication services and financials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On October 8, 2021, Allyson Ke and Faris Rahman assumed co-management responsibilities for the fund, joining Lead Portfolio Manager Andrew Sergeant.
Fidelity® Europe Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | United Kingdom | 23.7% |
| | Sweden | 15.9% |
| | Switzerland | 9.4% |
| | Netherlands | 7.9% |
| | France | 6.6% |
| | Norway | 5.7% |
| | Finland | 5.6% |
| | Germany | 5.1% |
| | Italy | 3.9% |
| | Other* | 16.2% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 99.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 4.6 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 4.4 |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 3.2 |
| Prudential PLC (United Kingdom, Insurance) | 3.1 |
| Swedbank AB (A Shares) (Sweden, Banks) | 2.7 |
| Swedish Match Co. AB (Sweden, Tobacco) | 2.4 |
| Kongsberg Gruppen ASA (Norway, Aerospace & Defense) | 2.4 |
| Diageo PLC (United Kingdom, Beverages) | 2.4 |
| VNV Global AB (Sweden, Capital Markets) | 2.3 |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.3 |
| | 29.8 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 18.9 |
| Consumer Discretionary | 14.8 |
| Industrials | 12.6 |
| Health Care | 12.4 |
| Consumer Staples | 11.3 |
| Communication Services | 7.2 |
| Information Technology | 6.7 |
| Materials | 5.7 |
| Energy | 4.4 |
| Real Estate | 3.9 |
Fidelity® Europe Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 99.3% | | | |
| | | Shares | Value |
| Belgium - 2.7% | | | |
| Fagron NV | | 362,686 | $6,280,590 |
| KBC Groep NV | | 120,300 | 11,203,221 |
| UCB SA | | 82,000 | 9,773,055 |
|
| TOTAL BELGIUM | | | 27,256,866 |
|
| Bermuda - 1.8% | | | |
| AutoStore Holdings Ltd. | | 255,200 | 1,005,798 |
| Hiscox Ltd. | | 833,314 | 9,499,797 |
| Lancashire Holdings Ltd. | | 1,115,958 | 7,727,856 |
|
| TOTAL BERMUDA | | | 18,233,451 |
|
| Denmark - 3.5% | | | |
| GN Store Nord A/S | | 172,800 | 10,486,154 |
| ORSTED A/S (a) | | 108,000 | 15,239,161 |
| Tryg A/S | | 382,400 | 9,065,287 |
|
| TOTAL DENMARK | | | 34,790,602 |
|
| Finland - 5.6% | | | |
| Elisa Corp. (A Shares) | | 270,000 | 16,286,422 |
| Nokian Tyres PLC | | 440,100 | 16,483,682 |
| Sampo Oyj (A Shares) | | 230,000 | 12,230,480 |
| UPM-Kymmene Corp. | | 295,500 | 10,425,571 |
|
| TOTAL FINLAND | | | 55,426,155 |
|
| France - 6.6% | | | |
| LVMH Moet Hennessy Louis Vuitton SE | | 27,400 | 21,484,934 |
| Sanofi SA | | 205,300 | 20,621,190 |
| Total SA | | 317,807 | 15,914,175 |
| Worldline SA (a)(b) | | 140,000 | 8,153,499 |
|
| TOTAL FRANCE | | | 66,173,798 |
|
| Germany - 5.1% | | | |
| Auto1 Group SE (a) | | 127,875 | 5,025,999 |
| Delivery Hero AG (a)(b) | | 53,800 | 6,688,836 |
| Deutsche Post AG | | 223,000 | 13,796,814 |
| Instone Real Estate Group BV (a) | | 367,155 | 9,677,031 |
| Novem Group SA | | 340,000 | 6,544,116 |
| Patrizia Immobilien AG | | 330,000 | 9,117,372 |
|
| TOTAL GERMANY | | | 50,850,168 |
|
| Ireland - 1.3% | | | |
| Dalata Hotel Group PLC (b) | | 1,123,271 | 4,804,455 |
| Irish Residential Properties REIT PLC | | 4,085,947 | 7,699,068 |
|
| TOTAL IRELAND | | | 12,503,523 |
|
| Israel - 0.9% | | | |
| NICE Systems Ltd. (b) | | 30,000 | 8,439,648 |
| Italy - 3.9% | | | |
| BFF Bank SpA (a) | | 2,001,700 | 17,910,091 |
| MARR SpA | | 278,382 | 6,552,043 |
| Prada SpA | | 2,337,100 | 14,658,503 |
|
| TOTAL ITALY | | | 39,120,637 |
|
| Luxembourg - 2.6% | | | |
| Stabilus SA | | 190,900 | 14,344,226 |
| Subsea 7 SA | | 1,320,000 | 11,837,640 |
|
| TOTAL LUXEMBOURG | | | 26,181,866 |
|
| Netherlands - 7.9% | | | |
| ASM International NV (Netherlands) | | 23,500 | 10,632,772 |
| ASML Holding NV (Netherlands) | | 27,900 | 22,679,917 |
| Corbion NV | | 7,324 | 347,975 |
| Heineken NV (Bearer) | | 119,800 | 13,269,997 |
| Prosus NV | | 205,912 | 18,140,592 |
| Prosus NV rights (b)(c) | | 205,912 | 33,325 |
| RHI Magnesita NV | | 308,942 | 14,197,710 |
|
| TOTAL NETHERLANDS | | | 79,302,288 |
|
| Norway - 5.7% | | | |
| Kongsberg Gruppen ASA | | 730,000 | 23,936,126 |
| Schibsted ASA: | | | |
| (A Shares) | | 128,533 | 6,629,083 |
| (B Shares) | | 245,500 | 11,083,666 |
| TGS ASA | | 1,560,283 | 14,354,478 |
| Volue A/S | | 114,300 | 799,622 |
|
| TOTAL NORWAY | | | 56,802,975 |
|
| Spain - 1.6% | | | |
| Aena SME SA (a)(b) | | 69,500 | 11,414,439 |
| Prosegur Cash SA (a) | | 7,093,640 | 4,854,547 |
|
| TOTAL SPAIN | | | 16,268,986 |
|
| Sweden - 15.8% | | | |
| Alfa Laval AB | | 467,000 | 19,994,865 |
| ASSA ABLOY AB (B Shares) | | 500,000 | 14,671,334 |
| Dustin Group AB (a) | | 1,112,446 | 13,614,121 |
| Ericsson (B Shares) | | 815,200 | 8,898,240 |
| Haypp Group (b) | | 491,497 | 3,393,779 |
| HEXPOL AB (B Shares) | | 1,405,300 | 16,412,621 |
| Kry International AB (d) | | 406 | 167,849 |
| Stillfront Group AB (b) | | 1,251,100 | 5,582,458 |
| Swedbank AB (A Shares) (e) | | 1,267,400 | 27,484,930 |
| Swedish Match Co. AB | | 2,752,000 | 24,219,395 |
| VNV Global AB (b) | | 1,549,670 | 22,736,192 |
| VNV Global AB warrants 8/10/23 (b) | | 338,136 | 728,402 |
|
| TOTAL SWEDEN | | | 157,904,186 |
|
| Switzerland - 9.4% | | | |
| Dufry AG (b) | | 72,708 | 3,849,619 |
| Nestle SA (Reg. S) | | 349,160 | 46,056,725 |
| Roche Holding AG (participation certificate) | | 113,150 | 43,833,653 |
| SKAN Group AG | | 6,400 | 504,814 |
|
| TOTAL SWITZERLAND | | | 94,244,811 |
|
| United Kingdom - 23.7% | | | |
| AstraZeneca PLC (United Kingdom) | | 259,100 | 32,413,757 |
| Auto Trader Group PLC (a) | | 1,411,800 | 11,704,439 |
| Baltic Classifieds Group PLC | | 2,506,179 | 7,442,734 |
| Beazley PLC (b) | | 2,000,000 | 10,674,690 |
| Big Yellow Group PLC | | 598,800 | 12,120,224 |
| Clarkson PLC | | 400,900 | 21,946,068 |
| Close Brothers Group PLC | | 400,531 | 7,893,312 |
| Deliveroo PLC Class A (a)(b)(e) | | 1,747,800 | 6,465,445 |
| Diageo PLC | | 477,800 | 23,771,357 |
| FDM Group Holdings PLC | | 275,189 | 4,526,851 |
| Future PLC | | 85,000 | 4,104,008 |
| Harbour Energy PLC (b) | | 332,600 | 1,599,502 |
| Impax Asset Management Group PLC | | 500,000 | 7,499,654 |
| JD Sports Fashion PLC | | 151,100 | 2,249,852 |
| Mondi PLC | | 632,639 | 15,800,815 |
| Prudential PLC (b) | | 1,416,774 | 28,977,250 |
| Prudential PLC (Hong Kong) (b) | | 101,100 | 2,053,056 |
| Rightmove PLC | | 952,200 | 9,009,864 |
| Sabre Insurance Group PLC (a) | | 5,214,522 | 14,044,305 |
| WH Smith PLC (b) | | 610,700 | 13,054,782 |
|
| TOTAL UNITED KINGDOM | | | 237,351,965 |
|
| United States of America - 1.2% | | | |
| Autoliv, Inc. (depositary receipt) (e) | | 126,400 | 12,216,116 |
| TOTAL COMMON STOCKS | | | |
| (Cost $835,045,273) | | | 993,068,041 |
|
| Nonconvertible Preferred Stocks - 0.1% | | | |
| Sweden - 0.1% | | | |
| Kry International AB Series E (d) | | | |
| (Cost $1,072,071) | | 2,345 | 1,020,515 |
|
| Money Market Funds - 4.2% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 8,039,643 | 8,041,251 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 34,099,922 | 34,103,332 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $42,144,583) | | | 42,144,583 |
| TOTAL INVESTMENT IN SECURITIES - 103.6% | | | |
| (Cost $878,261,927) | | | 1,036,233,139 |
| NET OTHER ASSETS (LIABILITIES) - (3.6)% | | | (35,945,678) |
| NET ASSETS - 100% | | | $1,000,287,461 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $124,791,913 or 12.5% of net assets.
(b) Non-income producing
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $16,972,375 | $307,762,306 | $316,693,530 | $6,244 | $100 | $-- | $8,041,251 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 15,847,565 | 207,966,541 | 189,710,774 | 164,625 | -- | -- | 34,103,332 | 0.1% |
| Total | $32,819,940 | $515,728,847 | $506,404,304 | $170,869 | $100 | $-- | $42,144,583 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $71,842,674 | $60,138,235 | $11,704,439 | $-- |
| Consumer Discretionary | 148,708,156 | 123,340,278 | 25,367,878 | -- |
| Consumer Staples | 113,869,517 | 44,041,435 | 69,828,082 | -- |
| Energy | 43,705,795 | 27,791,620 | 15,914,175 | -- |
| Financials | 190,233,337 | 190,233,337 | -- | -- |
| Health Care | 123,408,399 | 26,539,799 | 96,868,600 | -- |
| Industrials | 125,964,217 | 99,878,444 | 26,085,773 | -- |
| Information Technology | 65,318,913 | 32,552,392 | 31,578,157 | 1,188,364 |
| Materials | 57,184,692 | 57,184,692 | -- | -- |
| Real Estate | 38,613,695 | 38,613,695 | -- | -- |
| Utilities | 15,239,161 | 15,239,161 | -- | -- |
| Money Market Funds | 42,144,583 | 42,144,583 | -- | -- |
| Total Investments in Securities: | $1,036,233,139 | $757,697,671 | $277,347,104 | $1,188,364 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Europe Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $31,285,598) — See accompanying schedule:
Unaffiliated issuers (cost $836,117,344) | $994,088,556 | |
| Fidelity Central Funds (cost $42,144,583) | 42,144,583 | |
| Total Investment in Securities (cost $878,261,927) | | $1,036,233,139 |
| Foreign currency held at value (cost $39,094) | | 39,094 |
| Receivable for investments sold | | 2,530,010 |
| Receivable for fund shares sold | | 106,346 |
| Dividends receivable | | 1,314,346 |
| Reclaims receivable | | 2,839,154 |
| Distributions receivable from Fidelity Central Funds | | 20,554 |
| Prepaid expenses | | 1,442 |
| Other receivables | | 302 |
| Total assets | | 1,043,084,387 |
| Liabilities | | |
| Payable to custodian bank | $506,766 | |
| Payable for investments purchased | | |
| Regular delivery | 6,613,482 | |
| Delayed delivery | 33,325 | |
| Payable for fund shares redeemed | 582,578 | |
| Accrued management fee | 691,454 | |
| Distribution and service plan fees payable | 13,841 | |
| Other affiliated payables | 174,185 | |
| Other payables and accrued expenses | 77,963 | |
| Collateral on securities loaned | 34,103,332 | |
| Total liabilities | | 42,796,926 |
| Net Assets | | $1,000,287,461 |
| Net Assets consist of: | | |
| Paid in capital | | $724,411,166 |
| Total accumulated earnings (loss) | | 275,876,295 |
| Net Assets | | $1,000,287,461 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($32,148,058 ÷ 696,997 shares)(a) | | $46.12 |
| Maximum offering price per share (100/94.25 of $46.12) | | $48.93 |
| Class M: | | |
| Net Asset Value and redemption price per share ($6,937,432 ÷ 150,228 shares)(a) | | $46.18 |
| Maximum offering price per share (100/96.50 of $46.18) | | $47.85 |
| Class C: | | |
| Net Asset Value and offering price per share ($5,255,107 ÷ 115,168 shares)(a) | | $45.63 |
| Europe: | | |
| Net Asset Value, offering price and redemption price per share ($913,296,038 ÷ 19,806,088 shares) | | $46.11 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($14,401,474 ÷ 312,602 shares) | | $46.07 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($28,249,352 ÷ 614,090 shares) | | $46.00 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $27,061,862 |
| Income from Fidelity Central Funds (including $164,625 from security lending) | | 170,869 |
| Income before foreign taxes withheld | | 27,232,731 |
| Less foreign taxes withheld | | (3,626,936) |
| Total income | | 23,605,795 |
| Expenses | | |
| Management fee | | |
| Basic fee | $7,000,737 | |
| Performance adjustment | 1,644,785 | |
| Transfer agent fees | 1,595,598 | |
| Distribution and service plan fees | 168,131 | |
| Accounting fees | 481,404 | |
| Custodian fees and expenses | 108,514 | |
| Independent trustees' fees and expenses | 3,998 | |
| Registration fees | 97,281 | |
| Audit | 92,992 | |
| Legal | 3,185 | |
| Interest | 292 | |
| Miscellaneous | 4,647 | |
| Total expenses before reductions | 11,201,564 | |
| Expense reductions | (16,749) | |
| Total expenses after reductions | | 11,184,815 |
| Net investment income (loss) | | 12,420,980 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 117,498,455 | |
| Fidelity Central Funds | 100 | |
| Foreign currency transactions | 111,453 | |
| Total net realized gain (loss) | | 117,610,008 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 130,780,998 | |
| Assets and liabilities in foreign currencies | (41,123) | |
| Total change in net unrealized appreciation (depreciation) | | 130,739,875 |
| Net gain (loss) | | 248,349,883 |
| Net increase (decrease) in net assets resulting from operations | | $260,770,863 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,420,980 | $7,157,454 |
| Net realized gain (loss) | 117,610,008 | (2,829,520) |
| Change in net unrealized appreciation (depreciation) | 130,739,875 | 27,293,280 |
| Net increase (decrease) in net assets resulting from operations | 260,770,863 | 31,621,214 |
| Distributions to shareholders | (11,168,809) | (66,453,077) |
| Share transactions - net increase (decrease) | (72,286,730) | (39,838,924) |
| Total increase (decrease) in net assets | 177,315,324 | (74,670,787) |
| Net Assets | | |
| Beginning of period | 822,972,137 | 897,642,924 |
| End of period | $1,000,287,461 | $822,972,137 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Europe Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $35.37 | $36.30 | $37.61 | $42.47 | $34.17 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .41 | .19 | 1.41B | .34 | .26 |
| Net realized and unrealized gain (loss) | 10.72 | 1.46 | .82 | (4.21)C | 8.39 |
| Total from investment operations | 11.13 | 1.65 | 2.23 | (3.87) | 8.65 |
| Distributions from net investment income | (.38) | (1.50) | (.11) | (.33) | (.22) |
| Distributions from net realized gain | – | (1.08) | (3.43) | (.66) | (.13) |
| Total distributions | (.38) | (2.58) | (3.54) | (.99) | (.35) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $46.12 | $35.37 | $36.30 | $37.61 | $42.47 |
| Total ReturnE,F | 31.60% | 4.62% | 7.21% | (9.31)%C | 25.61% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.36% | 1.34% | 1.09% | 1.28% | 1.32% |
| Expenses net of fee waivers, if any | 1.36% | 1.34% | 1.09% | 1.28% | 1.32% |
| Expenses net of all reductions | 1.36% | 1.33% | 1.07% | 1.28% | 1.28% |
| Net investment income (loss) | .92% | .56% | 4.02%B | .82% | .70% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $32,148 | $23,189 | $20,819 | $19,531 | $20,925 |
| Portfolio turnover rateI | 52% | 39% | 45% | 57% | 73% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 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 3.44%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (9.74)%.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Europe Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $35.42 | $36.32 | $37.57 | $42.47 | $34.13 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .27 | .09 | 1.30B | .21 | .15 |
| Net realized and unrealized gain (loss) | 10.75 | 1.45 | .83 | (4.23)C | 8.41 |
| Total from investment operations | 11.02 | 1.54 | 2.13 | (4.02) | 8.56 |
| Distributions from net investment income | (.26) | (1.36) | – | (.23) | (.09) |
| Distributions from net realized gain | – | (1.08) | (3.38) | (.66) | (.13) |
| Total distributions | (.26) | (2.44) | (3.38) | (.88)D | (.22) |
| Redemption fees added to paid in capitalA | – | – | – | – | –E |
| Net asset value, end of period | $46.18 | $35.42 | $36.32 | $37.57 | $42.47 |
| Total ReturnF,G | 31.20% | 4.30% | 6.88% | (9.63)%C | 25.25% |
| Ratios to Average Net AssetsH,I | | | | | |
| Expenses before reductions | 1.68% | 1.65% | 1.41% | 1.61% | 1.63% |
| Expenses net of fee waivers, if any | 1.68% | 1.65% | 1.40% | 1.61% | 1.63% |
| Expenses net of all reductions | 1.68% | 1.64% | 1.38% | 1.61% | 1.59% |
| Net investment income (loss) | .59% | .25% | 3.70%B | .50% | .39% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,937 | $5,204 | $5,782 | $7,257 | $8,874 |
| Portfolio turnover rateJ | 52% | 39% | 45% | 57% | 73% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 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 3.12%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (10.06)%.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Europe Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $35.01 | $35.87 | $37.23 | $42.15 | $33.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .04 | (.09) | 1.12B | .02 | (.03) |
| Net realized and unrealized gain (loss) | 10.64 | 1.45 | .82 | (4.18)C | 8.36 |
| Total from investment operations | 10.68 | 1.36 | 1.94 | (4.16) | 8.33 |
| Distributions from net investment income | (.06) | (1.14) | – | (.10) | – |
| Distributions from net realized gain | – | (1.08) | (3.30) | (.66) | – |
| Total distributions | (.06) | (2.22) | (3.30) | (.76) | – |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $45.63 | $35.01 | $35.87 | $37.23 | $42.15 |
| Total ReturnE,F | 30.53% | 3.81% | 6.35% | (10.04)%C | 24.63% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 2.19% | 2.15% | 1.90% | 2.06% | 2.11% |
| Expenses net of fee waivers, if any | 2.18% | 2.15% | 1.90% | 2.06% | 2.11% |
| Expenses net of all reductions | 2.18% | 2.14% | 1.87% | 2.06% | 2.07% |
| Net investment income (loss) | .09% | (.25)% | 3.21%B | .04% | (.09)% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,255 | $5,242 | $6,145 | $10,060 | $10,721 |
| Portfolio turnover rateI | 52% | 39% | 45% | 57% | 73% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.63%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (10.47) %.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Europe Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $35.35 | $36.28 | $37.70 | $42.53 | $34.26 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .54 | .30 | 1.52B | .48 | .38 |
| Net realized and unrealized gain (loss) | 10.71 | 1.46 | .81 | (4.24)C | 8.40 |
| Total from investment operations | 11.25 | 1.76 | 2.33 | (3.76) | 8.78 |
| Distributions from net investment income | (.49) | (1.61) | (.32) | (.41) | (.38) |
| Distributions from net realized gain | – | (1.08) | (3.43) | (.66) | (.13) |
| Total distributions | (.49) | (2.69) | (3.75) | (1.07) | (.51) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $46.11 | $35.35 | $36.28 | $37.70 | $42.53 |
| Total ReturnE | 31.99% | 4.95% | 7.56% | (9.05)%C | 26.05% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.06% | 1.03% | .78% | .96% | 1.00% |
| Expenses net of fee waivers, if any | 1.06% | 1.03% | .77% | .96% | 1.00% |
| Expenses net of all reductions | 1.06% | 1.02% | .75% | .96% | .96% |
| Net investment income (loss) | 1.21% | .86% | 4.33%B | 1.14% | 1.02% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $913,296 | $755,125 | $836,373 | $941,670 | $1,343,213 |
| Portfolio turnover rateH | 52% | 39% | 45% | 57% | 73% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 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 3.75%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (9.48)%.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Europe Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $35.34 | $36.27 | $37.69 | $42.53 | $34.29 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .54 | .31 | 1.53B | .48 | .39 |
| Net realized and unrealized gain (loss) | 10.70 | 1.46 | .80 | (4.23)C | 8.38 |
| Total from investment operations | 11.24 | 1.77 | 2.33 | (3.75) | 8.77 |
| Distributions from net investment income | (.51) | (1.62) | (.32) | (.43) | (.41) |
| Distributions from net realized gain | – | (1.08) | (3.43) | (.66) | (.13) |
| Total distributions | (.51) | (2.70) | (3.75) | (1.09) | (.53)D |
| Redemption fees added to paid in capitalA | – | – | – | – | –E |
| Net asset value, end of period | $46.07 | $35.34 | $36.27 | $37.69 | $42.53 |
| Total ReturnF | 31.99% | 4.99% | 7.58% | (9.02)%C | 26.04% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.06% | 1.00% | .75% | .95% | .98% |
| Expenses net of fee waivers, if any | 1.06% | 1.00% | .74% | .95% | .98% |
| Expenses net of all reductions | 1.06% | .99% | .72% | .95% | .94% |
| Net investment income (loss) | 1.22% | .90% | 4.36%B | 1.16% | 1.04% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $14,401 | $14,733 | $6,686 | $7,318 | $8,469 |
| Portfolio turnover rateI | 52% | 39% | 45% | 57% | 73% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 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 3.78%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (9.45)%.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Europe Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $35.27 | $36.21 | $37.69 | $41.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .59 | .34 | 1.53C | .06 |
| Net realized and unrealized gain (loss) | 10.67 | 1.47 | .82 | (3.37)D |
| Total from investment operations | 11.26 | 1.81 | 2.35 | (3.31) |
| Distributions from net investment income | (.53) | (1.67) | (.41) | – |
| Distributions from net realized gain | – | (1.08) | (3.43) | – |
| Total distributions | (.53) | (2.75) | (3.83)E | – |
| Net asset value, end of period | $46.00 | $35.27 | $36.21 | $37.69 |
| Total ReturnF,G | 32.13% | 5.11% | 7.71% | (8.07)%D |
| Ratios to Average Net AssetsH,I | | | | |
| Expenses before reductions | .95% | .91% | .65% | .91%J |
| Expenses net of fee waivers, if any | .95% | .90% | .64% | .90%J |
| Expenses net of all reductions | .95% | .90% | .62% | .90%J |
| Net investment income (loss) | 1.33% | .99% | 4.46%C | 2.04%J |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $28,249 | $19,479 | $21,838 | $104 |
| Portfolio turnover rateK | 52% | 39% | 45% | 57% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 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 3.88%.
D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.16 per share. Excluding these litigation proceeds, the total return would have been (8.50) %.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Europe, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $196,362,453 |
| Gross unrealized depreciation | (54,041,124) |
| Net unrealized appreciation (depreciation) | $142,321,329 |
| Tax Cost | $893,911,810 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $58,745,500 |
| Undistributed long-term capital gain | $74,703,254 |
| Net unrealized appreciation (depreciation) on securities and other investments | $142,427,541 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $11,168,809 | $ 43,898,989 |
| Long-term Capital Gains | – | 22,554,088 |
| Total | $11,168,809 | $ 66,453,077 |
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 Europe Fund | 518,975,386 | 575,820,039 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $74,297 | $1,430 |
| Class M | .25% | .25% | 33,590 | 379 |
| Class C | .75% | .25% | 60,244 | 6,908 |
| | | | $168,131 | $8,717 |
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 | $4,539 |
| Class M | 660 |
| Class C(a) | 227 |
| | $5,426 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $60,444 | .20 |
| Class M | 18,444 | .27 |
| Class C | 16,521 | .27 |
| Europe | 1,460,037 | .15 |
| Class I | 28,865 | .15 |
| Class Z | 11,287 | .04 |
| | $1,595,598 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Europe Fund | .05 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Europe Fund | Borrower | $5,542,167 | .32% | $292 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Europe Fund | 4,634,179 | 13,900,081 | (864,307) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Europe Fund | $1,833 |
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 | $12,260 | $– | $– |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,749.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Europe Fund | | |
| Distributions to shareholders | | |
| Class A | $241,388 | $1,460,264 |
| Class M | 38,916 | 383,255 |
| Class C | 9,133 | 378,670 |
| Europe | 10,371,239 | 62,094,177 |
| Class I | 209,546 | 489,497 |
| Class Z | 298,587 | 1,647,214 |
| Total | $11,168,809 | $66,453,077 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Europe Fund | | | | |
| Class A | | | | |
| Shares sold | 129,162 | 239,733 | $5,858,048 | $7,954,936 |
| Reinvestment of distributions | 5,827 | 40,511 | 239,071 | 1,417,478 |
| Shares redeemed | (93,596) | (198,204) | (4,072,920) | (6,449,066) |
| Net increase (decrease) | 41,393 | 82,040 | $2,024,199 | $2,923,348 |
| Class M | | | | |
| Shares sold | 20,932 | 25,130 | $948,034 | $855,505 |
| Reinvestment of distributions | 939 | 10,836 | 38,692 | 380,764 |
| Shares redeemed | (18,538) | (48,257) | (834,046) | (1,635,183) |
| Net increase (decrease) | 3,333 | (12,291) | $152,680 | $(398,914) |
| Class C | | | | |
| Shares sold | 24,151 | 10,039 | $1,075,965 | $348,740 |
| Reinvestment of distributions | 222 | 10,763 | 9,092 | 375,411 |
| Shares redeemed | (58,936) | (42,364) | (2,674,765) | (1,373,234) |
| Net increase (decrease) | (34,563) | (21,562) | $(1,589,708) | $(649,083) |
| Europe | | | | |
| Shares sold | 2,702,281 | 2,322,956 | $121,751,029 | $81,218,086 |
| Reinvestment of distributions | 237,710 | 1,665,756 | 9,724,714 | 58,084,924 |
| Shares redeemed | (4,496,170) | (5,681,366) | (202,195,601) | (188,258,765) |
| Net increase (decrease) | (1,556,179) | (1,692,654) | $(70,719,858) | $(48,955,755) |
| Class I | | | | |
| Shares sold | 194,151 | 339,419 | $8,782,703 | $12,281,627 |
| Reinvestment of distributions | 4,920 | 12,750 | 201,081 | 444,205 |
| Shares redeemed | (303,416) | (119,592) | (13,867,304) | (4,016,494) |
| Net increase (decrease) | (104,345) | 232,577 | $(4,883,520) | $8,709,338 |
| Class Z | | | | |
| Shares sold | 176,120 | 74,630 | $7,943,844 | $2,633,488 |
| Reinvestment of distributions | 7,125 | 47,346 | 290,498 | 1,645,259 |
| Shares redeemed | (121,503) | (172,676) | (5,504,865) | (5,746,605) |
| Net increase (decrease) | 61,742 | (50,700) | $2,729,477 | $(1,467,858) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Japan Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 14.44% | 10.27% | 8.56% |
| Class M (incl. 3.50% sales charge) | 16.77% | 10.43% | 8.48% |
| Class C (incl. contingent deferred sales charge) | 19.54% | 10.82% | 8.59% |
| Fidelity® Japan Fund | 21.75% | 11.92% | 9.54% |
| Class I | 21.80% | 11.99% | 9.59% |
| Class Z | 21.93% | 12.06% | 9.62% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Japan Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the Tokyo Stock Price Index (TOPIX) performed over the same period.
| Period Ending Values |
| $24,874 | Fidelity® Japan Fund |
| $22,245 | Tokyo Stock Price Index (TOPIX) |
Fidelity® Japan Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Kirk Neureiter: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 21% to 22%, outperforming the 18.62% result of the benchmark Tokyo Stock Price Index (TOPIX). Market returns overall were restrained by a strong U.S. dollar versus the Japanese yen. Stock picks in Japan contributed most by far to the fund's relative result. A non-benchmark allocation to Asia Pacific ex Japan, primarily driven by Hong Kong, also helped a bit. Looking at sectors, security selection was the primary contributor, especially in health care. Stock selection in industrials and financials also helped. The fund's largest individual relative contributor was an outsized stake in Orix, which gained 77% the past year. The company was among our largest holdings. Also helping performance was our overweighting in Persol Holdings, which gained 80%. Persol Holdings was among the fund's biggest holdings at period end. Another notable relative contributor was an outsized stake in Open House (+89%). In contrast, non-benchmark allocations to emerging markets, primarily driven by China, modestly hindered the fund's relative result. By sector, the largest detractor from performance versus the benchmark was stock selection in information technology. Weak picks in communication services also hindered relative performance. Further hindering the fund's relative result was an underweighting in consumer discretionary, primarily within the automobiles & components industry. The fund's largest individual relative detractor was an overweighting in SoftBank Group, which returned roughly -17% the past 12 months. The company was among the fund's biggest holdings. Our second-largest relative detractor this period was avoiding Toyota Motor, a benchmark component that gained 39%. Avoiding Tokyo Electron, a benchmark component that gained roughly 78%, also hurt relative performance.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Japan Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 98.5% |
| | United States of America* | 1.1% |
| | Cayman Islands | 0.4% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 98.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Sony Group Corp. (Household Durables) | 5.1 |
| Hoya Corp. (Health Care Equipment & Supplies) | 4.7 |
| SoftBank Group Corp. (Wireless Telecommunication Services) | 3.3 |
| ORIX Corp. (Diversified Financial Services) | 3.2 |
| Hitachi Ltd. (Industrial Conglomerates) | 2.9 |
| Sumitomo Mitsui Financial Group, Inc. (Banks) | 2.6 |
| DENSO Corp. (Auto Components) | 2.6 |
| Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 2.4 |
| Persol Holdings Co. Ltd. (Professional Services) | 2.4 |
| Shin-Etsu Chemical Co. Ltd. (Chemicals) | 2.3 |
| | 31.5 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 20.5 |
| Information Technology | 19.1 |
| Consumer Discretionary | 15.5 |
| Health Care | 10.5 |
| Financials | 9.3 |
| Consumer Staples | 8.0 |
| Communication Services | 7.1 |
| Materials | 5.9 |
| Real Estate | 1.7 |
| Energy | 1.3 |
Fidelity® Japan Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 98.9% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 7.1% | | | |
| Entertainment - 1.2% | | | |
| Capcom Co. Ltd. | | 154,700 | $4,163,817 |
| Daiichikosho Co. Ltd. | | 152,800 | 5,548,082 |
| | | | 9,711,899 |
| Interactive Media & Services - 2.1% | | | |
| Dip Corp. | | 81,700 | 2,931,340 |
| Hypebeast Ltd. (a) | | 16,722,500 | 2,471,676 |
| Z Holdings Corp. | | 1,944,000 | 12,068,393 |
| | | | 17,471,409 |
| Media - 0.5% | | | |
| ValueCommerce Co. Ltd. | | 116,800 | 4,609,779 |
| Wireless Telecommunication Services - 3.3% | | | |
| SoftBank Group Corp. | | 511,300 | 27,680,455 |
|
| TOTAL COMMUNICATION SERVICES | | | 59,473,542 |
|
| CONSUMER DISCRETIONARY - 15.5% | | | |
| Auto Components - 2.6% | | | |
| DENSO Corp. | | 292,500 | 21,204,838 |
| Automobiles - 1.5% | | | |
| Isuzu Motors Ltd. | | 197,800 | 2,660,965 |
| Suzuki Motor Corp. | | 225,900 | 10,074,440 |
| | | | 12,735,405 |
| Distributors - 0.5% | | | |
| Arata Corp. | | 112,800 | 3,992,948 |
| Hotels, Restaurants & Leisure - 1.0% | | | |
| Curves Holdings Co. Ltd. | | 576,700 | 4,493,112 |
| Koshidaka Holdings Co. Ltd. | | 580,500 | 3,557,060 |
| | | | 8,050,172 |
| Household Durables - 6.4% | | | |
| Open House Co. Ltd. | | 172,000 | 10,968,966 |
| Sony Group Corp. | | 360,900 | 41,790,914 |
| | | | 52,759,880 |
| Internet & Direct Marketing Retail - 1.5% | | | |
| Rakuten Group, Inc. | | 343,300 | 3,758,460 |
| ZOZO, Inc. | | 271,200 | 8,705,128 |
| | | | 12,463,588 |
| Leisure Products - 0.3% | | | |
| Roland Corp. | | 64,900 | 2,668,407 |
| Multiline Retail - 0.7% | | | |
| Pan Pacific International Holdings Ltd. | | 293,200 | 6,156,290 |
| Specialty Retail - 1.0% | | | |
| Hikari Tsushin, Inc. | | 17,900 | 2,759,359 |
| Nitori Holdings Co. Ltd. | | 32,000 | 5,878,736 |
| | | | 8,638,095 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 128,669,623 |
|
| CONSUMER STAPLES - 8.0% | | | |
| Food & Staples Retailing - 5.1% | | | |
| Ain Holdings, Inc. | | 110,600 | 6,528,104 |
| Nishimoto Co. Ltd. | | 137,900 | 5,150,387 |
| Seven & i Holdings Co. Ltd. | | 327,100 | 13,733,221 |
| Sugi Holdings Co. Ltd. | | 50,700 | 3,630,187 |
| Sundrug Co. Ltd. | | 63,000 | 1,843,763 |
| Tsuruha Holdings, Inc. | | 49,900 | 6,154,926 |
| Welcia Holdings Co. Ltd. | | 142,300 | 5,312,260 |
| | | | 42,352,848 |
| Food Products - 0.5% | | | |
| S Foods, Inc. | | 139,000 | 4,025,045 |
| Personal Products - 2.4% | | | |
| Kao Corp. | | 169,500 | 9,588,288 |
| Kose Corp. | | 30,000 | 3,483,778 |
| Shiseido Co. Ltd. | | 104,200 | 6,952,951 |
| | | | 20,025,017 |
|
| TOTAL CONSUMER STAPLES | | | 66,402,910 |
|
| ENERGY - 1.3% | | | |
| Oil, Gas & Consumable Fuels - 1.3% | | | |
| INPEX Corp. | | 1,323,400 | 11,036,259 |
| FINANCIALS - 9.3% | | | |
| Banks - 2.6% | | | |
| Sumitomo Mitsui Financial Group, Inc. | | 660,400 | 21,429,753 |
| Capital Markets - 1.0% | | | |
| SBI Holdings, Inc. Japan | | 155,200 | 4,022,701 |
| Uzabase, Inc. (a) | | 252,400 | 4,522,781 |
| | | | 8,545,482 |
| Diversified Financial Services - 3.2% | | | |
| ORIX Corp. | | 1,332,400 | 26,483,191 |
| Insurance - 2.5% | | | |
| Lifenet Insurance Co. (a) | | 454,100 | 4,523,569 |
| Tokio Marine Holdings, Inc. | | 310,800 | 16,369,848 |
| | | | 20,893,417 |
|
| TOTAL FINANCIALS | | | 77,351,843 |
|
| HEALTH CARE - 10.5% | | | |
| Biotechnology - 0.3% | | | |
| PeptiDream, Inc. (a) | | 110,100 | 2,661,359 |
| Health Care Equipment & Supplies - 7.3% | | | |
| Hoya Corp. | | 267,700 | 39,407,730 |
| Olympus Corp. | | 763,500 | 16,539,735 |
| Sysmex Corp. | | 36,700 | 4,550,467 |
| | | | 60,497,932 |
| Health Care Technology - 0.1% | | | |
| Medlive Technology Co. Ltd. (b) | | 182,217 | 947,327 |
| Medlive Technology Co. Ltd. | | 55,500 | 274,112 |
| | | | 1,221,439 |
| Pharmaceuticals - 2.8% | | | |
| Astellas Pharma, Inc. | | 596,300 | 10,052,891 |
| Daiichi Sankyo Kabushiki Kaisha | | 520,100 | 13,123,362 |
| | | | 23,176,253 |
|
| TOTAL HEALTH CARE | | | 87,556,983 |
|
| INDUSTRIALS - 20.5% | | | |
| Aerospace & Defense - 0.0% | | | |
| Space Exploration Technologies Corp. Class A (a)(c)(d) | | 400 | 167,996 |
| Air Freight & Logistics - 1.0% | | | |
| Yamato Holdings Co. Ltd. | | 336,100 | 8,262,413 |
| Building Products - 1.8% | | | |
| Daikin Industries Ltd. | | 50,400 | 11,038,348 |
| Toto Ltd. | | 70,800 | 3,420,652 |
| | | | 14,459,000 |
| Commercial Services & Supplies - 0.6% | | | |
| Park24 Co. Ltd. (a) | | 340,500 | 5,215,699 |
| Electrical Equipment - 1.8% | | | |
| Nidec Corp. | | 134,900 | 14,941,231 |
| Industrial Conglomerates - 2.9% | | | |
| Hitachi Ltd. | | 418,100 | 24,092,829 |
| Machinery - 4.2% | | | |
| Kitz Corp. | | 491,200 | 3,286,033 |
| Minebea Mitsumi, Inc. | | 372,100 | 9,420,470 |
| Misumi Group, Inc. | | 390,960 | 16,351,419 |
| Nabtesco Corp. | | 189,900 | 6,162,936 |
| | | | 35,220,858 |
| Professional Services - 7.0% | | | |
| Funai Soken Holdings, Inc. | | 174,200 | 4,839,554 |
| Outsourcing, Inc. | | 216,700 | 4,157,030 |
| Persol Holdings Co. Ltd. | | 735,400 | 19,766,565 |
| Recruit Holdings Co. Ltd. | | 228,400 | 15,192,944 |
| SMS Co., Ltd. | | 241,900 | 9,385,324 |
| TechnoPro Holdings, Inc. | | 146,200 | 4,672,443 |
| | | | 58,013,860 |
| Trading Companies & Distributors - 1.2% | | | |
| Itochu Corp. | | 280,000 | 7,985,843 |
| Trusco Nakayama Corp. | | 74,600 | 1,803,824 |
| | | | 9,789,667 |
|
| TOTAL INDUSTRIALS | | | 170,163,553 |
|
| INFORMATION TECHNOLOGY - 19.1% | | | |
| Electronic Equipment & Components - 4.4% | | | |
| Dexerials Corp. | | 362,600 | 7,335,126 |
| Iriso Electronics Co. Ltd. | | 106,200 | 4,878,887 |
| Murata Manufacturing Co. Ltd. | | 180,300 | 13,374,399 |
| Shimadzu Corp. | | 121,300 | 4,928,083 |
| TDK Corp. | | 160,200 | 5,823,749 |
| | | | 36,340,244 |
| IT Services - 10.1% | | | |
| Digital Hearts Holdings Co. Ltd. | | 209,992 | 3,341,339 |
| DTS Corp. | | 168,300 | 3,734,356 |
| Fujitsu Ltd. | | 94,500 | 16,332,412 |
| Future Corp. | | 130,200 | 3,807,987 |
| GMO Internet, Inc. | | 270,900 | 7,480,688 |
| Infocom Corp. | | 196,500 | 3,772,868 |
| ITOCHU Techno-Solutions Corp. | | 156,500 | 4,943,723 |
| Net One Systems Co. Ltd. | | 226,800 | 7,437,542 |
| Nomura Research Institute Ltd. | | 113,700 | 4,551,873 |
| NSD Co. Ltd. | | 337,700 | 6,434,707 |
| Otsuka Corp. | | 71,000 | 3,497,215 |
| Photosynth, Inc. (a) | | 63,300 | 833,077 |
| Poletowin Pitcrew Holdings, Inc. | | 359,000 | 3,236,997 |
| SCSK Corp. | | 254,100 | 5,142,245 |
| Techmatrix Corp. | | 264,400 | 4,192,414 |
| TIS, Inc. | | 209,400 | 5,704,658 |
| | | | 84,444,101 |
| Semiconductors & Semiconductor Equipment - 3.0% | | | |
| Renesas Electronics Corp. (a) | | 1,645,500 | 20,242,002 |
| Sumco Corp. | | 263,800 | 5,040,852 |
| | | | 25,282,854 |
| Software - 1.6% | | | |
| Appier Group, Inc. (a)(e) | | 76,600 | 816,499 |
| Dear U Co. Ltd. (a)(f) | | 2,000 | 44,272 |
| Money Forward, Inc. (a) | | 100,400 | 6,822,469 |
| Oracle Corp. Japan | | 55,700 | 5,270,585 |
| | | | 12,953,825 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 159,021,024 |
|
| MATERIALS - 5.9% | | | |
| Chemicals - 5.9% | | | |
| JSR Corp. | | 219,200 | 7,950,291 |
| Kansai Paint Co. Ltd. | | 264,500 | 6,124,762 |
| KH Neochem Co. Ltd. | | 70,199 | 1,804,171 |
| Nissan Chemical Corp. | | 76,700 | 4,269,020 |
| NOF Corp. | | 77,300 | 3,879,424 |
| Shin-Etsu Chemical Co. Ltd. | | 108,500 | 19,349,138 |
| Tokyo Ohka Kogyo Co. Ltd. | | 87,300 | 5,550,047 |
| | | | 48,926,853 |
| REAL ESTATE - 1.7% | | | |
| Real Estate Management & Development - 1.7% | | | |
| Daiwa House Industry Co. Ltd. | | 203,700 | 6,720,104 |
| Relo Group, Inc. | | 343,500 | 7,144,752 |
| | | | 13,864,856 |
| TOTAL COMMON STOCKS | | | |
| (Cost $555,654,798) | | | 822,467,446 |
|
| Money Market Funds - 0.2% | | | |
| Fidelity Cash Central Fund 0.06% (g) | | 864,655 | 864,828 |
| Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) | | 388,086 | 388,125 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $1,252,953) | | | 1,252,953 |
| TOTAL INVESTMENT IN SECURITIES - 99.1% | | | |
| (Cost $556,907,751) | | | 823,720,399 |
| NET OTHER ASSETS (LIABILITIES) - 0.9% | | | 7,661,431 |
| NET ASSETS - 100% | | | $831,381,830 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $947,327 or 0.1% of net assets.
(c) Level 3 security
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $167,996 or 0.0% of net assets.
(e) Security or a portion of the security is on loan at period end.
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Space Exploration Technologies Corp. Class A | 2/16/21 | $167,996 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $23,817,386 | $132,567,319 | $155,520,074 | $4,563 | $197 | $-- | $864,828 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 2,358,003 | 10,372,217 | 12,342,095 | 34,048 | -- | -- | 388,125 | 0.0% |
| Total | $26,175,389 | $142,939,536 | $167,862,169 | $38,611 | $197 | $-- | $1,252,953 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $59,473,542 | $2,471,676 | $57,001,866 | $-- |
| Consumer Discretionary | 128,669,623 | -- | 128,669,623 | -- |
| Consumer Staples | 66,402,910 | -- | 66,402,910 | -- |
| Energy | 11,036,259 | -- | 11,036,259 | -- |
| Financials | 77,351,843 | -- | 77,351,843 | -- |
| Health Care | 87,556,983 | 947,327 | 86,609,656 | -- |
| Industrials | 170,163,553 | -- | 169,995,557 | 167,996 |
| Information Technology | 159,021,024 | -- | 159,021,024 | -- |
| Materials | 48,926,853 | -- | 48,926,853 | -- |
| Real Estate | 13,864,856 | -- | 13,864,856 | -- |
| Money Market Funds | 1,252,953 | 1,252,953 | -- | -- |
| Total Investments in Securities: | $823,720,399 | $4,671,956 | $818,880,447 | $167,996 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Japan Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $368,170) — See accompanying schedule:
Unaffiliated issuers (cost $555,654,798) | $822,467,446 | |
| Fidelity Central Funds (cost $1,252,953) | 1,252,953 | |
| Total Investment in Securities (cost $556,907,751) | | $823,720,399 |
| Cash | | 6,482 |
| Foreign currency held at value (cost $5,407,210) | | 5,368,106 |
| Receivable for investments sold | | 8,143,386 |
| Receivable for fund shares sold | | 179,803 |
| Dividends receivable | | 4,187,006 |
| Distributions receivable from Fidelity Central Funds | | 1,791 |
| Prepaid expenses | | 1,008 |
| Other receivables | | 41,132 |
| Total assets | | 841,649,113 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $8,340,153 | |
| Delayed delivery | 44,714 | |
| Payable for fund shares redeemed | 716,949 | |
| Accrued management fee | 590,301 | |
| Distribution and service plan fees payable | 9,844 | |
| Other affiliated payables | 91,049 | |
| Other payables and accrued expenses | 86,148 | |
| Collateral on securities loaned | 388,125 | |
| Total liabilities | | 10,267,283 |
| Net Assets | | $831,381,830 |
| Net Assets consist of: | | |
| Paid in capital | | $494,872,785 |
| Total accumulated earnings (loss) | | 336,509,045 |
| Net Assets | | $831,381,830 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($20,357,050 ÷ 974,117 shares)(a) | | $20.90 |
| Maximum offering price per share (100/94.25 of $20.90) | | $22.18 |
| Class M: | | |
| Net Asset Value and redemption price per share ($3,918,741 ÷ 188,762 shares)(a) | | $20.76 |
| Maximum offering price per share (100/96.50 of $20.76) | | $21.51 |
| Class C: | | |
| Net Asset Value and offering price per share ($4,778,320 ÷ 233,856 shares)(a) | | $20.43 |
| Japan: | | |
| Net Asset Value, offering price and redemption price per share ($167,954,240 ÷ 7,993,208 shares) | | $21.01 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($48,886,512 ÷ 2,330,740 shares) | | $20.97 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($585,486,967 ÷ 27,911,778 shares) | | $20.98 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $13,723,319 |
| Income from Fidelity Central Funds (including $34,048 from security lending) | | 38,611 |
| Income before foreign taxes withheld | | 13,761,930 |
| Less foreign taxes withheld | | (1,444,277) |
| Total income | | 12,317,653 |
| Expenses | | |
| Management fee | | |
| Basic fee | $5,693,873 | |
| Performance adjustment | 1,379,272 | |
| Transfer agent fees | 1,054,662 | |
| Distribution and service plan fees | 130,540 | |
| Accounting fees | 401,096 | |
| Custodian fees and expenses | 68,776 | |
| Independent trustees' fees and expenses | 3,368 | |
| Registration fees | 90,209 | |
| Audit | 71,565 | |
| Legal | 1,243 | |
| Interest | 1,638 | |
| Miscellaneous | 3,931 | |
| Total expenses before reductions | 8,900,173 | |
| Expense reductions | (13,130) | |
| Total expenses after reductions | | 8,887,043 |
| Net investment income (loss) | | 3,430,610 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 72,459,539 | |
| Fidelity Central Funds | 197 | |
| Foreign currency transactions | (470,681) | |
| Total net realized gain (loss) | | 71,989,055 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 93,353,053 | |
| Assets and liabilities in foreign currencies | (147,178) | |
| Total change in net unrealized appreciation (depreciation) | | 93,205,875 |
| Net gain (loss) | | 165,194,930 |
| Net increase (decrease) in net assets resulting from operations | | $168,625,540 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,430,610 | $4,955,893 |
| Net realized gain (loss) | 71,989,055 | 13,672,286 |
| Change in net unrealized appreciation (depreciation) | 93,205,875 | 63,269,320 |
| Net increase (decrease) in net assets resulting from operations | 168,625,540 | 81,897,499 |
| Distributions to shareholders | (16,940,687) | (9,407,855) |
| Share transactions - net increase (decrease) | (103,038,998) | (47,240,810) |
| Total increase (decrease) in net assets | 48,645,855 | 25,248,834 |
| Net Assets | | |
| Beginning of period | 782,735,975 | 757,487,141 |
| End of period | $831,381,830 | $782,735,975 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Japan Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.50 | $15.80 | $14.15 | $15.08 | $12.59 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .02 | .05 | .07 | .03 | .06 |
| Net realized and unrealized gain (loss) | 3.71 | 1.81 | 1.58 | (.85) | 2.52 |
| Total from investment operations | 3.73 | 1.86 | 1.65 | (.82) | 2.58 |
| Distributions from net investment income | (.07) | (.07) | – | (.08) | (.06) |
| Distributions from net realized gain | (.25) | (.09) | – | (.04) | (.03) |
| Total distributions | (.33)B | (.16) | – | (.11)B | (.09) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $20.90 | $17.50 | $15.80 | $14.15 | $15.08 |
| Total ReturnD,E | 21.42% | 11.85% | 11.66% | (5.48)% | 20.70% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.38% | 1.37% | 1.33% | 1.33% | 1.11% |
| Expenses net of fee waivers, if any | 1.38% | 1.37% | 1.32% | 1.33% | 1.11% |
| Expenses net of all reductions | 1.38% | 1.37% | 1.32% | 1.32% | 1.11% |
| Net investment income (loss) | .08% | .35% | .51% | .17% | .45% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $20,357 | $16,181 | $16,069 | $14,587 | $16,155 |
| Portfolio turnover rateH | 31% | 22% | 27% | 40% | 23% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Japan Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.40 | $15.71 | $14.11 | $15.06 | $12.57 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.05) | .01 | .03 | (.03) | .01 |
| Net realized and unrealized gain (loss) | 3.69 | 1.80 | 1.57 | (.84) | 2.52 |
| Total from investment operations | 3.64 | 1.81 | 1.60 | (.87) | 2.53 |
| Distributions from net investment income | (.02) | (.03) | – | (.05) | (.01) |
| Distributions from net realized gain | (.25) | (.09) | – | (.04) | (.03) |
| Total distributions | (.28)B | (.12) | – | (.08)B | (.04) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $20.76 | $17.40 | $15.71 | $14.11 | $15.06 |
| Total ReturnD,E | 21.00% | 11.55% | 11.34% | (5.81)% | 20.24% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.70% | 1.67% | 1.64% | 1.67% | 1.46% |
| Expenses net of fee waivers, if any | 1.70% | 1.67% | 1.64% | 1.67% | 1.46% |
| Expenses net of all reductions | 1.70% | 1.67% | 1.63% | 1.66% | 1.46% |
| Net investment income (loss) | (.23)% | .04% | .19% | (.17)% | .10% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $3,919 | $3,728 | $3,945 | $3,993 | $4,464 |
| Portfolio turnover rateH | 31% | 22% | 27% | 40% | 23% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Japan Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.17 | $15.49 | $13.97 | $14.92 | $12.44 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.12) | (.05) | (.02) | (.08) | (.03) |
| Net realized and unrealized gain (loss) | 3.63 | 1.77 | 1.54 | (.83) | 2.51 |
| Total from investment operations | 3.51 | 1.72 | 1.52 | (.91) | 2.48 |
| Distributions from net investment income | (.01) | – | – | –B | – |
| Distributions from net realized gain | (.25) | (.04) | – | (.04) | – |
| Total distributions | (.25)C | (.04) | – | (.04) | – |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $20.43 | $17.17 | $15.49 | $13.97 | $14.92 |
| Total ReturnD,E | 20.54% | 11.09% | 10.88% | (6.13)% | 19.94% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 2.09% | 2.06% | 2.01% | 2.04% | 1.81% |
| Expenses net of fee waivers, if any | 2.09% | 2.05% | 2.00% | 2.03% | 1.81% |
| Expenses net of all reductions | 2.09% | 2.05% | 2.00% | 2.03% | 1.81% |
| Net investment income (loss) | (.63)% | (.34)% | (.17)% | (.53)% | (.25)% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $4,778 | $6,167 | $8,829 | $12,586 | $13,542 |
| Portfolio turnover rateH | 31% | 22% | 27% | 40% | 23% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Japan Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.58 | $15.86 | $14.20 | $15.13 | $12.64 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .08 | .10 | .12 | .07 | .10 |
| Net realized and unrealized gain (loss) | 3.72 | 1.81 | 1.59 | (.86) | 2.54 |
| Total from investment operations | 3.80 | 1.91 | 1.71 | (.79) | 2.64 |
| Distributions from net investment income | (.11) | (.11) | (.05) | (.11) | (.11) |
| Distributions from net realized gain | (.25) | (.09) | – | (.04) | (.03) |
| Total distributions | (.37)B | (.19)B | (.05) | (.14)B | (.15)B |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $21.01 | $17.58 | $15.86 | $14.20 | $15.13 |
| Total ReturnD | 21.75% | 12.16% | 12.10% | (5.28)% | 21.13% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.09% | 1.06% | 1.01% | 1.05% | .82% |
| Expenses net of fee waivers, if any | 1.09% | 1.06% | 1.01% | 1.05% | .82% |
| Expenses net of all reductions | 1.09% | 1.06% | 1.00% | 1.04% | .82% |
| Net investment income (loss) | .37% | .65% | .82% | .45% | .74% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $167,954 | $274,433 | $401,344 | $297,644 | $247,372 |
| Portfolio turnover rateG | 31% | 22% | 27% | 40% | 23% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Japan Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.56 | $15.85 | $14.18 | $15.12 | $12.62 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .09 | .11 | .13 | .08 | .11 |
| Net realized and unrealized gain (loss) | 3.71 | 1.81 | 1.58 | (.85) | 2.53 |
| Total from investment operations | 3.80 | 1.92 | 1.71 | (.77) | 2.64 |
| Distributions from net investment income | (.14) | (.12) | (.04) | (.14) | (.11) |
| Distributions from net realized gain | (.25) | (.09) | – | (.04) | (.03) |
| Total distributions | (.39) | (.21) | (.04) | (.17)B | (.14) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $20.97 | $17.56 | $15.85 | $14.18 | $15.12 |
| Total ReturnD | 21.80% | 12.20% | 12.12% | (5.18)% | 21.22% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.04% | 1.01% | .96% | .98% | .76% |
| Expenses net of fee waivers, if any | 1.04% | 1.01% | .96% | .98% | .76% |
| Expenses net of all reductions | 1.04% | 1.00% | .95% | .97% | .76% |
| Net investment income (loss) | .43% | .71% | .87% | .52% | .80% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $48,887 | $473,859 | $319,164 | $192,555 | $175,816 |
| Portfolio turnover rateG | 31% | 22% | 27% | 40% | 23% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Japan Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $17.56 | $15.84 | $14.19 | $15.77 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .10 | .13 | .14 | (.01) |
| Net realized and unrealized gain (loss) | 3.72 | 1.81 | 1.57 | (1.57) |
| Total from investment operations | 3.82 | 1.94 | 1.71 | (1.58) |
| Distributions from net investment income | (.15) | (.13) | (.06) | – |
| Distributions from net realized gain | (.25) | (.09) | – | – |
| Total distributions | (.40) | (.22) | (.06) | – |
| Net asset value, end of period | $20.98 | $17.56 | $15.84 | $14.19 |
| Total ReturnC,D | 21.93% | 12.36% | 12.14% | (10.02)% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .96% | .92% | .87% | .96%G |
| Expenses net of fee waivers, if any | .96% | .92% | .87% | .96%G |
| Expenses net of all reductions | .96% | .92% | .86% | .95%G |
| Net investment income (loss) | .51% | .79% | .96% | (.73)%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $585,487 | $8,368 | $8,136 | $90 |
| Portfolio turnover rateH | 31% | 22% | 27% | 40% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Japan, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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 | $264,712,229 |
| Gross unrealized depreciation | (13,750,420) |
| Net unrealized appreciation (depreciation) | $250,961,809 |
| Tax Cost | $572,758,590 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $36,473,904 |
| Undistributed long-term capital gain | $49,180,370 |
| Net unrealized appreciation (depreciation) on securities and other investments | $250,854,773 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $5,942,098 | $ 9,407,855 |
| Long-term Capital Gains | 10,998,589 | – |
| Total | $16,940,687 | $ 9,407,855 |
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 Japan Fund | 256,250,857 | 354,781,654 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .84% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $48,151 | $304 |
| Class M | .25% | .25% | 20,994 | 176 |
| Class C | .75% | .25% | 61,395 | 5,852 |
| | | | $130,540 | $6,332 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC |
| Class A | $5,060 |
| Class M | 361 |
| Class C(a) | 103 |
| | $5,524 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $41,787 | .22 |
| Class M | 11,764 | .28 |
| Class C | 10,742 | .18 |
| Japan | 402,603 | .18 |
| Class I | 525,881 | .12 |
| Class Z | 61,885 | .04 |
| | $1,054,662 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Japan Fund | .05 |
Interfund 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 | $13,215,867 | .30% | $1,638 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Japan Fund | 7,151,833 | – | – |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Japan Fund | $1,525 |
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 | $904 | $– | $– |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $13,130.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Japan Fund | | |
| Distributions to shareholders | | |
| Class A | $301,297 | $163,723 |
| Class M | 59,666 | 28,502 |
| Class C | 88,885 | 19,501 |
| Japan | 5,699,772 | 4,845,634 |
| Class I | 10,435,841 | 4,237,814 |
| Class Z | 355,226 | 112,681 |
| Total | $16,940,687 | $9,407,855 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Japan Fund | | | | |
| Class A | | | | |
| Shares sold | 153,664 | 162,321 | $3,103,256 | $2,626,524 |
| Reinvestment of distributions | 14,280 | 9,441 | 278,154 | 152,856 |
| Shares redeemed | (118,485) | (263,934) | (2,389,970) | (4,069,957) |
| Net increase (decrease) | 49,459 | (92,172) | $991,440 | $(1,290,577) |
| Class M | | | | |
| Shares sold | 10,618 | 11,613 | $211,739 | $178,589 |
| Reinvestment of distributions | 3,057 | 1,756 | 59,335 | 28,335 |
| Shares redeemed | (39,212) | (50,170) | (790,428) | (770,692) |
| Net increase (decrease) | (25,537) | (36,801) | $(519,354) | $(563,768) |
| Class C | | | | |
| Shares sold | 24,156 | 29,572 | $477,051 | $482,519 |
| Reinvestment of distributions | 4,602 | 1,183 | 88,168 | 18,905 |
| Shares redeemed | (154,075) | (241,451) | (3,034,739) | (3,672,760) |
| Net increase (decrease) | (125,317) | (210,696) | $(2,469,520) | $(3,171,336) |
| Japan | | | | |
| Shares sold | 2,408,580 | 1,793,121 | $49,198,476 | $28,617,350 |
| Reinvestment of distributions | 283,747 | 290,812 | 5,534,758 | 4,716,973 |
| Shares redeemed | (10,310,246) | (11,782,054) | (210,756,266) | (186,990,158) |
| Net increase (decrease) | (7,617,919) | (9,698,121) | $(156,023,032) | $(153,655,835) |
| Class I | | | | |
| Shares sold | 2,369,303 | 6,947,524 | $47,361,499 | $113,300,467 |
| Reinvestment of distributions | 525,949 | 261,592 | 10,230,732 | 4,235,166 |
| Shares redeemed | (27,546,527) | (368,399) | (558,674,882) | (5,684,536) |
| Net increase (decrease) | (24,651,275) | 6,840,717 | $(501,082,651) | $111,851,097 |
| Class Z | | | | |
| Shares sold | 27,576,717 | 107,375 | $558,908,335 | $1,776,759 |
| Reinvestment of distributions | 17,033 | 6,830 | 348,274 | 110,515 |
| Shares redeemed | (158,582) | (151,176) | (3,192,490) | (2,297,665) |
| Net increase (decrease) | 27,435,168 | (36,971) | $556,064,119 | $(410,391) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund |
| Fidelity Japan Fund | 58% |
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 | 67% |
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Japan Smaller Companies Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Japan Smaller Companies Fund | 9.44% | 7.17% | 10.93% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Japan Smaller Companies Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the Russell/Nomura Mid-Small Cap™ Index performed over the same period.
| Period Ending Values |
| $28,214 | Fidelity® Japan Smaller Companies Fund |
| $21,931 | Russell/Nomura Mid-Small Cap™ Index |
Fidelity® Japan Smaller Companies Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager David Jenkins: For the fiscal year ending October 31, 2021, the fund gained 9.44%, trailing the 14.48% advance of the broad-based Russell/Nomura Mid Small Cap Japan Index (Gross). U.S. investors in Japan faced a currency headwind this period. In addition, the fund's smaller-cap bias relative to the benchmark hindered performance. Versus the benchmark, security selection was the primary detractor, especially in the information technology sector. Investment choices in the industrials sector, largely within the capital goods industry, also hurt. Stock selection in materials further hampered our relative result. The fund's largest individual relative detractor was an overweighting in Arcland Sakamoto, which returned roughly -21% the past year. The company was among our biggest holdings. Also holding back performance was our outsized stake in Elecom, which returned -38%, and our overweighting in Workman, which returned about -39%. By sector, the top contributor to performance versus the benchmark was security selection in financials. An underweighting in the utilities sector also aided the fund's relative result. The fund's top individual relative contributor was an outsized stake in Persol Holdings, which gained 81% the past 12 months. A non-benchmark stake in Orix, one of our largest holdings, gained about 76%. Another notable relative contributor was an overweighting in Central Automotive Products (+37%), which was the fund's biggest holding at period end.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Japan Smaller Companies Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 97.9% |
| | United States of America* | 2.1% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 97.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Central Automotive Products Ltd. (Distributors) | 4.4 |
| T&D Holdings, Inc. (Insurance) | 2.5 |
| Tokio Marine Holdings, Inc. (Insurance) | 2.4 |
| ORIX Corp. (Diversified Financial Services) | 2.3 |
| Amano Corp. (Electronic Equipment & Components) | 2.2 |
| San-Ai Oil Co. Ltd. (Oil, Gas & Consumable Fuels) | 2.2 |
| Mitsubishi UFJ Financial Group, Inc. (Banks) | 2.2 |
| Inaba Denki Sangyo Co. Ltd. (Trading Companies & Distributors) | 2.0 |
| Arcland Sakamoto Co. Ltd. (Specialty Retail) | 2.0 |
| Z Holdings Corp. (Interactive Media & Services) | 2.0 |
| | 24.2 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 24.4 |
| Consumer Discretionary | 20.4 |
| Information Technology | 17.0 |
| Materials | 10.2 |
| Financials | 10.0 |
| Communication Services | 5.1 |
| Consumer Staples | 4.7 |
| Health Care | 2.9 |
| Energy | 2.2 |
| Utilities | 0.9 |
Fidelity® Japan Smaller Companies Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 97.9% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 5.1% | | | |
| Entertainment - 1.4% | | | |
| Daiichikosho Co. Ltd. | | 197,500 | $7,171,114 |
| Interactive Media & Services - 3.7% | | | |
| Dip Corp. | | 227,000 | 8,144,604 |
| Z Holdings Corp. | | 1,627,200 | 10,101,692 |
| | | | 18,246,296 |
|
| TOTAL COMMUNICATION SERVICES | | | 25,417,410 |
|
| CONSUMER DISCRETIONARY - 20.4% | | | |
| Auto Components - 0.8% | | | |
| DaikyoNishikawa Corp. | | 678,900 | 4,079,732 |
| Automobiles - 3.0% | | | |
| Isuzu Motors Ltd. | | 628,700 | 8,457,780 |
| Suzuki Motor Corp. | | 145,000 | 6,466,551 |
| | | | 14,924,331 |
| Distributors - 5.2% | | | |
| Central Automotive Products Ltd. | | 845,500 | 22,037,445 |
| PALTAC Corp. | | 86,700 | 3,839,058 |
| | | | 25,876,503 |
| Hotels, Restaurants & Leisure - 2.8% | | | |
| Curves Holdings Co. Ltd. | | 882,000 | 6,871,727 |
| Fast Fitness Japan, Inc. | | 76,416 | 2,070,600 |
| Koshidaka Holdings Co. Ltd. | | 817,000 | 5,006,233 |
| | | | 13,948,560 |
| Household Durables - 1.5% | | | |
| Sekisui House Ltd. | | 376,000 | 7,817,334 |
| Leisure Products - 1.7% | | | |
| Roland Corp. | | 211,800 | 8,708,298 |
| Specialty Retail - 5.4% | | | |
| Arcland Sakamoto Co. Ltd. | | 678,700 | 10,151,915 |
| Fuji Corp. | | 681,200 | 7,172,525 |
| Nitori Holdings Co. Ltd. | | 32,300 | 5,933,849 |
| Workman Co. Ltd. | | 73,000 | 3,881,395 |
| | | | 27,139,684 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 102,494,442 |
|
| CONSUMER STAPLES - 4.7% | | | |
| Food & Staples Retailing - 1.0% | | | |
| Jm Holdings Co. Ltd. | | 297,800 | 4,888,232 |
| Food Products - 3.7% | | | |
| Kotobuki Spirits Co. Ltd. | | 97,300 | 6,505,616 |
| Meiji Holdings Co. Ltd. | | 102,200 | 6,449,718 |
| S Foods, Inc. | | 202,700 | 5,869,616 |
| | | | 18,824,950 |
|
| TOTAL CONSUMER STAPLES | | | 23,713,182 |
|
| ENERGY - 2.2% | | | |
| Oil, Gas & Consumable Fuels - 2.2% | | | |
| San-Ai Oil Co. Ltd. | | 842,600 | 10,981,472 |
| FINANCIALS - 10.0% | | | |
| Banks - 2.2% | | | |
| Mitsubishi UFJ Financial Group, Inc. | | 2,000,000 | 10,966,997 |
| Diversified Financial Services - 2.3% | | | |
| ORIX Corp. | | 585,500 | 11,637,578 |
| Insurance - 5.5% | | | |
| Lifenet Insurance Co. (a) | | 322,000 | 3,207,640 |
| T&D Holdings, Inc. | | 956,600 | 12,269,022 |
| Tokio Marine Holdings, Inc. | | 224,500 | 11,824,424 |
| | | | 27,301,086 |
|
| TOTAL FINANCIALS | | | 49,905,661 |
|
| HEALTH CARE - 2.9% | | | |
| Health Care Equipment & Supplies - 1.4% | | | |
| Medikit Co. Ltd. | | 290,700 | 7,242,073 |
| Health Care Providers & Services - 1.5% | | | |
| As One Corp. | | 53,500 | 7,333,916 |
|
| TOTAL HEALTH CARE | | | 14,575,989 |
|
| INDUSTRIALS - 24.4% | | | |
| Air Freight & Logistics - 3.4% | | | |
| AIT Corp. | | 703,220 | 6,874,857 |
| SG Holdings Co. Ltd. | | 204,500 | 5,135,218 |
| Yamato Holdings Co. Ltd. | | 200,000 | 4,916,640 |
| | | | 16,926,715 |
| Commercial Services & Supplies - 1.1% | | | |
| Aeon Delight Co. Ltd. | | 174,000 | 5,343,876 |
| Construction & Engineering - 1.0% | | | |
| Hokuriku Electrical Construction Co. Ltd. | | 523,300 | 4,841,921 |
| Electrical Equipment - 1.0% | | | |
| Mitsubishi Electric Corp. | | 366,000 | 4,915,175 |
| Machinery - 2.6% | | | |
| CKD Corp. | | 231,400 | 4,587,544 |
| Kito Corp. | | 360,100 | 4,989,940 |
| Nitto Kohki Co. Ltd. | | 204,400 | 3,396,123 |
| | | | 12,973,607 |
| Marine - 1.9% | | | |
| Nippon Concept Corp. | | 637,700 | 9,790,776 |
| Professional Services - 4.5% | | | |
| Funai Soken Holdings, Inc. | | 257,180 | 7,144,870 |
| Persol Holdings Co. Ltd. | | 364,600 | 9,799,959 |
| Yamada Consulting Group Co. Ltd. | | 555,700 | 5,668,535 |
| | | | 22,613,364 |
| Trading Companies & Distributors - 8.2% | | | |
| Hanwa Co. Ltd. | | 159,950 | 4,804,664 |
| Inaba Denki Sangyo Co. Ltd. | | 424,700 | 10,187,527 |
| Itochu Corp. | | 183,800 | 5,242,135 |
| Mitani Shoji Co. Ltd. | | 443,600 | 6,866,068 |
| Tsubakimoto Kogyo Co. Ltd. | | 177,100 | 6,004,671 |
| Yuasa Trading Co. Ltd. | | 305,800 | 8,172,649 |
| | | | 41,277,714 |
| Transportation Infrastructure - 0.7% | | | |
| Kamigumi Co. Ltd. | | 182,000 | 3,664,561 |
|
| TOTAL INDUSTRIALS | | | 122,347,709 |
|
| INFORMATION TECHNOLOGY - 17.0% | | | |
| Electronic Equipment & Components - 4.8% | | | |
| Amano Corp. | | 447,900 | 11,083,589 |
| Anritsu Corp. | | 180,300 | 2,989,816 |
| Dexerials Corp. | | 287,500 | 5,815,909 |
| Maruwa Ceramic Co. Ltd. | | 35,000 | 3,923,044 |
| | | | 23,812,358 |
| IT Services - 7.5% | | | |
| Argo Graphics, Inc. | | 200,000 | 5,569,288 |
| Densan System Holdings Co. Ltd. | | 107,000 | 2,416,142 |
| GMO Internet, Inc. | | 253,400 | 6,997,440 |
| Nomura Research Institute Ltd. | | 242,800 | 9,720,271 |
| TIS, Inc. | | 257,900 | 7,025,937 |
| TKC Corp. | | 193,000 | 5,916,653 |
| | | | 37,645,731 |
| Semiconductors & Semiconductor Equipment - 3.0% | | | |
| Renesas Electronics Corp. (a) | | 811,600 | 9,983,840 |
| Sumco Corp. | | 274,057 | 5,236,849 |
| | | | 15,220,689 |
| Software - 0.7% | | | |
| Oracle Corp. Japan | | 37,200 | 3,520,032 |
| Technology Hardware, Storage & Peripherals - 1.0% | | | |
| Elecom Co. Ltd. | | 313,000 | 4,787,519 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 84,986,329 |
|
| MATERIALS - 10.2% | | | |
| Chemicals - 5.3% | | | |
| C. Uyemura & Co. Ltd. | | 215,300 | 8,896,501 |
| Nihon Parkerizing Co. Ltd. | | 550,500 | 5,492,527 |
| Showa Denko K.K. | | 100,000 | 2,508,003 |
| SK Kaken Co. Ltd. | | 29,700 | 9,874,991 |
| | | | 26,772,022 |
| Construction Materials - 1.5% | | | |
| Taiheiyo Cement Corp. | | 344,300 | 7,315,088 |
| Metals & Mining - 3.4% | | | |
| Dowa Holdings Co. Ltd. | | 205,000 | 8,561,607 |
| Yamato Kogyo Co. Ltd. | | 251,600 | 8,436,225 |
| | | | 16,997,832 |
|
| TOTAL MATERIALS | | | 51,084,942 |
|
| REAL ESTATE - 0.1% | | | |
| Real Estate Management & Development - 0.1% | | | |
| Century21 Real Estate Japan Ltd. | | 62,000 | 566,081 |
| UTILITIES - 0.9% | | | |
| Gas Utilities - 0.9% | | | |
| Nippon Gas Co. Ltd. | | 359,000 | 4,452,891 |
| TOTAL COMMON STOCKS | | | |
| (Cost $352,009,599) | | | 490,526,108 |
|
| Money Market Funds - 1.7% | | | |
| Fidelity Cash Central Fund 0.06% (b) | | | |
| (Cost $8,479,088) | | 8,477,393 | 8,479,088 |
| TOTAL INVESTMENT IN SECURITIES - 99.6% | | | |
| (Cost $360,488,687) | | | 499,005,196 |
| NET OTHER ASSETS (LIABILITIES) - 0.4% | | | 2,208,855 |
| NET ASSETS - 100% | | | $501,214,051 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $109 | $110,599,593 | $102,120,382 | $6,039 | $(164) | $(68) | $8,479,088 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 3,502,751 | 39,918,766 | 43,421,517 | 169,849 | -- | -- | -- | 0.0% |
| Total | $3,502,860 | $150,518,359 | $145,541,899 | $175,888 | $(164) | $(68) | $8,479,088 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $25,417,410 | $-- | $25,417,410 | $-- |
| Consumer Discretionary | 102,494,442 | -- | 102,494,442 | -- |
| Consumer Staples | 23,713,182 | -- | 23,713,182 | -- |
| Energy | 10,981,472 | -- | 10,981,472 | -- |
| Financials | 49,905,661 | -- | 49,905,661 | -- |
| Health Care | 14,575,989 | -- | 14,575,989 | -- |
| Industrials | 122,347,709 | -- | 122,347,709 | -- |
| Information Technology | 84,986,329 | -- | 84,986,329 | -- |
| Materials | 51,084,942 | -- | 51,084,942 | -- |
| Real Estate | 566,081 | -- | 566,081 | -- |
| Utilities | 4,452,891 | -- | 4,452,891 | -- |
| Money Market Funds | 8,479,088 | 8,479,088 | -- | -- |
| Total Investments in Securities: | $499,005,196 | $8,479,088 | $490,526,108 | $-- |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Japan Smaller Companies Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $352,009,599) | $490,526,108 | |
| Fidelity Central Funds (cost $8,479,088) | 8,479,088 | |
| Total Investment in Securities (cost $360,488,687) | | $499,005,196 |
| Foreign currency held at value (cost $175,423) | | 175,423 |
| Receivable for investments sold | | 81,600 |
| Receivable for fund shares sold | | 9,085 |
| Dividends receivable | | 3,615,567 |
| Distributions receivable from Fidelity Central Funds | | 4,055 |
| Prepaid expenses | | 666 |
| Other receivables | | 6,233 |
| Total assets | | 502,897,825 |
| Liabilities | | |
| Payable for investments purchased | $1,186,063 | |
| Payable for fund shares redeemed | 73,231 | |
| Accrued management fee | 282,303 | |
| Other affiliated payables | 87,042 | |
| Other payables and accrued expenses | 55,135 | |
| Total liabilities | | 1,683,774 |
| Net Assets | | $501,214,051 |
| Net Assets consist of: | | |
| Paid in capital | | $337,950,887 |
| Total accumulated earnings (loss) | | 163,263,164 |
| Net Assets | | $501,214,051 |
| Net Asset Value, offering price and redemption price per share ($501,214,051 ÷ 27,970,637 shares) | | $17.92 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $11,673,791 |
| Income from Fidelity Central Funds (including $169,849 from security lending) | | 175,888 |
| Income before foreign taxes withheld | | 11,849,679 |
| Less foreign taxes withheld | | (1,246,551) |
| Total income | | 10,603,128 |
| Expenses | | |
| Management fee | $3,521,871 | |
| Transfer agent fees | 800,897 | |
| Accounting fees | 267,744 | |
| Custodian fees and expenses | 46,782 | |
| Independent trustees' fees and expenses | 2,157 | |
| Registration fees | 22,349 | |
| Audit | 59,555 | |
| Legal | 824 | |
| Interest | 13 | |
| Miscellaneous | 2,765 | |
| Total expenses before reductions | 4,724,957 | |
| Expense reductions | (8,306) | |
| Total expenses after reductions | | 4,716,651 |
| Net investment income (loss) | | 5,886,477 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 47,266,332 | |
| Fidelity Central Funds | (164) | |
| Foreign currency transactions | (63,637) | |
| Total net realized gain (loss) | | 47,202,531 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (4,586,664) | |
| Fidelity Central Funds | (68) | |
| Assets and liabilities in foreign currencies | (91,014) | |
| Total change in net unrealized appreciation (depreciation) | | (4,677,746) |
| Net gain (loss) | | 42,524,785 |
| Net increase (decrease) in net assets resulting from operations | | $48,411,262 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,886,477 | $6,215,482 |
| Net realized gain (loss) | 47,202,531 | 9,376,985 |
| Change in net unrealized appreciation (depreciation) | (4,677,746) | (11,101,240) |
| Net increase (decrease) in net assets resulting from operations | 48,411,262 | 4,491,227 |
| Distributions to shareholders | (8,873,375) | (47,487,878) |
| Share transactions | | |
| Proceeds from sales of shares | 21,598,620 | 30,552,737 |
| Reinvestment of distributions | 8,615,238 | 44,675,432 |
| Cost of shares redeemed | (92,311,202) | (194,108,757) |
| Net increase (decrease) in net assets resulting from share transactions | (62,097,344) | (118,880,588) |
| Total increase (decrease) in net assets | (22,559,457) | (161,877,239) |
| Net Assets | | |
| Beginning of period | 523,773,508 | 685,650,747 |
| End of period | $501,214,051 | $523,773,508 |
| Other Information | | |
| Shares | | |
| Sold | 1,209,402 | 1,899,560 |
| Issued in reinvestment of distributions | 494,277 | 2,601,947 |
| Redeemed | (5,203,304) | (11,990,650) |
| Net increase (decrease) | (3,499,625) | (7,489,143) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Japan Smaller Companies Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.64 | $17.60 | $17.12 | $18.84 | $15.66 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .16 | .22 | .18 | .17 |
| Net realized and unrealized gain (loss) | 1.36 | .11B | 1.10 | (1.00) | 3.42 |
| Total from investment operations | 1.56 | .27 | 1.32 | (.82) | 3.59 |
| Distributions from net investment income | (.19) | (.23) | (.11) | (.16) | (.17) |
| Distributions from net realized gain | (.10) | (1.00) | (.73) | (.74) | (.25) |
| Total distributions | (.28)C | (1.23) | (.84) | (.90) | (.41)C |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $17.92 | $16.64 | $17.60 | $17.12 | $18.84 |
| Total ReturnE | 9.44% | 1.31% | 8.22% | (4.71)% | 23.68% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .91% | .92% | .93% | .94% | .95% |
| Expenses net of fee waivers, if any | .91% | .92% | .93% | .93% | .95% |
| Expenses net of all reductions | .91% | .92% | .93% | .93% | .94% |
| Net investment income (loss) | 1.13% | 1.02% | 1.31% | .95% | 1.04% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $501,214 | $523,774 | $685,651 | $715,402 | $764,052 |
| Portfolio turnover rateH | 23% | 20% | 16% | 17% | 20% |
A Calculated based on average shares outstanding during the period.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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 | $134,782,982 |
| Gross unrealized depreciation | (24,136,799) |
| Net unrealized appreciation (depreciation) | $110,646,183 |
| Tax Cost | $388,359,013 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $16,322,609 |
| Undistributed long-term capital gain | $36,365,029 |
| Net unrealized appreciation (depreciation) on securities and other investments | $110,579,751 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $7,336,995 | $ 18,871,405 |
| Long-term Capital Gains | 1,536,380 | 28,616,473 |
| Total | $8,873,375 | $ 47,487,878 |
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 | 115,066,799 | 176,502,914 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Japan Smaller Companies Fund | .05 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Japan Smaller Companies Fund | – | 732,088 | 86,827 |
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 | $957 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Japan Smaller Companies Fund | $8,797 | $– | $– |
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 Smaller Companies Fund | $395,000 | .59% | $13 |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $8,306.
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
A the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers International Fund |
| Fidelity Japan Smaller Companies Fund | 25% |
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 | 57% |
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Latin America Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 4.93% | (2.59)% | (5.49)% |
| Class M (incl. 3.50% sales charge) | 7.07% | (2.40)% | (5.53)% |
| Class C (incl. contingent deferred sales charge) | 9.45% | (2.17)% | (5.50)% |
| Fidelity® Latin America Fund | 11.58% | (1.14)% | (4.65)% |
| Class I | 11.60% | (1.09)% | (4.60)% |
| Class Z | 11.82% | (1.00)% | (4.56)% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Latin America Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EM (Emerging Markets) Latin America Index performed over the same period.
| Period Ending Values |
| $6,212 | Fidelity® Latin America Fund |
| $7,359 | MSCI EM (Emerging Markets) Latin America Index |
Fidelity® Latin America Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Will Pruett: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 10% to 12%, underperforming the 22.07% result of the benchmark, the MSCI Emerging Markets Latin America Net MA Index. Stock picks in Brazil and Mexico hurt the fund’s relative result the most. Conversely, choices in Peru and Chile added relative value. From a sector standpoint, overweightings in consumer discretionary and health care and an underweighting in materials detracted versus the benchmark, whereas picks in financials contributed. Owning large non-benchmark stakes in two education companies – Vasta Platform (-65%), which focuses on private K–12 schools and Afya (-27%), which specializes in medical education – detracted more than any other fund holdings. I added to the fund’s stakes in each during the 12 months. Not owning iron ore and nickel miner Vale (+42%) and underweighting Mexico-based conglomerate Grupo Mexico (+65%), on average, one of the world’s largest copper producers, also hampered the fund’s relative return. Conversely, owning a non-benchmark stake in the Mexico-based bank Banco del Bajio (+140%) added considerable relative value. I reduced the fund’s stake in this stock by period end. It also helped not to own Magazine Luiza (-55%), a Brazilian retailer of electronics and appliances. Notable positioning changes for the 12 months included reduced stakes among information technology and consumer discretionary stocks and added exposure to materials and health care.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Latin America Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Brazil | 48.2% |
| | Mexico | 26.8% |
| | United States of America* | 8.5% |
| | Panama | 4.4% |
| | Chile | 3.8% |
| | Sweden | 3.5% |
| | Canada | 2.8% |
| | Cayman Islands | 2.0% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 100.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | (0.8) |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 10.7 |
| Genomma Lab Internacional SA de CV (Mexico, Pharmaceuticals) | 8.9 |
| Afya Ltd. (United States of America, Diversified Consumer Services) | 7.2 |
| Qualitas Controladora S.A.B. de CV (Mexico, Insurance) | 6.5 |
| Hypermarcas SA (Brazil, Pharmaceuticals) | 5.2 |
| Unifin Financiera S.A.B. de CV (Mexico, Consumer Finance) | 5.2 |
| Itausa-Investimentos Itau SA (PN) (Brazil, Banks) | 4.6 |
| Intercorp Financial Services, Inc. (Panama, Banks) | 4.4 |
| Atacadao SA (Brazil, Food & Staples Retailing) | 4.2 |
| Suzano Papel e Celulose SA (Brazil, Paper & Forest Products) | 4.1 |
| | 61.0 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 29.5 |
| Health Care | 20.3 |
| Consumer Discretionary | 12.8 |
| Materials | 12.4 |
| Energy | 10.7 |
| Industrials | 8.4 |
| Consumer Staples | 4.2 |
| Information Technology | 2.5 |
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of October 31, 2021, the Fund did not have more than 25% of its total assets invested in any one industry.
Fidelity® Latin America Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 85.5% | | | |
| | | Shares | Value |
| Brazil - 32.9% | | | |
| Atacadao SA | | 4,156,904 | $12,256,083 |
| Azul SA sponsored ADR (a) | | 466,434 | 6,170,922 |
| Blau Farmaceutica SA | | 1,136,261 | 7,610,239 |
| CM Hospitalar SA | | 1,168,103 | 4,149,769 |
| Compania de Locacao das Americas | | 1,990,477 | 6,958,452 |
| CVC Brasil Operadora e Agencia de Viagens SA (a) | | 2,129,707 | 6,026,333 |
| Hapvida Participacoes e Investimentos SA (b) | | 3,213,162 | 6,570,022 |
| Hypermarcas SA | | 3,078,869 | 15,307,606 |
| Locaweb Servicos de Internet SA (b) | | 2,305,395 | 7,475,235 |
| Smartfit Escola de Ginastica e Danca SA (a) | | 1,140,708 | 4,076,700 |
| Suzano Papel e Celulose SA (a) | | 1,372,717 | 11,973,999 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 3,964,250 | 7,958,282 |
|
| TOTAL BRAZIL | | | 96,533,642 |
|
| Canada - 2.8% | | | |
| First Quantum Minerals Ltd. | | 352,311 | 8,340,912 |
| Cayman Islands - 2.0% | | | |
| XP, Inc. Class A (a) | | 178,663 | 5,861,933 |
| Chile - 3.8% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | | 202,847 | 11,134,272 |
| Mexico - 26.8% | | | |
| Banco del Bajio SA (b) | | 5,209,508 | 9,779,847 |
| Genomma Lab Internacional SA de CV (a) | | 27,398,469 | 26,216,720 |
| Grupo Aeroportuario Norte S.A.B. de CV (a) | | 570,346 | 3,441,523 |
| Grupo Mexico SA de CV Series B | | 1,124,429 | 4,932,894 |
| Qualitas Controladora S.A.B. de CV | | 4,087,683 | 18,935,415 |
| Unifin Financiera S.A.B. de CV | | 9,882,814 | 15,178,482 |
|
| TOTAL MEXICO | | | 78,484,881 |
|
| Panama - 4.4% | | | |
| Intercorp Financial Services, Inc. | | 448,354 | 12,876,727 |
| Sweden - 3.5% | | | |
| VEF AB (a) | | 14,010,796 | 10,147,549 |
| United States of America - 9.3% | | | |
| Afya Ltd. (a)(c) | | 1,212,998 | 21,166,815 |
| Vasta Platform Ltd. (a)(c) | | 1,516,424 | 6,065,696 |
|
| TOTAL UNITED STATES OF AMERICA | | | 27,232,511 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $254,909,002) | | | 250,612,427 |
|
| Nonconvertible Preferred Stocks - 15.3% | | | |
| Brazil - 15.3% | | | |
| Itausa-Investimentos Itau SA (PN) | | 7,414,124 | 13,465,178 |
| Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 6,478,263 | 31,279,043 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $41,942,727) | | | 44,744,221 |
|
| Money Market Funds - 1.0% | | | |
| Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) | | | |
| (Cost $2,950,155) | | 2,949,860 | 2,950,155 |
| TOTAL INVESTMENT IN SECURITIES - 101.8% | | | |
| (Cost $299,801,884) | | | 298,306,803 |
| NET OTHER ASSETS (LIABILITIES) - (1.8)% | | | (5,142,633) |
| NET ASSETS - 100% | | | $293,164,170 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $23,825,104 or 8.1% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Investment made with cash collateral received from securities on loan.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $96,569 | $78,015,519 | $78,112,088 | $1,048 | $-- | $-- | $-- | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 22,137,705 | 176,526,231 | 195,713,781 | 58,306 | -- | -- | 2,950,155 | 0.0% |
| Total | $22,234,274 | $254,541,750 | $273,825,869 | $59,354 | $-- | $-- | $2,950,155 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $37,335,544 | $37,335,544 | $-- | $-- |
| Consumer Staples | 12,256,083 | 12,256,083 | -- | -- |
| Energy | 31,279,043 | 31,279,043 | -- | -- |
| Financials | 86,245,131 | 86,245,131 | -- | -- |
| Health Care | 59,854,356 | 59,854,356 | -- | -- |
| Industrials | 24,529,179 | 24,529,179 | -- | -- |
| Information Technology | 7,475,235 | 7,475,235 | -- | -- |
| Materials | 36,382,077 | 36,382,077 | -- | -- |
| Money Market Funds | 2,950,155 | 2,950,155 | -- | -- |
| Total Investments in Securities: | $298,306,803 | $298,306,803 | $-- | $-- |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Latin America Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $2,808,270) — See accompanying schedule:
Unaffiliated issuers (cost $296,851,729) | $295,356,648 | |
| Fidelity Central Funds (cost $2,950,155) | 2,950,155 | |
| Total Investment in Securities (cost $299,801,884) | | $298,306,803 |
| Receivable for investments sold | | 649,491 |
| Receivable for fund shares sold | | 372,848 |
| Dividends receivable | | 421,025 |
| Distributions receivable from Fidelity Central Funds | | 276 |
| Prepaid expenses | | 509 |
| Other receivables | | 13,246 |
| Total assets | | 299,764,198 |
| Liabilities | | |
| Payable to custodian bank | $2,946,328 | |
| Payable for fund shares redeemed | 340,725 | |
| Accrued management fee | 174,822 | |
| Distribution and service plan fees payable | 4,050 | |
| Other affiliated payables | 77,264 | |
| Other payables and accrued expenses | 109,264 | |
| Collateral on securities loaned | 2,947,575 | |
| Total liabilities | | 6,600,028 |
| Net Assets | | $293,164,170 |
| Net Assets consist of: | | |
| Paid in capital | | $360,502,018 |
| Total accumulated earnings (loss) | | (67,337,848) |
| Net Assets | | $293,164,170 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($10,217,368 ÷ 527,601 shares)(a) | | $19.37 |
| Maximum offering price per share (100/94.25 of $19.37) | | $20.55 |
| Class M: | | |
| Net Asset Value and redemption price per share ($2,701,349 ÷ 139,584 shares)(a) | | $19.35 |
| Maximum offering price per share (100/96.50 of $19.35) | | $20.05 |
| Class C: | | |
| Net Asset Value and offering price per share ($655,958 ÷ 33,721 shares)(a) | | $19.45 |
| Latin America: | | |
| Net Asset Value, offering price and redemption price per share ($262,484,087 ÷ 13,555,748 shares) | | $19.36 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($2,767,790 ÷ 143,082 shares) | | $19.34 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($14,337,618 ÷ 740,984 shares) | | $19.35 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $7,851,794 |
| Income from Fidelity Central Funds (including $58,306 from security lending) | | 59,354 |
| Income before foreign taxes withheld | | 7,911,148 |
| Less foreign taxes withheld | | (519,473) |
| Total income | | 7,391,675 |
| Expenses | | |
| Management fee | $2,461,292 | |
| Transfer agent fees | 823,629 | |
| Distribution and service plan fees | 54,691 | |
| Accounting fees | 188,625 | |
| Custodian fees and expenses | 114,771 | |
| Independent trustees' fees and expenses | 1,467 | |
| Registration fees | 87,506 | |
| Audit | 71,696 | |
| Legal | 1,473 | |
| Interest | 124 | |
| Miscellaneous | 1,665 | |
| Total expenses before reductions | 3,806,939 | |
| Expense reductions | (5,818) | |
| Total expenses after reductions | | 3,801,121 |
| Net investment income (loss) | | 3,590,554 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (25,254,649) | |
| Foreign currency transactions | (108,808) | |
| Total net realized gain (loss) | | (25,363,457) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 65,397,648 | |
| Assets and liabilities in foreign currencies | 11,448 | |
| Total change in net unrealized appreciation (depreciation) | | 65,409,096 |
| Net gain (loss) | | 40,045,639 |
| Net increase (decrease) in net assets resulting from operations | | $43,636,193 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,590,554 | $1,982,150 |
| Net realized gain (loss) | (25,363,457) | 525,861 |
| Change in net unrealized appreciation (depreciation) | 65,409,096 | (211,059,483) |
| Net increase (decrease) in net assets resulting from operations | 43,636,193 | (208,551,472) |
| Distributions to shareholders | (228,705) | (13,930,227) |
| Share transactions - net increase (decrease) | (58,067,183) | (48,747,456) |
| Total increase (decrease) in net assets | (14,659,695) | (271,229,155) |
| Net Assets | | |
| Beginning of period | 307,823,865 | 579,053,020 |
| End of period | $293,164,170 | $307,823,865 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Latin America Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.40 | $28.36 | $21.98 | $24.93 | $22.45 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .04 | .69 | .50 | .42 |
| Net realized and unrealized gain (loss) | 1.82 | (10.40) | 6.11 | (3.16) | 2.48 |
| Total from investment operations | 1.97 | (10.36) | 6.80 | (2.66) | 2.90 |
| Distributions from net investment income | –B | (.60) | (.42) | (.29) | (.43) |
| Total distributions | –B | (.60) | (.42) | (.29) | (.43) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $19.37 | $17.40 | $28.36 | $21.98 | $24.93 |
| Total ReturnC,D | 11.34% | (37.31)% | 31.60% | (10.78)% | 13.55% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.33% | 1.36% | 1.36% | 1.38% | 1.39% |
| Expenses net of fee waivers, if any | 1.33% | 1.35% | 1.36% | 1.38% | 1.39% |
| Expenses net of all reductions | 1.33% | 1.33% | 1.36% | 1.36% | 1.38% |
| Net investment income (loss) | .70% | .18% | 2.81% | 2.08% | 1.90% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $10,217 | $9,131 | $17,953 | $14,157 | $17,801 |
| Portfolio turnover rateG | 33% | 54% | 48% | 53% | 51% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Latin America Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.44 | $28.41 | $22.00 | $24.96 | $22.47 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .10 | (.02) | .63 | .43 | .36 |
| Net realized and unrealized gain (loss) | 1.81 | (10.42) | 6.13 | (3.16) | 2.49 |
| Total from investment operations | 1.91 | (10.44) | 6.76 | (2.73) | 2.85 |
| Distributions from net investment income | – | (.53) | (.35) | (.23) | (.37) |
| Total distributions | – | (.53) | (.35) | (.23) | (.37) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $19.35 | $17.44 | $28.41 | $22.00 | $24.96 |
| Total ReturnC,D | 10.95% | (37.45)% | 31.26% | (11.04)% | 13.24% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.59% | 1.62% | 1.64% | 1.66% | 1.66% |
| Expenses net of fee waivers, if any | 1.59% | 1.61% | 1.63% | 1.66% | 1.66% |
| Expenses net of all reductions | 1.59% | 1.59% | 1.63% | 1.63% | 1.66% |
| Net investment income (loss) | .44% | (.09)% | 2.54% | 1.80% | 1.62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,701 | $2,912 | $6,032 | $5,098 | $6,740 |
| Portfolio turnover rateG | 33% | 54% | 48% | 53% | 51% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Latin America Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.61 | $28.67 | $22.16 | $25.12 | $22.61 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.01) | (.13) | .51 | .32 | .26 |
| Net realized and unrealized gain (loss) | 1.85 | (10.56) | 6.21 | (3.18) | 2.52 |
| Total from investment operations | 1.84 | (10.69) | 6.72 | (2.86) | 2.78 |
| Distributions from net investment income | – | (.37) | (.21) | (.10) | (.28) |
| Total distributions | – | (.37) | (.21) | (.10) | (.28) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $19.45 | $17.61 | $28.67 | $22.16 | $25.12 |
| Total ReturnC,D | 10.45% | (37.78)% | 30.62% | (11.43)% | 12.71% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 2.08% | 2.11% | 2.12% | 2.13% | 2.14% |
| Expenses net of fee waivers, if any | 2.08% | 2.11% | 2.12% | 2.13% | 2.14% |
| Expenses net of all reductions | 2.08% | 2.09% | 2.12% | 2.11% | 2.14% |
| Net investment income (loss) | (.05)% | (.58)% | 2.06% | 1.33% | 1.15% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $656 | $810 | $3,438 | $3,498 | $5,094 |
| Portfolio turnover rateG | 33% | 54% | 48% | 53% | 51% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Latin America Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.36 | $28.30 | $21.94 | $24.89 | $22.41 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .22 | .10 | .77 | .57 | .49 |
| Net realized and unrealized gain (loss) | 1.79 | (10.36) | 6.09 | (3.15) | 2.46 |
| Total from investment operations | 2.01 | (10.26) | 6.86 | (2.58) | 2.95 |
| Distributions from net investment income | (.01) | (.68) | (.50) | (.37) | (.48) |
| Total distributions | (.01) | (.68) | (.50) | (.37) | (.48) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $19.36 | $17.36 | $28.30 | $21.94 | $24.89 |
| Total ReturnC | 11.58% | (37.13)% | 32.06% | (10.50)% | 13.87% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.04% | 1.05% | 1.05% | 1.07% | 1.09% |
| Expenses net of fee waivers, if any | 1.04% | 1.05% | 1.04% | 1.07% | 1.09% |
| Expenses net of all reductions | 1.04% | 1.03% | 1.04% | 1.05% | 1.09% |
| Net investment income (loss) | .99% | .48% | 3.13% | 2.39% | 2.19% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $262,484 | $277,942 | $517,901 | $445,845 | $597,161 |
| Portfolio turnover rateF | 33% | 54% | 48% | 53% | 51% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Latin America Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.34 | $28.28 | $21.92 | $24.88 | $22.40 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .23 | .12 | .78 | .59 | .51 |
| Net realized and unrealized gain (loss) | 1.78 | (10.34) | 6.08 | (3.15) | 2.45 |
| Total from investment operations | 2.01 | (10.22) | 6.86 | (2.56) | 2.96 |
| Distributions from net investment income | (.01) | (.72) | (.50) | (.40) | (.49) |
| Total distributions | (.01) | (.72) | (.50) | (.40) | (.49) |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $19.34 | $17.34 | $28.28 | $21.92 | $24.88 |
| Total ReturnC | 11.60% | (37.07)% | 32.09% | (10.44)% | 13.94% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.00% | .99% | 1.01% | 1.01% | 1.01% |
| Expenses net of fee waivers, if any | 1.00% | .99% | 1.00% | 1.01% | 1.01% |
| Expenses net of all reductions | 1.00% | .97% | 1.00% | .98% | 1.01% |
| Net investment income (loss) | 1.04% | .54% | 3.17% | 2.45% | 2.27% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,768 | $3,508 | $7,124 | $4,546 | $8,600 |
| Portfolio turnover rateF | 33% | 54% | 48% | 53% | 51% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Latin America Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $17.32 | $28.24 | $21.92 | $21.51 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .26 | .14 | .85 | (.01) |
| Net realized and unrealized gain (loss) | 1.79 | (10.32) | 6.03 | .42 |
| Total from investment operations | 2.05 | (10.18) | 6.88 | .41 |
| Distributions from net investment income | (.02) | (.74) | (.56) | – |
| Total distributions | (.02) | (.74) | (.56) | – |
| Net asset value, end of period | $19.35 | $17.32 | $28.24 | $21.92 |
| Total ReturnC,D | 11.82% | (37.00)% | 32.28% | 1.91% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .85% | .86% | .86% | .95%G |
| Expenses net of fee waivers, if any | .85% | .86% | .86% | .95%G |
| Expenses net of all reductions | .85% | .84% | .86% | .93%G |
| Net investment income (loss) | 1.19% | .67% | 3.31% | (.37)%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $14,338 | $13,520 | $26,605 | $145 |
| Portfolio turnover rateH | 33% | 54% | 48% | 53% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Latin America, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $47,173,401 |
| Gross unrealized depreciation | (49,707,000) |
| Net unrealized appreciation (depreciation) | $(2,533,599) |
| Tax Cost | $300,840,402 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,956,688 |
| Capital loss carryforward | $(67,740,655) |
| Net unrealized appreciation (depreciation) on securities and other investments | $(2,553,881) |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(33,670,551) |
| Long-term | (34,070,104) |
| Total capital loss carryforward | $(67,740,655) |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $228,705 | $ 13,930,227 |
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 | 118,202,563 | 171,184,795 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $29,354 | $1,342 |
| Class M | .25% | .25% | 16,997 | 440 |
| Class C | .75% | .25% | 8,340 | 1,435 |
| | | | $54,691 | $3,217 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC |
| Class A | $8,003 |
| Class M | 349 |
| Class C(a) | 83 |
| | $8,435 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $32,212 | .27 |
| Class M | 9,608 | .28 |
| Class C | 2,302 | .28 |
| Latin America | 764,948 | .23 |
| Class I | 6,586 | .19 |
| Class Z | 7,973 | .04 |
| | $823,629 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity 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 | $583 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Latin America Fund | Borrower | $5,253,333 | .28% | $124 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Latin America Fund | 796,570 | 3,855,680 | (29,821) |
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 | $664 |
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 | $5,983 | $8 | $– |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,818.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Latin America Fund | | |
| Distributions to shareholders | | |
| Class A | $1,584 | $377,476 |
| Class M | – | 110,623 |
| Class C | – | 43,517 |
| Latin America | 206,329 | 12,445,183 |
| Class I | 2,224 | 292,870 |
| Class Z | 18,568 | 660,558 |
| Total | $228,705 | $13,930,227 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Latin America Fund | | | | |
| Class A | | | | |
| Shares sold | 110,803 | 58,793 | $2,384,222 | $1,227,367 |
| Reinvestment of distributions | 65 | 13,321 | 1,514 | 367,553 |
| Shares redeemed | (107,876) | (180,467) | (2,368,760) | (3,825,749) |
| Net increase (decrease) | 2,992 | (108,353) | $16,976 | $(2,230,829) |
| Class M | | | | |
| Shares sold | 13,216 | 10,639 | $293,089 | $235,009 |
| Reinvestment of distributions | – | 3,964 | – | 109,913 |
| Shares redeemed | (40,671) | (59,887) | (902,364) | (1,237,441) |
| Net increase (decrease) | (27,455) | (45,284) | $(609,275) | $(892,519) |
| Class C | | | | |
| Shares sold | 11,722 | 9,815 | $266,527 | $242,018 |
| Reinvestment of distributions | – | 1,420 | – | 40,064 |
| Shares redeemed | (24,019) | (85,138) | (539,967) | (2,000,990) |
| Net increase (decrease) | (12,297) | (73,903) | $(273,440) | $(1,718,908) |
| Latin America | | | | |
| Shares sold | 1,866,181 | 4,448,914 | $40,971,358 | $97,253,119 |
| Reinvestment of distributions | 7,805 | 404,088 | 181,543 | 11,085,949 |
| Shares redeemed | (4,328,777) | (7,144,685) | (95,189,209) | (149,090,348) |
| Net increase (decrease) | (2,454,791) | (2,291,683) | $(54,036,308) | $(40,751,280) |
| Class I | | | | |
| Shares sold | 44,698 | 476,368 | $976,766 | $12,550,386 |
| Reinvestment of distributions | 94 | 10,595 | 2,192 | 290,124 |
| Shares redeemed | (104,070) | (536,551) | (2,256,112) | (11,981,884) |
| Net increase (decrease) | (59,278) | (49,588) | $(1,277,154) | $858,626 |
| Class Z | | | | |
| Shares sold | 714,550 | 436,475 | $14,704,788 | $8,485,713 |
| Reinvestment of distributions | 800 | 24,183 | 18,559 | 660,494 |
| Shares redeemed | (755,012) | (622,264) | (16,611,329) | (13,158,753) |
| Net increase (decrease) | (39,662) | (161,606) | $(1,887,982) | $(4,012,546) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Nordic Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Nordic Fund | 38.39% | 16.21% | 13.79% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Nordic Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the FTSE® Capped Nordic Index performed over the same period.
| Period Ending Values |
| $36,398 | Fidelity® Nordic Fund |
| $30,083 | FTSE® Capped Nordic Index |
Fidelity® Nordic Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Lead Manager Andrew Sergeant: For the fiscal year ending October 31, 2021, the fund gained 38.39%, underperforming the 43.49% result of the benchmark FTSE Capped Nordic Index. From a regional standpoint, stock picks in Europe ex U.K. and a non-benchmark allocation to the U.S. hurt the fund's relative result. Versus the benchmark, security selection was the primary detractor, especially in the consumer services area of the consumer discretionary sector. Stock picking and an overweighting in the communication services sector, especially within the media & entertainment industry, also hurt. Also hindering our result were stock picks in information technology, primarily within the technology hardware & equipment industry. Our largest individual relative detractor was an out-of-benchmark stake in Stillfront Group (-62%). We increased our position this period. Other notable relative detractors were an outsized stake in Ericsson (0%), and our lighter-than-benchmark stake in DSV (+44%), both of which were among the largest fund holdings as of October 31. Conversely, non-benchmark allocations to emerging markets, specifically Iceland, modestly contributed to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our stock selection in health care, especially within the pharmaceuticals, biotechnology & life sciences industry. Strong picks in the industrials sector, primarily driven by the capital goods industry, also boosted the fund's relative performance. Also lifting the fund's relative result was an overweighting in consumer discretionary, especially within the consumer services industry. AddLife, the fund's top individual contributor, advanced roughly 174% this period. This was among the biggest holdings as of October 31. Our second-largest contributor was Kongsberg Gruppen, which gained 124% the past year. Another contributor this period was Dustin Group. The fund's shares in Dustin Group gained 101% the past 12 months. All these contributors were non-benchmark positions. Notable changes in positioning include decreased exposure to Denmark and a higher allocation to Sweden. By sector, meaningful changes in positioning include increased exposure to financials and a lower allocation to consumer discretionary.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On October 8, 2021, Allyson Ke and Faris Rahman assumed co-management responsibilities for the fund, joining Lead Manager Andrew Sergeant.
Fidelity® Nordic Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Sweden | 52.3% |
| | Denmark | 19.0% |
| | Finland | 14.8% |
| | Norway | 8.6% |
| | United States of America* | 4.3% |
| | Luxembourg | 0.8% |
| | Bermuda | 0.2% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 96.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.1 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 8.8 |
| Swedbank AB (A Shares) (Sweden, Banks) | 5.1 |
| Ericsson (B Shares) (Sweden, Communications Equipment) | 4.8 |
| Sampo Oyj (A Shares) (Finland, Insurance) | 4.0 |
| DSV A/S (Denmark, Air Freight & Logistics) | 3.9 |
| Investor AB (B Shares) (Sweden, Diversified Financial Services) | 3.9 |
| Swedish Match Co. AB (Sweden, Tobacco) | 3.6 |
| Addlife AB (Sweden, Life Sciences Tools & Services) | 3.5 |
| Alfa Laval AB (Sweden, Machinery) | 3.5 |
| VNV Global AB (Sweden, Capital Markets) | 3.3 |
| | 44.4 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 26.2 |
| Financials | 18.4 |
| Health Care | 15.4 |
| Information Technology | 6.5 |
| Consumer Staples | 6.3 |
| Consumer Discretionary | 5.9 |
| Communication Services | 5.4 |
| Materials | 5.0 |
| Energy | 3.7 |
| Utilities | 3.0 |
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of October 31, 2021, the Fund did not have more than 25% of its total assets invested in any one industry.
Fidelity® Nordic Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 96.9% | | | |
| | | Shares | Value |
| Bermuda - 0.2% | | | |
| AutoStore Holdings Ltd. | | 204,200 | $804,796 |
| Denmark - 19.0% | | | |
| DSV A/S | | 70,500 | 16,384,266 |
| GN Store Nord A/S | | 90,500 | 5,491,880 |
| Novo Nordisk A/S Series B | | 341,000 | 37,392,328 |
| ORSTED A/S (a) | | 88,888 | 12,542,394 |
| Tryg A/S | | 359,783 | 8,529,121 |
|
| TOTAL DENMARK | | | 80,339,989 |
|
| Finland - 14.8% | | | |
| Elisa Corp. (A Shares) | | 162,000 | 9,771,853 |
| Nanoform Finland PLC (b) | | 527,400 | 4,517,687 |
| Nokian Tyres PLC | | 259,300 | 9,711,926 |
| Olvi PLC (A Shares) | | 187,187 | 11,317,101 |
| Sampo Oyj (A Shares) | | 320,000 | 17,016,320 |
| UPM-Kymmene Corp. | | 292,200 | 10,309,143 |
|
| TOTAL FINLAND | | | 62,644,030 |
|
| Luxembourg - 0.8% | | | |
| Subsea 7 SA | | 400,000 | 3,587,164 |
| Norway - 8.6% | | | |
| Equinor ASA | | 359,200 | 9,088,531 |
| Kongsberg Gruppen ASA | | 380,000 | 12,459,901 |
| Schibsted ASA (B Shares) | | 203,350 | 9,180,706 |
| Selvaag Bolig ASA | | 350,000 | 2,150,239 |
| TGS ASA | | 300,900 | 2,768,256 |
| Volue A/S | | 85,700 | 599,542 |
|
| TOTAL NORWAY | | | 36,247,175 |
|
| Sweden - 52.3% | | | |
| Addlife AB | | 363,084 | 14,848,056 |
| Alfa Laval AB | | 344,900 | 14,767,085 |
| ASSA ABLOY AB (B Shares) | | 475,300 | 13,946,570 |
| Atlas Copco AB (B Shares) | | 232,100 | 12,553,616 |
| Dustin Group AB (a) | | 606,966 | 7,428,054 |
| Eltel AB (a)(b) | | 1,477,623 | 3,010,992 |
| Ericsson (B Shares) | | 1,878,400 | 20,503,501 |
| Fortnox AB | | 33,000 | 2,336,283 |
| Haypp Group (b) | | 385,600 | 2,662,562 |
| HEXPOL AB (B Shares) | | 948,770 | 11,080,767 |
| Instalco AB | | 160,000 | 8,476,945 |
| Investor AB (B Shares) | | 707,400 | 16,301,171 |
| INVISIO AB | | 320,000 | 5,782,953 |
| John Mattson Fastighetsforetag (b) | | 120,731 | 2,474,226 |
| Lagercrantz Group AB (B Shares) | | 326,653 | 4,374,138 |
| Momentum Group AB (B Shares) | | 201,969 | 5,185,627 |
| Nibe Industrier AB (B Shares) | | 737,600 | 10,980,689 |
| Stillfront Group AB (b) | | 807,800 | 3,604,436 |
| Surgical Science Sweden AB (b) | | 96,100 | 2,859,053 |
| Swedbank AB (A Shares) | | 1,001,699 | 21,722,918 |
| Swedish Match Co. AB | | 1,741,000 | 15,321,935 |
| VNV Global AB (b) | | 955,496 | 14,018,688 |
| VNV Global AB warrants 8/10/23 (b) | | 162,854 | 350,815 |
| Volvo AB (B Shares) | | 272,600 | 6,345,854 |
|
| TOTAL SWEDEN | | | 220,936,934 |
|
| United States of America - 1.2% | | | |
| Autoliv, Inc. (depositary receipt) | | 53,200 | 5,141,593 |
| TOTAL COMMON STOCKS | | | |
| (Cost $289,252,642) | | | 409,701,681 |
|
| Money Market Funds - 2.5% | | | |
| Fidelity Cash Central Fund 0.06% (c) | | | |
| (Cost $10,608,095) | | 10,605,974 | 10,608,095 |
| TOTAL INVESTMENT IN SECURITIES - 99.4% | | | |
| (Cost $299,860,737) | | | 420,309,776 |
| NET OTHER ASSETS (LIABILITIES) - 0.6% | | | 2,363,709 |
| NET ASSETS - 100% | | | $422,673,485 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,981,440 or 5.4% of net assets.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $16,853,661 | $86,698,680 | $92,944,264 | $3,628 | $18 | $-- | $10,608,095 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 12,355,896 | 139,716,127 | 152,072,023 | 100,330 | -- | -- | -- | 0.0% |
| Total | $29,209,557 | $226,414,807 | $245,016,287 | $103,958 | $18 | $-- | $10,608,095 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $22,556,995 | $22,556,995 | $-- | $-- |
| Consumer Discretionary | 24,944,135 | 24,944,135 | -- | -- |
| Consumer Staples | 26,639,036 | 26,639,036 | -- | -- |
| Energy | 15,443,951 | 15,443,951 | -- | -- |
| Financials | 77,939,033 | 77,939,033 | -- | -- |
| Health Care | 65,109,004 | 27,716,676 | 37,392,328 | -- |
| Industrials | 110,699,294 | 96,752,724 | 13,946,570 | -- |
| Information Technology | 27,813,464 | 7,309,963 | 20,503,501 | -- |
| Materials | 21,389,910 | 21,389,910 | -- | -- |
| Real Estate | 4,624,465 | 4,624,465 | -- | -- |
| Utilities | 12,542,394 | 12,542,394 | -- | -- |
| Money Market Funds | 10,608,095 | 10,608,095 | -- | -- |
| Total Investments in Securities: | $420,309,776 | $348,467,377 | $71,842,399 | $-- |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Nordic Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $289,252,642) | $409,701,681 | |
| Fidelity Central Funds (cost $10,608,095) | 10,608,095 | |
| Total Investment in Securities (cost $299,860,737) | | $420,309,776 |
| Receivable for fund shares sold | | 1,190,589 |
| Dividends receivable | | 723,747 |
| Reclaims receivable | | 993,781 |
| Distributions receivable from Fidelity Central Funds | | 282 |
| Prepaid expenses | | 531 |
| Other receivables | | 887 |
| Total assets | | 423,219,593 |
| Liabilities | | |
| Payable for fund shares redeemed | $180,637 | |
| Accrued management fee | 232,009 | |
| Accrued audit fees | 47,517 | |
| Transfer agent fee payable | 52,421 | |
| Other affiliated payables | 17,823 | |
| Other payables and accrued expenses | 15,701 | |
| Total liabilities | | 546,108 |
| Net Assets | | $422,673,485 |
| Net Assets consist of: | | |
| Paid in capital | | $266,012,137 |
| Total accumulated earnings (loss) | | 156,661,348 |
| Net Assets | | $422,673,485 |
| Net Asset Value, offering price and redemption price per share ($422,673,485 ÷ 5,593,416 shares) | | $75.57 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $10,950,016 |
| Foreign tax reclaims | | 591,916 |
| Income from Fidelity Central Funds (including $100,330 from security lending) | | 103,958 |
| Income before foreign taxes withheld | | 11,645,890 |
| Less foreign taxes withheld | | (2,141,455) |
| Total income | | 9,504,435 |
| Expenses | | |
| Management fee | $2,637,709 | |
| Transfer agent fees | 608,037 | |
| Accounting fees | 202,184 | |
| Custodian fees and expenses | 31,647 | |
| Independent trustees' fees and expenses | 1,478 | |
| Registration fees | 28,546 | |
| Audit | 86,518 | |
| Legal | 2,279 | |
| Interest | 169 | |
| Miscellaneous | 1,484 | |
| Total expenses before reductions | 3,600,051 | |
| Expense reductions | (6,341) | |
| Total expenses after reductions | | 3,593,710 |
| Net investment income (loss) | | 5,910,725 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 43,063,662 | |
| Fidelity Central Funds | 18 | |
| Foreign currency transactions | 51,627 | |
| Total net realized gain (loss) | | 43,115,307 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 67,227,455 | |
| Assets and liabilities in foreign currencies | (9,173) | |
| Total change in net unrealized appreciation (depreciation) | | 67,218,282 |
| Net gain (loss) | | 110,333,589 |
| Net increase (decrease) in net assets resulting from operations | | $116,244,314 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,910,725 | $815,001 |
| Net realized gain (loss) | 43,115,307 | 7,643,755 |
| Change in net unrealized appreciation (depreciation) | 67,218,282 | 52,885,593 |
| Net increase (decrease) in net assets resulting from operations | 116,244,314 | 61,344,349 |
| Distributions to shareholders | (11,742,235) | (12,119,885) |
| Share transactions | | |
| Proceeds from sales of shares | 71,976,424 | 30,960,753 |
| Reinvestment of distributions | 10,959,662 | 11,280,829 |
| Cost of shares redeemed | (66,188,320) | (51,938,088) |
| Net increase (decrease) in net assets resulting from share transactions | 16,747,766 | (9,696,506) |
| Total increase (decrease) in net assets | 121,249,845 | 39,527,958 |
| Net Assets | | |
| Beginning of period | 301,423,640 | 261,895,682 |
| End of period | $422,673,485 | $301,423,640 |
| Other Information | | |
| Shares | | |
| Sold | 1,040,902 | 579,201 |
| Issued in reinvestment of distributions | 175,805 | 242,286 |
| Redeemed | (957,162) | (1,096,848) |
| Net increase (decrease) | 259,545 | (275,361) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Nordic Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $56.51 | $46.69 | $49.64 | $54.34 | $45.28 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | 1.06 | .15 | 1.50B | .47 | .51 |
| Net realized and unrealized gain (loss) | 20.17 | 11.86 | .15 | (3.01) | 9.32 |
| Total from investment operations | 21.23 | 12.01 | 1.65 | (2.54) | 9.83 |
| Distributions from net investment income | (.96) | (1.60) | (.05) | (.50) | (.65) |
| Distributions from net realized gain | (1.21) | (.59) | (4.55) | (1.67) | (.12) |
| Total distributions | (2.17) | (2.19) | (4.60) | (2.17) | (.77) |
| Redemption fees added to paid in capitalA | – | – | – | .01 | –C |
| Net asset value, end of period | $75.57 | $56.51 | $46.69 | $49.64 | $54.34 |
| Total ReturnD | 38.39% | 26.73% | 3.96% | (4.80)% | 22.14% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .92% | .96% | .98% | .98% | .99% |
| Expenses net of fee waivers, if any | .92% | .96% | .98% | .97% | .99% |
| Expenses net of all reductions | .92% | .96% | .96% | .97% | .96% |
| Net investment income (loss) | 1.51% | .31% | 3.28%B | .89% | 1.04% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $422,673 | $301,424 | $261,896 | $290,184 | $376,747 |
| Portfolio turnover rateG | 34% | 29% | 34% | 56% | 69% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.82 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 1.50%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign 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. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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 | $115,439,913 |
| Gross unrealized depreciation | (11,422,615) |
| Net unrealized appreciation (depreciation) | $104,017,298 |
| Tax Cost | $316,292,478 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $16,978,980 |
| Undistributed long-term capital gain | $35,656,309 |
| Net unrealized appreciation (depreciation) on securities and other investments | $104,026,060 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $9,275,879 | $ 8,845,138 |
| Long-term Capital Gains | 2,466,356 | 3,274,747 |
| Total | $11,742,235 | $ 12,119,885 |
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 | 145,083,865 | 130,363,905 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Nordic Fund | .05 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Nordic Fund | Borrower | $6,987,333 | .29% | $169 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Nordic Fund | $685 |
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 | $6,168 | $– | $– |
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 $6,341.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Pacific Basin Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Pacific Basin Fund | 20.08% | 14.81% | 12.88% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Pacific Basin Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI AC (All Country) Pacific Index performed over the same period.
| Period Ending Values |
| $33,586 | Fidelity® Pacific Basin Fund |
| $20,460 | MSCI AC (All Country) Pacific Index |
Fidelity® Pacific Basin Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Co-Managers Kirk Neureiter, Bruce MacDonald, and Stephen Lieu: For the fiscal year ending October 31, 2021, the fund gained 20.08%, outperforming the 15.03% result of the benchmark MS All Country Pacific Free (Net of MA) Index. From a regional standpoint, stock selection in Japan and emerging markets contributed most to the fund's relative result. Looking at sectors and industries, security selection in the health care equipment & services area of health care was a noteworthy contributor versus the benchmark. Stock picking and an overweighting in the information technology sector, primarily driven by the semiconductors & semiconductor equipment industry, also bolstered the fund's relative result. Also boosting the fund's relative result were stock picks in financials, especially within the diversified financials industry. The fund's largest individual contributor, eMemory Technology, advanced about 317% this period. Our second-largest contributor was ASML Holding, which gained roughly 119% while the fund owned it. ASML Holding was not held at period end. Another contributor this period was Open House. The fund's shares in Open House gained roughly 90% the past 12 months. All of these contributors were non-benchmark positions. In contrast, an underweighting in Asia Pacific ex Japan modestly hindered the fund's relative result. By sector, the largest detractor from performance versus the benchmark was an underweighting in materials. An overweighting in the health care sector, primarily within the health care equipment & services industry, also hindered the fund's relative result. Further hindering the fund's relative result was stock selection in communication services. The fund's biggest individual relative detractor was an outsized stake in Alibaba Group Holding, which returned approximately -45% the past year. The company was among our largest holdings. Also hindering performance was our overweighting in Hansoh Pharmacetical Group, which returned about -49%. Also hampering performance was our outsized stake in Tencent Holdings, which returned about -19%. Tencent Holdings was one of the fund's biggest holdings. Notable changes in positioning include increased exposure to Taiwan and a lower allocation to Hong Kong. By sector, meaningful changes in positioning include reduced exposure to consumer staples and a higher allocation to information technology.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On January 30, 2021, Stephen Lieu assumed co-management responsibilities for the fund, joining Kirk Neureiter and Bruce MacDonald.
Fidelity® Pacific Basin Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 39.2% |
| | Cayman Islands | 13.0% |
| | Taiwan | 11.0% |
| | Australia | 8.7% |
| | India | 6.3% |
| | China | 5.9% |
| | Korea (South) | 5.9% |
| | Hong Kong | 3.1% |
| | Indonesia | 1.9% |
| | Other* | 5.0% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 100.0 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 5.9 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 4.2 |
| Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) | 4.1 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.1 |
| Sony Group Corp. (Japan, Household Durables) | 2.4 |
| Shin-Etsu Chemical Co. Ltd. (Japan, Chemicals) | 2.2 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 2.1 |
| DENSO Corp. (Japan, Auto Components) | 2.0 |
| CSL Ltd. (Australia, Biotechnology) | 2.0 |
| AIA Group Ltd. (Hong Kong, Insurance) | 2.0 |
| | 31.0 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 22.9 |
| Consumer Discretionary | 15.6 |
| Financials | 14.4 |
| Health Care | 14.3 |
| Industrials | 11.5 |
| Communication Services | 8.7 |
| Consumer Staples | 4.2 |
| Energy | 2.7 |
| Materials | 2.6 |
| Real Estate | 2.3 |
Fidelity® Pacific Basin Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 95.8% | | | |
| | | Shares | Value |
| Australia - 8.7% | | | |
| Aristocrat Leisure Ltd. | | 391,468 | $13,746,411 |
| BWX Ltd. | | 2,655,271 | 9,308,013 |
| CSL Ltd. | | 109,654 | 24,786,585 |
| HUB24 Ltd. | | 397,473 | 9,472,290 |
| Lynas Rare Earths Ltd. (a) | | 999,127 | 5,509,179 |
| Macquarie Group Ltd. | | 130,520 | 19,297,382 |
| National Storage REIT unit | | 7,468,241 | 13,426,982 |
| PointsBet Holdings Ltd. (a) | | 339,620 | 2,107,703 |
| Technology One Ltd. | | 889,134 | 8,166,671 |
|
| TOTAL AUSTRALIA | | | 105,821,216 |
|
| Cayman Islands - 13.0% | | | |
| Alibaba Group Holding Ltd. (a) | | 2,441,900 | 50,211,954 |
| Anta Sports Products Ltd. | | 296,000 | 4,626,129 |
| Antengene Corp. (b) | | 2,162,726 | 2,868,624 |
| Bilibili, Inc. Class Z (a) | | 60,100 | 4,403,883 |
| China High Precision Automation Group Ltd. (a)(c) | | 1,875,000 | 2 |
| China Metal Recycling (Holdings) Ltd. (a)(c) | | 2,572,200 | 3 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 3,810,000 | 8,510,738 |
| Hypebeast Ltd. (a) | | 21,817,500 | 3,224,745 |
| International Housewares Retail Co. Ltd. | | 3,738,700 | 1,302,214 |
| Medlive Technology Co. Ltd. | | 95,500 | 471,670 |
| Sea Ltd. ADR (a) | | 25,000 | 8,589,250 |
| Shenzhou International Group Holdings Ltd. | | 424,700 | 9,149,823 |
| Tencent Holdings Ltd. | | 835,500 | 50,823,292 |
| XPeng, Inc. Class A | | 438,100 | 10,165,553 |
| Zai Lab Ltd. (a) | | 41,900 | 4,346,749 |
|
| TOTAL CAYMAN ISLANDS | | | 158,694,629 |
|
| China - 5.8% | | | |
| Centre Testing International Group Co. Ltd. (A Shares) | | 1,916,909 | 8,268,227 |
| Estun Automation Co. Ltd. (A Shares) | | 2,667,514 | 11,014,439 |
| Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 358,900 | 9,547,135 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 58,350 | 16,633,769 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 158,199 | 9,288,071 |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) | | 244,000 | 1,130,544 |
| Yunnan Baiyao Group Co. Ltd. (A Shares) | | 543,033 | 7,595,638 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 1,920,290 | 7,110,686 |
|
| TOTAL CHINA | | | 70,588,509 |
|
| Hong Kong - 3.1% | | | |
| AIA Group Ltd. | | 2,155,400 | 24,155,592 |
| Hang Seng Bank Ltd. | | 721,400 | 13,722,409 |
|
| TOTAL HONG KONG | | | 37,878,001 |
|
| India - 6.3% | | | |
| Axis Bank Ltd. (a) | | 935,898 | 9,264,710 |
| Embassy Office Parks (REIT) | | 3,032,200 | 14,144,199 |
| HDFC Bank Ltd. | | 416,032 | 8,804,485 |
| Housing Development Finance Corp. Ltd. | | 247,184 | 9,381,153 |
| Indraprastha Gas Ltd. | | 758,600 | 4,796,218 |
| Petronet LNG Ltd. | | 1,275,200 | 3,905,305 |
| Power Grid Corp. of India Ltd. | | 1,995,280 | 4,925,976 |
| Reliance Industries Ltd. | | 636,375 | 21,533,001 |
|
| TOTAL INDIA | | | 76,755,047 |
|
| Indonesia - 1.9% | | | |
| PT Bank Central Asia Tbk | | 26,099,000 | 13,770,251 |
| PT Bank Rakyat Indonesia Tbk | | 30,176,775 | 9,058,580 |
|
| TOTAL INDONESIA | | | 22,828,831 |
|
| Japan - 39.2% | | | |
| Astellas Pharma, Inc. | | 434,100 | 7,318,396 |
| Create SD Holdings Co. Ltd. | | 183,200 | 5,631,954 |
| Daiichikosho Co. Ltd. | | 208,700 | 7,577,780 |
| DENSO Corp. | | 342,700 | 24,844,096 |
| Fujitsu Ltd. | | 21,800 | 3,767,689 |
| Hitachi Ltd. | | 317,300 | 18,284,274 |
| Hoya Corp. | | 170,300 | 25,069,617 |
| INPEX Corp. | | 886,600 | 7,393,643 |
| Iriso Electronics Co. Ltd. | | 135,100 | 6,206,569 |
| JEOL Ltd. | | 68,900 | 5,221,817 |
| Keyence Corp. | | 27,100 | 16,357,961 |
| Kyowa Hakko Kirin Co., Ltd. | | 290,000 | 9,537,542 |
| Lifenet Insurance Co. (a) | | 382,300 | 3,808,325 |
| Minebea Mitsumi, Inc. | | 416,300 | 10,539,483 |
| Misumi Group, Inc. | | 271,800 | 11,367,699 |
| Murata Manufacturing Co. Ltd. | | 125,096 | 9,279,445 |
| Net One Systems Co. Ltd. | | 158,000 | 5,181,357 |
| Nihon M&A Center Holdings, Inc. | | 400,300 | 12,290,971 |
| Nitori Holdings Co. Ltd. | | 53,200 | 9,773,399 |
| NSD Co. Ltd. | | 539,600 | 10,281,812 |
| Olympus Corp. | | 833,300 | 18,051,815 |
| Open House Co. Ltd. | | 241,200 | 15,382,062 |
| ORIX Corp. | | 805,100 | 16,002,415 |
| Outsourcing, Inc. | | 196,800 | 3,775,282 |
| Pan Pacific International Holdings Ltd. | | 307,500 | 6,456,546 |
| Park24 Co. Ltd. (a) | | 361,300 | 5,534,309 |
| Recruit Holdings Co. Ltd. | | 268,900 | 17,886,964 |
| Renesas Electronics Corp. (a) | | 1,485,800 | 18,277,463 |
| SCSK Corp. | | 187,800 | 3,800,526 |
| Shin-Etsu Chemical Co. Ltd. | | 150,300 | 26,803,460 |
| SMS Co., Ltd. | | 282,800 | 10,972,177 |
| SoftBank Group Corp. | | 382,800 | 20,723,799 |
| Sony Group Corp. | | 256,600 | 29,713,351 |
| Sugi Holdings Co. Ltd. | | 74,200 | 5,312,817 |
| Sumco Corp. | | 85,100 | 1,626,143 |
| TechnoPro Holdings, Inc. | | 171,600 | 5,484,208 |
| TIS, Inc. | | 252,000 | 6,865,204 |
| Tokio Marine Holdings, Inc. | | 195,300 | 10,286,459 |
| Tsuruha Holdings, Inc. | | 105,700 | 13,037,588 |
| Yamato Holdings Co. Ltd. | | 218,600 | 5,373,887 |
| Z Holdings Corp. | | 1,606,800 | 9,975,048 |
| ZOZO, Inc. | | 467,000 | 14,990,026 |
|
| TOTAL JAPAN | | | 476,065,378 |
|
| Korea (South) - 1.8% | | | |
| KB Financial Group, Inc. | | 160,340 | 7,721,301 |
| SK Hynix, Inc. | | 165,288 | 14,495,567 |
|
| TOTAL KOREA (SOUTH) | | | 22,216,868 |
|
| New Zealand - 1.7% | | | |
| EBOS Group Ltd. | | 416,179 | 10,810,978 |
| Ryman Healthcare Group Ltd. | | 928,240 | 9,611,805 |
|
| TOTAL NEW ZEALAND | | | 20,422,783 |
|
| Singapore - 1.7% | | | |
| United Overseas Bank Ltd. | | 1,013,100 | 20,096,719 |
| Taiwan - 11.0% | | | |
| eMemory Technology, Inc. | | 181,000 | 14,950,620 |
| Formosa Sumco Technology Corp. | | 1,080,000 | 6,108,817 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 3,246,000 | 12,473,406 |
| MediaTek, Inc. | | 548,000 | 17,968,181 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 3,345,000 | 70,888,888 |
| Voltronic Power Technology Corp. | | 194,413 | 11,345,704 |
|
| TOTAL TAIWAN | | | 133,735,616 |
|
| United States of America - 1.6% | | | |
| GI Dynamics, Inc. CDI (a)(c) | | 5,561,290 | 8,367 |
| ResMed, Inc. CDI | | 679,762 | 19,006,915 |
| Space Exploration Technologies Corp. Class A (a)(c)(d) | | 500 | 209,995 |
|
| TOTAL UNITED STATES OF AMERICA | | | 19,225,277 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $723,995,381) | | | 1,164,328,874 |
|
| Preferred Stocks - 4.2% | | | |
| Convertible Preferred Stocks - 0.1% | | | |
| China - 0.1% | | | |
| dMed Biopharmaceutical Co. Ltd. Series C (c)(d) | | 87,773 | 1,213,901 |
| Nonconvertible Preferred Stocks - 4.1% | | | |
| Korea (South) - 4.1% | | | |
| Samsung Electronics Co. Ltd. | | 903,220 | 49,365,010 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $46,730,562) | | | 50,578,911 |
|
| Money Market Funds - 0.6% | | | |
| Fidelity Cash Central Fund 0.06% (e) | | | |
| (Cost $6,873,053) | | 6,871,679 | 6,873,053 |
| TOTAL INVESTMENT IN SECURITIES - 100.6% | | | |
| (Cost $777,598,996) | | | 1,221,780,838 |
| NET OTHER ASSETS (LIABILITIES) - (0.6)% | | | (7,054,951) |
| NET ASSETS - 100% | | | $1,214,725,887 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $12,509,906 or 1.0% of net assets.
(c) Level 3 security
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,423,896 or 0.1% of net assets.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $1,246,653 |
| Space Exploration Technologies Corp. Class A | 2/16/21 | $209,995 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $21,641,933 | $310,146,679 | $324,915,604 | $10,116 | $45 | $-- | $6,873,053 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 53,918 | 25,420,243 | 25,474,161 | 7,482 | -- | -- | -- | 0.0% |
| Total | $21,695,851 | $335,566,922 | $350,389,765 | $17,598 | $45 | $-- | $6,873,053 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $105,317,797 | $11,813,995 | $93,503,802 | $-- |
| Consumer Discretionary | 192,469,267 | 21,782,457 | 170,686,810 | -- |
| Consumer Staples | 49,924,141 | 25,941,782 | 23,982,359 | -- |
| Energy | 32,831,949 | 25,438,306 | 7,393,643 | -- |
| Financials | 174,842,071 | 95,004,914 | 79,837,157 | -- |
| Health Care | 174,396,907 | 103,157,033 | 70,017,606 | 1,222,268 |
| Industrials | 139,458,305 | 37,739,056 | 101,509,254 | 209,995 |
| Information Technology | 276,061,331 | 59,667,695 | 216,393,634 | 2 |
| Materials | 32,312,642 | 5,509,179 | 26,803,460 | 3 |
| Real Estate | 27,571,181 | 27,571,181 | -- | -- |
| Utilities | 9,722,194 | 9,722,194 | -- | -- |
| Money Market Funds | 6,873,053 | 6,873,053 | -- | -- |
| Total Investments in Securities: | $1,221,780,838 | $430,220,845 | $790,127,725 | $1,432,268 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Pacific Basin Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $770,725,943) | $1,214,907,785 | |
| Fidelity Central Funds (cost $6,873,053) | 6,873,053 | |
| Total Investment in Securities (cost $777,598,996) | | $1,221,780,838 |
| Foreign currency held at value (cost $159,169) | | 158,981 |
| Receivable for investments sold | | 13,139,731 |
| Receivable for fund shares sold | | 189,280 |
| Dividends receivable | | 2,306,223 |
| Distributions receivable from Fidelity Central Funds | | 308 |
| Prepaid expenses | | 1,742 |
| Other receivables | | 87,265 |
| Total assets | | 1,237,664,368 |
| Liabilities | | |
| Payable for fund shares redeemed | $673,295 | |
| Accrued management fee | 878,679 | |
| Notes payable to affiliates | 17,815,000 | |
| Other affiliated payables | 195,815 | |
| Other payables and accrued expenses | 3,375,692 | |
| Total liabilities | | 22,938,481 |
| Net Assets | | $1,214,725,887 |
| Net Assets consist of: | | |
| Paid in capital | | $650,945,756 |
| Total accumulated earnings (loss) | | 563,780,131 |
| Net Assets | | $1,214,725,887 |
| Net Asset Value, offering price and redemption price per share ($1,214,725,887 ÷ 26,348,961 shares) | | $46.10 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $19,723,404 |
| Income from Fidelity Central Funds (including $7,482 from security lending) | | 17,598 |
| Income before foreign taxes withheld | | 19,741,002 |
| Less foreign taxes withheld | | (2,116,175) |
| Total income | | 17,624,827 |
| Expenses | | |
| Management fee | | |
| Basic fee | $8,734,208 | |
| Performance adjustment | 1,941,759 | |
| Transfer agent fees | 1,829,363 | |
| Accounting fees | 587,817 | |
| Custodian fees and expenses | 216,640 | |
| Independent trustees' fees and expenses | 5,014 | |
| Registration fees | 39,214 | |
| Audit | 91,416 | |
| Legal | 1,765 | |
| Interest | 520 | |
| Miscellaneous | 5,609 | |
| Total expenses before reductions | 13,453,325 | |
| Expense reductions | (20,449) | |
| Total expenses after reductions | | 13,432,876 |
| Net investment income (loss) | | 4,191,951 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $100,831) | 140,904,971 | |
| Fidelity Central Funds | 45 | |
| Foreign currency transactions | (255,600) | |
| Total net realized gain (loss) | | 140,649,416 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $2,501,886) | 73,516,875 | |
| Assets and liabilities in foreign currencies | (54,785) | |
| Total change in net unrealized appreciation (depreciation) | | 73,462,090 |
| Net gain (loss) | | 214,111,506 |
| Net increase (decrease) in net assets resulting from operations | | $218,303,457 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,191,951 | $4,450,080 |
| Net realized gain (loss) | 140,649,416 | 56,003,957 |
| Change in net unrealized appreciation (depreciation) | 73,462,090 | 145,371,488 |
| Net increase (decrease) in net assets resulting from operations | 218,303,457 | 205,825,525 |
| Distributions to shareholders | (53,433,366) | (7,073,863) |
| Share transactions | | |
| Proceeds from sales of shares | 205,190,967 | 149,577,623 |
| Reinvestment of distributions | 41,320,240 | 5,463,324 |
| Cost of shares redeemed | (281,328,787) | (160,273,327) |
| Net increase (decrease) in net assets resulting from share transactions | (34,817,580) | (5,232,380) |
| Total increase (decrease) in net assets | 130,052,511 | 193,519,282 |
| Net Assets | | |
| Beginning of period | 1,084,673,376 | 891,154,094 |
| End of period | $1,214,725,887 | $1,084,673,376 |
| Other Information | | |
| Shares | | |
| Sold | 4,574,024 | 4,337,162 |
| Issued in reinvestment of distributions | 976,607 | 163,622 |
| Redeemed | (6,211,375) | (4,784,617) |
| Net increase (decrease) | (660,744) | (283,833) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Pacific Basin Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $40.16 | $32.65 | $29.51 | $35.53 | $28.82 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .16 | .26 | .22 | .25 |
| Net realized and unrealized gain (loss) | 7.74 | 7.61 | 5.74 | (4.69) | 7.09 |
| Total from investment operations | 7.89 | 7.77 | 6.00 | (4.47) | 7.34 |
| Distributions from net investment income | (.10) | (.26) | (.20) | (.23) | (.17) |
| Distributions from net realized gain | (1.85) | – | (2.67) | (1.32) | (.46) |
| Total distributions | (1.95) | (.26) | (2.86)B | (1.55) | (.63) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $46.10 | $40.16 | $32.65 | $29.51 | $35.53 |
| Total ReturnD | 20.08% | 23.95% | 22.37% | (13.24)% | 26.22% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.04% | 1.11% | .97% | 1.07% | 1.11% |
| Expenses net of fee waivers, if any | 1.04% | 1.11% | .97% | 1.07% | 1.11% |
| Expenses net of all reductions | 1.04% | 1.10% | .97% | 1.06% | 1.10% |
| Net investment income (loss) | .32% | .47% | .88% | .62% | .84% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,214,726 | $1,084,673 | $891,154 | $807,632 | $975,259 |
| Portfolio turnover rateG | 40% | 27% | 32% | 37% | 36% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005%
|
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, 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 | $447,726,176 |
| Gross unrealized depreciation | (33,722,082) |
| Net unrealized appreciation (depreciation) | $414,004,094 |
| Tax Cost | $807,776,744 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $30,731,745 |
| Undistributed long-term capital gain | $122,234,259 |
| Net unrealized appreciation (depreciation) on securities and other investments | $413,944,147 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $3,423,461 | $ 7,073,863 |
| Long-term Capital Gains | 50,009,905 | – |
| Total | $53,433,366 | $ 7,073,863 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Pacific Basin Fund | 498,750,588 | 563,849,148 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Pacific Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .14% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Pacific Basin Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Pacific Basin Fund | $285 |
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 under the caption "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 Pacific Basin Fund | Borrower | $14,862,750 | .32% | $520 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Pacific Basin Fund | 4,868,501 | – | – |
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 | $2,305 |
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 | $214 | $– | $– |
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 $32.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $20,417.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| | Strategic Advisers Fidelity International Fund |
| Fidelity Pacific Basin Fund | 19% |
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 Pacific Basin Fund | 23% |
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund and Fidelity Pacific Basin Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund (ten of the funds constituting Fidelity Investment Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodians, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021) for each fund, with the exception of Fidelity Emerging Markets Fund Class A, Class M, Class C, Class I and Class Z, and for the period (May 11, 2021 to October 31, 2021) for Fidelity Emerging Markets Fund Class A, Class M, Class C, Class I and Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
| Ending
Account Value
October 31, 2021 | Expenses Paid
During Period
|
| Fidelity Canada Fund | | | | |
| Class A | 1.10% | | | |
| Actual | | $1,000.00 | $1,100.70 | $5.82-B |
| Hypothetical-C | | $1,000.00 | $1,019.66 | $5.60-D |
| Class M | 1.39% | | | |
| Actual | | $1,000.00 | $1,099.20 | $7.35-B |
| Hypothetical-C | | $1,000.00 | $1,018.20 | $7.07-D |
| Class C | 1.87% | | | |
| Actual | | $1,000.00 | $1,096.40 | $9.88-B |
| Hypothetical-C | | $1,000.00 | $1,015.78 | $9.50-D |
| Canada | .78% | | | |
| Actual | | $1,000.00 | $1,102.60 | $4.13-B |
| Hypothetical-C | | $1,000.00 | $1,021.27 | $3.97-D |
| Class I | .74% | | | |
| Actual | | $1,000.00 | $1,102.80 | $3.92-B |
| Hypothetical-C | | $1,000.00 | $1,021.48 | $3.77-D |
| Class Z | .65% | | | |
| Actual | | $1,000.00 | $1,103.30 | $3.45-B |
| Hypothetical-C | | $1,000.00 | $1,021.93 | $3.31-D |
| Fidelity China Region Fund | | | | |
| Class A | 1.20% | | | |
| Actual | | $1,000.00 | $863.70 | $5.64-B |
| Hypothetical-C | | $1,000.00 | $1,019.16 | $6.11-D |
| Class M | 1.50% | | | |
| Actual | | $1,000.00 | $862.40 | $7.04-B |
| Hypothetical-C | | $1,000.00 | $1,017.64 | $7.63-D |
| Class C | 1.95% | | | |
| Actual | | $1,000.00 | $860.60 | $9.14-B |
| Hypothetical-C | | $1,000.00 | $1,015.38 | $9.91-D |
| China Region | .90% | | | |
| Actual | | $1,000.00 | $865.10 | $4.23-B |
| Hypothetical-C | | $1,000.00 | $1,020.67 | $4.58-D |
| Class I | .92% | | | |
| Actual | | $1,000.00 | $865.00 | $4.32-B |
| Hypothetical-C | | $1,000.00 | $1,020.57 | $4.69-D |
| Class Z | .79% | | | |
| Actual | | $1,000.00 | $865.60 | $3.71-B |
| Hypothetical-C | | $1,000.00 | $1,021.22 | $4.02-D |
| Fidelity Emerging Asia Fund | 1.03% | | | |
| Actual | | $1,000.00 | $922.80 | $4.99-B |
| Hypothetical-C | | $1,000.00 | $1,020.01 | $5.24-D |
| Fidelity Emerging Markets Fund | | | | |
| Class A | 1.25% | | | |
| Actual | | $1,000.00 | $1,000.00 | $5.96-E |
| Hypothetical-C | | $1,000.00 | $1,018.90 | $6.36-D |
| Class M | 1.51% | | | |
| Actual | | $1,000.00 | $998.70 | $7.19-E |
| Hypothetical-C | | $1,000.00 | $1,017.59 | $7.68-D |
| Class C | 2.01% | | | |
| Actual | | $1,000.00 | $996.40 | $9.56-E |
| Hypothetical-C | | $1,000.00 | $1,015.07 | $10.21-D |
| Emerging Markets | .87% | | | |
| Actual | | $1,000.00 | $1,001.70 | $4.39-B |
| Hypothetical-C | | $1,000.00 | $1,020.82 | $4.43-D |
| Class K | .76% | | | |
| Actual | | $1,000.00 | $1,002.10 | $3.84-B |
| Hypothetical-C | | $1,000.00 | $1,021.37 | $3.87-D |
| Class I | .93% | | | |
| Actual | | $1,000.00 | $1,001.50 | $4.44-E |
| Hypothetical-C | | $1,000.00 | $1,020.52 | $4.74-D |
| Class Z | .78% | | | |
| Actual | | $1,000.00 | $1,002.30 | $3.72-E |
| Hypothetical-C | | $1,000.00 | $1,021.27 | $3.97-D |
| Fidelity Europe Fund | | | | |
| Class A | 1.34% | | | |
| Actual | | $1,000.00 | $1,001.50 | $6.76-B |
| Hypothetical-C | | $1,000.00 | $1,018.45 | $6.82-D |
| Class M | 1.65% | | | |
| Actual | | $1,000.00 | $1,000.00 | $8.32-B |
| Hypothetical-C | | $1,000.00 | $1,016.89 | $8.39-D |
| Class C | 2.15% | | | |
| Actual | | $1,000.00 | $997.60 | $10.83-B |
| Hypothetical-C | | $1,000.00 | $1,014.37 | $10.92-D |
| Europe | 1.03% | | | |
| Actual | | $1,000.00 | $1,003.00 | $5.20-B |
| Hypothetical-C | | $1,000.00 | $1,020.01 | $5.24-D |
| Class I | 1.04% | | | |
| Actual | | $1,000.00 | $1,003.00 | $5.25-B |
| Hypothetical-C | | $1,000.00 | $1,019.96 | $5.30-D |
| Class Z | .93% | | | |
| Actual | | $1,000.00 | $1,003.70 | $4.70-B |
| Hypothetical-C | | $1,000.00 | $1,020.52 | $4.74-D |
| Fidelity Japan Fund | | | | |
| Class A | 1.39% | | | |
| Actual | | $1,000.00 | $1,057.50 | $7.21-B |
| Hypothetical-C | | $1,000.00 | $1,018.20 | $7.07-D |
| Class M | 1.70% | | | |
| Actual | | $1,000.00 | $1,055.70 | $8.81-B |
| Hypothetical-C | | $1,000.00 | $1,016.64 | $8.64-D |
| Class C | 2.09% | | | |
| Actual | | $1,000.00 | $1,053.40 | $10.82-B |
| Hypothetical-C | | $1,000.00 | $1,014.67 | $10.61-D |
| Japan | 1.09% | | | |
| Actual | | $1,000.00 | $1,058.70 | $5.66-B |
| Hypothetical-C | | $1,000.00 | $1,019.71 | $5.55-D |
| Class I | 1.04% | | | |
| Actual | | $1,000.00 | $1,058.80 | $5.40-B |
| Hypothetical-C | | $1,000.00 | $1,019.96 | $5.30-D |
| Class Z | .97% | | | |
| Actual | | $1,000.00 | $1,059.90 | $5.04-B |
| Hypothetical-C | | $1,000.00 | $1,020.32 | $4.94-D |
| Fidelity Japan Smaller Companies Fund | .90% | | | |
| Actual | | $1,000.00 | $1,029.30 | $4.60-B |
| Hypothetical-C | | $1,000.00 | $1,020.67 | $4.58-D |
| Fidelity Latin America Fund | | | | |
| Class A | 1.32% | | | |
| Actual | | $1,000.00 | $891.80 | $6.29-B |
| Hypothetical-C | | $1,000.00 | $1,018.55 | $6.72-D |
| Class M | 1.57% | | | |
| Actual | | $1,000.00 | $890.50 | $7.48-B |
| Hypothetical-C | | $1,000.00 | $1,017.29 | $7.98-D |
| Class C | 2.06% | | | |
| Actual | | $1,000.00 | $888.10 | $9.80-B |
| Hypothetical-C | | $1,000.00 | $1,014.82 | $10.46-D |
| Latin America | 1.02% | | | |
| Actual | | $1,000.00 | $892.60 | $4.87-B |
| Hypothetical-C | | $1,000.00 | $1,020.06 | $5.19-D |
| Class I | 1.00% | | | |
| Actual | | $1,000.00 | $892.90 | $4.77-B |
| Hypothetical-C | | $1,000.00 | $1,020.16 | $5.09-D |
| Class Z | .83% | | | |
| Actual | | $1,000.00 | $893.80 | $3.96-B |
| Hypothetical-C | | $1,000.00 | $1,021.02 | $4.23-D |
| Fidelity Nordic Fund | .91% | | | |
| Actual | | $1,000.00 | $1,061.40 | $4.73-B |
| Hypothetical-C | | $1,000.00 | $1,020.62 | $4.63-D |
| Fidelity Pacific Basin Fund | 1.03% | | | |
| Actual | | $1,000.00 | $1,018.30 | $5.24-B |
| Hypothetical-C | | $1,000.00 | $1,020.01 | $5.24-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
E Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 174/365 (to reflect the period May 11, 2021 to October 31, 2021.
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Canada Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.611 | $2.513 |
| Class M | 12/06/21 | 12/03/21 | $0.424 | $2.513 |
| Class C | 12/06/21 | 12/03/21 | $0.000 | $2.324 |
| Canada | 12/06/21 | 12/03/21 | $0.816 | $2.513 |
| Class I | 12/06/21 | 12/03/21 | $0.857 | $2.513 |
| Class Z | 12/06/21 | 12/03/21 | $0.905 | $2.513 |
| Fidelity China Region Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.000 | $4.622 |
| Class M | 12/06/21 | 12/03/21 | $0.000 | $4.622 |
| Class C | 12/06/21 | 12/03/21 | $0.000 | $4.622 |
| China Region | 12/06/21 | 12/03/21 | $0.057 | $4.622 |
| Class I | 12/06/21 | 12/03/21 | $0.035 | $4.622 |
| Class Z | 12/06/21 | 12/03/21 | $0.124 | $4.622 |
Fidelity Emerging Asia Fund
| | | | |
| Emerging Asia | 12/06/21 | 12/03/21 | $0.089 | $7.153 |
| Fidelity Emerging Markets Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.480 | $2.159 |
| Class M | 12/06/21 | 12/03/21 | $0.315 | $2.159 |
| Class C | 12/06/21 | 12/03/21 | $0.184 | $2.159 |
| Emerging Markets | 12/06/21 | 12/03/21 | $0.462 | $2.159 |
| Class K | 12/06/21 | 12/03/21 | $0.538 | $2.159 |
| Class I | 12/06/21 | 12/03/21 | $0.526 | $2.159 |
| Class Z | 12/06/21 | 12/03/21 | $0.553 | $2.159 |
| Fidelity Europe Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.987 | $5.117 |
| Class M | 12/06/21 | 12/03/21 | $0.833 | $5.117 |
| Class C | 12/06/21 | 12/03/21 | $0.524 | $5.117 |
| Europe | 12/06/21 | 12/03/21 | $1.112 | $5.117 |
| Class I | 12/06/21 | 12/03/21 | $1.083 | $5.117 |
| Class Z | 12/06/21 | 12/03/21 | $1.166 | $5.117 |
| Fidelity Japan Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.549 | $1.548 |
| Class M | 12/06/21 | 12/03/21 | $0.464 | $1.548 |
| Class C | 12/06/21 | 12/03/21 | $0.326 | $1.548 |
| Japan | 12/06/21 | 12/03/21 | $0.592 | $1.548 |
| Class I | 12/06/21 | 12/03/21 | $0.414 | $1.548 |
| Class Z | 12/06/21 | 12/03/21 | $0.640 | $1.548 |
| Fidelity Japan Smaller Companies Fund | | | | |
| Japan Smaller Companies | 12/06/21 | 12/03/21 | $0.513 | $1.379 |
| Fidelity Latin America Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.439 | $0.000 |
| Class M | 12/06/21 | 12/03/21 | $0.371 | $0.000 |
| Class C | 12/06/21 | 12/03/21 | $0.255 | $0.000 |
| Latin America | 12/06/21 | 12/03/21 | $0.499 | $0.000 |
| Class I | 12/06/21 | 12/03/21 | $0.500 | $0.000 |
| Class Z | 12/06/21 | 12/03/21 | $0.544 | $0.000 |
| Fidelity Nordic Fund | | | | |
| Nordic | 12/06/21 | 12/03/21 | $2.879 | $6.558 |
| Fidelity Pacific Basin Fund | | | | |
| Pacific Basin | 12/06/21 | 12/03/21 | $1.185 | $4.656 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Canada Fund | $ 30,907,862 |
| Fidelity China Region Fund | $ 219,979,442 |
| Fidelity Emerging Asia Fund | $ 228,219,903 |
| Fidelity Emerging Markets Fund | $ 419,519,026 |
| Fidelity Europe Fund | $ 74,703,254 |
| Fidelity Japan Fund | $ 49,240,917 |
| Fidelity Japan Smaller Companies Fund | $ 36,378,932 |
| Fidelity Nordic Fund | $ 35,659,552 |
| Fidelity Pacific Basin Fund | $ 129,773,648 |
|
The fund hereby designates as capital gain dividend the amount noted below for the taxable year ended May 14, 2021, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | $ 1,224,530 |
|
The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:
| | December 2020 |
| Fidelity Canada Fund | 99.98% |
| Fidelity China Region Fund | 100.00% |
| Fidelity Emerging Asia Fund | 100.00% |
| Fidelity Emerging Markets Fund | – |
| Fidelity Europe Fund | – |
| Fidelity Japan Fund | 98.50% |
| Fidelity Japan Smaller Companies Fund | 100.00% |
| Fidelity Latin America Fund | – |
| Fidelity Nordic Fund | 99.89% |
| Fidelity Pacific Basin Fund | 97.13% |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Class A | Class M | Class C | Retail Class | Class K | Class I | Class Z |
| Fidelity Emerging Markets Fund | | | | | | | |
| December, 2020 | – | – | – | 7% | 6% | – | – |
| Fidelity Europe Fund | | | | | | | |
| December, 2020 | 1% | 1% | 3% | 1% | – | 1% | 1% |
| Fidelity Latin America Fund | | | | | | | |
| December, 2020 | 6% | – | – | 5% | – | 5% | 4% |
| Fidelity Pacific Basin Fund | | | | | | | |
| December, 2020 | – | – | – | 2% | – | – | – |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| | Class A | Class M | Class C | Retail Class | Class K | Class I | Class Z |
| Fidelity Canada Fund | | | | | | | |
| December, 2020 | 100% | 100% | 100% | 100% | – | 100% | 100% |
| Fidelity China Region Fund | | | | | | | |
| December, 2020 | 13% | 13% | 14% | 12% | – | 12% | 12% |
| Fidelity Emerging Asia Fund | | | | | | | |
| December, 2020 | – | – | – | 5% | – | – | – |
| Fidelity Emerging Markets Fund | | | | | | | |
| December, 2020 | – | – | – | 100% | 100% | – | – |
| Fidelity Europe Fund | | | | | | | |
| December, 2020 | 100% | 100% | 100% | 100% | – | 100% | 100% |
| Fidelity Japan Fund | | | | | | | |
| December, 2020 | 100% | 100% | – | 100% | – | 100% | 100% |
| September, 2021 | 100% | 100% | 100% | 100% | – | 100% | 100% |
| Fidelity Japan Smaller Companies Fund | | | | | | | |
| December, 2020 | – | – | – | 100% | – | – | – |
| Fidelity Latin America Fund | | | | | | | |
| December, 2020 | 7% | – | – | 5% | – | 5% | 5% |
| Fidelity Nordic Fund | | | | | | | |
| December, 2020 | – | – | – | 33% | – | – | – |
| Fidelity Pacific Basin | | | | | | | |
| December, 2020 | – | – | – | 100% | – | – | – |
| Fidelity Emerging Europe, Middle East, Africa (EMEA) | | | | | | | |
| December, 2020 | 100% | 100% | 100% | 100% | – | 100% | – |
| May, 2021 | 100% | 100% | 100% | 100% | – | 100% | – |
|
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Canada Fund | | | |
| Class A | 12/07/20 | $1.0244 | $0.2034 |
| Class M | 12/07/20 | $0.8664 | $0.2034 |
| Class C | 12/07/20 | $0.5414 | $0.2034 |
| Canada | 12/07/20 | $1.1784 | $0.2034 |
| Class I | 12/07/20 | $1.1294 | $0.2034 |
| Class Z | 12/07/20 | $1.2664 | $0.2034 |
| Fidelity China Region Fund | | | |
| Class A | 12/07/20 | $0.5371 | $0.0587 |
| Class M | 12/07/20 | $0.5096 | $0.0587 |
| Class C | 12/07/20 | $0.4758 | $0.0587 |
| China Region | 12/07/20 | $0.5616 | $0.0587 |
| Class I | 12/07/20 | $0.5640 | $0.0587 |
| Class Z | 12/07/20 | $0.5719 | $0.0587 |
| Fidelity Emerging Asia Fund | | | |
| Emerging Asia | 12/07/20 | $.3796 | $0.0720 |
| Fidelity Emerging Markets Fund | | | |
| Class A | 12/07/20 | – | – |
| Class M | 12/07/20 | – | – |
| Class C | 12/07/20 | – | – |
| Emerging Markets | 12/07/20 | $0.1496 | $0.0596 |
| Class K | 12/07/20 | $0.1816 | $0.0596 |
| Class I | 12/07/20 | – | – |
| Class Z | 12/07/20 | – | – |
| Fidelity Europe Fund | | | |
| Class A | 12/07/20 | $0.4370 | $0.0570 |
| Class M | 12/07/20 | $0.3180 | $0.0570 |
| Class C | 12/07/20 | $0.1190 | $0.0570 |
| Europe | 12/07/20 | $0.5440 | $0.0570 |
| Class I | 12/07/20 | $0.5670 | $0.0570 |
| Class Z | 12/07/20 | $0.5900 | $0.0570 |
| Fidelity Japan Fund | | | |
| Class A | 12/07/20 | $0.1029 | $0.0289 |
| | 09/07/21 | $0.0044 | $0.0002 |
| Class M | 12/07/20 | $0.0529 | $0.0289 |
| | 09/07/21 | $0.0044 | $0.0002 |
| Class C | 12/07/20 | $0.0000 | $0.0000 |
| | 09/07/21 | $0.0044 | $0.0002 |
| Japan | 12/07/20 | $0.1439 | $0.0289 |
| | 09/07/21 | $0.0044 | $0.0002 |
| Class I | 12/07/20 | $0.1669 | $0.0289 |
| | 09/07/21 | $0.0044 | $0.0002 |
| Class Z | 12/07/20 | $0.1779 | $0.0289 |
| | 09/07/21 | $0.0044 | $0.0002 |
| Fidelity Japan Smaller Companies Fund | | | |
| Japan Smaller Companies | 12/07/20 | $0.2723 | $0.0383 |
| Fidelity Latin America Fund | | | |
| Class A | 12/07/20 | $0.0388 | $0.0358 |
| Class M | 12/07/20 | $0.0000 | $0.0000 |
| Class C | 12/07/20 | $0.0000 | $0.0000 |
| Latin America | 12/07/20 | $0.0488 | $0.0358 |
| Class I | 12/07/20 | $0.0498 | $0.0358 |
| Class Z | 12/07/20 | $0.0558 | $0.0358 |
| Fidelity Nordic Fund | | | |
| Nordic | 12/07/20 | $0.6331 | $0.0646 |
| Fidelity Pacific Basin | | | |
| Pacific Basin | 12/07/20 | $0.1783 | $0.0533 |
| Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund | | | |
| | | | |
| Class A | 12/07/20 | $0.3275 | $0.0365 |
| | 05/13/21 | $0.0857 | $0.0197 |
| Class M | 12/07/20 | $0.3055 | $0.0365 |
| | 05/13/21 | $0.0767 | $0.0197 |
| Class C | 12/07/20 | $0.2445 | $0.0365 |
| | 05/13/21 | $0.0557 | $0.0197 |
| Emerging Europe, Middle East, Africa (EMEA) | 12/07/20 | $0.3485 | $0.0365 |
| | 05/13/21 | $0.0937 | $0.0197 |
| Class I | 12/07/20 | $0.3485 | $0.0365 |
| | 05/13/21 | $0.0927 | $0.0197 |
|
The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Targeted International Equity Funds
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for each of the following: (i) Fidelity Canada Fund in July 2018; (ii) Fidelity China Region Fund in June 2018 and January 2021; (iii) Fidelity Emerging Asia Fund in May 2019 and January 2020; (iv) Fidelity Emerging Markets Fund in February 2019 and October 2019; (v) Fidelity Europe Fund in August 2018; (vi) Fidelity Nordic Fund in August 2018; and (vii) Fidelity Pacific Basin Fund in May 2019, December 2019, and January 2021. The Board will continue to monitor closely each fund's performance, taking into account the portfolio management changes.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and, for Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. For Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. For Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund, a peer group is not shown below because the funds do not generally utilize a peer group for performance comparison purposes. For Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Latin America Fund, and Fidelity Pacific Basin Fund, returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity Canada Fund
The Board considered the fund's underperformance for different time periods ended September 30, 2020 and for different time periods ended December 31, 2020 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.
Fidelity China Region Fund
Fidelity Emerging Asia Fund
Fidelity Emerging Markets Fund
Fidelity Europe Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Pacific Basin Fund
The Board also considered that each of Fidelity Canada Fund's, Fidelity Emerging Asia Fund's, Fidelity Europe Fund's, Fidelity Japan Fund's, and Fidelity Pacific Basin Fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment (if applicable), relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked and the impact of a fund's performance adjustment (if applicable), is also included in the charts and was considered by the Board.
Fidelity Canada Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
Fidelity China Region Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
Fidelity Emerging Asia Fund
The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund’s performance adjustment, if any, on the fund’s management fee ranking.
Fidelity Emerging Markets Fund
The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
Fidelity Europe Fund
The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund’s performance adjustment, if any, on the fund’s management fee ranking.
Fidelity Japan Fund
The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund’s performance adjustment, if any, on the fund’s management fee ranking.
Fidelity Japan Smaller Companies Fund
The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
Fidelity Latin America Fund
The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
Fidelity Nordic Fund
The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
Fidelity Pacific Basin Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio (for Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, and Fidelity Latin America Fund). In its review of the total expense ratio of each class of each fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of Fidelity Canada Fund's, Fidelity Europe Fund's, and Fidelity Japan Fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class for each fund compared to competitive fund median expenses. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for each fund's representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the funds offer multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of each fund vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.
The Board noted that the total expense ratio of the retail class of Fidelity Canada Fund ranked below the SLTG competitive median and above the ASPG competitive median for the 12-month period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that despite similar fund asset size to other Fidelity funds in the standard international/global category, Fidelity Canada Fund's retail class has small average account sizes resulting in higher transfer agent fees.
The Board noted that the total expense ratio of the retail class of each of Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, and Fidelity Latin America Fund ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Total Expense Ratio (for Fidelity Emerging Asia Fund, Fidelity Japan Smaller Companies Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund). In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of Fidelity Emerging Asia Fund's and Fidelity Pacific Basin Fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of each of Fidelity Emerging Asia Fund, Fidelity Japan Smaller Companies Fund, and Fidelity Nordic Fund ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
The Board noted that the total expense ratio of Fidelity Pacific Basin Fund ranked above the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the fund's total expense ratio was above its SLTG median as a result of positive performance fees. Excluding performance fees, the fund was below median.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each fund or each class of each fund, as applicable, was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
TIF-ANN-1221
1.754542.121
Fidelity® International Growth Fund
Annual Report
October 31, 2021
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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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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 23.48% | 13.37% | 10.04% |
| Class M (incl. 3.50% sales charge) | 26.09% | 13.59% | 9.98% |
| Class C (incl. contingent deferred sales charge) | 29.04% | 13.86% | 10.02% |
| Fidelity® International Growth Fund | 31.38% | 15.04% | 11.01% |
| Class I | 31.36% | 15.06% | 11.02% |
| Class Z | 31.55% | 15.21% | 11.14% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® International Growth Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Growth Index performed over the same period.
| Period Ending Values |
| $28,423 | Fidelity® International Growth Fund |
| $24,806 | MSCI EAFE Growth Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Jed Weiss: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 30% to 32%, roughly in line with the 30.17% result of the benchmark MSCI EAFE Growth (Net MA) Index. From a geographic standpoint, security selection in Japan and a non-benchmark allocation to the U.S. contributed most to the portfolio's relative result. Versus the benchmark, sector positioning was the primary contributor, especially semiconductors & semiconductor equipment companies within information technology. Strong picks among communication services stocks also boosted the fund's relative result. Adding further value was an underweighting in consumer staples, primarily driven by the household & personal products industry. The portfolio's top individual relative contributor was an overweighting in ASML Holding, which gained 124% the past year and was our largest holding. Another key contributor was an out-of-benchmark position in MSCI (+91%). The fund’s outsized stake in Recruit Holdings (+76%), which was one of our biggest holdings, also helped. In contrast, an overweighting and investment choices in emerging markets – namely China – along with an underweighting in Europe ex U.K., detracted from the portfolio's relative return. By sector, the largest detractors from performance versus the benchmark proved to be security selection and an underweighting in consumer discretionary. Picks among information technology stocks, as well as an overweighting in communication services, also hindered the fund's relative performance. A non-benchmark stake in Alibaba Group Holding was the portfolio's largest individual relative detractor, due to its roughly -51% result. That said, we sold Alibaba Group Holding during the 12-month period. Our out-of-benchmark position in Tencent Holdings (-18%) was another key detractor. We decreased our exposure to the company the past year, however. Avoiding Novo-Nordisk, a benchmark component that rose 74% the past 12 months, also weighed on relative performance. Notable changes in geographic positioning include a higher allocation to France and Netherlands, while by sector, meaningful shifts in exposure include an increase in industrials stocks and a lower allocation to communication services.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | United States of America* | 20.1% |
| | Japan | 15.3% |
| | Switzerland | 10.5% |
| | Netherlands | 8.2% |
| | France | 7.4% |
| | Sweden | 5.4% |
| | Germany | 5.2% |
| | United Kingdom | 4.2% |
| | Hong Kong | 3.5% |
| | Other | 20.2% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 97.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 6.3 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 5.3 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 3.7 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.6 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 3.5 |
| Keyence Corp. (Japan, Electronic Equipment & Components) | 3.1 |
| Linde PLC (Germany, Chemicals) | 2.3 |
| AIA Group Ltd. (Hong Kong, Insurance) | 2.3 |
| Atlas Copco AB (A Shares) (Sweden, Machinery) | 2.2 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 2.2 |
| | 34.5 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 25.2 |
| Information Technology | 24.7 |
| Financials | 12.9 |
| Health Care | 10.7 |
| Consumer Discretionary | 7.0 |
| Consumer Staples | 5.9 |
| Materials | 5.6 |
| Communication Services | 4.3 |
| Real Estate | 0.7 |
| Energy | 0.6 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 97.4% | | | |
| | | Shares | Value |
| Australia - 1.9% | | | |
| CSL Ltd. | | 447,277 | $101,104,104 |
| Bailiwick of Jersey - 1.8% | | | |
| Experian PLC | | 2,126,400 | 97,400,535 |
| Belgium - 0.7% | | | |
| Azelis Group NV | | 421,830 | 13,653,793 |
| UCB SA | | 207,800 | 24,766,352 |
|
| TOTAL BELGIUM | | | 38,420,145 |
|
| Canada - 2.5% | | | |
| CAE, Inc. (a) | | 950,000 | 28,808,581 |
| Canadian Pacific Railway Ltd. | | 894,500 | 69,234,127 |
| Franco-Nevada Corp. | | 256,700 | 36,627,871 |
|
| TOTAL CANADA | | | 134,670,579 |
|
| Cayman Islands - 0.4% | | | |
| Tencent Holdings Ltd. | | 367,700 | 22,367,115 |
| Denmark - 1.2% | | | |
| Vestas Wind Systems A/S | | 1,465,000 | 63,358,120 |
| Finland - 0.8% | | | |
| Kone OYJ (B Shares) | | 599,200 | 40,840,130 |
| France - 7.4% | | | |
| Edenred SA | | 791,648 | 42,801,336 |
| Legrand SA | | 620,200 | 67,657,701 |
| LVMH Moet Hennessy Louis Vuitton SE | | 258,000 | 202,303,389 |
| Safran SA | | 500,000 | 67,294,896 |
| Sanofi SA | | 208,200 | 20,912,478 |
|
| TOTAL FRANCE | | | 400,969,800 |
|
| Germany - 5.2% | | | |
| Deutsche Borse AG | | 232,200 | 38,545,572 |
| Linde PLC | | 393,779 | 126,775,574 |
| SAP SE | | 563,301 | 81,572,280 |
| Vonovia SE | | 598,600 | 36,301,355 |
|
| TOTAL GERMANY | | | 283,194,781 |
|
| Hong Kong - 3.5% | | | |
| AIA Group Ltd. | | 10,960,000 | 122,828,842 |
| Hong Kong Exchanges and Clearing Ltd. | | 1,126,000 | 68,134,541 |
|
| TOTAL HONG KONG | | | 190,963,383 |
|
| India - 1.6% | | | |
| Housing Development Finance Corp. Ltd. | | 654,978 | 24,857,794 |
| Kotak Mahindra Bank Ltd. (a) | | 950,000 | 25,743,346 |
| Reliance Industries Ltd. | | 320,000 | 10,827,830 |
| Reliance Industries Ltd. sponsored GDR (b) | | 365,000 | 24,820,000 |
|
| TOTAL INDIA | | | 86,248,970 |
|
| Ireland - 1.4% | | | |
| CRH PLC sponsored ADR | | 1,516,366 | 72,694,586 |
| Italy - 1.5% | | | |
| Interpump Group SpA | | 625,126 | 46,068,661 |
| Prada SpA | | 5,350,000 | 33,555,684 |
|
| TOTAL ITALY | | | 79,624,345 |
|
| Japan - 15.3% | | | |
| Azbil Corp. | | 1,457,170 | 62,123,268 |
| FANUC Corp. | | 388,900 | 76,854,880 |
| Hoya Corp. | | 816,700 | 120,225,228 |
| Keyence Corp. | | 280,048 | 169,041,114 |
| Lasertec Corp. | | 261,900 | 56,810,239 |
| Misumi Group, Inc. | | 2,144,585 | 89,694,616 |
| Nabtesco Corp. | | 98,900 | 3,209,660 |
| OSG Corp. | | 672,300 | 11,185,019 |
| Recruit Holdings Co. Ltd. | | 2,851,800 | 189,698,937 |
| SHO-BOND Holdings Co. Ltd. | | 720,600 | 30,185,501 |
| USS Co. Ltd. | | 1,237,000 | 19,938,343 |
|
| TOTAL JAPAN | | | 828,966,805 |
|
| Kenya - 0.5% | | | |
| Safaricom Ltd. | | 76,197,100 | 29,301,311 |
| Netherlands - 8.2% | | | |
| Aalberts Industries NV | | 225,000 | 12,445,785 |
| Airbus Group NV (a) | | 502,400 | 64,448,896 |
| ASML Holding NV (Netherlands) | | 422,200 | 343,206,488 |
| IMCD NV | | 115,000 | 25,531,127 |
|
| TOTAL NETHERLANDS | | | 445,632,296 |
|
| New Zealand - 0.3% | | | |
| Auckland International Airport Ltd. (a) | | 2,810,440 | 16,091,551 |
| Norway - 1.0% | | | |
| Adevinta ASA Class B (a) | | 1,334,158 | 21,959,856 |
| Schibsted ASA (B Shares) | | 742,800 | 33,535,425 |
|
| TOTAL NORWAY | | | 55,495,281 |
|
| South Africa - 0.4% | | | |
| Clicks Group Ltd. | | 1,055,738 | 19,272,143 |
| Spain - 2.5% | | | |
| Amadeus IT Holding SA Class A (a) | | 1,409,800 | 94,263,514 |
| Cellnex Telecom SA (b) | | 676,103 | 41,564,162 |
|
| TOTAL SPAIN | | | 135,827,676 |
|
| Sweden - 5.4% | | | |
| ASSA ABLOY AB (B Shares) | | 3,864,283 | 113,388,370 |
| Atlas Copco AB (A Shares) (c) | | 1,896,600 | 121,861,188 |
| Epiroc AB (A Shares) | | 2,377,300 | 59,155,684 |
|
| TOTAL SWEDEN | | | 294,405,242 |
|
| Switzerland - 10.5% | | | |
| Nestle SA (Reg. S) | | 2,179,369 | 287,474,523 |
| Roche Holding AG (participation certificate) | | 509,213 | 197,266,160 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 174,338 | 45,355,299 |
| (Reg.) | | 18,350 | 4,705,745 |
| Temenos Group AG | | 229,300 | 35,023,597 |
|
| TOTAL SWITZERLAND | | | 569,825,324 |
|
| Taiwan - 1.5% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 3,884,000 | 82,311,642 |
| United Kingdom - 4.2% | | | |
| Compass Group PLC (a) | | 3,100,000 | 65,783,960 |
| Dechra Pharmaceuticals PLC | | 363,100 | 25,442,330 |
| InterContinental Hotel Group PLC ADR (a)(c) | | 495,470 | 35,113,959 |
| London Stock Exchange Group PLC | | 394,200 | 38,372,894 |
| Rightmove PLC | | 2,997,800 | 28,365,647 |
| Spectris PLC | | 692,657 | 35,680,301 |
|
| TOTAL UNITED KINGDOM | | | 228,759,091 |
|
| United States of America - 17.7% | | | |
| Alphabet, Inc. Class A (a) | | 20,136 | 59,621,085 |
| Autoliv, Inc. | | 283,669 | 27,473,343 |
| Black Knight, Inc. (a) | | 325,700 | 22,834,827 |
| Lam Research Corp. | | 147,300 | 83,013,861 |
| Marsh & McLennan Companies, Inc. | | 589,851 | 98,387,147 |
| MasterCard, Inc. Class A | | 247,600 | 83,074,752 |
| Moody's Corp. | | 221,900 | 89,680,885 |
| MSCI, Inc. | | 141,900 | 94,346,472 |
| NICE Systems Ltd. sponsored ADR (a)(c) | | 232,300 | 65,745,546 |
| PriceSmart, Inc. | | 165,186 | 11,885,133 |
| ResMed, Inc. | | 333,700 | 87,733,067 |
| S&P Global, Inc. | | 193,700 | 91,844,792 |
| Sherwin-Williams Co. | | 200,300 | 63,416,983 |
| Visa, Inc. Class A | | 379,160 | 80,294,713 |
|
| TOTAL UNITED STATES OF AMERICA | | | 959,352,606 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $2,985,697,437) | | | 5,277,097,561 |
|
| Convertible Preferred Stocks - 0.2% | | | |
| China - 0.2% | | | |
| ByteDance Ltd. Series E1 (d)(e) | | | |
| (Cost $6,992,915) | | 63,819 | 7,933,978 |
|
| Money Market Funds - 3.6% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 127,189,523 | 127,214,961 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 70,241,729 | 70,248,753 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $197,463,001) | | | 197,463,714 |
| TOTAL INVESTMENT IN SECURITIES - 101.2% | | | |
| (Cost $3,190,153,353) | | | 5,482,495,253 |
| NET OTHER ASSETS (LIABILITIES) - (1.2)% | | | (65,341,127) |
| NET ASSETS - 100% | | | $5,417,154,126 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $66,384,162 or 1.2% 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 $7,933,978 or 0.1% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $6,992,915 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $92,620,121 | $1,056,239,674 | $1,021,662,479 | $63,302 | $18,075 | $(430) | $127,214,961 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 28,867,501 | 808,158,405 | 766,777,153 | 91,187 | -- | -- | 70,248,753 | 0.2% |
| Total | $121,487,622 | $1,864,398,079 | $1,788,439,632 | $154,489 | $18,075 | $(430) | $197,463,714 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $236,714,601 | $214,347,486 | $22,367,115 | $-- |
| Consumer Discretionary | 384,168,678 | 96,142,986 | 288,025,692 | -- |
| Consumer Staples | 318,631,799 | 31,157,276 | 287,474,523 | -- |
| Energy | 35,647,830 | 35,647,830 | -- | -- |
| Financials | 692,742,285 | 531,540,549 | 161,201,736 | -- |
| Health Care | 577,449,719 | 239,045,853 | 338,403,866 | -- |
| Industrials | 1,358,128,802 | 644,510,326 | 713,618,476 | -- |
| Information Technology | 1,345,731,456 | 542,732,447 | 795,065,031 | 7,933,978 |
| Materials | 299,515,014 | 299,515,014 | -- | -- |
| Real Estate | 36,301,355 | 36,301,355 | -- | -- |
| Money Market Funds | 197,463,714 | 197,463,714 | -- | -- |
| Total Investments in Securities: | $5,482,495,253 | $2,868,404,836 | $2,606,156,439 | $7,933,978 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $66,322,763) — See accompanying schedule:
Unaffiliated issuers (cost $2,992,690,352) | $5,285,031,539 | |
| Fidelity Central Funds (cost $197,463,001) | 197,463,714 | |
| Total Investment in Securities (cost $3,190,153,353) | | $5,482,495,253 |
| Foreign currency held at value (cost $4,800,750) | | 4,799,318 |
| Receivable for investments sold | | 1,144,057 |
| Receivable for fund shares sold | | 4,456,660 |
| Dividends receivable | | 4,014,301 |
| Reclaims receivable | | 8,924,329 |
| Distributions receivable from Fidelity Central Funds | | 18,510 |
| Prepaid expenses | | 6,910 |
| Other receivables | | 121,483 |
| Total assets | | 5,505,980,821 |
| Liabilities | | |
| Payable for investments purchased | $9,249,108 | |
| Payable for fund shares redeemed | 3,106,275 | |
| Accrued management fee | 3,619,291 | |
| Distribution and service plan fees payable | 111,135 | |
| Other affiliated payables | 731,634 | |
| Other payables and accrued expenses | 1,761,202 | |
| Collateral on securities loaned | 70,248,050 | |
| Total liabilities | | 88,826,695 |
| Net Assets | | $5,417,154,126 |
| Net Assets consist of: | | |
| Paid in capital | | $3,039,556,195 |
| Total accumulated earnings (loss) | | 2,377,597,931 |
| Net Assets | | $5,417,154,126 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($232,526,955 ÷ 11,052,993 shares)(a) | | $21.04 |
| Maximum offering price per share (100/94.25 of $21.04) | | $22.32 |
| Class M: | | |
| Net Asset Value and redemption price per share ($38,760,710 ÷ 1,853,073 shares)(a) | | $20.92 |
| Maximum offering price per share (100/96.50 of $20.92) | | $21.68 |
| Class C: | | |
| Net Asset Value and offering price per share ($58,866,633 ÷ 2,887,735 shares)(a) | | $20.39 |
| International Growth: | | |
| Net Asset Value, offering price and redemption price per share ($1,773,432,919 ÷ 83,427,120 shares) | | $21.26 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($2,035,689,579 ÷ 96,017,967 shares) | | $21.20 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($1,277,877,330 ÷ 60,123,250 shares) | | $21.25 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $61,457,102 |
| Income from Fidelity Central Funds (including $91,187 from security lending) | | 154,489 |
| Income before foreign taxes withheld | | 61,611,591 |
| Less foreign taxes withheld | | (6,787,981) |
| Total income | | 54,823,610 |
| Expenses | | |
| Management fee | | |
| Basic fee | $34,510,520 | |
| Performance adjustment | 5,752,363 | |
| Transfer agent fees | 6,825,906 | |
| Distribution and service plan fees | 1,329,525 | |
| Accounting fees | 1,569,866 | |
| Custodian fees and expenses | 346,746 | |
| Independent trustees' fees and expenses | 19,847 | |
| Registration fees | 182,152 | |
| Audit | 96,520 | |
| Legal | 7,106 | |
| Interest | 447 | |
| Miscellaneous | 22,505 | |
| Total expenses before reductions | 50,663,503 | |
| Expense reductions | (82,868) | |
| Total expenses after reductions | | 50,580,635 |
| Net investment income (loss) | | 4,242,975 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $698,324) | 263,978,627 | |
| Fidelity Central Funds | 18,075 | |
| Foreign currency transactions | 109,102 | |
| Total net realized gain (loss) | | 264,105,804 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,530,269) | 1,069,456,856 | |
| Fidelity Central Funds | (430) | |
| Assets and liabilities in foreign currencies | (256,960) | |
| Total change in net unrealized appreciation (depreciation) | | 1,069,199,466 |
| Net gain (loss) | | 1,333,305,270 |
| Net increase (decrease) in net assets resulting from operations | | $1,337,548,245 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,242,975 | $8,696,814 |
| Net realized gain (loss) | 264,105,804 | (71,432,021) |
| Change in net unrealized appreciation (depreciation) | 1,069,199,466 | 365,928,504 |
| Net increase (decrease) in net assets resulting from operations | 1,337,548,245 | 303,193,297 |
| Distributions to shareholders | (6,966,212) | (37,153,475) |
| Share transactions - net increase (decrease) | (198,851,542) | 692,520,315 |
| Total increase (decrease) in net assets | 1,131,730,491 | 958,560,137 |
| Net Assets | | |
| Beginning of period | 4,285,423,635 | 3,326,863,498 |
| End of period | $5,417,154,126 | $4,285,423,635 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Growth Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.06 | $15.03 | $12.47 | $13.34 | $10.88 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.04) | (.01) | .15B | .09 | .07 |
| Net realized and unrealized gain (loss) | 5.02 | 1.16 | 2.48 | (.90) | 2.49 |
| Total from investment operations | 4.98 | 1.15 | 2.63 | (.81) | 2.56 |
| Distributions from net investment income | – | (.12) | (.07) | (.04) | (.10) |
| Distributions from net realized gain | – | – | – | (.02) | – |
| Total distributions | – | (.12) | (.07) | (.06) | (.10) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $21.04 | $16.06 | $15.03 | $12.47 | $13.34 |
| Total ReturnD,E | 31.01% | 7.66% | 21.25% | (6.12)% | 23.80% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.28% | 1.30% | 1.28% | 1.24% | 1.28% |
| Expenses net of fee waivers, if any | 1.28% | 1.30% | 1.28% | 1.23% | 1.28% |
| Expenses net of all reductions | 1.28% | 1.29% | 1.27% | 1.22% | 1.27% |
| Net investment income (loss) | (.20)% | (.08)% | 1.14%B | .64% | .62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $232,527 | $174,561 | $164,247 | $138,802 | $156,988 |
| Portfolio turnover rateH | 21% | 23% | 21% | 34% | 22% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividends(s), the ratio of net investment income (loss) to average net assets would have been .65%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Growth Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.01 | $14.99 | $12.43 | $13.30 | $10.84 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.09) | (.06) | .11B | .05 | .04 |
| Net realized and unrealized gain (loss) | 5.00 | 1.15 | 2.48 | (.90) | 2.49 |
| Total from investment operations | 4.91 | 1.09 | 2.59 | (.85) | 2.53 |
| Distributions from net investment income | – | (.07) | (.03) | (.01) | (.07) |
| Distributions from net realized gain | – | – | – | (.02) | – |
| Total distributions | – | (.07) | (.03) | (.02)C | (.07) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $20.92 | $16.01 | $14.99 | $12.43 | $13.30 |
| Total ReturnE,F | 30.67% | 7.27% | 20.92% | (6.40)% | 23.51% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.55% | 1.59% | 1.58% | 1.54% | 1.59% |
| Expenses net of fee waivers, if any | 1.55% | 1.59% | 1.58% | 1.53% | 1.59% |
| Expenses net of all reductions | 1.55% | 1.58% | 1.58% | 1.52% | 1.58% |
| Net investment income (loss) | (.48)% | (.37)% | .83%B | .34% | .31% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $38,761 | $30,353 | $28,534 | $26,479 | $33,597 |
| Portfolio turnover rateI | 21% | 23% | 21% | 34% | 22% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividends(s), the ratio of net investment income (loss) to average net assets would have been .34%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Growth Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.68 | $14.68 | $12.20 | $13.10 | $10.67 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.18) | (.13) | .05B | (.01) | (.02) |
| Net realized and unrealized gain (loss) | 4.89 | 1.13 | 2.43 | (.89) | 2.47 |
| Total from investment operations | 4.71 | 1.00 | 2.48 | (.90) | 2.45 |
| Distributions from net investment income | – | – | – | – | (.02) |
| Distributions from net realized gain | – | – | – | – | – |
| Total distributions | – | – | – | – | (.02) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $20.39 | $15.68 | $14.68 | $12.20 | $13.10 |
| Total ReturnD,E | 30.04% | 6.81% | 20.33% | (6.87)% | 22.96% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 2.05% | 2.07% | 2.04% | 1.99% | 2.04% |
| Expenses net of fee waivers, if any | 2.05% | 2.07% | 2.04% | 1.99% | 2.04% |
| Expenses net of all reductions | 2.05% | 2.06% | 2.03% | 1.98% | 2.04% |
| Net investment income (loss) | (.97)% | (.85)% | .38%B | (.11)% | (.15)% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $58,867 | $55,013 | $57,291 | $60,489 | $68,908 |
| Portfolio turnover rateH | 21% | 23% | 21% | 34% | 22% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividends(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Growth Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.20 | $15.16 | $12.57 | $13.45 | $10.97 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .02 | .03 | .19B | .13 | .10 |
| Net realized and unrealized gain (loss) | 5.06 | 1.17 | 2.51 | (.92) | 2.51 |
| Total from investment operations | 5.08 | 1.20 | 2.70 | (.79) | 2.61 |
| Distributions from net investment income | (.02) | (.16) | (.11) | (.08) | (.13) |
| Distributions from net realized gain | – | – | – | (.02) | – |
| Total distributions | (.02) | (.16) | (.11) | (.09)C | (.13) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $21.26 | $16.20 | $15.16 | $12.57 | $13.45 |
| Total ReturnE | 31.38% | 7.93% | 21.66% | (5.89)% | 24.14% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .99% | 1.01% | .99% | .95% | 1.03% |
| Expenses net of fee waivers, if any | .99% | 1.01% | .99% | .95% | 1.03% |
| Expenses net of all reductions | .99% | 1.00% | .99% | .94% | 1.03% |
| Net investment income (loss) | .09% | .21% | 1.42%B | .93% | .87% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,773,433 | $1,292,392 | $1,040,532 | $811,101 | $961,775 |
| Portfolio turnover rateH | 21% | 23% | 21% | 34% | 22% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividends(s), the ratio of net investment income (loss) to average net assets would have been .93%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Growth Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.16 | $15.13 | $12.55 | $13.43 | $10.95 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .01 | .03 | .20B | .13 | .11 |
| Net realized and unrealized gain (loss) | 5.05 | 1.16 | 2.49 | (.91) | 2.51 |
| Total from investment operations | 5.06 | 1.19 | 2.69 | (.78) | 2.62 |
| Distributions from net investment income | (.02) | (.16) | (.11) | (.09) | (.14) |
| Distributions from net realized gain | – | – | – | (.02) | – |
| Total distributions | (.02) | (.16) | (.11) | (.10)C | (.14) |
| Redemption fees added to paid in capitalA | – | – | – | – | –D |
| Net asset value, end of period | $21.20 | $16.16 | $15.13 | $12.55 | $13.43 |
| Total ReturnE | 31.36% | 7.90% | 21.64% | (5.83)% | 24.23% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.00% | 1.01% | .97% | .93% | .98% |
| Expenses net of fee waivers, if any | 1.00% | 1.01% | .97% | .93% | .98% |
| Expenses net of all reductions | 1.00% | 1.00% | .97% | .92% | .97% |
| Net investment income (loss) | .07% | .21% | 1.44%B | .94% | .92% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,035,690 | $1,382,837 | $953,360 | $660,961 | $728,227 |
| Portfolio turnover rateH | 21% | 23% | 21% | 34% | 22% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividends(s), the ratio of net investment income (loss) to average net assets would have been .96%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity International Growth Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $16.19 | $15.16 | $12.57 | $13.45 | $10.97 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .04 | .05 | .22B | .15 | .13 |
| Net realized and unrealized gain (loss) | 5.06 | 1.16 | 2.50 | (.91) | 2.50 |
| Total from investment operations | 5.10 | 1.21 | 2.72 | (.76) | 2.63 |
| Distributions from net investment income | (.04) | (.18) | (.13) | (.10) | (.15) |
| Distributions from net realized gain | – | – | – | (.02) | – |
| Total distributions | (.04) | (.18) | (.13) | (.12) | (.15) |
| Redemption fees added to paid in capitalA | – | – | – | – | –C |
| Net asset value, end of period | $21.25 | $16.19 | $15.16 | $12.57 | $13.45 |
| Total ReturnD | 31.55% | 8.01% | 21.85% | (5.71)% | 24.33% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .87% | .88% | .84% | .80% | .84% |
| Expenses net of fee waivers, if any | .87% | .88% | .84% | .80% | .84% |
| Expenses net of all reductions | .87% | .87% | .84% | .79% | .84% |
| Net investment income (loss) | .20% | .34% | 1.57%B | 1.08% | 1.05% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,277,877 | $1,350,267 | $1,082,899 | $556,558 | $373,878 |
| Portfolio turnover rateG | 21% | 23% | 21% | 34% | 22% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividends(s), the ratio of net investment income (loss) to average net assets would have been 1.08%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $2,302,468,807 |
| Gross unrealized depreciation | (28,248,951) |
| Net unrealized appreciation (depreciation) | $2,274,219,856 |
| Tax Cost | $3,208,275,397 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $23,371,485 |
| Undistributed long-term capital gain | $81,260,227 |
| Net unrealized appreciation (depreciation) on securities and other investments | $2,274,496,488 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $6,966,212 | $ 37,153,475 |
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 | 1,056,503,970 | 1,286,839,220 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .79% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $534,339 | $15,255 |
| Class M | .25% | .25% | 182,294 | 333 |
| Class C | .75% | .25% | 612,892 | 55,933 |
| | | | $1,329,525 | $71,521 |
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 | $72,617 |
| Class M | 4,460 |
| Class C(a) | 2,401 |
| | $79,478 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $423,472 | .20 |
| Class M | 80,152 | .22 |
| Class C | 132,687 | .22 |
| International Growth | 2,507,522 | .16 |
| Class I | 3,091,885 | .17 |
| Class Z | 590,188 | .04 |
| | $6,825,906 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity International Growth Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity International Growth Fund | $1,977 |
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 | $26,346,500 | .31% | $447 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Growth Fund | 47,469,203 | 61,740,627 | 20,377,277 |
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 | $9,069 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity International Growth Fund | $6,411 | $– | $– |
8. Expense Reductions.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $82,868.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity International Growth Fund | | |
| Distributions to shareholders | | |
| Class A | $– | $1,293,004 |
| Class M | – | 126,570 |
| International Growth | 1,609,059 | 11,436,124 |
| Class I | 2,023,232 | 10,268,278 |
| Class Z | 3,333,921 | 14,029,499 |
| Total | $6,966,212 | $37,153,475 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity International Growth Fund | | | | |
| Class A | | | | |
| Shares sold | 2,385,837 | 2,989,987 | $46,164,018 | $46,017,495 |
| Reinvestment of distributions | – | 82,376 | – | 1,271,885 |
| Shares redeemed | (2,203,020) | (3,126,648) | (42,705,074) | (46,955,285) |
| Net increase (decrease) | 182,817 | (54,285) | $3,458,944 | $334,095 |
| Class M | | | | |
| Shares sold | 258,454 | 343,032 | $4,902,416 | $5,286,547 |
| Reinvestment of distributions | – | 8,192 | – | 126,490 |
| Shares redeemed | (301,262) | (359,470) | (5,742,842) | (5,488,737) |
| Net increase (decrease) | (42,808) | (8,246) | $(840,426) | $(75,700) |
| Class C | | | | |
| Shares sold | 395,788 | 519,965 | $7,361,117 | $7,918,151 |
| Shares redeemed | (1,016,374) | (913,274) | (19,296,231) | (13,538,212) |
| Net increase (decrease) | (620,586) | (393,309) | $(11,935,114) | $(5,620,061) |
| International Growth | | | | |
| Shares sold | 22,536,813 | 37,056,964 | $438,331,710 | $574,286,693 |
| Reinvestment of distributions | 82,672 | 682,465 | 1,489,742 | 10,605,506 |
| Shares redeemed | (18,982,578) | (26,595,096) | (366,283,627) | (398,275,317) |
| Net increase (decrease) | 3,636,907 | 11,144,333 | $73,537,825 | $186,616,882 |
| Class I | | | | |
| Shares sold | 30,921,252 | 49,267,116 | $598,549,169 | $739,103,903 |
| Reinvestment of distributions | 107,536 | 633,597 | 1,933,497 | 9,820,759 |
| Shares redeemed | (20,585,127) | (27,351,629) | (404,458,678) | (417,449,643) |
| Net increase (decrease) | 10,443,661 | 22,549,084 | $196,023,988 | $331,475,019 |
| Class Z | | | | |
| Shares sold | 15,802,092 | 38,341,456 | $310,522,031 | $574,337,458 |
| Reinvestment of distributions | 105,898 | 522,005 | 1,906,164 | 8,101,516 |
| Shares redeemed | (39,162,372) | (26,937,241) | (771,524,954) | (402,648,894) |
| Net increase (decrease) | (23,254,382) | 11,926,220 | $(459,096,759) | $179,790,080 |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity International Growth Fund | | | | |
| Class A | 1.30% | | | |
| Actual | | $1,000.00 | $1,089.60 | $6.85 |
| Hypothetical-C | | $1,000.00 | $1,018.65 | $6.61 |
| Class M | 1.57% | | | |
| Actual | | $1,000.00 | $1,087.90 | $8.26 |
| Hypothetical-C | | $1,000.00 | $1,017.29 | $7.98 |
| Class C | 2.07% | | | |
| Actual | | $1,000.00 | $1,085.70 | $10.88 |
| Hypothetical-C | | $1,000.00 | $1,014.77 | $10.51 |
| International Growth | 1.01% | | | |
| Actual | | $1,000.00 | $1,091.40 | $5.32 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.14 |
| Class I | 1.02% | | | |
| Actual | | $1,000.00 | $1,091.10 | $5.38 |
| Hypothetical-C | | $1,000.00 | $1,020.06 | $5.19 |
| Class Z | .90% | | | |
| Actual | | $1,000.00 | $1,091.40 | $4.74 |
| Hypothetical-C | | $1,000.00 | $1,020.67 | $4.58 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity International Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity International Growth Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.034 | $0.316 |
| Class M | 12/06/21 | 12/03/21 | $0.000 | $0.316 |
| Class C | 12/06/21 | 12/03/21 | $0.000 | $0.316 |
| International Growth | 12/06/21 | 12/03/21 | $0.091 | $0.316 |
| Class I | 12/06/21 | 12/03/21 | $0.089 | $0.316 |
| Class Z | 12/06/21 | 12/03/21 | $0.111 | $0.316 |
|
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $85,050,873, or, if subsequently determined to be different, the net capital gain of such year.
International Growth designates 62%, Class I designates 57%, and Class Z designates 40%, of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
International Growth, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity International Growth Fund | | | |
| Class A | 12/07/20 | $0.0000 | $0.0000 |
| Class M | 12/07/20 | $0.0000 | $0.0000 |
| Class C | 12/07/20 | $0.0000 | $0.0000 |
| International Growth | 12/07/20 | $0.0366 | $0.0166 |
| Class I | 12/07/20 | $0.0396 | $0.0166 |
| Class Z | 12/07/20 | $0.0566 | $0.0166 |
|
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Growth Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity International Growth Fund
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
Fidelity International Growth Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
IGF-ANN-1221
1.912350.111
Fidelity® Series Emerging Markets Fund
Fidelity® Series Emerging Markets Opportunities Fund
Fidelity® Series International Growth Fund
Fidelity® Series International Small Cap Fund
Fidelity® Series International Value Fund
Annual Report
October 31, 2021
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.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Series Emerging Markets Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® Series Emerging Markets Fund | 18.88% | 5.32% |
A From August 29, 2018
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Emerging Markets Fund on August 29, 2018, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
| Period Ending Values |
| $11,788 | Fidelity® Series Emerging Markets Fund |
| $12,697 | MSCI Emerging Markets Index |
Fidelity® Series Emerging Markets Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager John Chow: For the fiscal year ending October 31, 2021, the fund gained 18.88%, outperforming the 16.98% advance of the MSCI Emerging Markets (Net MA) Index. From a regional standpoint, stock picks in Emerging Asia – China, South Korea and Taiwan especially – contributed most to the portfolio's relative result. Among sectors, information technology was the strongest contributor versus the benchmark, largely due to security selection. Solid picks among financials stocks, as well as an overweighting in energy, boosted the fund's relative result as well. Our non-benchmark stake in eMemory Technology proved to be the biggest individual relative contributor, driven by a gain of 316% the past 12 months. Also bolstering performance was our outsized stake in XPeng, which rose 167%. Another notable relative contributor was a larger-than-benchmark holding in Li Ning (+111%). In contrast, an underweighting in the Emerging Europe, Middle East & Africa region, along with stock picks in Latin America, primarily driven by Brazil, detracted from the fund's relative result. By sector, stock picks in energy hurt the most. Investment choices and an underweighting in materials, in addition to picks among consumer staples companies, also weighed on performance. New Oriental Education & Technology Group was the portfolio's largest individual relative detractor, returning -90% this period. The company was not held at the end of this period. Further pressuring performance was our outsized stake in Alibaba Group Holding, which returned -46% and was one of the fund's biggest holdings this past year. Further hampering performance was our overweighting in Natura & Co, which returned -15%. Notable changes in geographic positioning during the period include increased exposure to India and a lower allocation to Brazil. By sector, meaningful shifts include greater exposure to energy stocks and a lower allocation to consumer staples.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Series Emerging Markets Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Cayman Islands | 24.2% |
| | Korea (South) | 12.5% |
| | Taiwan | 12.1% |
| | India | 11.8% |
| | United States of America* | 8.4% |
| | China | 8.0% |
| | Russia | 4.4% |
| | Brazil | 3.7% |
| | South Africa | 2.8% |
| | Other | 12.1% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks and Equity Futures | 97.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 7.2 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 4.9 |
| Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 4.3 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.0 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 2.5 |
| NetEase, Inc. ADR (Cayman Islands, Entertainment) | 1.9 |
| SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 1.9 |
| Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) | 1.7 |
| Lukoil PJSC (Russia, Oil, Gas & Consumable Fuels) | 1.7 |
| MediaTek, Inc. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.7 |
| | 31.8 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 20.7 |
| Financials | 19.2 |
| Consumer Discretionary | 14.3 |
| Communication Services | 11.8 |
| Energy | 7.7 |
| Materials | 5.8 |
| Health Care | 4.3 |
| Industrials | 3.9 |
| Consumer Staples | 4.0 |
| Real Estate | 0.7 |
Fidelity® Series Emerging Markets Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 91.1% | | | |
| | | Shares | Value |
| Bermuda - 0.5% | | | |
| China Gas Holdings Ltd. | | 2,083,400 | $5,210,843 |
| Credicorp Ltd. (United States) | | 69,000 | 8,946,540 |
|
| TOTAL BERMUDA | | | 14,157,383 |
|
| Brazil - 1.9% | | | |
| Atacadao SA | | 2,267,772 | 6,686,227 |
| Localiza Rent A Car SA | | 932,761 | 7,486,813 |
| Natura & Co. Holding SA (a) | | 3,703,558 | 25,526,845 |
| Suzano Papel e Celulose SA (a) | | 1,244,368 | 10,854,431 |
| Vale SA | | 952,510 | 12,085,694 |
|
| TOTAL BRAZIL | | | 62,640,010 |
|
| Cayman Islands - 24.2% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 839,404 | 138,451,296 |
| Bilibili, Inc.: | | | |
| ADR (a)(b) | | 487,022 | 35,698,713 |
| Class Z (a) | | 114,000 | 8,353,455 |
| Chailease Holding Co. Ltd. | | 724,389 | 6,920,003 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 3,701,615 | 8,268,629 |
| JD.com, Inc. sponsored ADR (a) | | 489,252 | 38,298,647 |
| Kuaishou Technology Class B (c) | | 913,397 | 12,150,452 |
| Li Ning Co. Ltd. | | 3,289,317 | 36,569,105 |
| Meituan Class B (a)(c) | | 1,638,089 | 55,741,943 |
| NetEase, Inc. ADR | | 641,017 | 62,556,849 |
| Parade Technologies Ltd. | | 265,048 | 16,990,867 |
| Pinduoduo, Inc. ADR (a) | | 115,081 | 10,233,003 |
| Sea Ltd. ADR (a) | | 53,100 | 18,243,567 |
| Shenzhou International Group Holdings Ltd. | | 979,320 | 21,098,668 |
| Silergy Corp. | | 208,414 | 34,280,342 |
| Tencent Holdings Ltd. | | 2,629,641 | 159,960,517 |
| Trip.com Group Ltd. ADR (a) | | 715,404 | 20,431,938 |
| Wuxi Biologics (Cayman), Inc. (a)(c) | | 1,622,005 | 24,568,454 |
| XP, Inc. Class A (a) | | 343,938 | 11,284,606 |
| XPeng, Inc. ADR (a) | | 843,624 | 39,338,187 |
| Zai Lab Ltd. (a) | | 225,501 | 23,393,706 |
|
| TOTAL CAYMAN ISLANDS | | | 782,832,947 |
|
| Chile - 0.2% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | | 115,183 | 6,322,395 |
| China - 8.0% | | | |
| Angel Yeast Co. Ltd. (A Shares) | | 1,680,905 | 14,597,626 |
| China Construction Bank Corp. (H Shares) | | 52,672,114 | 35,847,629 |
| China International Travel Service Corp. Ltd. (A Shares) | | 332,556 | 13,937,163 |
| China Merchants Bank Co. Ltd. (H Shares) | | 1,839,480 | 15,497,451 |
| China Petroleum & Chemical Corp. (H Shares) | | 16,925,847 | 8,246,831 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 25,956,608 | 14,228,433 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 28,542 | 8,136,436 |
| Pharmaron Beijing Co. Ltd. (H Shares) (c) | | 778,608 | 16,962,156 |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | | 1,020,916 | 7,312,549 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 663,357 | 38,946,561 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 1,416,536 | 36,288,266 |
| Wuliangye Yibin Co. Ltd. (A Shares) | | 244,558 | 8,265,894 |
| WuXi AppTec Co. Ltd. (H Shares) (c) | | 627,417 | 13,410,378 |
| Yantai Jereh Oilfield Services (A Shares) | | 1,535,888 | 10,139,750 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 4,650,578 | 17,220,733 |
|
| TOTAL CHINA | | | 259,037,856 |
|
| Cyprus - 0.9% | | | |
| TCS Group Holding PLC GDR | | 292,735 | 29,976,064 |
| Hungary - 1.1% | | | |
| OTP Bank PLC (a) | | 380,609 | 22,859,087 |
| Richter Gedeon PLC | | 407,708 | 11,421,419 |
|
| TOTAL HUNGARY | | | 34,280,506 |
|
| India - 11.8% | | | |
| Axis Bank Ltd. (a) | | 1,988,019 | 19,679,943 |
| Bharti Airtel Ltd. (a) | | 2,212,458 | 20,229,579 |
| Eicher Motors Ltd. | | 401,496 | 13,309,816 |
| HDFC Bank Ltd. | | 2,013,401 | 42,609,604 |
| Housing Development Finance Corp. Ltd. | | 663,405 | 25,177,616 |
| ICICI Bank Ltd. | | 4,395,321 | 47,031,782 |
| Indraprastha Gas Ltd. | | 1,470,545 | 9,297,462 |
| Infosys Ltd. | | 522,956 | 11,691,620 |
| Kotak Mahindra Bank Ltd. (a) | | 410,357 | 11,119,960 |
| Larsen & Toubro Ltd. | | 1,322,673 | 31,174,708 |
| Oil & Natural Gas Corp. Ltd. | | 8,981,831 | 17,860,609 |
| Petronet LNG Ltd. | | 3,114,995 | 9,539,685 |
| Reliance Industries Ltd. | | 2,396,200 | 81,080,145 |
| Reliance Industries Ltd. sponsored GDR (c) | | 43,841 | 2,981,188 |
| Shriram Transport Finance Co. Ltd. | | 974,170 | 18,665,906 |
| State Bank of India | | 1,264,605 | 8,472,035 |
| Tata Consultancy Services Ltd. | | 271,056 | 12,287,113 |
|
| TOTAL INDIA | | | 382,208,771 |
|
| Indonesia - 2.1% | | | |
| PT Bank Central Asia Tbk | | 55,165,153 | 29,106,019 |
| PT Bank Mandiri (Persero) Tbk | | 42,296,495 | 21,383,932 |
| PT Bank Rakyat Indonesia Tbk | | 54,399,686 | 16,329,906 |
|
| TOTAL INDONESIA | | | 66,819,857 |
|
| Korea (South) - 12.5% | | | |
| Hana Financial Group, Inc. | | 396,766 | 15,220,821 |
| Hansol Chemical Co. Ltd. | | 137,436 | 38,586,857 |
| Hyundai Motor Co. | | 62,065 | 11,043,771 |
| Kakao Pay Corp. (a)(d) | | 12,600 | 965,460 |
| KB Financial Group, Inc. | | 507,415 | 24,434,977 |
| Kia Corp. | | 210,596 | 15,288,917 |
| LG Chemical Ltd. | | 17,747 | 12,669,181 |
| LG Household & Health Care Ltd. | | 3,606 | 3,590,697 |
| NAVER Corp. | | 64,511 | 22,314,402 |
| POSCO | | 150,042 | 37,860,372 |
| Samsung Electronics Co. Ltd. | | 2,190,932 | 130,505,638 |
| Samsung SDI Co. Ltd. | | 21,046 | 13,210,459 |
| Shinhan Financial Group Co. Ltd. | | 573,415 | 18,624,295 |
| SK Hynix, Inc. | | 703,628 | 61,707,365 |
|
| TOTAL KOREA (SOUTH) | | | 406,023,212 |
|
| Luxembourg - 0.1% | | | |
| Globant SA (a) | | 9,300 | 2,968,467 |
| Mexico - 2.7% | | | |
| CEMEX S.A.B. de CV unit (a) | | 13,452,447 | 8,651,175 |
| Fomento Economico Mexicano S.A.B. de CV sponsored ADR | | 112,589 | 9,253,690 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | | 867,072 | 17,485,896 |
| Grupo Aeroportuario Norte S.A.B. de CV (a) | | 891,339 | 5,378,426 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 3,726,307 | 23,592,584 |
| Grupo Mexico SA de CV Series B | | 3,282,295 | 14,399,499 |
| Wal-Mart de Mexico SA de CV Series V | | 2,602,910 | 9,078,831 |
|
| TOTAL MEXICO | | | 87,840,101 |
|
| Netherlands - 0.8% | | | |
| Yandex NV Series A (a) | | 319,644 | 26,479,309 |
| Philippines - 0.7% | | | |
| Ayala Land, Inc. | | 34,211,844 | 23,774,217 |
| Russia - 4.4% | | | |
| Gazprom OAO sponsored ADR (Reg. S) | | 2,251,053 | 22,073,826 |
| Lukoil PJSC | | 539,238 | 55,062,781 |
| Novatek PJSC GDR (Reg. S) | | 109,918 | 27,864,213 |
| Sberbank of Russia | | 7,380,485 | 37,129,697 |
|
| TOTAL RUSSIA | | | 142,130,517 |
|
| Saudi Arabia - 1.2% | | | |
| Al Rajhi Bank | | 1,078,379 | 39,847,324 |
| South Africa - 2.8% | | | |
| Absa Group Ltd. | | 1,596,492 | 14,632,333 |
| AngloGold Ashanti Ltd. | | 406,333 | 7,496,334 |
| Capitec Bank Holdings Ltd. | | 93,619 | 10,460,690 |
| Impala Platinum Holdings Ltd. | | 2,474,463 | 32,025,370 |
| MTN Group Ltd. (a) | | 1,591,586 | 14,272,697 |
| Naspers Ltd. Class N | | 64,416 | 10,909,093 |
|
| TOTAL SOUTH AFRICA | | | 89,796,517 |
|
| Taiwan - 12.1% | | | |
| E.SUN Financial Holdings Co. Ltd. | | 7,698,684 | 7,340,638 |
| eMemory Technology, Inc. | | 495,110 | 40,896,139 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 4,261,161 | 16,374,366 |
| MediaTek, Inc. | | 1,676,374 | 54,966,043 |
| Realtek Semiconductor Corp. | | 433,951 | 7,776,676 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 11,057,270 | 234,331,112 |
| Unimicron Technology Corp. | | 4,562,455 | 31,131,853 |
|
| TOTAL TAIWAN | | | 392,816,827 |
|
| Thailand - 1.8% | | | |
| CP ALL PCL (For. Reg.) | | 10,307,433 | 19,881,727 |
| Siam Commercial Bank PCL (For. Reg.) | | 4,847,892 | 18,409,716 |
| Thai Beverage PCL | | 39,223,293 | 20,651,493 |
|
| TOTAL THAILAND | | | 58,942,936 |
|
| United States of America - 1.3% | | | |
| Coupang, Inc. Class A (a)(b) | | 256,010 | 7,618,858 |
| Li Auto, Inc. ADR (a) | | 1,056,569 | 34,475,846 |
|
| TOTAL UNITED STATES OF AMERICA | | | 42,094,704 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $2,277,640,695) | | | 2,950,989,920 |
|
| Nonconvertible Preferred Stocks - 1.8% | | | |
| Brazil - 1.8% | | | |
| Azul SA (a) | | 2,532,502 | 11,159,737 |
| Banco Bradesco SA (PN) | | 1,883,872 | 6,642,520 |
| Gerdau SA | | 1,395,700 | 6,652,314 |
| Itau Unibanco Holding SA | | 4,867,058 | 20,101,903 |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 1,402,300 | 13,770,586 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $65,449,921) | | | 58,327,060 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.2% | | | |
| United States of America - 0.2% | | | |
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.06% 11/18/21 to 12/30/21
(Cost $6,069,783)(e) | | 6,070,000 | 6,069,693 |
| | | Shares | Value |
|
| Money Market Funds - 5.4% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 162,746,163 | 162,778,712 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 13,299,670 | 13,301,000 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $176,079,712) | | | 176,079,712 |
| TOTAL INVESTMENT IN SECURITIES - 98.5% | | | |
| (Cost $2,525,240,111) | | | 3,191,466,385 |
| NET OTHER ASSETS (LIABILITIES) - 1.5% | | | 48,227,061 |
| NET ASSETS - 100% | | | $3,239,693,446 |
| 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) | 2,396 | Dec. 2021 | $151,187,600 | $(3,002,565) | $(3,002,565) |
The notional amount of futures purchased as a percentage of Net Assets is 4.7%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $134,083,200 or 4.1% 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 was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,024,695.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $39,083,848 | $1,636,605,626 | $1,512,911,550 | $92,698 | $788 | $-- | $162,778,712 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 21,647,350 | 399,645,482 | 407,991,832 | 365,330 | -- | -- | 13,301,000 | 0.0% |
| Total | $60,731,198 | $2,036,251,108 | $1,920,903,382 | $458,028 | $788 | $-- | $176,079,712 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $380,259,540 | $189,631,166 | $190,628,374 | $-- |
| Consumer Discretionary | 466,746,251 | 352,663,859 | 114,082,392 | -- |
| Consumer Staples | 125,669,466 | 122,078,769 | 3,590,697 | -- |
| Energy | 248,619,614 | 240,372,783 | 8,246,831 | -- |
| Financials | 628,886,563 | 395,764,720 | 233,121,843 | -- |
| Health Care | 136,971,303 | 89,009,143 | 47,962,160 | -- |
| Industrials | 126,194,579 | 126,194,579 | -- | -- |
| Information Technology | 670,083,520 | 217,671,866 | 452,411,654 | -- |
| Materials | 187,603,622 | 58,965,508 | 128,638,114 | -- |
| Real Estate | 23,774,217 | 23,774,217 | -- | -- |
| Utilities | 14,508,305 | 14,508,305 | -- | -- |
| Government Obligations | 6,069,693 | -- | 6,069,693 | -- |
| Money Market Funds | 176,079,712 | 176,079,712 | -- | -- |
| Total Investments in Securities: | $3,191,466,385 | $2,006,714,627 | $1,184,751,758 | $-- |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(3,002,565) | $(3,002,565) | $-- | $-- |
| Total Liabilities | $(3,002,565) | $(3,002,565) | $-- | $-- |
| Total Derivative Instruments: | $(3,002,565) | $(3,002,565) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. 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 | $(3,002,565) |
| Total Equity Risk | 0 | (3,002,565) |
| Total Value of Derivatives | $0 | $(3,002,565) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series Emerging Markets Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $12,792,428) — See accompanying schedule:
Unaffiliated issuers (cost $2,349,160,399) | $3,015,386,673 | |
| Fidelity Central Funds (cost $176,079,712) | 176,079,712 | |
| Total Investment in Securities (cost $2,525,240,111) | | $3,191,466,385 |
| Foreign currency held at value (cost $1,106,732) | | 1,099,681 |
| Receivable for investments sold | | 137,102,662 |
| Receivable for fund shares sold | | 944,953 |
| Dividends receivable | | 1,701,040 |
| Distributions receivable from Fidelity Central Funds | | 12,439 |
| Receivable from investment adviser for expense reductions | | 105,085 |
| Other receivables | | 1,123,719 |
| Total assets | | 3,333,555,964 |
| Liabilities | | |
| Payable to custodian bank | $1,237,715 | |
| Payable for investments purchased | | |
| Regular delivery | 11,108,543 | |
| Delayed delivery | 975,114 | |
| Payable for fund shares redeemed | 55,807,232 | |
| Payable for daily variation margin on futures contracts | 1,399,115 | |
| Other payables and accrued expenses | 10,033,799 | |
| Collateral on securities loaned | 13,301,000 | |
| Total liabilities | | 93,862,518 |
| Net Assets | | $3,239,693,446 |
| Net Assets consist of: | | |
| Paid in capital | | $2,528,725,168 |
| Total accumulated earnings (loss) | | 710,968,278 |
| Net Assets | | $3,239,693,446 |
| Net Asset Value, offering price and redemption price per share ($3,239,693,446 ÷ 286,543,055 shares) | | $11.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $59,476,852 |
| Non-Cash dividends | | 6,381,750 |
| Interest | | 3,162 |
| Income from Fidelity Central Funds (including $365,330 from security lending) | | 458,028 |
| Income before foreign taxes withheld | | 66,319,792 |
| Less foreign taxes withheld | | (7,585,316) |
| Total income | | 58,734,476 |
| Expenses | | |
| Custodian fees and expenses | $1,402,090 | |
| Independent trustees' fees and expenses | 13,480 | |
| Total expenses before reductions | 1,415,570 | |
| Expense reductions | (957,275) | |
| Total expenses after reductions | | 458,295 |
| Net investment income (loss) | | 58,276,181 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 315,560,963 | |
| Fidelity Central Funds | 788 | |
| Foreign currency transactions | (1,674,478) | |
| Futures contracts | 13,551,005 | |
| Total net realized gain (loss) | | 327,438,278 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $7,192,299) | 196,683,759 | |
| Assets and liabilities in foreign currencies | (13,336) | |
| Futures contracts | (3,065,004) | |
| Total change in net unrealized appreciation (depreciation) | | 193,605,419 |
| Net gain (loss) | | 521,043,697 |
| Net increase (decrease) in net assets resulting from operations | | $579,319,878 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $58,276,181 | $46,450,568 |
| Net realized gain (loss) | 327,438,278 | (307,528,006) |
| Change in net unrealized appreciation (depreciation) | 193,605,419 | 470,169,310 |
| Net increase (decrease) in net assets resulting from operations | 579,319,878 | 209,091,872 |
| Distributions to shareholders | (47,189,249) | (52,999,079) |
| Share transactions | | |
| Proceeds from sales of shares | 595,001,775 | 1,051,915,311 |
| Reinvestment of distributions | 47,189,249 | 52,999,079 |
| Cost of shares redeemed | (930,503,195) | (330,297,414) |
| Net increase (decrease) in net assets resulting from share transactions | (288,312,171) | 774,616,976 |
| Total increase (decrease) in net assets | 243,818,458 | 930,709,769 |
| Net Assets | | |
| Beginning of period | 2,995,874,988 | 2,065,165,219 |
| End of period | $3,239,693,446 | $2,995,874,988 |
| Other Information | | |
| Shares | | |
| Sold | 51,314,277 | 123,836,770 |
| Issued in reinvestment of distributions | 4,297,746 | 5,532,263 |
| Redeemed | (79,489,388) | (36,708,531) |
| Net increase (decrease) | (23,877,365) | 92,660,502 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Emerging Markets Fund
| | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.65 | $9.48 | $8.87 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .20 | .17 | .30C | .01 |
| Net realized and unrealized gain (loss) | 1.62 | .22 | .35 | (1.14) |
| Total from investment operations | 1.82 | .39 | .65 | (1.13) |
| Distributions from net investment income | (.16) | (.22) | (.04) | – |
| Total distributions | (.16) | (.22) | (.04) | – |
| Net asset value, end of period | $11.31 | $9.65 | $9.48 | $8.87 |
| Total ReturnD,E | 18.88% | 4.16% | 7.33% | (11.30)% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .04% | .05% | .04% | .04%H |
| Expenses net of fee waivers, if any | .01% | .01% | .01% | .01%H |
| Expenses net of all reductions | .01% | .01% | .01% | .01%H |
| Net investment income (loss) | 1.70% | 1.86% | 3.24%C | .65%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $3,239,693 | $2,995,875 | $2,065,165 | $1,431,017 |
| Portfolio turnover rateI | 78% | 117%J | 47% | 15%J,K |
A For the period August 29, 2018 (commencement of operations) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.50%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series Emerging Markets Opportunities Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Series Emerging Markets Opportunities Fund | 18.44% | 12.19% | 7.30% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Series Emerging Markets Opportunities Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
| Period Ending Values |
| $20,235 | Fidelity® Series Emerging Markets Opportunities Fund |
| $16,162 | MSCI Emerging Markets Index |
Fidelity® Series Emerging Markets Opportunities Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Co-Managers Priyanshu Bakshi, Di Chen and Steven Kaye: For the fiscal year ending October 31, 2021, the fund gained 18.44%, outperforming the 16.98% result of the benchmark MSCI Emerging Markets (Net MA) Index. From a regional standpoint, stock picks in Emerging Asia – namely China – along with non-benchmark exposure to Developed Markets, contributed most to the fund's relative result. Versus the benchmark, security selection was the primary contributor, especially in the banks area of the financials sector. Strong investment choices among consumer discretionary stocks, within the retailing industry in particular, helped as well. Also lifting performance were favorable picks in health care. The fund's largest individual relative contributor was an outsized stake in TCS Group, which gained about 309% the past 12 months. The company was among the portfolio’s biggest holdings at period end. Also helping performance was our overweighting in Bilibili, which rose roughly 64% and was one of the portfolio’s largest holdings this period. Another notable relative contributor was an outsized stake in Sberbank Russia (+107%), which was one of our biggest holdings as of October 31. Conversely, an underweighting in the Middle East and stock picks in Latin America, specifically Brazil, hurt the fund's relative result. By sector, the primary detractor from performance versus the benchmark was our security selection in materials. An underweighting and picks among energy stocks, in addition to an overweighting in consumer discretionary, further hindered the portfolio's relative return. Our smaller-than-benchmark stake in Gazprom, a position we established this period, was the fund's largest individual relative detractor and gained about 164% the past year. Also hindering performance was our overweighting in Alibaba Group Holding, which returned -45% and was one of the fund's biggest holdings. An outsized stake in Tencent Holdings (-18%), another of the portfolio's more sizable holdings, weighed on performance as well. Notable changes in positioning include increased exposure to Russia and India. By sector, meaningful shifts include decreased exposure to consumer discretionary stocks and a higher allocation to energy.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On October 1, 2020, Guillermo de Las Casas and Will Pruett assumed co-management responsibilities for the fund. On January 30, 2021, Priyanshu Bakshi assumed co-management responsibilities for the fund, succeeding Jane Wu. On February 1, 2021, Takamitsu Nishikawa assumed co-management responsibilities for the fund.
Fidelity® Series Emerging Markets Opportunities Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Cayman Islands | 23.6% |
| | India | 13.4% |
| | Korea (South) | 11.7% |
| | Taiwan | 8.9% |
| | China | 8.7% |
| | United States of America* | 5.3% |
| | Brazil | 4.7% |
| | Russia | 3.7% |
| | South Africa | 2.5% |
| | Other | 17.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks and Equity Futures | 99.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 7.1 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 5.4 |
| Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) | 3.9 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.8 |
| Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) | 2.4 |
| HDFC Bank Ltd. (India, Banks) | 1.8 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.6 |
| SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 1.2 |
| TCS Group Holding PLC GDR (Cyprus, Banks) | 1.2 |
| Yandex NV Series A (Netherlands, Interactive Media & Services) | 1.2 |
| | 29.6 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 20.2 |
| Financials | 18.9 |
| Consumer Discretionary | 14.9 |
| Communication Services | 11.4 |
| Materials | 8.4 |
| Consumer Staples | 6.0 |
| Energy | 5.2 |
| Health Care | 4.5 |
| Industrials | 3.9 |
| Utilities | 2.1 |
Fidelity® Series Emerging Markets Opportunities Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 94.4% | | | |
| | | Shares | Value |
| Belgium - 0.4% | | | |
| Titan Cement International Trading SA (a) | | 6,078,697 | $105,966,764 |
| Bermuda - 1.0% | | | |
| China Gas Holdings Ltd. | | 28,454,400 | 71,168,000 |
| Credicorp Ltd. (United States) | | 902,423 | 117,008,166 |
| Huanxi Media Group Ltd. (b) | | 117,028,855 | 22,261,128 |
| Kerry Properties Ltd. | | 4,909,500 | 13,850,463 |
| Kunlun Energy Co. Ltd. | | 60,042,000 | 54,944,932 |
| Shangri-La Asia Ltd. (b) | | 7,924,000 | 6,456,932 |
|
| TOTAL BERMUDA | | | 285,689,621 |
|
| Brazil - 2.5% | | | |
| Atacadao SA | | 32,233,100 | 95,035,044 |
| Azul SA sponsored ADR (b)(c) | | 3,443,500 | 45,557,505 |
| Dexco SA | | 713,400 | 1,960,529 |
| ENGIE Brasil Energia SA | | 4,309,800 | 29,713,016 |
| Equatorial Energia SA | | 13,696,100 | 55,524,074 |
| LOG Commercial Properties e Participacoes SA | | 2,221,411 | 9,222,095 |
| Natura & Co. Holding SA (b) | | 18,323,501 | 126,295,083 |
| Rede D'Oregon Sao Luiz SA (d) | | 3,405,600 | 35,601,970 |
| Rumo SA (b) | | 27,209,400 | 77,089,604 |
| Suzano Papel e Celulose SA (b) | | 7,630,300 | 66,557,934 |
| Transmissora Alianca de Energia Eletrica SA unit | | 5,457,300 | 35,448,566 |
| Vale SA sponsored ADR | | 11,549,970 | 147,031,118 |
|
| TOTAL BRAZIL | | | 725,036,538 |
|
| British Virgin Islands - 0.2% | | | |
| Fix Price Group Ltd. GDR (Reg. S) | | 5,303,422 | 46,192,806 |
| Mail.Ru Group Ltd. GDR (Reg. S) (b) | | 862,368 | 17,644,049 |
|
| TOTAL BRITISH VIRGIN ISLANDS | | | 63,836,855 |
|
| Canada - 0.6% | | | |
| Barrick Gold Corp. | | 9,914,600 | 182,131,202 |
| Cayman Islands - 23.6% | | | |
| Akeso, Inc. (b)(d) | | 6,165,545 | 34,550,191 |
| Alibaba Group Holding Ltd. (b) | | 54,613,076 | 1,122,990,000 |
| Ant International Co. Ltd. Class C (b)(e)(f) | | 9,361,123 | 20,126,414 |
| Anta Sports Products Ltd. | | 2,276,289 | 35,575,701 |
| Antengene Corp. (d) | | 23,225,525 | 30,806,172 |
| Archosaur Games, Inc. (d) | | 2,140,000 | 2,563,434 |
| BeiGene Ltd. ADR (b) | | 126,800 | 45,358,896 |
| Bilibili, Inc. ADR (b)(c) | | 4,377,864 | 320,897,431 |
| Chailease Holding Co. Ltd. | | 25,581,135 | 244,373,565 |
| China Resources Land Ltd. | | 11,811,720 | 45,998,987 |
| CIFI Holdings Group Co. Ltd. | | 66,134,646 | 36,720,220 |
| CK Asset Holdings Ltd. | | 1,900,000 | 11,733,822 |
| ENN Energy Holdings Ltd. | | 5,710,100 | 98,856,175 |
| ESR Cayman Ltd. (b)(d) | | 6,414,400 | 20,816,606 |
| GlobalFoundries, Inc. | | 391,100 | 19,062,214 |
| Haitian International Holdings Ltd. | | 18,330,306 | 53,715,182 |
| Hansoh Pharmaceutical Group Co. Ltd. (d) | | 18,393,724 | 41,087,709 |
| Innovent Biologics, Inc. (b)(d) | | 7,414,862 | 66,519,808 |
| iQIYI, Inc. ADR (b)(c) | | 1,192,926 | 9,877,427 |
| Jacobio Pharmaceuticals Group Co. Ltd. (d) | | 16,869,728 | 38,377,249 |
| JD Health International, Inc. (d) | | 2,166,058 | 19,181,466 |
| JD.com, Inc. sponsored ADR (b) | | 4,286,765 | 335,567,964 |
| KE Holdings, Inc. ADR (b) | | 1,191,100 | 21,701,842 |
| Kingdee International Software Group Co. Ltd. (b) | | 16,394,273 | 54,152,409 |
| Kuaishou Technology Class B (d) | | 12,043,200 | 160,204,511 |
| Li Auto, Inc. Class A (b) | | 1,420,300 | 23,950,049 |
| Li Ning Co. Ltd. | | 12,550,939 | 139,535,534 |
| Longfor Properties Co. Ltd. (d) | | 8,743,166 | 42,476,920 |
| Medlive Technology Co. Ltd. (d) | | 8,013,082 | 41,659,169 |
| Medlive Technology Co. Ltd. | | 2,275,500 | 11,238,581 |
| Meituan Class B (b)(d) | | 20,210,264 | 687,727,826 |
| NetEase, Inc. ADR | | 530,871 | 51,807,701 |
| PagSeguro Digital Ltd. (b)(c) | | 2,001,834 | 72,466,391 |
| Parade Technologies Ltd. | | 527,213 | 33,796,919 |
| Pinduoduo, Inc. ADR (b) | | 1,841,287 | 163,727,240 |
| Pop Mart International Group Ltd. (c)(d) | | 5,447,894 | 32,174,119 |
| Sea Ltd. ADR (b) | | 559,439 | 192,206,457 |
| Shimao Property Holdings Ltd. | | 15,828,500 | 24,900,821 |
| Silergy Corp. | | 414,620 | 68,197,508 |
| Tencent Holdings Ltd. | | 25,914,255 | 1,576,358,763 |
| Tencent Music Entertainment Group ADR (b) | | 1,667,495 | 13,106,511 |
| Tongdao Liepin Group (b) | | 7,511,822 | 10,851,858 |
| Trip.com Group Ltd. ADR (b)(c) | | 3,158,796 | 90,215,214 |
| Uni-President China Holdings Ltd. | | 46,211,000 | 39,437,188 |
| Wuxi Biologics (Cayman), Inc. (b)(d) | | 14,460,587 | 219,034,017 |
| Xiaomi Corp. Class B (b)(d) | | 8,461,002 | 23,217,324 |
| XP, Inc. Class A (b) | | 3,758,965 | 123,331,642 |
| XPeng, Inc.: | | | |
| ADR (b) | | 4,659,248 | 217,260,734 |
| Class A | | 478,800 | 11,109,945 |
| Zai Lab Ltd. (b) | | 808,361 | 83,860,202 |
|
| TOTAL CAYMAN ISLANDS | | | 6,884,464,028 |
|
| Chile - 0.7% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | | 3,800,762 | 208,623,826 |
| China - 8.5% | | | |
| Bafang Electric Suzhou Co. Ltd. (A Shares) | | 1,811,074 | 67,557,450 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 35,324,276 | 51,615,380 |
| Beijing Sinohytec Co. Ltd. (A Shares) (b) | | 814,900 | 31,421,816 |
| C&S Paper Co. Ltd. (A Shares) | | 22,306,600 | 59,338,011 |
| China Communications Services Corp. Ltd. (H Shares) | | 80,788,000 | 44,648,596 |
| China Construction Bank Corp. (H Shares) | | 524,701,000 | 357,101,418 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 18,257,128 | 29,726,706 |
| China Petroleum & Chemical Corp. (H Shares) | | 212,066,000 | 103,325,555 |
| China Tower Corp. Ltd. (H Shares) (d) | | 112,981,200 | 14,666,283 |
| DBAPPSecurity Ltd. (A Shares) | | 1,270,032 | 58,109,305 |
| Estun Automation Co. Ltd. (A Shares) | | 5,541,500 | 22,881,423 |
| Flat Glass Group Co. Ltd. (c) | | 7,770,734 | 41,947,282 |
| Gemdale Corp. (A Shares) | | 21,875,700 | 34,662,351 |
| Great Wall Motor Co. Ltd. (H Shares) | | 32,638,972 | 147,243,483 |
| Haier Smart Home Co. Ltd. | | 22,933,216 | 85,772,969 |
| Haier Smart Home Co. Ltd. (A Shares) | | 1,171,203 | 4,973,145 |
| Hongfa Technology Co. Ltd. (A Shares) | | 3,062,100 | 35,536,278 |
| OPT Machine Vision Tech Co. Ltd. (A Shares) | | 477,900 | 20,320,868 |
| Pharmaron Beijing Co. Ltd. (H Shares) (d) | | 3,811,908 | 83,043,301 |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | | 43,504,000 | 311,607,540 |
| Poly Developments & Holdings (A Shares) | | 14,634,134 | 28,693,708 |
| Proya Cosmetics Co. Ltd. (A Shares) | | 3,553,979 | 111,516,962 |
| Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | | 2,402,915 | 20,256,396 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 1,768,483 | 103,829,961 |
| ShenZhen Topband Co. Ltd. (A Shares) | | 23,185,227 | 53,603,905 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 34,716,687 | 18,294,251 |
| Sinopharm Group Co. Ltd. (H Shares) | | 16,285,600 | 38,848,498 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 1,399,020 | 35,839,548 |
| TravelSky Technology Ltd. (H Shares) | | 18,427,000 | 34,483,275 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 25,396,576 | 220,818,503 |
| Venus MedTech Hangzhou, Inc. (H Shares) (b)(d) | | 5,415,487 | 25,092,000 |
| WuXi AppTec Co. Ltd. (H Shares) (d) | | 3,739,604 | 79,930,100 |
| Xiamen Faratronic Co. Ltd. (A Shares) | | 1,123,400 | 33,934,809 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 14,013,200 | 67,179,791 |
| ZTE Corp. (H Shares) | | 5,417,936 | 16,294,544 |
|
| TOTAL CHINA | | | 2,494,115,411 |
|
| Cyprus - 1.2% | | | |
| TCS Group Holding PLC GDR | | 3,502,179 | 358,623,130 |
| Egypt - 0.0% | | | |
| Six of October Development & Investment Co. | | 11,410,084 | 13,327,501 |
| France - 0.1% | | | |
| Ubisoft Entertainment SA (b) | | 375,788 | 19,677,688 |
| Germany - 0.1% | | | |
| Delivery Hero AG (b)(d) | | 263,599 | 32,772,684 |
| Greece - 0.1% | | | |
| Piraeus Financial Holdings SA (b) | | 9,435,800 | 16,034,444 |
| Hong Kong - 1.2% | | | |
| AIA Group Ltd. | | 12,363,200 | 138,554,520 |
| China Overseas Land and Investment Ltd. | | 14,648,400 | 32,307,248 |
| China Resources Beer Holdings Co. Ltd. | | 17,378,666 | 144,068,371 |
| Guangdong Investment Ltd. | | 36,232,000 | 45,636,347 |
|
| TOTAL HONG KONG | | | 360,566,486 |
|
| Hungary - 0.7% | | | |
| OTP Bank PLC (b) | | 2,509,700 | 150,730,675 |
| Richter Gedeon PLC | | 1,507,600 | 42,233,491 |
|
| TOTAL HUNGARY | | | 192,964,166 |
|
| India - 13.2% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 12,559,447 | 116,118,962 |
| Apollo Hospitals Enterprise Ltd. | | 655,200 | 37,255,622 |
| Axis Bank Ltd. (b) | | 19,444,813 | 192,489,510 |
| Bajaj Auto Ltd. | | 1,043,843 | 51,628,136 |
| Bajaj Finance Ltd. | | 1,931,677 | 190,711,709 |
| Bandhan Bank Ltd. (d) | | 13,657,600 | 53,105,297 |
| Divi's Laboratories Ltd. | | 674,400 | 46,337,952 |
| Embassy Office Parks (REIT) | | 3,962,700 | 18,484,670 |
| HCL Technologies Ltd. | | 8,788,766 | 134,109,147 |
| HDFC Bank Ltd. | | 24,984,788 | 528,753,046 |
| Hindustan Aeronautics Ltd. | | 25,388 | 442,558 |
| Housing Development Finance Corp. Ltd. | | 263,600 | 10,004,175 |
| Indraprastha Gas Ltd. | | 11,382,694 | 71,966,629 |
| Indus Towers Ltd. | | 1,768,700 | 6,406,538 |
| IndusInd Bank Ltd. | | 3,686,100 | 56,072,193 |
| Infosys Ltd. | | 5,020,664 | 112,245,953 |
| Infosys Ltd. sponsored ADR | | 4,350,785 | 96,935,490 |
| ITC Ltd. | | 23,758,854 | 70,748,799 |
| JK Cement Ltd. (a) | | 4,669,231 | 206,550,633 |
| Larsen & Toubro Ltd. | | 7,216,444 | 170,087,797 |
| Mahanagar Gas Ltd. | | 3,059,534 | 40,946,855 |
| Mahindra & Mahindra Ltd. | | 3,365,151 | 39,698,950 |
| Manappuram General Finance & Leasing Ltd. | | 31,212,087 | 86,530,207 |
| Max Healthcare Institute Ltd. (b) | | 5,354,585 | 23,670,759 |
| NTPC Ltd. | | 38,353,645 | 67,875,539 |
| Oberoi Realty Ltd. (b) | | 3,864,372 | 46,673,550 |
| Petronet LNG Ltd. | | 11,588,580 | 35,490,075 |
| Pine Labs Private Ltd. (e)(f) | | 9,606 | 4,118,236 |
| Power Grid Corp. of India Ltd. | | 37,430,954 | 92,410,087 |
| Reliance Industries Ltd. | | 14,126,492 | 477,997,670 |
| Shree Cement Ltd. | | 369,368 | 141,110,600 |
| Shriram Transport Finance Co. Ltd. | | 10,545,152 | 202,053,863 |
| Sun Pharmaceutical Industries Ltd. | | 2,219,500 | 23,540,824 |
| Tata Consultancy Services Ltd. | | 698,815 | 31,677,655 |
| Tata Motors Ltd. (b) | | 7,273,730 | 46,745,977 |
| Tata Steel Ltd. | | 5,487,166 | 96,335,616 |
| Tech Mahindra Ltd. | | 4,544,896 | 89,609,426 |
| Titan Co. Ltd. | | 618,242 | 19,659,939 |
| Torrent Pharmaceuticals Ltd. | | 1,076,436 | 41,078,481 |
| Voltas Ltd. | | 1,950,718 | 31,348,641 |
| Zomato Ltd. (b) | | 31,032,371 | 54,463,457 |
|
| TOTAL INDIA | | | 3,863,491,223 |
|
| Indonesia - 1.5% | | | |
| PT Bank Central Asia Tbk | | 354,832,860 | 187,215,502 |
| PT Bank Rakyat Indonesia Tbk | | 778,570,203 | 233,714,179 |
| PT United Tractors Tbk | | 17,095,300 | 28,416,751 |
|
| TOTAL INDONESIA | | | 449,346,432 |
|
| Japan - 1.0% | | | |
| Capcom Co. Ltd. | | 981,253 | 26,410,846 |
| Ibiden Co. Ltd. | | 344,219 | 20,682,715 |
| JTOWER, Inc. (b) | | 209,914 | 19,943,173 |
| Money Forward, Inc. (b) | | 491,327 | 33,387,084 |
| Recruit Holdings Co. Ltd. | | 360,728 | 23,995,273 |
| Renesas Electronics Corp. (b) | | 3,309,740 | 40,714,532 |
| Square Enix Holdings Co. Ltd. | | 552,520 | 30,267,093 |
| Tokyo Electron Ltd. | | 111,133 | 51,791,655 |
| Z Holdings Corp. | | 9,559,810 | 59,347,502 |
|
| TOTAL JAPAN | | | 306,539,873 |
|
| Korea (South) - 11.4% | | | |
| AMOREPACIFIC Group, Inc. | | 1,909,689 | 80,864,720 |
| Coway Co. Ltd. | | 1,147,020 | 77,375,069 |
| Hana Financial Group, Inc. | | 3,595,239 | 137,921,320 |
| Hanon Systems | | 3,845,200 | 47,390,557 |
| Hyundai Mobis | | 365,700 | 78,647,869 |
| Kakao Corp. | | 1,407,719 | 150,672,453 |
| Kakao Pay Corp. (b)(g) | | 112,900 | 8,650,825 |
| KB Financial Group, Inc. | | 4,926,355 | 237,232,579 |
| Kia Corp. | | 2,798,222 | 203,146,236 |
| LG Chemical Ltd. | | 72,406 | 51,689,001 |
| LG Corp. | | 936,488 | 72,837,080 |
| NCSOFT Corp. | | 98,125 | 52,453,101 |
| Netmarble Corp. (d) | | 109,393 | 11,524,646 |
| POSCO | | 1,070,405 | 270,097,251 |
| S-Oil Corp. | | 802,610 | 69,866,587 |
| Samsung Biologics Co. Ltd. (b)(d) | | 154,848 | 114,768,670 |
| Samsung Electronics Co. Ltd. | | 18,443,162 | 1,098,590,292 |
| Samsung SDI Co. Ltd. | | 283,685 | 178,067,518 |
| SK Hynix, Inc. | | 4,127,955 | 362,016,897 |
| Studio Dragon Corp. (b) | | 350,835 | 25,796,009 |
|
| TOTAL KOREA (SOUTH) | | | 3,329,608,680 |
|
| Luxembourg - 0.3% | | | |
| Adecoagro SA (b)(c) | | 1,308,718 | 11,464,370 |
| Globant SA (b) | | 212,445 | 67,810,320 |
|
| TOTAL LUXEMBOURG | | | 79,274,690 |
|
| Mauritius - 0.1% | | | |
| Jumo World Ltd. (f) | | 2,021 | 15,189,290 |
| Mexico - 2.4% | | | |
| CEMEX S.A.B. de CV sponsored ADR (b) | | 36,338,000 | 233,653,340 |
| Corporacion Inmobiliaria Vesta S.A.B. de CV | | 14,120,984 | 24,582,090 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 5,842,000 | 73,643,591 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | | 194,006 | 39,121,310 |
| Grupo Aeroportuario Norte S.A.B. de CV (b) | | 4,345,000 | 26,218,154 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 32,366,618 | 204,924,648 |
| Wal-Mart de Mexico SA de CV Series V | | 32,351,700 | 112,841,246 |
|
| TOTAL MEXICO | | | 714,984,379 |
|
| Netherlands - 2.0% | | | |
| Adyen BV (b)(d) | | 11,525 | 34,774,502 |
| ASML Holding NV (Netherlands) | | 57,646 | 46,860,449 |
| CTP BV (d) | | 631,312 | 13,428,259 |
| Elastic NV (b) | | 195,349 | 33,895,005 |
| X5 Retail Group NV GDR (Reg. S) | | 2,880,800 | 98,062,432 |
| Yandex NV Series A (b)(c) | | 4,328,374 | 358,562,502 |
|
| TOTAL NETHERLANDS | | | 585,583,149 |
|
| Panama - 0.2% | | | |
| Copa Holdings SA Class A (b)(c) | | 790,728 | 58,482,243 |
| Peru - 0.1% | | | |
| Compania de Minas Buenaventura SA sponsored ADR (b)(c) | | 2,441,126 | 19,236,073 |
| Philippines - 0.1% | | | |
| Ayala Land, Inc. | | 38,499,124 | 26,753,499 |
| Poland - 0.2% | | | |
| CD Projekt RED SA (c) | | 1,096,145 | 47,773,036 |
| Russia - 3.7% | | | |
| Gazprom OAO sponsored ADR (Reg. S) | | 9,167,000 | 89,891,602 |
| LSR Group OJSC | | 372,530 | 3,914,593 |
| Lukoil PJSC sponsored ADR | | 2,896,400 | 295,432,800 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 1,730,590 | 54,150,161 |
| Novatek PJSC GDR (Reg. S) | | 760,000 | 192,660,000 |
| Sberbank of Russia | | 12,899,053 | 64,892,474 |
| Sberbank of Russia sponsored ADR | | 15,529,894 | 310,908,478 |
| Severstal PAO GDR (Reg. S) | | 409,303 | 9,356,667 |
| Tatneft PAO | | 7,199,300 | 54,986,720 |
|
| TOTAL RUSSIA | | | 1,076,193,495 |
|
| Saudi Arabia - 0.9% | | | |
| Al Rajhi Bank | | 6,987,647 | 258,201,465 |
| Singapore - 0.4% | | | |
| First Resources Ltd. (a) | | 85,430,300 | 112,766,729 |
| South Africa - 2.5% | | | |
| Bidvest Group Ltd./The | | 5,637,677 | 70,637,971 |
| Capitec Bank Holdings Ltd. | | 1,009,261 | 112,771,620 |
| FirstRand Ltd. | | 36,910,061 | 140,173,659 |
| Impala Platinum Holdings Ltd. | | 20,016,502 | 259,060,607 |
| Pick 'n Pay Stores Ltd. (a) | | 36,652,697 | 143,251,457 |
|
| TOTAL SOUTH AFRICA | | | 725,895,314 |
|
| Taiwan - 8.9% | | | |
| ASE Technology Holding Co. Ltd. | | 18,297,430 | 65,364,464 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 5,844,156 | 22,457,342 |
| MediaTek, Inc. | | 6,086,657 | 199,573,275 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 97,078,586 | 2,057,337,219 |
| Uni-President Enterprises Corp. | | 40,707,000 | 97,363,484 |
| Unimicron Technology Corp. | | 3,251,000 | 22,183,157 |
| United Microelectronics Corp. | | 59,833,000 | 124,049,013 |
|
| TOTAL TAIWAN | | | 2,588,327,954 |
|
| Thailand - 0.4% | | | |
| Land & House PCL (For. Reg.) | | 34,242,300 | 8,720,538 |
| PTT Global Chemical PCL (For. Reg.) | | 52,829,300 | 99,910,747 |
|
| TOTAL THAILAND | | | 108,631,285 |
|
| Turkey - 0.4% | | | |
| Aselsan A/S | | 45,788,000 | 78,250,139 |
| Bim Birlesik Magazalar A/S JSC | | 6,935,000 | 44,831,522 |
|
| TOTAL TURKEY | | | 123,081,661 |
|
| United Kingdom - 1.2% | | | |
| Helios Towers PLC (b) | | 3,063,800 | 6,473,936 |
| Mondi PLC (c) | | 6,998,098 | 174,368,321 |
| Prudential PLC (b) | | 7,776,448 | 159,051,533 |
|
| TOTAL UNITED KINGDOM | | | 339,893,790 |
|
| United States of America - 2.6% | | | |
| Activision Blizzard, Inc. | | 451,050 | 35,267,600 |
| Airbnb, Inc. Class A | | 36,500 | 6,229,090 |
| Dlocal Ltd. (c) | | 894,772 | 43,405,390 |
| First Cash Financial Services, Inc. | | 1,163,193 | 102,907,685 |
| Fluence Energy, Inc. | | 197,900 | 7,039,303 |
| Jackson Financial, Inc. (b) | | 161,801 | 4,379,953 |
| Li Auto, Inc. ADR (b)(c) | | 6,974,848 | 227,589,290 |
| Marvell Technology, Inc. | | 683,717 | 46,834,615 |
| MercadoLibre, Inc. (b) | | 17,922 | 26,542,840 |
| Microsoft Corp. | | 181,726 | 60,263,976 |
| NVIDIA Corp. | | 256,776 | 65,649,920 |
| Salesforce.com, Inc. (b) | | 188,696 | 56,550,304 |
| Snap, Inc. Class A (b) | | 1,128,082 | 59,314,552 |
| Synopsys, Inc. (b) | | 79,401 | 26,454,825 |
|
| TOTAL UNITED STATES OF AMERICA | | | 768,429,343 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $19,335,246,366) | | | 27,541,513,947 |
|
| Preferred Stocks - 2.9% | | | |
| Convertible Preferred Stocks - 0.3% | | | |
| China - 0.2% | | | |
| ByteDance Ltd. Series E1 (e)(f) | | 399,541 | 49,670,937 |
| dMed Biopharmaceutical Co. Ltd. Series C (e)(f) | | 769,712 | 10,645,117 |
| | | | 60,316,054 |
| India - 0.1% | | | |
| Meesho Series F (e)(f) | | 431,274 | 33,066,770 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 93,382,824 |
|
| Nonconvertible Preferred Stocks - 2.6% | | | |
| Brazil - 2.2% | | | |
| Ambev SA sponsored ADR | | 53,094,300 | 157,159,128 |
| Companhia de Transmissao de Energia Eletrica Paulista (PN) | | 4,126,300 | 17,780,860 |
| Itau Unibanco Holding SA sponsored ADR | | 31,364,243 | 127,652,469 |
| Metalurgica Gerdau SA (PN) | | 54,587,222 | 120,997,581 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (PN) sponsored ADR (non-vtg.) | | 12,209,000 | 117,328,490 |
| sponsored ADR | | 9,424,100 | 92,544,662 |
| | | | 633,463,190 |
| India - 0.1% | | | |
| Pine Labs Private Ltd.: | | | |
| Series 1 (e)(f) | | 22,959 | 9,842,868 |
| Series A (e)(f) | | 5,737 | 2,459,538 |
| Series B (e)(f) | | 6,242 | 2,676,039 |
| Series B2 (e)(f) | | 5,049 | 2,164,582 |
| Series C (e)(f) | | 9,391 | 4,026,063 |
| Series C1 (e)(f) | | 1,978 | 847,998 |
| Series D (e)(f) | | 2,116 | 907,161 |
| | | | 22,924,249 |
| Korea (South) - 0.3% | | | |
| Hyundai Motor Co. Series 2 | | 934,740 | 78,131,066 |
| Russia - 0.0% | | | |
| Tatneft PAO | | 1,239,400 | 8,531,009 |
| United States of America - 0.0% | | | |
| Gupshup, Inc. (e)(f) | | 566,129 | 12,944,653 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 755,994,167 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $731,385,132) | | | 849,376,991 |
| | | Principal Amount | Value |
|
| Government Obligations - 0.1% | | | |
| United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 0.05% 11/26/21 to 1/27/22
(Cost $33,376,928)(h) | | 33,380,000 | 33,376,478 |
| | | Shares | Value |
|
| Money Market Funds - 2.6% | | | |
| Fidelity Cash Central Fund 0.06% (i) | | 91,194,055 | 91,212,294 |
| Fidelity Securities Lending Cash Central Fund 0.06% (i)(j) | | 671,735,427 | 671,802,601 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $762,996,414) | | | 763,014,895 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $20,863,004,840) | | | 29,187,282,311 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 1,255,274 |
| NET ASSETS - 100% | | | $29,188,537,585 |
| 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) | 10,455 | Dec. 2021 | $659,710,500 | $(3,535,737) | $(3,535,737) |
The notional amount of futures purchased as a percentage of Net Assets is 2.3%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Affiliated company
(b) Non-income producing
(c) Security 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 $1,959,104,233 or 6.7% 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 $153,496,376 or 0.5% of net assets.
(f) Level 3 security
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $33,376,478.
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Ant International Co. Ltd. Class C | 5/16/18 | $35,678,747 |
| ByteDance Ltd. Series E1 | 11/18/20 | $43,779,377 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $10,932,333 |
| Gupshup, Inc. | 6/8/21 | $12,944,653 |
| Meesho Series F | 9/21/21 | $33,066,770 |
| Pine Labs Private Ltd. | 6/30/21 | $3,581,693 |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | $8,560,493 |
| Pine Labs Private Ltd. Series A | 6/30/21 | $2,139,098 |
| Pine Labs Private Ltd. Series B | 6/30/21 | $2,327,392 |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | $1,882,570 |
| Pine Labs Private Ltd. Series C | 6/30/21 | $3,501,528 |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | $737,517 |
| Pine Labs Private Ltd. Series D | 6/30/21 | $788,972 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $391,973,656 | $16,331,264,631 | $16,632,033,296 | $327,418 | $19,404 | $(12,101) | $91,212,294 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 242,225,838 | 5,597,249,696 | 5,167,672,933 | 2,035,058 | -- | -- | 671,802,601 | 1.8% |
| Total | $634,199,494 | $21,928,514,327 | $21,799,706,229 | $2,362,476 | $19,404 | $(12,101) | $763,014,895 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| First Resources Ltd. | $76,045,998 | $15,148,060 | $12,240,397 | $1,960,866 | $(5,779,964) | $39,593,032 | $112,766,729 |
| GP Investments Ltd. Class A (depositary receipt) | 4,906,737 | -- | 5,601,772 | -- | (11,100,976) | 11,796,011 | -- |
| JK Cement Ltd. | 115,090,372 | 26,918,168 | 19,428,086 | 649,127 | 6,118,344 | 77,851,835 | 206,550,633 |
| Macquarie Mexican (REIT) | 49,112,406 | -- | 53,023,667 | 863,813 | (6,628,355) | 10,539,616 | -- |
| Pick 'n Pay Stores Ltd. | 69,586,832 | 71,333,906 | 16,801,008 | 5,737,864 | (6,904,445) | 26,036,172 | 143,251,457 |
| Piraeus Financial Holdings SA | -- | 15,306,428 | 2,688,898 | 195,085 | 549,253 | 2,867,662 | -- |
| Shriram Transport Finance Co. Ltd. | 121,160,667 | 15,413,652 | 57,593,595 | 2,293,487 | 1,356,306 | 121,716,833 | -- |
| Titan Cement International Trading SA | 76,217,964 | -- | 1,079,453 | 2,978,323 | (666,863) | 31,495,116 | 105,966,764 |
| Total | $512,120,976 | $144,120,214 | $168,456,876 | $14,678,565 | $(23,056,700) | $321,896,277 | $568,535,583 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $3,334,008,435 | $1,381,500,334 | $1,952,508,101 | $-- |
| Consumer Discretionary | 4,278,911,949 | 1,925,647,404 | 2,353,264,545 | -- |
| Consumer Staples | 1,725,863,049 | 1,644,998,329 | 80,864,720 | -- |
| Energy | 1,573,511,224 | 1,400,319,082 | 173,192,142 | -- |
| Financials | 5,454,348,368 | 3,409,255,588 | 2,009,777,076 | 35,315,704 |
| Health Care | 1,318,368,740 | 878,822,153 | 428,901,470 | 10,645,117 |
| Industrials | 1,181,869,070 | 1,065,093,544 | 116,775,526 | -- |
| Information Technology | 5,884,254,563 | 1,526,996,600 | 4,234,533,118 | 122,724,845 |
| Materials | 2,448,787,971 | 1,867,941,112 | 580,846,859 | -- |
| Real Estate | 508,696,489 | 508,696,489 | -- | -- |
| Utilities | 682,271,080 | 682,271,080 | -- | -- |
| Government Obligations | 33,376,478 | -- | 33,376,478 | -- |
| Money Market Funds | 763,014,895 | 763,014,895 | -- | -- |
| Total Investments in Securities: | $29,187,282,311 | $17,054,556,610 | $11,964,040,035 | $168,685,666 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(3,535,737) | $(3,535,737) | $-- | $-- |
| Total Liabilities | $(3,535,737) | $(3,535,737) | $-- | $-- |
| Total Derivative Instruments: | $(3,535,737) | $(3,535,737) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. 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 | $(3,535,737) |
| Total Equity Risk | 0 | (3,535,737) |
| Total Value of Derivatives | $0 | $(3,535,737) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series Emerging Markets Opportunities Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $639,982,436) — See accompanying schedule:
Unaffiliated issuers (cost $19,684,213,695) | $27,855,731,833 | |
| Fidelity Central Funds (cost $762,996,414) | 763,014,895 | |
| Other affiliated issuers (cost $415,794,731) | 568,535,583 | |
| Total Investment in Securities (cost $20,863,004,840) | | $29,187,282,311 |
| Cash | | 3,331,047 |
| Foreign currency held at value (cost $195,912,579) | | 194,036,720 |
| Receivable for investments sold | | 992,857,101 |
| Receivable for fund shares sold | | 20,918,934 |
| Dividends receivable | | 19,171,065 |
| Distributions receivable from Fidelity Central Funds | | 222,428 |
| Receivable from investment adviser for expense reductions | | 714,783 |
| Other receivables | | 7,301,102 |
| Total assets | | 30,425,835,491 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $145,074,963 | |
| Delayed delivery | 8,737,334 | |
| Payable for fund shares redeemed | 266,764,215 | |
| Payable for daily variation margin on futures contracts | 7,653,125 | |
| Other payables and accrued expenses | 137,270,764 | |
| Collateral on securities loaned | 671,797,505 | |
| Total liabilities | | 1,237,297,906 |
| Net Assets | | $29,188,537,585 |
| Net Assets consist of: | | |
| Paid in capital | | $18,244,817,434 |
| Total accumulated earnings (loss) | | 10,943,720,151 |
| Net Assets | | $29,188,537,585 |
| Net Asset Value, offering price and redemption price per share ($29,188,537,585 ÷ 1,182,023,555 shares) | | $24.69 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends (including $14,678,565 earned from other affiliated issuers) | | $603,111,016 |
| Non-Cash dividends | | 34,965,748 |
| Interest | | 15,534 |
| Income from Fidelity Central Funds (including $2,035,058 from security lending) | | 2,362,476 |
| Income before foreign taxes withheld | | 640,454,774 |
| Less foreign taxes withheld | | (72,895,838) |
| Total income | | 567,558,936 |
| Expenses | | |
| Custodian fees and expenses | $10,383,918 | |
| Independent trustees' fees and expenses | 121,783 | |
| Total expenses before reductions | 10,505,701 | |
| Expense reductions | (6,364,357) | |
| Total expenses after reductions | | 4,141,344 |
| Net investment income (loss) | | 563,417,592 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $5,898,172) | 2,525,824,417 | |
| Fidelity Central Funds | 19,404 | |
| Other affiliated issuers | (23,056,700) | |
| Foreign currency transactions | (12,168,772) | |
| Futures contracts | (34,151,411) | |
| Total net realized gain (loss) | | 2,456,466,938 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $129,470,625) | 1,797,149,127 | |
| Fidelity Central Funds | (12,101) | |
| Other affiliated issuers | 321,896,277 | |
| Assets and liabilities in foreign currencies | (2,017,825) | |
| Futures contracts | (3,789,787) | |
| Total change in net unrealized appreciation (depreciation) | | 2,113,225,691 |
| Net gain (loss) | | 4,569,692,629 |
| Net increase (decrease) in net assets resulting from operations | | $5,133,110,221 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $563,417,592 | $404,276,526 |
| Net realized gain (loss) | 2,456,466,938 | 694,850,419 |
| Change in net unrealized appreciation (depreciation) | 2,113,225,691 | 2,518,251,231 |
| Net increase (decrease) in net assets resulting from operations | 5,133,110,221 | 3,617,378,176 |
| Distributions to shareholders | (909,906,288) | (524,696,384) |
| Share transactions | | |
| Proceeds from sales of shares | 5,298,433,914 | 8,019,585,485 |
| Reinvestment of distributions | 909,906,288 | 524,696,384 |
| Cost of shares redeemed | (8,072,789,703) | (3,482,228,176) |
| Net increase (decrease) in net assets resulting from share transactions | (1,864,449,501) | 5,062,053,693 |
| Total increase (decrease) in net assets | 2,358,754,432 | 8,154,735,485 |
| Net Assets | | |
| Beginning of period | 26,829,783,153 | 18,675,047,668 |
| End of period | $29,188,537,585 | $26,829,783,153 |
| Other Information | | |
| Shares | | |
| Sold | 208,064,485 | 435,733,944 |
| Issued in reinvestment of distributions | 37,646,102 | 26,208,611 |
| Redeemed | (311,910,589) | (176,977,985) |
| Net increase (decrease) | (66,200,002) | 284,964,570 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Emerging Markets Opportunities Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $21.49 | $19.39 | $17.66 | $21.35 | $16.79 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .47 | .35 | .57B | .45 | .30 |
| Net realized and unrealized gain (loss) | 3.48 | 2.26 | 2.71 | (3.52) | 4.49 |
| Total from investment operations | 3.95 | 2.61 | 3.28 | (3.07) | 4.79 |
| Distributions from net investment income | (.33) | (.50) | (.41) | (.39) | (.19) |
| Distributions from net realized gain | (.41) | (.02) | (1.14) | (.23) | (.04) |
| Total distributions | (.75)C | (.51)C | (1.55) | (.62) | (.23) |
| Net asset value, end of period | $24.69 | $21.49 | $19.39 | $17.66 | $21.35 |
| Total ReturnD | 18.44% | 13.66% | 20.13% | (14.82)% | 29.04% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .03% | .04% | .04% | .05% | .59% |
| Expenses net of fee waivers, if any | .01% | .01% | .01% | .01% | .57% |
| Expenses net of all reductions | .01% | .01% | .01% | .01% | .56% |
| Net investment income (loss) | 1.82% | 1.78% | 3.12%B | 2.16% | 1.63% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $29,188,538 | $26,829,783 | $18,675,048 | $13,597,809 | $15,747,447 |
| Portfolio turnover rateG | 69% | 42%H | 54% | 64% | 56% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.29%.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series International Growth Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Series International Growth Fund | 33.10% | 16.15% | 11.49% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Growth Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Growth Index performed over the same period.
| Period Ending Values |
| $29,684 | Fidelity® Series International Growth Fund |
| $24,806 | MSCI EAFE Growth Index |
Fidelity® Series International Growth Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Jed Weiss: For the fiscal year ending October 31, 2021, the fund gained 33.10%, outperforming the 30.17% result of the benchmark MSCI EAFE Growth (Net MA) Index. From a geographic standpoint, security selection in Japan and a non-benchmark allocation to the U.S. contributed most to the portfolio's relative result. Versus the benchmark, sector positioning was the primary contributor, especially semiconductors & semiconductor equipment companies within information technology. Strong picks among communication services stocks also boosted the fund's relative result. Adding further value was an underweighting in consumer staples, primarily driven by the household & personal products industry. The portfolio's top individual relative contributor was an overweighting in ASML Holding, which gained 125% the past year and was our largest holding. Another key contributor was an out-of-benchmark position in MSCI (+91%). The fund’s outsized stake in Recruit Holdings (+76%), which was one of our biggest holdings, also helped. Conversely, investment choices in emerging markets – namely China – along with an underweighting in Europe ex U.K., detracted from the portfolio's relative return. By sector, the largest detractors from performance versus the benchmark proved to be security selection and an underweighting in consumer discretionary. Picks among information technology stocks, as well as an overweighting in communication services, also hindered the fund's relative performance. A non-benchmark stake in Alibaba Group Holding was the portfolio's largest individual relative detractor, due to its roughly -51% result. That said, we sold the stock during the 12-month period. Our out-of-benchmark position in Tencent Holdings (-18%) was another key detractor. We decreased our exposure to the company the past year, however. Avoiding Novo-Nordisk, a benchmark component that rose 74% the past 12 months, also weighed on relative performance. Notable changes in geographic positioning include a higher allocation to France and Netherlands, while by sector, meaningful shifts in exposure include an increase in industrials stocks and a lower allocation to communication services.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Series International Growth Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | United States of America* | 19.0% |
| | Japan | 15.4% |
| | Switzerland | 10.6% |
| | Netherlands | 8.2% |
| | France | 7.4% |
| | Sweden | 5.5% |
| | Germany | 5.3% |
| | United Kingdom | 4.3% |
| | Hong Kong | 3.6% |
| | Other | 20.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 98.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.2 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 6.4 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 5.4 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 3.8 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 3.6 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 3.5 |
| Keyence Corp. (Japan, Electronic Equipment & Components) | 3.1 |
| Linde PLC (Germany, Chemicals) | 2.4 |
| AIA Group Ltd. (Hong Kong, Insurance) | 2.3 |
| Atlas Copco AB (A Shares) (Sweden, Machinery) | 2.3 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 2.3 |
| | 35.1 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 25.2 |
| Information Technology | 24.8 |
| Financials | 12.8 |
| Health Care | 11.1 |
| Consumer Discretionary | 7.2 |
| Consumer Staples | 6.0 |
| Materials | 5.7 |
| Communication Services | 4.6 |
| Real Estate | 0.7 |
| Energy | 0.7 |
Fidelity® Series International Growth Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 98.7% | | | |
| | | Shares | Value |
| Australia - 1.9% | | | |
| CSL Ltd. | | 1,280,072 | $289,352,086 |
| Bailiwick of Jersey - 1.8% | | | |
| Experian PLC | | 6,106,289 | 279,700,816 |
| Belgium - 0.9% | | | |
| Azelis Group NV | | 1,162,900 | 37,640,747 |
| UCB SA | | 910,500 | 108,516,668 |
|
| TOTAL BELGIUM | | | 146,157,415 |
|
| Canada - 2.6% | | | |
| CAE, Inc. (a) | | 2,731,300 | 82,826,187 |
| Canadian Pacific Railway Ltd. | | 2,582,040 | 199,849,395 |
| Franco-Nevada Corp. | | 794,628 | 113,383,451 |
|
| TOTAL CANADA | | | 396,059,033 |
|
| Cayman Islands - 0.4% | | | |
| Tencent Holdings Ltd. | | 1,082,100 | 65,823,919 |
| Denmark - 1.2% | | | |
| Vestas Wind Systems A/S | | 4,177,900 | 180,685,248 |
| Finland - 0.8% | | | |
| Kone OYJ (B Shares) | | 1,727,800 | 117,762,978 |
| France - 7.4% | | | |
| Edenred SA | | 2,273,290 | 122,907,970 |
| Legrand SA | | 1,777,944 | 193,956,150 |
| LVMH Moet Hennessy Louis Vuitton SE | | 743,996 | 583,383,382 |
| Safran SA | | 1,431,300 | 192,638,370 |
| Sanofi SA | | 591,100 | 59,372,554 |
|
| TOTAL FRANCE | | | 1,152,258,426 |
|
| Germany - 5.3% | | | |
| Deutsche Borse AG | | 666,845 | 110,697,337 |
| Linde PLC | | 1,131,301 | 364,217,833 |
| SAP SE | | 1,628,329 | 235,800,237 |
| Vonovia SE | | 1,718,935 | 104,242,682 |
|
| TOTAL GERMANY | | | 814,958,089 |
|
| Hong Kong - 3.6% | | | |
| AIA Group Ltd. | | 31,643,701 | 354,631,309 |
| Hong Kong Exchanges and Clearing Ltd. | | 3,214,925 | 194,535,915 |
|
| TOTAL HONG KONG | | | 549,167,224 |
|
| India - 1.6% | | | |
| FSN E-Commerce Ventures Private Ltd. (b) | | 290,496 | 4,142,053 |
| Housing Development Finance Corp. Ltd. | | 1,880,900 | 71,384,114 |
| Kotak Mahindra Bank Ltd. (a) | | 2,709,500 | 73,422,733 |
| Reliance Industries Ltd. | | 925,000 | 31,299,196 |
| Reliance Industries Ltd. sponsored GDR (c) | | 1,050,000 | 71,400,000 |
|
| TOTAL INDIA | | | 251,648,096 |
|
| Ireland - 1.4% | | | |
| CRH PLC sponsored ADR | | 4,393,340 | 210,616,720 |
| Italy - 1.5% | | | |
| Interpump Group SpA | | 1,784,620 | 131,517,571 |
| Prada SpA | | 15,293,600 | 95,922,843 |
|
| TOTAL ITALY | | | 227,440,414 |
|
| Japan - 15.4% | | | |
| Azbil Corp. | | 4,138,805 | 176,448,934 |
| FANUC Corp. | | 1,118,115 | 220,963,214 |
| Hoya Corp. | | 2,366,500 | 348,369,048 |
| Keyence Corp. | | 806,187 | 486,626,394 |
| Lasertec Corp. | | 749,000 | 162,469,909 |
| Misumi Group, Inc. | | 6,159,629 | 257,618,866 |
| Nabtesco Corp. | | 304,652 | 9,887,050 |
| OSG Corp. | | 2,357,646 | 39,224,029 |
| Recruit Holdings Co. Ltd. | | 8,148,005 | 541,997,295 |
| SHO-BOND Holdings Co. Ltd. | | 1,976,400 | 82,790,208 |
| USS Co. Ltd. | | 3,755,600 | 60,533,904 |
|
| TOTAL JAPAN | | | 2,386,928,851 |
|
| Kenya - 0.7% | | | |
| Safaricom Ltd. | | 269,131,800 | 103,493,630 |
| Netherlands - 8.2% | | | |
| Aalberts Industries NV | | 407,233 | 22,525,931 |
| Airbus Group NV (a) | | 1,447,900 | 185,739,563 |
| ASML Holding NV (Netherlands) | | 1,218,046 | 990,149,915 |
| IMCD NV | | 340,000 | 75,483,332 |
|
| TOTAL NETHERLANDS | | | 1,273,898,741 |
|
| New Zealand - 0.3% | | | |
| Auckland International Airport Ltd. (a) | | 8,916,062 | 51,050,108 |
| Norway - 1.1% | | | |
| Adevinta ASA Class B (a) | | 3,886,769 | 63,975,098 |
| Schibsted ASA (B Shares) | | 2,368,754 | 106,942,882 |
|
| TOTAL NORWAY | | | 170,917,980 |
|
| South Africa - 0.4% | | | |
| Clicks Group Ltd. | | 2,997,922 | 54,726,060 |
| Spain - 2.5% | | | |
| Amadeus IT Holding SA Class A (a) | | 4,048,464 | 270,692,611 |
| Cellnex Telecom SA (c) | | 1,941,542 | 119,358,392 |
|
| TOTAL SPAIN | | | 390,051,003 |
|
| Sweden - 5.5% | | | |
| ASSA ABLOY AB (B Shares) | | 11,113,591 | 326,102,403 |
| Atlas Copco AB (A Shares) (d) | | 5,442,682 | 349,705,627 |
| Epiroc AB (A Shares) | | 6,958,369 | 173,148,982 |
|
| TOTAL SWEDEN | | | 848,957,012 |
|
| Switzerland - 10.6% | | | |
| Nestle SA (Reg. S) | | 6,287,260 | 829,335,036 |
| Roche Holding AG (participation certificate) | | 1,451,364 | 562,249,987 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 392,941 | 102,226,459 |
| (Reg.) | | 156,202 | 40,057,044 |
| Temenos Group AG | | 674,760 | 103,063,768 |
|
| TOTAL SWITZERLAND | | | 1,636,932,294 |
|
| Taiwan - 1.5% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 11,203,885 | 237,438,252 |
| United Kingdom - 4.3% | | | |
| Compass Group PLC (a) | | 9,008,600 | 191,168,188 |
| Dechra Pharmaceuticals PLC | | 1,061,700 | 74,393,064 |
| InterContinental Hotel Group PLC ADR (a) | | 1,396,430 | 98,964,994 |
| London Stock Exchange Group PLC | | 1,131,992 | 110,192,311 |
| Rightmove PLC | | 8,690,745 | 82,233,173 |
| Spectris PLC | | 2,046,586 | 105,424,192 |
|
| TOTAL UNITED KINGDOM | | | 662,375,922 |
|
| United States of America - 17.8% | | | |
| Alphabet, Inc. Class A (a) | | 57,787 | 171,102,684 |
| Autoliv, Inc. | | 813,334 | 78,771,398 |
| Black Knight, Inc. (a) | | 924,623 | 64,825,319 |
| Lam Research Corp. | | 421,065 | 237,299,602 |
| Marsh & McLennan Companies, Inc. | | 1,691,931 | 282,214,091 |
| MasterCard, Inc. Class A | | 712,231 | 238,967,745 |
| Moody's Corp. | | 640,359 | 258,801,090 |
| MSCI, Inc. | | 404,627 | 269,028,400 |
| NICE Systems Ltd. sponsored ADR (a)(d) | | 675,754 | 191,251,897 |
| PriceSmart, Inc. | | 510,732 | 36,747,167 |
| ResMed, Inc. | | 971,464 | 255,407,600 |
| S&P Global, Inc. | | 556,280 | 263,765,725 |
| Sherwin-Williams Co. | | 576,141 | 182,412,002 |
| Visa, Inc. Class A | | 1,081,770 | 229,086,433 |
|
| TOTAL UNITED STATES OF AMERICA | | | 2,759,681,153 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $7,643,638,258) | | | 15,258,081,470 |
|
| Convertible Preferred Stocks - 0.1% | | | |
| China - 0.1% | | | |
| ByteDance Ltd. Series E1 (e)(f) | | | |
| (Cost $18,859,141) | | 172,113 | 21,397,088 |
|
| Money Market Funds - 2.1% | | | |
| Fidelity Cash Central Fund 0.06% (g) | | 289,633,237 | 289,691,163 |
| Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) | | 40,627,699 | 40,631,762 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $330,322,925) | | | 330,322,925 |
| TOTAL INVESTMENT IN SECURITIES - 100.9% | | | |
| (Cost $7,992,820,324) | | | 15,609,801,483 |
| NET OTHER ASSETS (LIABILITIES) - (0.9)% | | | (142,677,027) |
| NET ASSETS - 100% | | | $15,467,124,456 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(c) Security 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 $190,758,392 or 1.2% of net assets.
(d) Security or a portion of the security is on loan at period end.
(e) Level 3 security
(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,397,088 or 0.1% of net assets.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $18,859,141 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $142,102,893 | $3,628,458,812 | $3,480,869,499 | $140,053 | $(1,043) | $-- | $289,691,163 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 33,851,441 | 924,151,296 | 917,370,975 | 135,955 | -- | -- | 40,631,762 | 0.1% |
| Total | $175,954,334 | $4,552,610,108 | $4,398,240,474 | $276,008 | $(1,043) | $-- | $330,322,925 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $712,929,778 | $647,105,859 | $65,823,919 | $-- |
| Consumer Discretionary | 1,112,886,762 | 273,659,235 | 839,227,527 | -- |
| Consumer Staples | 920,808,263 | 91,473,227 | 829,335,036 | -- |
| Energy | 102,699,196 | 102,699,196 | -- | -- |
| Financials | 1,988,673,025 | 1,523,849,405 | 464,823,620 | -- |
| Health Care | 1,697,661,007 | 727,669,418 | 969,991,589 | -- |
| Industrials | 3,895,097,573 | 1,844,180,425 | 2,050,917,148 | -- |
| Information Technology | 3,873,850,266 | 1,563,519,537 | 2,288,933,641 | 21,397,088 |
| Materials | 870,630,006 | 870,630,006 | -- | -- |
| Real Estate | 104,242,682 | 104,242,682 | -- | -- |
| Money Market Funds | 330,322,925 | 330,322,925 | -- | -- |
| Total Investments in Securities: | $15,609,801,483 | $8,079,351,915 | $7,509,052,480 | $21,397,088 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series International Growth Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $39,500,885) — See accompanying schedule:
Unaffiliated issuers (cost $7,662,497,399) | $15,279,478,558 | |
| Fidelity Central Funds (cost $330,322,925) | 330,322,925 | |
| Total Investment in Securities (cost $7,992,820,324) | | $15,609,801,483 |
| Foreign currency held at value (cost $13,510,124) | | 13,494,313 |
| Receivable for investments sold | | 3,527,282 |
| Receivable for fund shares sold | | 4,690,467 |
| Dividends receivable | | 10,224,352 |
| Reclaims receivable | | 34,822,176 |
| Distributions receivable from Fidelity Central Funds | | 21,427 |
| Other receivables | | 3,823 |
| Total assets | | 15,676,585,323 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $15,378,411 | |
| Delayed delivery | 4,360,056 | |
| Payable for fund shares redeemed | 144,226,197 | |
| Other payables and accrued expenses | 4,864,441 | |
| Collateral on securities loaned | 40,631,762 | |
| Total liabilities | | 209,460,867 |
| Net Assets | | $15,467,124,456 |
| Net Assets consist of: | | |
| Paid in capital | | $6,688,108,596 |
| Total accumulated earnings (loss) | | 8,779,015,860 |
| Net Assets | | $15,467,124,456 |
| Net Asset Value, offering price and redemption price per share ($15,467,124,456 ÷ 754,067,794 shares) | | $20.51 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $170,174,054 |
| Income from Fidelity Central Funds (including $135,955 from security lending) | | 276,008 |
| Income before foreign taxes withheld | | 170,450,062 |
| Less foreign taxes withheld | | (18,703,029) |
| Total income | | 151,747,033 |
| Expenses | | |
| Custodian fees and expenses | $963,986 | |
| Independent trustees' fees and expenses | 54,799 | |
| Interest | 1,926 | |
| Total expenses before reductions | 1,020,711 | |
| Expense reductions | (415) | |
| Total expenses after reductions | | 1,020,296 |
| Net investment income (loss) | | 150,726,737 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $2,102,705) | 1,037,588,825 | |
| Fidelity Central Funds | (1,043) | |
| Foreign currency transactions | (1,115,045) | |
| Total net realized gain (loss) | | 1,036,472,737 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,472,583) | 2,648,641,875 | |
| Assets and liabilities in foreign currencies | (1,134,421) | |
| Total change in net unrealized appreciation (depreciation) | | 2,647,507,454 |
| Net gain (loss) | | 3,683,980,191 |
| Net increase (decrease) in net assets resulting from operations | | $3,834,706,928 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $150,726,737 | $163,377,311 |
| Net realized gain (loss) | 1,036,472,737 | 1,749,848,051 |
| Change in net unrealized appreciation (depreciation) | 2,647,507,454 | (838,048,110) |
| Net increase (decrease) in net assets resulting from operations | 3,834,706,928 | 1,075,177,252 |
| Distributions to shareholders | (1,893,653,837) | (625,700,226) |
| Share transactions | | |
| Proceeds from sales of shares | 2,688,569,606 | 1,244,524,475 |
| Reinvestment of distributions | 1,893,653,837 | 625,700,226 |
| Cost of shares redeemed | (2,614,147,031) | (7,263,497,644) |
| Net increase (decrease) in net assets resulting from share transactions | 1,968,076,412 | (5,393,272,943) |
| Total increase (decrease) in net assets | 3,909,129,503 | (4,943,795,917) |
| Net Assets | | |
| Beginning of period | 11,557,994,953 | 16,501,790,870 |
| End of period | $15,467,124,456 | $11,557,994,953 |
| Other Information | | |
| Shares | | |
| Sold | 140,533,087 | 72,559,431 |
| Issued in reinvestment of distributions | 110,675,268 | 36,167,643 |
| Redeemed | (138,785,466) | (433,551,930) |
| Net increase (decrease) | 112,422,889 | (324,824,856) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series International Growth Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $18.01 | $17.07 | $14.96 | $16.22 | $13.37 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .20 | .37B | .30 | .21 |
| Net realized and unrealized gain (loss) | 5.19 | 1.38 | 2.74 | (1.05) | 2.97 |
| Total from investment operations | 5.39 | 1.58 | 3.11 | (.75) | 3.18 |
| Distributions from net investment income | (.24) | (.37) | (.28) | (.24) | (.16) |
| Distributions from net realized gain | (2.65) | (.27) | (.72) | (.27) | (.17) |
| Total distributions | (2.89) | (.64) | (1.00) | (.51) | (.33) |
| Net asset value, end of period | $20.51 | $18.01 | $17.07 | $14.96 | $16.22 |
| Total ReturnC | 33.10% | 9.39% | 22.58% | (4.82)% | 24.42% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .01% | .01% | .01% | .01% | .51% |
| Expenses net of fee waivers, if any | .01% | .01% | .01% | .01% | .51% |
| Expenses net of all reductions | .01% | .01% | .01% | - %F | .51% |
| Net investment income (loss) | 1.06% | 1.18% | 2.38%B | 1.84% | 1.41% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $15,467,124 | $11,557,995 | $16,501,791 | $14,113,600 | $14,784,814 |
| Portfolio turnover rateG | 24% | 16%H | 24% | 33% | 23% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.92%.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount represents less than .005%.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series International Small Cap Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Series International Small Cap Fund | 38.60% | 15.73% | 12.45% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Small Cap Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
| Period Ending Values |
| $32,329 | Fidelity® Series International Small Cap Fund |
| $26,579 | MSCI EAFE Small Cap Index |
Fidelity® Series International Small Cap Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Lead Manager Jed Weiss and Co-Manager s Patrick Drouot and Preeti Sayana: For the fiscal year ending October 31, 2021, the fund gained 38.60%, outperforming the 35.96% result of the benchmark MSCI EAFE Small Cap (Net MA) Index. From a geographic standpoint, security selection in Europe ex U.K. – particularly in Sweden – and Japan, contributed most to the fund's relative result. Versus the benchmark, security selection in the health care sector was the primary contributor, especially in the pharmaceuticals, biotechnology & life sciences industry. Strong picks among information technology stocks also helped. Adding further value versus the benchmark were investment choices in financials, primarily driven by favorable exposure to diversified financials companies. Our non-benchmark stake in Lasertec was the fund's top individual relative contributor, driven by an increase of roughly 156%. This was among the portfolio’s largest holdings at the end of the period as well. The fund's out-of-benchmark position in Addlife, another of our biggest holdings on October 31, gained 174% and further bolstered relative performance. An outsized stake in Addtech (+103%), which was one of our largest holdings, also was a key relative contributor. In contrast, stock picks in Asia Pacific ex Japan, along with an underweighting in Europe ex U.K., hindered the fund's relative result this past year. By sector, the primary detractor from performance versus the benchmark was an overweighting in health care. An underweighting in financials also hindered the fund's relative performance. Weak picks among consumer discretionary stocks, especially in the retailing group, further weighed on the portfolio's relative return this period. Lastly, the fund's cash position was a notable detractor the past 12 months as well. On a stock-specific basis, an overweighting in Avon Protection, which returned -47% during the period, hurt most. Also pressuring performance was our outsized stake in Azbil, which gained about 6% and was one of the fund's largest holdings. Further detracting was the portfolio’s non-benchmark exposure to OBIC (+5%), another of our more sizable stakes the past 12 months. Notable changes in positioning include increased exposure to Sweden and Germany on a geographic basis, while by sector, meaningful shifts include decreased exposure to consumer staples stocks and more pronounced positioning in industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Series International Small Cap Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 29.4% |
| | United Kingdom | 16.4% |
| | Sweden | 10.5% |
| | United States of America* | 8.9% |
| | Germany | 5.4% |
| | Netherlands | 4.7% |
| | France | 3.3% |
| | Canada | 2.7% |
| | Italy | 2.6% |
| | Other | 16.1% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 94.0 |
| Investment Companies | 2.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.3 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| AddTech AB (B Shares) (Sweden, Trading Companies & Distributors) | 3.2 |
| Spirax-Sarco Engineering PLC (United Kingdom, Machinery) | 3.0 |
| Dechra Pharmaceuticals PLC (United Kingdom, Pharmaceuticals) | 2.7 |
| Azbil Corp. (Japan, Electronic Equipment & Components) | 2.7 |
| iShares MSCI EAFE Small-Cap ETF (United States of America, Investment Companies) | 2.7 |
| Addlife AB (Sweden, Life Sciences Tools & Services) | 2.6 |
| Lagercrantz Group AB (B Shares) (Sweden, Electronic Equipment & Components) | 2.6 |
| Aalberts Industries NV (Netherlands, Machinery) | 2.6 |
| Interpump Group SpA (Italy, Machinery) | 2.4 |
| Spectris PLC (United Kingdom, Electronic Equipment & Components) | 2.3 |
| | 26.8 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 29.4 |
| Information Technology | 18.5 |
| Health Care | 15.9 |
| Consumer Discretionary | 7.7 |
| Communication Services | 5.4 |
| Consumer Staples | 5.2 |
| Financials | 4.6 |
| Real Estate | 3.5 |
| Materials | 3.0 |
| Energy | 0.7 |
Fidelity® Series International Small Cap Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 92.7% | | | |
| | | Shares | Value |
| Australia - 0.3% | | | |
| Imdex Ltd. | | 4,821,569 | $10,409,563 |
| Kogan.Com Ltd. | | 385,783 | 2,884,640 |
| Lynas Rare Earths Ltd. (a) | | 557,061 | 3,071,630 |
|
| TOTAL AUSTRALIA | | | 16,365,833 |
|
| Austria - 0.3% | | | |
| EVN AG | | 65,000 | 1,833,416 |
| Mayr-Melnhof Karton AG | | 17,500 | 3,443,146 |
| Wienerberger AG | | 236,600 | 8,374,864 |
|
| TOTAL AUSTRIA | | | 13,651,426 |
|
| Bailiwick of Jersey - 0.5% | | | |
| Integrated Diagnostics Holdings PLC (b) | | 19,529,616 | 24,167,900 |
| Belgium - 1.2% | | | |
| Azelis Group NV | | 520,287 | 16,840,650 |
| Econocom Group SA | | 680,000 | 2,873,122 |
| Fagron NV | | 299,200 | 5,181,211 |
| KBC Ancora | | 626,820 | 32,650,653 |
|
| TOTAL BELGIUM | | | 57,545,636 |
|
| Bermuda - 0.2% | | | |
| Kerry Properties Ltd. | | 1,296,000 | 3,656,217 |
| Lancashire Holdings Ltd. | | 955,000 | 6,613,244 |
|
| TOTAL BERMUDA | | | 10,269,461 |
|
| Brazil - 0.1% | | | |
| LOG Commercial Properties e Participacoes SA | | 675,000 | 2,802,234 |
| Canada - 2.7% | | | |
| CAE, Inc. (a) | | 625,000 | 18,953,014 |
| Cogeco Communications, Inc. | | 39,800 | 3,418,182 |
| Computer Modelling Group Ltd. | | 524,050 | 2,295,048 |
| ECN Capital Corp. | | 712,350 | 6,193,347 |
| McCoy Global, Inc. (a) | | 1,107,650 | 715,999 |
| MTY Food Group, Inc. (c) | | 56,600 | 2,766,888 |
| North West Co., Inc. | | 112,100 | 3,046,156 |
| Parkland Corp. | | 82,600 | 2,403,382 |
| Pason Systems, Inc. | | 187,150 | 1,391,225 |
| PrairieSky Royalty Ltd. | | 266,500 | 3,279,569 |
| Richelieu Hardware Ltd. | | 1,295,045 | 45,717,935 |
| Summit Industrial Income REIT | | 1,931,600 | 36,896,432 |
| Total Energy Services, Inc. (a) | | 348,600 | 1,414,005 |
|
| TOTAL CANADA | | | 128,491,182 |
|
| Cayman Islands - 0.3% | | | |
| Chlitina Holding Ltd. | | 1,800,000 | 15,417,490 |
| China - 0.0% | | | |
| COSCO Shipping Energy Transportation Co. Ltd. (H Shares) | | 3,872,000 | 1,711,931 |
| Denmark - 2.0% | | | |
| Netcompany Group A/S (b) | | 303,151 | 34,437,200 |
| SimCorp A/S | | 301,434 | 36,415,663 |
| Spar Nord Bank A/S | | 1,831,110 | 23,589,591 |
|
| TOTAL DENMARK | | | 94,442,454 |
|
| Finland - 0.8% | | | |
| Admicom OYJ | | 93,888 | 9,985,177 |
| Huhtamaki Oyj | | 77,189 | 3,360,420 |
| Musti Group OYJ | | 485,078 | 19,054,291 |
| Olvi PLC (A Shares) | | 74,900 | 4,528,364 |
| Rovio Entertainment OYJ (b) | | 198,900 | 1,631,342 |
|
| TOTAL FINLAND | | | 38,559,594 |
|
| France - 3.3% | | | |
| Altarea SCA | | 13,300 | 2,844,338 |
| Antin Infrastructure Partners SA | | 70,000 | 2,662,268 |
| ARGAN SA | | 58,417 | 7,333,764 |
| Exclusive Networks SA | | 100,000 | 2,352,460 |
| Laurent-Perrier Group SA | | 149,831 | 16,696,927 |
| Lectra | | 709,300 | 29,682,219 |
| LISI | | 667,365 | 18,553,948 |
| Maisons du Monde SA (b) | | 409,656 | 9,272,351 |
| Somfy SA | | 19,600 | 3,851,792 |
| Stef SA | | 51,700 | 6,466,595 |
| Thermador Groupe SA | | 27,000 | 3,071,261 |
| Vetoquinol SA | | 311,315 | 53,118,309 |
| Vicat SA | | 69,500 | 2,960,603 |
|
| TOTAL FRANCE | | | 158,866,835 |
|
| Germany - 4.1% | | | |
| CompuGroup Medical AG | | 203,417 | 17,001,349 |
| CTS Eventim AG (a) | | 1,078,838 | 78,395,015 |
| DIC Asset AG | | 315,000 | 5,531,287 |
| JOST Werke AG (b) | | 19,749 | 1,143,775 |
| Nexus AG | | 618,016 | 53,867,758 |
| NORMA Group AG | | 52,000 | 2,236,166 |
| Rheinmetall AG | | 83,500 | 8,092,740 |
| Scout24 AG (b) | | 268,500 | 18,685,237 |
| Shop Apotheke Europe NV (a)(b) | | 21,300 | 3,225,587 |
| Synlab AG (a) | | 90,266 | 2,191,297 |
| Talanx AG | | 75,700 | 3,640,383 |
| Wacker Chemie AG | | 20,400 | 3,677,675 |
|
| TOTAL GERMANY | | | 197,688,269 |
|
| Greece - 0.1% | | | |
| Fourlis Holdings SA | | 142,909 | 634,379 |
| Mytilineos SA | | 186,000 | 3,390,802 |
|
| TOTAL GREECE | | | 4,025,181 |
|
| Hungary - 0.0% | | | |
| Richter Gedeon PLC | | 81,500 | 2,283,119 |
| India - 1.2% | | | |
| Embassy Office Parks (REIT) | | 5,666,200 | 26,430,927 |
| Indian Energy Exchange Ltd. (b) | | 3,211,736 | 30,349,845 |
|
| TOTAL INDIA | | | 56,780,772 |
|
| Indonesia - 0.0% | | | |
| PT Selamat Sempurna Tbk | | 1,384,200 | 155,347 |
| Ireland - 0.9% | | | |
| Adient PLC (a) | | 47,100 | 1,960,302 |
| Bank Ireland Group PLC (a) | | 760,000 | 4,535,127 |
| Cairn Homes PLC | | 8,742,034 | 11,341,787 |
| Irish Residential Properties REIT PLC | | 10,000,800 | 18,844,307 |
| Mincon Group PLC | | 3,865,000 | 6,031,719 |
|
| TOTAL IRELAND | | | 42,713,242 |
|
| Israel - 1.6% | | | |
| Ituran Location & Control Ltd. | | 1,112,860 | 28,945,489 |
| Maytronics Ltd. | | 880,022 | 20,763,330 |
| Strauss Group Ltd. | | 594,464 | 17,458,100 |
| Tel Aviv Stock Exchange Ltd. | | 1,791,957 | 9,796,911 |
|
| TOTAL ISRAEL | | | 76,963,830 |
|
| Italy - 2.6% | | | |
| Intercos SpA (a) | | 216,500 | 3,128,425 |
| Interpump Group SpA | | 1,615,037 | 119,020,152 |
| MARR SpA | | 131,400 | 3,092,651 |
|
| TOTAL ITALY | | | 125,241,228 |
|
| Japan - 29.4% | | | |
| Ai Holdings Corp. | | 649,692 | 12,262,426 |
| Aoki Super Co. Ltd. | | 214,637 | 5,464,820 |
| Arcland Sakamoto Co. Ltd. | | 193,700 | 2,897,342 |
| Artnature, Inc. | | 1,119,300 | 7,270,300 |
| Aucnet, Inc. | | 656,460 | 13,596,629 |
| Azbil Corp. | | 3,092,425 | 131,838,802 |
| Bank of Kyoto Ltd. | | 61,153 | 2,750,249 |
| BayCurrent Consulting, Inc. | | 6,900 | 2,863,639 |
| Broadleaf Co. Ltd. (d) | | 5,982,673 | 28,718,099 |
| Central Automotive Products Ltd. | | 125,279 | 3,265,322 |
| Chugoku Marine Paints Ltd. | | 191,500 | 1,482,349 |
| CKD Corp. | | 149,900 | 2,971,793 |
| Curves Holdings Co. Ltd. | | 4,345,359 | 33,855,013 |
| Daiichikosho Co. Ltd. | | 949,914 | 34,490,844 |
| Daikokutenbussan Co. Ltd. | | 197,500 | 11,250,821 |
| Digital Hearts Holdings Co. Ltd. | | 855,256 | 13,608,617 |
| Dip Corp. | | 98,900 | 3,548,464 |
| Dowa Holdings Co. Ltd. | | 68,000 | 2,839,948 |
| DTS Corp. | | 56,300 | 1,249,223 |
| Eiken Chemical Co. Ltd. | | 140,000 | 2,353,409 |
| Elecom Co. Ltd. | | 193,100 | 2,953,578 |
| Food & Life Companies Ltd. | | 79,200 | 3,432,800 |
| Fujitec Co. Ltd. | | 369,500 | 8,393,410 |
| Funai Soken Holdings, Inc. | | 849,857 | 23,610,382 |
| GMO Internet, Inc. | | 195,462 | 5,397,528 |
| Goldcrest Co. Ltd. | | 1,526,900 | 21,877,398 |
| Inaba Denki Sangyo Co. Ltd. | | 206,500 | 4,953,436 |
| Iwatani Corp. | | 38,500 | 2,274,019 |
| Iwatsuka Confectionary Co. Ltd. | | 105,800 | 3,554,550 |
| Japan Lifeline Co. Ltd. | | 173,000 | 1,862,886 |
| JEOL Ltd. | | 678,600 | 51,429,972 |
| JINS Holdings, Inc. | | 24,600 | 1,555,367 |
| Kamigumi Co. Ltd. | | 167,500 | 3,372,604 |
| Kissei Pharmaceutical Co. Ltd. | | 138,800 | 2,776,458 |
| Kobayashi Pharmaceutical Co. Ltd. | | 360,400 | 28,855,796 |
| Koshidaka Holdings Co. Ltd. | | 3,555,459 | 21,786,360 |
| Kusuri No Aoki Holdings Co. Ltd. | | 290,058 | 19,307,856 |
| Lasertec Corp. | | 514,560 | 111,616,177 |
| Maruwa Ceramic Co. Ltd. | | 24,400 | 2,734,922 |
| MCJ Co. Ltd. | | 210,000 | 2,364,322 |
| Medikit Co. Ltd. | | 559,600 | 13,941,053 |
| Meitec Corp. | | 25,200 | 1,515,718 |
| Mirait Holdings Corp. | | 153,400 | 2,950,301 |
| Miroku Jyoho Service Co., Ltd. | | 752,191 | 11,876,073 |
| Misumi Group, Inc. | | 1,389,500 | 58,114,119 |
| Mitsuboshi Belting Ltd. | | 638,552 | 11,349,575 |
| Monex Group, Inc. | | 283,900 | 1,848,736 |
| Money Forward, Inc. (a) | | 40,900 | 2,779,273 |
| Nabtesco Corp. | | 837,436 | 27,177,800 |
| Nagaileben Co. Ltd. | | 1,613,000 | 33,152,784 |
| Nihon Parkerizing Co. Ltd. | | 4,801,218 | 47,903,395 |
| Nitto Kohki Co. Ltd. | | 205,900 | 3,421,046 |
| NOF Corp. | | 126,600 | 6,353,623 |
| NS Tool Co. Ltd. (d) | | 1,317,600 | 17,657,258 |
| NSD Co. Ltd. | | 1,158,880 | 22,081,888 |
| OBIC Co. Ltd. | | 585,900 | 108,346,761 |
| OSG Corp. | | 2,364,875 | 39,344,297 |
| PALTAC Corp. | | 89,950 | 3,982,967 |
| Paramount Bed Holdings Co. Ltd. | | 1,130,372 | 21,091,736 |
| Poletowin Pitcrew Holdings, Inc. | | 918,677 | 8,283,440 |
| ProNexus, Inc. | | 1,043,577 | 9,730,389 |
| Qol Holdings Co. Ltd. | | 123,500 | 1,834,585 |
| Relo Group, Inc. | | 149,100 | 3,101,259 |
| Renesas Electronics Corp. (a) | | 291,200 | 3,582,176 |
| Roland Corp. | | 109,200 | 4,489,831 |
| San-Ai Oil Co. Ltd. | | 1,866,110 | 24,320,715 |
| Sekisui Jushi Corp. | | 110,000 | 2,049,258 |
| Seria Co. Ltd. | | 142,300 | 4,697,847 |
| SHIFT, Inc. (a) | | 14,200 | 3,274,793 |
| Shinsei Bank Ltd. | | 98,800 | 1,631,651 |
| SHO-BOND Holdings Co. Ltd. | | 1,437,200 | 60,203,444 |
| Shoei Co. Ltd. (d) | | 1,516,600 | 67,483,152 |
| SK Kaken Co. Ltd. | | 73,804 | 24,539,187 |
| Software Service, Inc. | | 185,500 | 11,702,757 |
| Sumco Corp. | | 87,000 | 1,662,449 |
| Techno Medica Co. Ltd. | | 283,000 | 3,924,846 |
| The Monogatari Corp. | | 238,696 | 14,869,348 |
| TKC Corp. | | 221,448 | 6,788,762 |
| Tocalo Co. Ltd. | | 1,642,949 | 20,147,235 |
| Tsuruha Holdings, Inc. | | 46,035 | 5,678,197 |
| Ushio, Inc. | | 102,800 | 1,839,133 |
| USS Co. Ltd. | | 1,731,400 | 27,907,232 |
| Welcia Holdings Co. Ltd. | | 501,770 | 18,731,784 |
| YAKUODO Holdings Co. Ltd. | | 628,500 | 13,280,507 |
| Yamato Holdings Co. Ltd. | | 116,000 | 2,851,651 |
|
| TOTAL JAPAN | | | 1,426,181,961 |
|
| Korea (South) - 0.5% | | | |
| BGF Retail Co. Ltd. | | 123,588 | 17,080,835 |
| Hansol Chemical Co. Ltd. | | 14,120 | 3,964,365 |
| Soulbrain Co. Ltd. | | 10,500 | 2,344,911 |
|
| TOTAL KOREA (SOUTH) | | | 23,390,111 |
|
| Luxembourg - 0.5% | | | |
| B&M European Value Retail SA | | 406,531 | 3,522,859 |
| Stabilus SA | | 286,300 | 21,512,582 |
|
| TOTAL LUXEMBOURG | | | 25,035,441 |
|
| Mexico - 0.0% | | | |
| Bolsa Mexicana de Valores S.A.B. de CV | | 1,200,000 | 2,298,815 |
| Netherlands - 4.7% | | | |
| Aalberts Industries NV | | 2,239,185 | 123,859,623 |
| AerCap Holdings NV (a) | | 669,200 | 39,509,568 |
| Arcadis NV | | 83,500 | 4,073,397 |
| Euronext NV (b) | | 21,000 | 2,364,482 |
| IMCD NV | | 178,000 | 39,517,745 |
| Intertrust NV (a)(b) | | 270,000 | 4,082,530 |
| RHI Magnesita NV | | 90,000 | 4,136,032 |
| Van Lanschot NV (Bearer) | | 305,761 | 8,483,033 |
|
| TOTAL NETHERLANDS | | | 226,026,410 |
|
| New Zealand - 0.1% | | | |
| EBOS Group Ltd. | | 109,457 | 2,843,337 |
| Norway - 2.0% | | | |
| Atea ASA | | 162,647 | 3,041,966 |
| Europris ASA (b) | | 613,300 | 4,530,110 |
| Kongsberg Gruppen ASA | | 1,512,096 | 49,580,439 |
| Medistim ASA | | 382,845 | 17,220,978 |
| Sbanken ASA (b) | | 809,752 | 9,439,781 |
| Selvaag Bolig ASA | | 571,300 | 3,509,804 |
| Volue A/S | | 1,599,402 | 11,189,131 |
|
| TOTAL NORWAY | | | 98,512,209 |
|
| Philippines - 0.0% | | | |
| DMCI Holdings, Inc. | | 7,500,000 | 1,180,459 |
| Singapore - 0.2% | | | |
| Boustead Singapore Ltd. | | 8,315,000 | 6,289,433 |
| Keppel DC (REIT) | | 1,987,600 | 3,522,702 |
|
| TOTAL SINGAPORE | | | 9,812,135 |
|
| South Africa - 0.5% | | | |
| Clicks Group Ltd. | | 1,451,031 | 26,488,084 |
| Spain - 0.9% | | | |
| Cie Automotive SA | | 164,400 | 4,469,891 |
| Compania de Distribucion Integral Logista Holdings SA | | 190,000 | 4,050,162 |
| Fluidra SA | | 855,020 | 32,666,723 |
| Linea Directa Aseguradora SA Compania de Seguros y Reaseguros | | 1,234,251 | 2,482,622 |
| Prosegur Compania de Seguridad SA (Reg.) | | 616,500 | 1,746,051 |
|
| TOTAL SPAIN | | | 45,415,449 |
|
| Sweden - 10.5% | | | |
| Addlife AB | | 3,076,817 | 125,824,188 |
| AddTech AB (B Shares) | | 6,972,939 | 155,892,439 |
| Arjo AB | | 285,400 | 3,888,193 |
| Betsson AB (B Shares) | | 420,000 | 2,924,546 |
| BHG Group AB (a) | | 989,500 | 11,389,389 |
| Dometic Group AB (b) | | 216,900 | 3,153,233 |
| Fortnox AB | | 57,700 | 4,084,956 |
| Hemnet Group AB (a) | | 957,400 | 19,158,033 |
| HEXPOL AB (B Shares) | | 517,300 | 6,041,592 |
| Instalco AB | | 48,500 | 2,569,574 |
| INVISIO AB | | 1,003,356 | 18,132,377 |
| John Mattson Fastighetsforetag (a) | | 943,932 | 19,344,671 |
| Lagercrantz Group AB (B Shares) | | 9,342,759 | 125,106,810 |
| MIPS AB | | 21,400 | 2,584,048 |
| Stillfront Group AB (a) | | 2,010,067 | 8,968,999 |
|
| TOTAL SWEDEN | | | 509,063,048 |
|
| Switzerland - 1.4% | | | |
| Dufry AG (a) | | 72,300 | 3,828,017 |
| Galenica AG (b) | | 32,040 | 2,344,561 |
| Kardex AG | | 11,670 | 3,594,299 |
| Tecan Group AG | | 91,955 | 56,241,590 |
| VZ Holding AG | | 41,172 | 4,186,450 |
|
| TOTAL SWITZERLAND | | | 70,194,917 |
|
| Taiwan - 0.5% | | | |
| Addcn Technology Co. Ltd. | | 1,710,570 | 15,542,259 |
| eMemory Technology, Inc. | | 52,000 | 4,295,206 |
| International Games Systems Co. Ltd. | | 124,000 | 3,179,601 |
|
| TOTAL TAIWAN | | | 23,017,066 |
|
| United Kingdom - 16.4% | | | |
| Abcam PLC (a) | | 174,700 | 3,954,477 |
| Alliance Pharma PLC | | 26,649,517 | 37,492,390 |
| Avon Rubber PLC (d) | | 1,808,086 | 48,128,171 |
| Beazley PLC (a) | | 560,100 | 2,989,447 |
| Bodycote PLC | | 3,250,261 | 35,562,917 |
| Brewin Dolphin Holding PLC | | 802,400 | 4,134,439 |
| Clarkson PLC | | 865,200 | 47,362,778 |
| Close Brothers Group PLC | | 1,429 | 28,161 |
| Computacenter PLC | | 43,900 | 1,616,134 |
| Dechra Pharmaceuticals PLC | | 1,892,576 | 132,612,345 |
| Discoverie Group PLC | | 222,700 | 3,187,958 |
| DP Poland PLC (a)(d) | | 32,108,200 | 3,295,626 |
| Energean PLC (a)(c) | | 163,200 | 2,004,543 |
| GetBusy PLC (a) | | 1,687,269 | 1,558,651 |
| Grainger Trust PLC | | 1,621,900 | 6,854,283 |
| H&T Group PLC | | 891,448 | 3,318,376 |
| Harbour Energy PLC (a) | | 340,000 | 1,635,089 |
| Helios Towers PLC (a) | | 6,802,116 | 14,373,151 |
| Hill & Smith Holdings PLC | | 271,312 | 6,809,716 |
| Howden Joinery Group PLC | | 3,142,682 | 39,559,839 |
| Hyve Group PLC (a) | | 950,300 | 1,411,078 |
| J.D. Wetherspoon PLC (a) | | 551,100 | 7,715,547 |
| Jet2 PLC (a) | | 130,000 | 2,169,631 |
| LSL Property Services PLC | | 376,500 | 2,277,445 |
| Mears Group PLC | | 1,582,600 | 4,288,417 |
| Mitie Group PLC (a) | | 2,611,202 | 2,337,109 |
| Mondi PLC | | 89,000 | 2,222,867 |
| Naked Wines PLC (a)(c) | | 267,914 | 2,720,570 |
| On The Beach Group PLC (a)(b) | | 987,700 | 4,034,875 |
| Rightmove PLC | | 6,060,370 | 57,344,158 |
| Sabre Insurance Group PLC (b) | | 1,020,000 | 2,747,173 |
| Softcat PLC | | 136,145 | 3,620,222 |
| Spectris PLC | | 2,194,628 | 113,050,164 |
| Spirax-Sarco Engineering PLC | | 670,328 | 143,156,740 |
| Tate & Lyle PLC | | 305,500 | 2,710,072 |
| Ten Entertainment Group PLC (a) | | 887,600 | 3,243,316 |
| Ultra Electronics Holdings PLC | | 835,736 | 37,080,261 |
| Vistry Group PLC | | 242,500 | 4,048,855 |
|
| TOTAL UNITED KINGDOM | | | 792,656,991 |
|
| United States of America - 2.9% | | | |
| Autoliv, Inc. | | 234,700 | 22,730,695 |
| Concentrix Corp. | | 17,800 | 3,162,704 |
| Morningstar, Inc. | | 170,500 | 54,005,875 |
| PriceSmart, Inc. | | 280,788 | 20,202,697 |
| ResMed, Inc. | | 140,400 | 36,912,564 |
| Spire, Inc. | | 50,900 | 3,194,484 |
| Turning Point Brands, Inc. | | 37,200 | 1,419,924 |
|
| TOTAL UNITED STATES OF AMERICA | | | 141,628,943 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $2,502,422,700) | | | 4,491,888,340 |
|
| Nonconvertible Preferred Stocks - 1.3% | | | |
| Germany - 1.3% | | | |
| Sartorius AG (non-vtg.) | | | |
| (Cost $2,514,244) | | 98,955 | 64,105,266 |
|
| Investment Companies - 2.7% | | | |
| United States of America - 2.7% | | | |
| iShares MSCI EAFE Small-Cap ETF (c) | | | |
| (Cost $101,927,331) | | 1,716,300 | 130,867,875 |
|
| Money Market Funds - 3.3% | | | |
| Fidelity Cash Central Fund 0.06% (e) | | 144,280,268 | 144,309,124 |
| Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) | | 15,742,868 | 15,744,442 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $160,052,606) | | | 160,053,566 |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | | | |
| (Cost $2,766,916,881) | | | 4,846,915,047 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 1,021,210 |
| NET ASSETS - 100% | | | $4,847,936,257 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $155,609,982 or 3.2% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated company
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $194,255,495 | $1,040,868,669 | $1,090,815,358 | $112,625 | $318 | $-- | $144,309,124 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 4,962,118 | 362,941,349 | 352,159,025 | 260,003 | -- | -- | 15,744,442 | 0.0% |
| Total | $199,217,613 | $1,403,810,018 | $1,442,974,383 | $372,628 | $318 | $-- | $160,053,566 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Avon Rubber PLC | $79,917,679 | $8,867,488 | $-- | $653,758 | $-- | $(40,656,996) | $48,128,171 |
| Broadleaf Co. Ltd. | 28,469,258 | 2,936,249 | -- | 507,221 | -- | (2,687,408) | 28,718,099 |
| DP Poland PLC | 1,401,652 | 1,873,430 | -- | -- | -- | 20,544 | 3,295,626 |
| H&T Group PLC | 6,213,266 | -- | 5,114,614 | 296,293 | (77,556) | 2,297,280 | -- |
| Ituran Location & Control Ltd. | 21,502,835 | -- | 8,762,582 | 745,517 | (1,945,187) | 18,150,422 | -- |
| NS Tool Co. Ltd. | 13,666,393 | 512,132 | -- | 240,248 | -- | 3,478,733 | 17,657,258 |
| Reckon Ltd. | 5,982,597 | -- | 8,072,628 | 396,284 | (1,334,276) | 3,424,307 | -- |
| Shoei Co. Ltd. | 56,538,663 | -- | 14,045,525 | 905,577 | 8,450,336 | 16,539,678 | 67,483,152 |
| Total | $213,692,343 | $14,189,299 | $35,995,349 | $3,744,898 | $5,093,317 | $566,560 | $165,282,306 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $260,146,363 | $222,107,055 | $38,039,308 | $-- |
| Consumer Discretionary | 357,349,119 | 149,701,892 | 207,647,227 | -- |
| Consumer Staples | 249,219,511 | 113,781,035 | 135,438,476 | -- |
| Energy | 43,445,525 | 16,850,791 | 26,594,734 | -- |
| Financials | 222,740,659 | 216,510,023 | 6,230,636 | -- |
| Health Care | 783,486,733 | 641,250,832 | 142,235,901 | -- |
| Industrials | 1,428,978,259 | 1,124,461,771 | 304,516,488 | -- |
| Information Technology | 896,836,583 | 415,417,274 | 481,419,309 | -- |
| Materials | 143,935,886 | 54,508,108 | 89,427,778 | -- |
| Real Estate | 164,827,068 | 139,848,411 | 24,978,657 | -- |
| Utilities | 5,027,900 | 5,027,900 | -- | -- |
| Investment Companies | 130,867,875 | 130,867,875 | -- | -- |
| Money Market Funds | 160,053,566 | 160,053,566 | -- | -- |
| Total Investments in Securities: | $4,846,915,047 | $3,390,386,533 | $1,456,528,514 | $-- |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series International Small Cap Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $15,329,992) — See accompanying schedule:
Unaffiliated issuers (cost $2,504,175,517) | $4,521,579,175 | |
| Fidelity Central Funds (cost $160,052,606) | 160,053,566 | |
| Other affiliated issuers (cost $102,688,758) | 165,282,306 | |
| Total Investment in Securities (cost $2,766,916,881) | | $4,846,915,047 |
| Foreign currency held at value (cost $1,336,916) | | 1,336,916 |
| Receivable for investments sold | | 23,861,443 |
| Receivable for fund shares sold | | 8,851,337 |
| Dividends receivable | | 9,763,147 |
| Reclaims receivable | | 3,267,673 |
| Distributions receivable from Fidelity Central Funds | | 10,253 |
| Other receivables | | 731,128 |
| Total assets | | 4,894,736,944 |
| Liabilities | | |
| Payable to custodian bank | $303,419 | |
| Payable for investments purchased | 17,893,307 | |
| Payable for fund shares redeemed | 8,872,069 | |
| Other payables and accrued expenses | 3,987,492 | |
| Collateral on securities loaned | 15,744,400 | |
| Total liabilities | | 46,800,687 |
| Net Assets | | $4,847,936,257 |
| Net Assets consist of: | | |
| Paid in capital | | $2,257,965,038 |
| Total accumulated earnings (loss) | | 2,589,971,219 |
| Net Assets | | $4,847,936,257 |
| Net Asset Value, offering price and redemption price per share ($4,847,936,257 ÷ 200,993,683 shares) | | $24.12 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends (including $3,744,898 earned from other affiliated issuers) | | $66,659,422 |
| Income from Fidelity Central Funds (including $260,003 from security lending) | | 372,628 |
| Income before foreign taxes withheld | | 67,032,050 |
| Less foreign taxes withheld | | (6,094,670) |
| Total income | | 60,937,380 |
| Expenses | | |
| Custodian fees and expenses | $471,476 | |
| Independent trustees' fees and expenses | 17,269 | |
| Total expenses | | 488,745 |
| Net investment income (loss) | | 60,448,635 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $1,061,527) | 526,190,443 | |
| Fidelity Central Funds | 318 | |
| Other affiliated issuers | 5,093,317 | |
| Foreign currency transactions | (132,902) | |
| Total net realized gain (loss) | | 531,151,176 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $2,831,183) | 803,167,460 | |
| Affiliated issuers | 566,560 | |
| Assets and liabilities in foreign currencies | (106,241) | |
| Total change in net unrealized appreciation (depreciation) | | 803,627,779 |
| Net gain (loss) | | 1,334,778,955 |
| Net increase (decrease) in net assets resulting from operations | | $1,395,227,590 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $60,448,635 | $47,907,959 |
| Net realized gain (loss) | 531,151,176 | (44,415,130) |
| Change in net unrealized appreciation (depreciation) | 803,627,779 | 307,037,733 |
| Net increase (decrease) in net assets resulting from operations | 1,395,227,590 | 310,530,562 |
| Distributions to shareholders | (34,455,580) | (159,580,831) |
| Share transactions | | |
| Proceeds from sales of shares | 462,541,841 | 461,446,003 |
| Reinvestment of distributions | 34,455,580 | 159,580,831 |
| Cost of shares redeemed | (662,874,221) | (616,999,700) |
| Net increase (decrease) in net assets resulting from share transactions | (165,876,800) | 4,027,134 |
| Total increase (decrease) in net assets | 1,194,895,210 | 154,976,865 |
| Net Assets | | |
| Beginning of period | 3,653,041,047 | 3,498,064,182 |
| End of period | $4,847,936,257 | $3,653,041,047 |
| Other Information | | |
| Shares | | |
| Sold | 21,517,155 | 28,721,728 |
| Issued in reinvestment of distributions | 1,762,434 | 9,392,633 |
| Redeemed | (30,467,291) | (39,331,425) |
| Net increase (decrease) | (7,187,702) | (1,217,064) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series International Small Cap Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $17.55 | $16.71 | $16.43 | $18.17 | $15.02 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .29 | .22 | .36 | .38 | .25 |
| Net realized and unrealized gain (loss) | 6.45 | 1.36 | 1.47 | (.99) | 3.47 |
| Total from investment operations | 6.74 | 1.58 | 1.83 | (.61) | 3.72 |
| Distributions from net investment income | (.17) | (.36) | (.37) | (.29) | (.15) |
| Distributions from net realized gain | – | (.38) | (1.18) | (.85) | (.42) |
| Total distributions | (.17) | (.74) | (1.55) | (1.13)B | (.57) |
| Net asset value, end of period | $24.12 | $17.55 | $16.71 | $16.43 | $18.17 |
| Total ReturnC | 38.60% | 9.60% | 12.77% | (3.72)% | 25.87% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .01% | .01% | .01% | .01% | .56% |
| Expenses net of fee waivers, if any | .01% | .01% | .01% | .01% | .56% |
| Expenses net of all reductions | .01% | .01% | .01% | .01% | .55% |
| Net investment income (loss) | 1.34% | 1.36% | 2.28% | 2.08% | 1.52% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $4,847,936 | $3,653,041 | $3,498,064 | $3,225,502 | $3,572,161 |
| Portfolio turnover rateF | 32% | 24%G | 23% | 14% | 21% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series International Value Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Series International Value Fund | 44.95% | 8.13% | 6.68% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Value Fund on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Value Index performed over the same period.
| Period Ending Values |
| $19,093 | Fidelity® Series International Value Fund |
| $16,983 | MSCI EAFE Value Index |
Fidelity® Series International Value Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Alex Zavratsky: For the fiscal year ending October 31, 2021, the fund gained 44.95%, outperforming the 38.67% result of the benchmark MSCI EAFE Value (Net MA) Index. From a regional standpoint, security selection in the U.K. and Japan contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark were investment choices in materials. An underweighting in consumer staples and picks among industrials stocks also lifted the fund's relative result. The biggest individual relative contributor was an overweight position in Porsche Auto (+96%), one of the fund's biggest holdings the past 12 months. Also boosting performance was a larger-than-benchmark holding in Glencore, which gained roughly 156%. Another notable relative contributor was an outsized stake in BNP Paribas (+100%), one of our largest positions at the end of the period. In contrast, an underweighting in Japan and stock picks in emerging markets, primarily driven by India, hindered the fund's relative result. By sector, the largest detractor from performance versus the benchmark was security selection in real estate. Weak picks among communication services stocks, primarily within the media & entertainment industry, pressured relative performance as well. Also hampering the portfolio's return versus the benchmark were stock picks in consumer staples. The fund's largest individual relative detractor was an overweighting in Vonovia, which returned about -2% the past year. Further weighing on performance this period was the decision to avoid ING Group, a benchmark component that gained about 134%. Another notable relative detractor was an outsized stake in Orsted (-11%). Notable changes in positioning include increased exposure to France and the U.K. By sector, meaningful shifts in exposure include an increase in energy stocks and a lower allocation to information technology.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Series International Value Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 23.5% |
| | France | 15.0% |
| | United Kingdom | 13.2% |
| | Germany | 12.2% |
| | Switzerland | 5.8% |
| | Netherlands | 3.5% |
| | Italy | 3.3% |
| | Australia | 3.0% |
| | Belgium | 2.9% |
| | Other* | 17.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 98.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.7 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Total SA (France, Oil, Gas & Consumable Fuels) | 3.2 |
| Toyota Motor Corp. (Japan, Automobiles) | 3.0 |
| BHP Group PLC (United Kingdom, Metals & Mining) | 2.8 |
| Siemens AG (Germany, Industrial Conglomerates) | 2.5 |
| BNP Paribas SA (France, Banks) | 2.4 |
| Sanofi SA (France, Pharmaceuticals) | 2.2 |
| Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels) | 2.1 |
| BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 2.0 |
| Banco Santander SA (Spain) (Spain, Banks) | 1.9 |
| AXA SA (France, Insurance) | 1.8 |
| | 23.9 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 33.5 |
| Industrials | 14.6 |
| Materials | 12.8 |
| Consumer Discretionary | 8.5 |
| Energy | 8.5 |
| Health Care | 7.2 |
| Information Technology | 4.3 |
| Communication Services | 2.7 |
| Utilities | 2.7 |
| Consumer Staples | 2.0 |
Fidelity® Series International Value Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 96.8% | | | |
| | | Shares | Value |
| Australia - 3.0% | | | |
| Evolution Mining Ltd. | | 10,126,229 | $27,651,364 |
| Macquarie Group Ltd. | | 1,481,984 | 219,111,332 |
| National Australia Bank Ltd. | | 9,822,263 | 213,555,440 |
|
| TOTAL AUSTRALIA | | | 460,318,136 |
|
| Austria - 1.1% | | | |
| Erste Group Bank AG | | 3,964,264 | 170,017,769 |
| Bailiwick of Jersey - 2.1% | | | |
| Ferguson PLC | | 948,255 | 142,685,894 |
| Glencore Xstrata PLC | | 36,237,427 | 181,208,146 |
|
| TOTAL BAILIWICK OF JERSEY | | | 323,894,040 |
|
| Belgium - 2.9% | | | |
| Anheuser-Busch InBev SA NV | | 2,723,600 | 166,595,080 |
| KBC Groep NV | | 2,989,087 | 278,365,782 |
|
| TOTAL BELGIUM | | | 444,960,862 |
|
| Denmark - 0.8% | | | |
| A.P. Moller - Maersk A/S Series B | | 20,625 | 59,770,183 |
| ORSTED A/S (a) | | 444,411 | 62,707,877 |
|
| TOTAL DENMARK | | | 122,478,060 |
|
| Finland - 1.2% | | | |
| Sampo Oyj (A Shares) | | 3,456,387 | 183,796,836 |
| France - 15.0% | | | |
| Air Liquide SA | | 1,353,500 | 225,977,456 |
| ALTEN | | 214,108 | 34,453,232 |
| Atos Origin SA | | 3 | 156 |
| AXA SA | | 9,682,679 | 281,698,116 |
| BNP Paribas SA | | 5,436,570 | 363,908,952 |
| Capgemini SA | | 493,148 | 114,756,921 |
| Sanofi SA | | 3,436,706 | 345,197,110 |
| Teleperformance | | 357,231 | 149,119,508 |
| Total SA | | 9,699,292 | 485,691,717 |
| VINCI SA | | 1,681,829 | 179,585,230 |
| Vivendi SA (b) | | 5,868,886 | 75,544,653 |
| Worldline SA (a)(c) | | 728,331 | 42,417,473 |
|
| TOTAL FRANCE | | | 2,298,350,524 |
|
| Germany - 10.7% | | | |
| Bayer AG | | 2,179,682 | 122,841,839 |
| Deutsche Post AG | | 3,363,207 | 208,078,658 |
| Hannover Reuck SE | | 902,263 | 164,796,533 |
| HeidelbergCement AG | | 1,277,777 | 96,222,933 |
| Linde PLC | | 613,674 | 197,569,890 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 397,517 | 117,731,497 |
| Rheinmetall AG | | 835,841 | 81,008,908 |
| RWE AG | | 3,264,300 | 125,545,370 |
| Siemens AG | | 2,394,807 | 389,352,468 |
| Vonovia SE | | 2,227,005 | 135,053,957 |
|
| TOTAL GERMANY | | | 1,638,202,053 |
|
| Hong Kong - 0.8% | | | |
| AIA Group Ltd. | | 10,664,047 | 119,512,093 |
| India - 0.7% | | | |
| Reliance Industries Ltd. sponsored GDR (a) | | 1,639,200 | 111,465,600 |
| Indonesia - 0.4% | | | |
| PT Bank Rakyat Indonesia Tbk | | 190,814,037 | 57,279,287 |
| Ireland - 1.9% | | | |
| CRH PLC | | 4,069,108 | 194,722,393 |
| Ryanair Holdings PLC sponsored ADR (c) | | 843,600 | 95,757,036 |
|
| TOTAL IRELAND | | | 290,479,429 |
|
| Italy - 3.3% | | | |
| Assicurazioni Generali SpA (b) | | 5,824,298 | 126,914,948 |
| Enel SpA | | 26,401,750 | 221,029,879 |
| Mediobanca SpA (b) | | 12,979,755 | 154,772,416 |
|
| TOTAL ITALY | | | 502,717,243 |
|
| Japan - 23.5% | | | |
| DENSO Corp. | | 2,528,396 | 183,296,505 |
| FANUC Corp. | | 198,240 | 39,176,424 |
| Fujitsu Ltd. | | 745,400 | 128,827,303 |
| Hitachi Ltd. | | 3,848,400 | 221,762,365 |
| Hoya Corp. | | 1,370,942 | 201,814,392 |
| Ibiden Co. Ltd. | | 1,087,844 | 65,364,107 |
| Idemitsu Kosan Co. Ltd. | | 2,517,876 | 68,769,001 |
| Itochu Corp. | | 5,869,553 | 167,404,743 |
| Minebea Mitsumi, Inc. | | 5,993,351 | 151,733,903 |
| Mitsubishi Estate Co. Ltd. | | 3,112,633 | 47,302,656 |
| Mitsubishi UFJ Financial Group, Inc. | | 41,197,924 | 225,908,747 |
| Mitsui Fudosan Co. Ltd. | | 2,275,996 | 52,038,005 |
| OBIC Co. Ltd. | | 321,742 | 59,497,702 |
| ORIX Corp. | | 9,253,433 | 183,924,075 |
| Recruit Holdings Co. Ltd. | | 1,536,116 | 102,180,929 |
| Renesas Electronics Corp. (c) | | 6,646,300 | 81,758,988 |
| Shin-Etsu Chemical Co. Ltd. | | 1,399,158 | 249,516,142 |
| Shiseido Co. Ltd. | | 980,200 | 65,405,786 |
| SoftBank Group Corp. | | 2,087,737 | 113,024,663 |
| Sony Group Corp. | | 1,790,445 | 207,327,046 |
| Sumitomo Mitsui Financial Group, Inc. | | 5,415,363 | 175,726,670 |
| Suzuki Motor Corp. | | 2,655,682 | 118,435,186 |
| Tokio Marine Holdings, Inc. | | 3,501,615 | 184,430,199 |
| Tokyo Electron Ltd. | | 101,363 | 47,238,512 |
| Toyota Motor Corp. | | 25,951,420 | 457,891,148 |
|
| TOTAL JAPAN | | | 3,599,755,197 |
|
| Korea (South) - 0.4% | | | |
| Samsung Electronics Co. Ltd. | | 1,175,945 | 70,046,653 |
| Luxembourg - 0.9% | | | |
| ArcelorMittal SA (Netherlands) | | 4,068,439 | 137,918,862 |
| Netherlands - 3.5% | | | |
| AerCap Holdings NV (c) | | 756,733 | 44,677,516 |
| Airbus Group NV (c) | | 1,454,787 | 186,623,041 |
| NN Group NV | | 3,249,302 | 173,986,866 |
| Universal Music Group NV | | 4,701,186 | 136,489,252 |
|
| TOTAL NETHERLANDS | | | 541,776,675 |
|
| Singapore - 1.1% | | | |
| United Overseas Bank Ltd. | | 8,446,089 | 167,543,849 |
| South Africa - 0.0% | | | |
| Thungela Resources Ltd. (b)(c) | | 644,174 | 3,022,953 |
| Spain - 2.7% | | | |
| Banco Santander SA (Spain) (b) | | 75,488,744 | 285,923,734 |
| Cellnex Telecom SA (a) | | 1,563,238 | 96,101,745 |
| Unicaja Banco SA (a) | | 27,736,831 | 29,658,994 |
|
| TOTAL SPAIN | | | 411,684,473 |
|
| Sweden - 1.8% | | | |
| Ericsson (B Shares) | | 4,424,985 | 48,300,514 |
| Investor AB (B Shares) | | 9,660,040 | 222,603,856 |
|
| TOTAL SWEDEN | | | 270,904,370 |
|
| Switzerland - 5.8% | | | |
| Novartis AG | | 2,069,640 | 171,185,588 |
| Roche Holding AG (participation certificate) | | 255,720 | 99,064,443 |
| Swiss Life Holding AG | | 155,390 | 85,298,180 |
| UBS Group AG | | 14,314,382 | 259,806,033 |
| Zurich Insurance Group Ltd. | | 627,800 | 278,253,998 |
|
| TOTAL SWITZERLAND | | | 893,608,242 |
|
| United Kingdom - 13.2% | | | |
| Anglo American PLC (United Kingdom) | | 5,707,344 | 217,124,511 |
| AstraZeneca PLC (United Kingdom) | | 1,437,699 | 179,858,071 |
| Barratt Developments PLC | | 10,680,858 | 96,912,620 |
| Beazley PLC (c) | | 6,378,317 | 34,043,278 |
| BHP Group PLC | | 15,926,137 | 420,634,089 |
| BP PLC | | 63,224,110 | 302,900,498 |
| Imperial Brands PLC | | 3,268,169 | 68,968,304 |
| Lloyds Banking Group PLC | | 323,025,146 | 221,072,159 |
| Royal Dutch Shell PLC Class B sponsored ADR | | 7,096,186 | 325,289,166 |
| Standard Chartered PLC (United Kingdom) | | 22,201,122 | 150,367,176 |
|
| TOTAL UNITED KINGDOM | | | 2,017,169,872 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $11,572,866,549) | | | 14,836,903,078 |
|
| Nonconvertible Preferred Stocks - 1.5% | | | |
| Germany - 1.5% | | | |
| Porsche Automobil Holding SE (Germany) | | | |
| (Cost $150,259,538) | | 2,251,777 | 234,357,014 |
|
| Money Market Funds - 3.9% | | | |
| Fidelity Cash Central Fund 0.06% (d) | | 296,703,415 | 296,762,755 |
| Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) | | 293,778,417 | 293,807,795 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $590,570,550) | | | 590,570,550 |
| TOTAL INVESTMENT IN SECURITIES - 102.2% | | | |
| (Cost $12,313,696,637) | | | 15,661,830,642 |
| NET OTHER ASSETS (LIABILITIES) - (2.2)% | | | (331,348,932) |
| NET ASSETS - 100% | | | $15,330,481,710 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $342,351,689 or 2.2% of net assets.
(b) Security or a portion of the security is on loan at period end.
(c) Non-income producing
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $82,583,911 | $4,580,335,133 | $4,366,158,082 | $133,302 | $1,793 | $-- | $296,762,755 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 16,700 | 3,406,612,750 | 3,112,821,655 | 15,878,575 | -- | -- | 293,807,795 | 0.8% |
| Total | $82,600,611 | $7,986,947,883 | $7,478,979,737 | $16,011,877 | $1,793 | $-- | $590,570,550 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $421,160,313 | $308,135,650 | $113,024,663 | $-- |
| Consumer Discretionary | 1,298,219,519 | 96,912,620 | 1,201,306,899 | -- |
| Consumer Staples | 300,969,170 | 68,968,304 | 232,000,866 | -- |
| Energy | 1,297,138,935 | 439,777,719 | 857,361,216 | -- |
| Financials | 5,130,008,815 | 2,824,739,079 | 2,305,269,736 | -- |
| Health Care | 1,119,961,443 | -- | 1,119,961,443 | -- |
| Industrials | 2,218,916,806 | 900,912,750 | 1,318,004,056 | -- |
| Information Technology | 692,661,561 | 191,627,782 | 501,033,779 | -- |
| Materials | 1,948,545,786 | 363,140,116 | 1,585,405,670 | -- |
| Real Estate | 234,394,618 | 135,053,957 | 99,340,661 | -- |
| Utilities | 409,283,126 | 188,253,247 | 221,029,879 | -- |
| Money Market Funds | 590,570,550 | 590,570,550 | -- | -- |
| Total Investments in Securities: | $15,661,830,642 | $6,108,091,774 | $9,553,738,868 | $-- |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Series International Value Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $264,454,431) — See accompanying schedule:
Unaffiliated issuers (cost $11,723,126,087) | $15,071,260,092 | |
| Fidelity Central Funds (cost $590,570,550) | 590,570,550 | |
| Total Investment in Securities (cost $12,313,696,637) | | $15,661,830,642 |
| Foreign currency held at value (cost $915,839) | | 906,488 |
| Receivable for investments sold | | 76,173,117 |
| Receivable for fund shares sold | | 3,813,930 |
| Dividends receivable | | 40,603,441 |
| Reclaims receivable | | 32,275,046 |
| Distributions receivable from Fidelity Central Funds | | 129,740 |
| Other receivables | | 11,963 |
| Total assets | | 15,815,744,367 |
| Liabilities | | |
| Payable to custodian bank | $10,895 | |
| Payable for investments purchased | 24,168,336 | |
| Payable for fund shares redeemed | 166,860,838 | |
| Other payables and accrued expenses | 414,793 | |
| Collateral on securities loaned | 293,807,795 | |
| Total liabilities | | 485,262,657 |
| Net Assets | | $15,330,481,710 |
| Net Assets consist of: | | |
| Paid in capital | | $12,454,379,204 |
| Total accumulated earnings (loss) | | 2,876,102,506 |
| Net Assets | | $15,330,481,710 |
| Net Asset Value, offering price and redemption price per share ($15,330,481,710 ÷ 1,318,851,407 shares) | | $11.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $472,446,982 |
| Non-Cash dividends | | 148,177,143 |
| Income from Fidelity Central Funds (including $15,878,575 from security lending) | | 16,011,877 |
| Income before foreign taxes withheld | | 636,636,002 |
| Less foreign taxes withheld | | (67,263,290) |
| Total income | | 569,372,712 |
| Expenses | | |
| Custodian fees and expenses | $807,741 | |
| Independent trustees' fees and expenses | 55,205 | |
| Interest | 8,474 | |
| Total expenses | | 871,420 |
| Net investment income (loss) | | 568,501,292 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 710,043,870 | |
| Fidelity Central Funds | 1,793 | |
| Foreign currency transactions | 1,058,567 | |
| Total net realized gain (loss) | | 711,104,230 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 3,665,533,479 | |
| Assets and liabilities in foreign currencies | (1,696,674) | |
| Total change in net unrealized appreciation (depreciation) | | 3,663,836,805 |
| Net gain (loss) | | 4,374,941,035 |
| Net increase (decrease) in net assets resulting from operations | | $4,943,442,327 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $568,501,292 | $386,034,430 |
| Net realized gain (loss) | 711,104,230 | (621,418,635) |
| Change in net unrealized appreciation (depreciation) | 3,663,836,805 | (1,625,653,671) |
| Net increase (decrease) in net assets resulting from operations | 4,943,442,327 | (1,861,037,876) |
| Distributions to shareholders | (373,393,666) | (664,417,720) |
| Share transactions | | |
| Proceeds from sales of shares | 2,735,781,749 | 1,780,488,165 |
| Reinvestment of distributions | 373,393,666 | 664,417,720 |
| Cost of shares redeemed | (3,954,452,072) | (4,306,137,056) |
| Net increase (decrease) in net assets resulting from share transactions | (845,276,657) | (1,861,231,171) |
| Total increase (decrease) in net assets | 3,724,772,004 | (4,386,686,767) |
| Net Assets | | |
| Beginning of period | 11,605,709,706 | 15,992,396,473 |
| End of period | $15,330,481,710 | $11,605,709,706 |
| Other Information | | |
| Shares | | |
| Sold | 245,691,599 | 202,786,325 |
| Issued in reinvestment of distributions | 38,062,555 | 67,797,726 |
| Redeemed | (372,495,173) | (491,561,140) |
| Net increase (decrease) | (88,741,019) | (220,977,089) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series International Value Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $8.25 | $9.82 | $9.68 | $10.87 | $9.27 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .43B | .26 | .39 | .38 | .29 |
| Net realized and unrealized gain (loss) | 3.23 | (1.43) | .10 | (1.23) | 1.55 |
| Total from investment operations | 3.66 | (1.17) | .49 | (.85) | 1.84 |
| Distributions from net investment income | (.29) | (.36) | (.35) | (.31) | (.22) |
| Distributions from net realized gain | – | (.04) | – | (.03) | (.02) |
| Total distributions | (.29) | (.40) | (.35) | (.34) | (.24) |
| Net asset value, end of period | $11.62 | $8.25 | $9.82 | $9.68 | $10.87 |
| Total ReturnC | 44.95% | (12.55)% | 5.48% | (8.11)% | 20.33% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .01% | .01% | .01% | .01% | .48% |
| Expenses net of fee waivers, if any | .01% | .01% | .01% | .01% | .47% |
| Expenses net of all reductions | .01% | .01% | .01% | - %F | .46% |
| Net investment income (loss) | 3.97%B | 2.92% | 4.23% | 3.60% | 2.86% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $15,330,482 | $11,605,710 | $15,992,396 | $14,030,676 | $14,793,134 |
| Portfolio turnover rateG | 34% | 36%H | 41% | 43% | 51% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.00%.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount represents less than .005%.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
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 and Fidelity managed 529 plans. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund and Fidelity Series International Small Cap Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity Series Emerging Markets Fund | $2,562,364,858 | $767,066,398 | $(137,964,871) | $629,101,527 |
| Fidelity Series Emerging Markets Opportunities Fund | 21,310,529,116 | 9,187,158,915 | (1,310,405,720) | 7,876,753,195 |
| Fidelity Series International Growth Fund | 8,040,317,477 | 7,664,250,626 | (94,766,620) | 7,569,484,006 |
| Fidelity Series International Small Cap Fund | 2,806,739,920 | 2,162,012,221 | (121,837,094) | 2,040,175,127 |
| Fidelity Series International Value Fund | 12,657,420,785 | 3,601,617,106 | (597,207,249) | 3,004,409,857 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed tax-exempt income | Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments |
| Fidelity Series Emerging Markets Fund | $– | $91,615,830 | $– | $– | $629,127,689 |
| Fidelity Series Emerging Markets Opportunities Fund | – | 1,223,823,732 | 1,975,415,706 | – | 7,873,298,389 |
| Fidelity Series International Growth Fund | – | 317,417,186 | 895,105,062 | – | 7,570,815,879 |
| Fidelity Series International Small Cap Fund | – | 88,058,190 | 464,841,757 | – | 2,040,233,113 |
| Fidelity Series International Value Fund | – | 726,206,404 | – | (854,650,764) | 3,004,546,866 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | No expiration | | |
| | Short-term | Long-term | Total capital loss carryfoward |
| Fidelity Series International Value Fund | (854,650,764) | (–) | (854,650,764) |
The tax character of distributions paid was as follows:
| October 31, 2021 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Series Emerging Markets Fund | $47,189,249 | $– | $47,189,249 |
| Fidelity Series Emerging Markets Opportunities Fund | 404,944,890 | 504,961,398 | 909,906,288 |
| Fidelity Series International Growth Fund | 174,415,485 | 1,719,238,352 | 1,893,653,837 |
| Fidelity Series International Small Cap Fund | 34,455,580 | – | 34,455,580 |
| Fidelity Series International Value Fund | 373,393,666 | – | 373,393,666 |
| October 31, 2020 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Series Emerging Markets Fund | $52,999,079 | $– | $52,999,079 |
| Fidelity Series Emerging Markets Opportunities Fund | 524,696,384 | – | 524,696,384 |
| Fidelity Series International Growth Fund | 363,436,552 | 262,263,674 | 625,700,226 |
| Fidelity Series International Small Cap Fund | 87,553,807 | 72,027,024 | 159,580,831 |
| Fidelity Series International Value Fund | 664,417,720 | – | 664,417,720 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Emerging Markets Fund | 2,508,087,810 | 2,894,765,511 |
| Fidelity Series Emerging Markets Opportunities Fund | 20,331,124,951 | 23,152,322,656 |
| Fidelity Series International Growth Fund | 3,478,245,066 | 3,229,548,963 |
| Fidelity Series International Small Cap Fund | 1,378,445,917 | 1,493,391,076 |
| Fidelity Series International Value Fund | 4,713,387,841 | 5,470,581,755 |
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 | $802 |
| Fidelity Series Emerging Markets Opportunities Fund | 126,080 |
| Fidelity Series International Growth Fund | 5,799 |
| Fidelity Series International Small Cap Fund | 480 |
| Fidelity Series International Value Fund | 2,231 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Series International Growth Fund | Borrower | $38,919,667 | .30% | $1,926 |
| Fidelity Series International Value Fund | Borrower | $69,631,714 | .31% | $8,474 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Emerging Markets Fund | 34,643,622 | 23,325,015 | 3,833,294 |
| Fidelity Series Emerging Markets Opportunities Fund | 341,516,432 | 193,960,566 | 39,759,875 |
| Fidelity Series International Growth Fund | 139,876,302 | 121,824,578 | 25,702,028 |
| Fidelity Series International Small Cap Fund | 79,485,275 | 54,355,993 | 5,015,959 |
| Fidelity Series International Value Fund | 6,967,849 | 53,736,192 | 4,343,380 |
Prior Fiscal Year Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds
($) |
| Fidelity Series Emerging Markets Fund | 6,069,490 | 58,024,325 |
| Fidelity Series Emerging Markets Opportunities Fund | 26,562,509 | 522,218,927 |
| Fidelity Series International Growth Fund | 19,301,572 | 333,338,148 |
| Fidelity Series International Small Cap Fund | 5,043,450 | 84,931,704 |
| Fidelity Series International Value Fund | 33,670,520 | 333,338,148 |
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
| | Amount ($) |
| Fidelity Series Emerging Markets Fund | 70,446 |
| Fidelity Series Emerging Markets Opportunities Fund | 4,366 |
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 | $36,645 | $– | $– |
| Fidelity Series Emerging Markets Opportunities Fund | $185,795 | $– | $– |
| Fidelity Series International Growth Fund | $12,020 | $– | $– |
| Fidelity Series International Small Cap Fund | $18,968 | $– | $– |
| Fidelity Series International Value Fund | $879,659 | $– | $– |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| | Expense Limitations | Reimbursement |
| Fidelity Series Emerging Markets Fund | .013% | $957,142 |
| Fidelity Series Emerging Markets Opportunities Fund | .013% | $6,364,357 |
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 | $133 |
| Fidelity Series International Growth Fund | 415 |
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund
Opinions on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, except for Fidelity Series Emerging Markets Fund; the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from August 29, 2018 (commencement of operations) through October 31, 2018; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, except for Fidelity Series Emerging Markets Fund; the results of its operations for the period then ended, and the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from August 29, 2018 (commencement of operations) through October 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
We have audited the accompanying statements of assets and liabilities of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, except for Fidelity Series Emerging Markets Fund; the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from August 29, 2018 (commencement of operations) through October 31, 2018; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, except for Fidelity Series Emerging Markets Fund; the results of its operations for the period then ended, and the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from August 29, 2018 (commencement of operations) through October 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 16, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series International Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Series Emerging Markets Fund | .01% | | | |
| Actual | | $1,000.00 | $952.80 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,025.16 | $.05 |
| Fidelity Series Emerging Markets Opportunities Fund | .01% | | | |
| Actual | | $1,000.00 | $950.00 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,025.16 | $.05 |
| Fidelity Series International Growth Fund | .01% | | | |
| Actual | | $1,000.00 | $1,096.80 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,025.16 | $.05 |
| Fidelity Series International Small Cap Fund | .01% | | | |
| Actual | | $1,000.00 | $1,103.90 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,025.16 | $.05 |
| Fidelity Series International Value Fund | .01% | | | |
| Actual | | $1,000.00 | $1,051.60 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,025.16 | $.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Series Emerging Markets Fund | 12/13/21 | 12/10/21 | $0.296 | $0.068 |
| Fidelity Series Emerging Markets Opportunities Fund | 12/13/21 | 12/10/21 | $0.683 | $2.013 |
| Fidelity Series International Growth Fund | 12/13/21 | 12/10/21 | $0.284 | $1.309 |
| Fidelity Series International Small Cap Fund | 12/13/21 | 12/10/21 | $0.474 | $2.353 |
| Fidelity Series International Value Fund | 12/13/21 | 12/10/21 | $0.560 | $0.000 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Series Emerging Markets Opportunities Fund | $1,976,560,592 |
| Fidelity Series International Growth Fund | $895,622,933 |
| Fidelity Series International Small Cap Fund | $464,841,757 |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| Fidelity Series International Growth Fund | |
| December, 2020 | 11% |
| Fidelity Series International Small Cap Fund | |
| December, 2020 | 8% |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Fidelity Series Emerging Markets Fund | |
| December, 2020 | 58% |
| Fidelity Series Emerging Markets Opportunities Fund | |
| December, 2020 | 66% |
| Fidelity Series International Growth Fund | |
| December, 2020 | 74% |
| Fidelity Series International Small Cap Fund | |
| December, 2020 | 99% |
| Fidelity Series International Value Fund | |
| December, 2020 | 85% |
|
The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Emerging Markets Fund
Fidelity Series Emerging Markets Opportunities Fund
Fidelity Series International Growth Fund
Fidelity Series International Small Cap Fund
Fidelity Series International Value Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and the fact that no fee is payable under the management contracts was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew each fund's Advisory Contracts, as the funds are not publicly offered as a stand-alone investment product. In this regard, the Board noted that each fund is designed to offer an investment option for other investment companies and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans. The Fidelity Series Emerging Markets Fund had a portfolio management change February 2020, Fidelity Series Emerging Markets Opportunities Fund had portfolio management changes in June 2020 and October 2020, and Fidelity Series International Small Cap Fund had a portfolio management change in June 2020. The Board will continue to monitor closely each fund's performance, taking into account the portfolio management changes.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that each fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in each fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of each fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that each fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 29, 2024.
Based on its review, the Board considered that each fund does not pay a management fee and concluded that the total expense ratio of each fund was reasonable in light of the services that each fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of the Advisory Contracts because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions.
Economies of Scale. The Board concluded that because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew each fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
GSV-S-ANN-1221
1.907943.111
Fidelity® Global Commodity Stock Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 44.56% | 9.33% | 1.65% |
| Class M (incl. 3.50% sales charge) | 47.62% | 9.52% | 1.60% |
| Class C (incl. contingent deferred sales charge) | 51.30% | 9.83% | 1.65% |
| Fidelity® Global Commodity Stock Fund | 53.95% | 10.90% | 2.50% |
| Class I | 53.97% | 11.03% | 2.58% |
| Class Z | 54.07% | 11.11% | 2.62% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Global Commodity Stock Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
| Period Ending Values |
| $12,807 | Fidelity® Global Commodity Stock Fund |
| $30,364 | MSCI ACWI (All Country World Index) Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) Index gained 37.70% for the 12 months ending October 31, 2021, with global equities rising amid improved global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. The period began with a shift in momentum. In November 2020, global stocks shrugged off a two-month retreat by gaining roughly 12%. As 2021 began, the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative and the index returned -4.10% for the month, due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. The index rebounded in October (+5.12%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, whereas emerging markets (+17%) lagged the most. Looking at sectors, energy (+87%) was the top performer by a wide margin, followed by financials (+60%). In contrast, notable “laggards” included the utilities (+14%) and consumer staples (+18%) sectors.
Comments from Portfolio Manager Jody Simes: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 52% to 54%, underperforming the 56.46% gain of the MSCI AC World Commodity Producers Sector Capped Index (Net), but outperforming the broad-based MSCI All Country World Index (Net MA). From a regional standpoint, an overweighting in Canada and stock picks in the U.S. detracted from the fund's relative result. By industry, security selection was the primary detractor versus the benchmark, especially in the diversified metals & mining group. Stock selection and an underweighting in integrated oil & gas and stock selection in copper also hurt. Not owning Glencore, a benchmark component that gained roughly 158%, was the fund's largest individual relative detractor. Our second-largest relative detractor this period was Gazprom, a benchmark component we avoided that gained approximately 164%. Avoiding EOG Resources, a benchmark component that gained about 180%, also hurt relative performance. Conversely, an overweighting in the U.S. and stock picks in Canada contributed most to the fund's relative result. By industry, the primary contributor to performance versus the benchmark was an overweighting in copper. Stock selection in agricultural products and an underweighting in paper products also helped. The biggest individual relative contributor was an overweight position in First Quantum Minerals (+106%). First Quantum Minerals was among the fund's biggest holdings. Another key contributor was our out-of-benchmark position in Magnolia Oil & Gas (+379%). The fund's non-benchmark stake in Range Resources, a position we established this period, gained roughly 121%. Notable changes in positioning include decreased exposure to Australia and a higher allocation to United States. By industry, meaningful changes in positioning include increased exposure to oil & gas exploration & production and to integrated oil & gas.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Exxon Mobil Corp. | 6.6 |
| Nutrien Ltd. | 6.1 |
| Chevron Corp. | 5.1 |
| Total SA | 4.8 |
| Archer Daniels Midland Co. | 4.3 |
| Royal Dutch Shell PLC Class B (United Kingdom) | 3.9 |
| Rio Tinto PLC | 3.9 |
| Corteva, Inc. | 3.4 |
| First Quantum Minerals Ltd. | 3.1 |
| The Mosaic Co. | 3.0 |
| | 44.2 |
Top Sectors (% of fund's net assets)
| As of October 31, 2021 |
| | Metals | 29.6% |
| | Agriculture | 31.6% |
| | Energy | 37.1% |
| | Short-Term Investments and Net Other Assets | 1.7% |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 97.4% | | | |
| | | Shares | Value |
| Chemicals - 18.4% | | | |
| Fertilizers & Agricultural Chemicals - 17.7% | | | |
| CF Industries Holdings, Inc. | | 353,760 | $20,093,568 |
| Corteva, Inc. | | 593,500 | 25,609,525 |
| FMC Corp. | | 82,200 | 7,481,022 |
| Icl Group Ltd. | | 429,200 | 3,668,956 |
| Nutrien Ltd. | | 660,183 | 46,142,396 |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | | 143,400 | 7,871,226 |
| The Mosaic Co. | | 555,061 | 23,073,886 |
| | | | 133,940,579 |
| Specialty Chemicals - 0.7% | | | |
| Albemarle Corp. U.S. | | 21,200 | 5,309,964 |
|
| TOTAL CHEMICALS | | | 139,250,543 |
|
| Food Products - 6.8% | | | |
| Agricultural Products - 6.8% | | | |
| Archer Daniels Midland Co. | | 507,900 | 32,627,496 |
| Bunge Ltd. | | 117,200 | 10,857,408 |
| Darling Ingredients, Inc. (a) | | 66,900 | 5,654,388 |
| Wilmar International Ltd. | | 890,800 | 2,853,731 |
| | | | 51,993,023 |
| Metals & Mining - 29.6% | | | |
| Aluminum - 1.3% | | | |
| Alcoa Corp. | | 182,500 | 8,385,875 |
| Kaiser Aluminum Corp. | | 14,300 | 1,389,102 |
| | | | 9,774,977 |
| Copper - 6.5% | | | |
| ERO Copper Corp. (a) | | 309,800 | 5,779,963 |
| First Quantum Minerals Ltd. | | 991,124 | 23,464,717 |
| Freeport-McMoRan, Inc. | | 347,500 | 13,107,700 |
| Lundin Mining Corp. | | 827,700 | 7,202,916 |
| | | | 49,555,296 |
| Diversified Metals & Mining - 8.9% | | | |
| Anglo American PLC (United Kingdom) | | 355,246 | 13,514,625 |
| Grupo Mexico SA de CV Series B | | 500,620 | 2,196,231 |
| IGO Ltd. | | 669,912 | 4,857,994 |
| Ivanhoe Mines Ltd. (a) | | 852,700 | 6,690,140 |
| MMC Norilsk Nickel PJSC | | 14,940 | 4,662,540 |
| Nickel Mines Ltd. | | 4,679,497 | 3,678,558 |
| Rio Tinto PLC | | 472,711 | 29,474,220 |
| Teck Resources Ltd. Class B (sub. vtg.) | | 89,300 | 2,492,261 |
| | | | 67,566,569 |
| Gold - 5.3% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 53,800 | 2,855,625 |
| Barrick Gold Corp. (Canada) | | 451,447 | 8,284,067 |
| Franco-Nevada Corp. | | 59,171 | 8,442,960 |
| Kirkland Lake Gold Ltd. | | 36,800 | 1,551,273 |
| Newcrest Mining Ltd. | | 138,604 | 2,595,152 |
| Newmont Corp. | | 222,400 | 12,009,600 |
| Wheaton Precious Metals Corp. | | 103,300 | 4,170,061 |
| | | | 39,908,738 |
| Precious Metals & Minerals - 0.3% | | | |
| Impala Platinum Holdings Ltd. | | 178,300 | 2,307,621 |
| Steel - 7.3% | | | |
| ArcelorMittal SA (Netherlands) | | 242,400 | 8,217,287 |
| Cleveland-Cliffs, Inc. (a) | | 79,200 | 1,909,512 |
| Commercial Metals Co. | | 201,000 | 6,468,180 |
| Fortescue Metals Group Ltd. | | 432,671 | 4,533,891 |
| Nucor Corp. | | 50,492 | 5,637,432 |
| POSCO | | 13,524 | 3,412,536 |
| Steel Dynamics, Inc. | | 169,400 | 11,193,952 |
| Vale SA | | 1,101,400 | 13,974,849 |
| | | | 55,347,639 |
|
| TOTAL METALS & MINING | | | 224,460,840 |
|
| Oil, Gas & Consumable Fuels - 37.1% | | | |
| Integrated Oil & Gas - 27.2% | | | |
| BP PLC | | 3,495,036 | 16,744,374 |
| Chevron Corp. | | 340,200 | 38,949,498 |
| Equinor ASA | | 142,000 | 3,592,905 |
| Exxon Mobil Corp. | | 773,700 | 49,880,439 |
| Lukoil PJSC sponsored ADR | | 99,000 | 10,098,000 |
| Occidental Petroleum Corp. | | 355,500 | 11,919,915 |
| Petroleo Brasileiro SA - Petrobras (ON) | | 1,825,900 | 8,951,886 |
| Royal Dutch Shell PLC Class B (United Kingdom) | | 1,296,311 | 29,748,675 |
| Total SA | | 722,114 | 36,159,834 |
| | | | 206,045,526 |
| Oil & Gas Exploration & Production - 9.9% | | | |
| ConocoPhillips Co. | | 298,400 | 22,227,816 |
| Coterra Energy, Inc. | | 336,300 | 7,169,916 |
| Diamondback Energy, Inc. | | 28,600 | 3,065,634 |
| EQT Corp. (a) | | 123,500 | 2,458,885 |
| Hess Corp. | | 83,400 | 6,886,338 |
| Magnolia Oil & Gas Corp. Class A | | 274,000 | 5,721,120 |
| Pioneer Natural Resources Co. | | 73,810 | 13,800,994 |
| Range Resources Corp. (a) | | 593,000 | 13,828,760 |
| | | | 75,159,463 |
|
| TOTAL OIL, GAS & CONSUMABLE FUELS | | | 281,204,989 |
|
| Paper & Forest Products - 5.5% | | | |
| Forest Products - 1.9% | | | |
| Louisiana-Pacific Corp. | | 49,300 | 2,905,249 |
| Svenska Cellulosa AB SCA (B Shares) | | 240,400 | 3,748,202 |
| West Fraser Timber Co. Ltd. | | 100,000 | 8,006,626 |
| | | | 14,660,077 |
| Paper Products - 3.6% | | | |
| Mondi PLC | | 300,139 | 7,496,283 |
| Nine Dragons Paper (Holdings) Ltd. | | 1,545,000 | 1,942,047 |
| Suzano Papel e Celulose SA (a) | | 498,045 | 4,344,370 |
| UPM-Kymmene Corp. | | 380,600 | 13,427,994 |
| | | | 27,210,694 |
|
| TOTAL PAPER & FOREST PRODUCTS | | | 41,870,771 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $583,543,760) | | | 738,780,166 |
|
| Nonconvertible Preferred Stocks - 0.9% | | | |
| Chemicals - 0.9% | | | |
| Fertilizers & Agricultural Chemicals - 0.9% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) (a) | | | |
| (Cost $6,332,160) | | 120,870 | 6,564,274 |
|
| Money Market Funds - 1.6% | | | |
| Fidelity Cash Central Fund 0.06% (b) | | | |
| (Cost $12,474,618) | | 12,472,124 | 12,474,618 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $602,350,538) | | | 757,819,058 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 384,265 |
| NET ASSETS - 100% | | | $758,203,323 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $708,106 | $398,326,871 | $386,557,762 | $6,372 | $(2,597) | $-- | $12,474,618 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 209,788,347 | 209,788,347 | 29,086 | -- | -- | -- | 0.0% |
| Total | $708,106 | $608,115,218 | $596,346,109 | $35,458 | $(2,597) | $-- | $12,474,618 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $738,780,166 | $607,418,281 | $131,361,885 | $-- |
| Nonconvertible Preferred Stocks | 6,564,274 | 6,564,274 | -- | -- |
| Money Market Funds | 12,474,618 | 12,474,618 | -- | -- |
| Total Investments in Securities: | $757,819,058 | $626,457,173 | $131,361,885 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 49.1% |
| Canada | 16.5% |
| United Kingdom | 12.8% |
| France | 4.8% |
| Brazil | 3.6% |
| Australia | 2.0% |
| Russia | 1.9% |
| Chile | 1.9% |
| Finland | 1.8% |
| Bermuda | 1.6% |
| Luxembourg | 1.1% |
| Others (Individually Less Than 1%) | 2.9% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $589,875,920) | $745,344,440 | |
| Fidelity Central Funds (cost $12,474,618) | 12,474,618 | |
| Total Investment in Securities (cost $602,350,538) | | $757,819,058 |
| Cash | | 7,270 |
| Foreign currency held at value (cost $434) | | 433 |
| Receivable for fund shares sold | | 919,235 |
| Dividends receivable | | 361,416 |
| Distributions receivable from Fidelity Central Funds | | 731 |
| Prepaid expenses | | 1,046 |
| Other receivables | | 16,870 |
| Total assets | | 759,126,059 |
| Liabilities | | |
| Payable for fund shares redeemed | $273,934 | |
| Accrued management fee | 422,695 | |
| Transfer agent fee payable | 105,798 | |
| Distribution and service plan fees payable | 22,139 | |
| Other affiliated payables | 30,307 | |
| Other payables and accrued expenses | 67,863 | |
| Total liabilities | | 922,736 |
| Net Assets | | $758,203,323 |
| Net Assets consist of: | | |
| Paid in capital | | $777,619,243 |
| Total accumulated earnings (loss) | | (19,415,920) |
| Net Assets | | $758,203,323 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($45,342,964 ÷ 2,772,583 shares)(a) | | $16.35 |
| Maximum offering price per share (100/94.25 of $16.35) | | $17.35 |
| Class M: | | |
| Net Asset Value and redemption price per share ($8,888,267 ÷ 544,618 shares)(a) | | $16.32 |
| Maximum offering price per share (100/96.50 of $16.32) | | $16.91 |
| Class C: | | |
| Net Asset Value and offering price per share ($11,020,059 ÷ 681,407 shares)(a) | | $16.17 |
| Global Commodity Stock: | | |
| Net Asset Value, offering price and redemption price per share ($546,863,370 ÷ 33,372,037 shares) | | $16.39 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($85,252,010 ÷ 5,202,828 shares) | | $16.39 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($60,836,653 ÷ 3,714,739 shares) | | $16.38 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $30,231,042 |
| Income from Fidelity Central Funds (including $29,086 from security lending) | | 35,458 |
| Income before foreign taxes withheld | | 30,266,500 |
| Less foreign taxes withheld | | (1,175,941) |
| Total income | | 29,090,559 |
| Expenses | | |
| Management fee | $4,446,329 | |
| Transfer agent fees | 1,154,001 | |
| Distribution and service plan fees | 232,455 | |
| Accounting fees | 323,087 | |
| Custodian fees and expenses | 50,892 | |
| Independent trustees' fees and expenses | 2,265 | |
| Registration fees | 139,045 | |
| Audit | 51,692 | |
| Legal | 2,849 | |
| Interest | 106 | |
| Miscellaneous | 2,155 | |
| Total expenses before reductions | 6,404,876 | |
| Expense reductions | (11,015) | |
| Total expenses after reductions | | 6,393,861 |
| Net investment income (loss) | | 22,696,698 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 1,078,027 | |
| Fidelity Central Funds | (2,597) | |
| Foreign currency transactions | 47,203 | |
| Total net realized gain (loss) | | 1,122,633 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 181,251,897 | |
| Assets and liabilities in foreign currencies | (892) | |
| Total change in net unrealized appreciation (depreciation) | | 181,251,005 |
| Net gain (loss) | | 182,373,638 |
| Net increase (decrease) in net assets resulting from operations | | $205,070,336 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $22,696,698 | $9,481,273 |
| Net realized gain (loss) | 1,122,633 | (119,661,724) |
| Change in net unrealized appreciation (depreciation) | 181,251,005 | 33,949,908 |
| Net increase (decrease) in net assets resulting from operations | 205,070,336 | (76,230,543) |
| Distributions to shareholders | (6,996,946) | (14,697,608) |
| Share transactions - net increase (decrease) | 301,019,880 | (156,584,019) |
| Total increase (decrease) in net assets | 499,093,270 | (247,512,170) |
| Net Assets | | |
| Beginning of period | 259,110,053 | 506,622,223 |
| End of period | $758,203,323 | $259,110,053 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Global Commodity Stock Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.80 | $12.14 | $12.42 | $12.56 | $10.73 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .48 | .28 | .35 | .21 | .12 |
| Net realized and unrealized gain (loss) | 5.24 | (1.26) | (.41) | (.22) | 1.86 |
| Total from investment operations | 5.72 | (.98) | (.06) | (.01) | 1.98 |
| Distributions from net investment income | (.17) | (.36) | (.20) | (.09) | (.08) |
| Distributions from net realized gain | – | – | (.02) | (.05) | (.07) |
| Total distributions | (.17) | (.36) | (.22) | (.13)B | (.15) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $16.35 | $10.80 | $12.14 | $12.42 | $12.56 |
| Total ReturnD,E | 53.37% | (8.39)% | (.44)% | (.05)% | 18.53% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.23% | 1.31% | 1.29% | 1.28% | 1.33% |
| Expenses net of fee waivers, if any | 1.22% | 1.31% | 1.28% | 1.28% | 1.33% |
| Expenses net of all reductions | 1.22% | 1.29% | 1.28% | 1.27% | 1.32% |
| Net investment income (loss) | 3.18% | 2.53% | 2.86% | 1.55% | 1.07% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $45,343 | $20,453 | $25,779 | $27,258 | $29,920 |
| Portfolio turnover rateH | 37% | 40% | 55% | 70% | 81% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Global Commodity Stock Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.78 | $12.12 | $12.39 | $12.53 | $10.72 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .44 | .25 | .31 | .16 | .09 |
| Net realized and unrealized gain (loss) | 5.24 | (1.27) | (.40) | (.20) | 1.84 |
| Total from investment operations | 5.68 | (1.02) | (.09) | (.04) | 1.93 |
| Distributions from net investment income | (.14) | (.32) | (.16) | (.06) | (.05) |
| Distributions from net realized gain | – | – | (.02) | (.05) | (.07) |
| Total distributions | (.14) | (.32) | (.18) | (.10)B | (.12) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $16.32 | $10.78 | $12.12 | $12.39 | $12.53 |
| Total ReturnD,E | 52.97% | (8.72)% | (.70)% | (.30)% | 18.09% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.52% | 1.59% | 1.59% | 1.59% | 1.62% |
| Expenses net of fee waivers, if any | 1.52% | 1.59% | 1.59% | 1.59% | 1.62% |
| Expenses net of all reductions | 1.52% | 1.58% | 1.59% | 1.58% | 1.61% |
| Net investment income (loss) | 2.88% | 2.24% | 2.55% | 1.24% | .78% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $8,888 | $4,378 | $5,416 | $7,200 | $6,876 |
| Portfolio turnover rateH | 37% | 40% | 55% | 70% | 81% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Global Commodity Stock Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.68 | $11.99 | $12.26 | $12.39 | $10.61 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .37 | .20 | .26 | .11 | .04 |
| Net realized and unrealized gain (loss) | 5.20 | (1.26) | (.41) | (.19) | 1.82 |
| Total from investment operations | 5.57 | (1.06) | (.15) | (.08) | 1.86 |
| Distributions from net investment income | (.08) | (.25) | (.11) | – | (.01) |
| Distributions from net realized gain | – | – | (.02) | (.05) | (.07) |
| Total distributions | (.08) | (.25) | (.12)B | (.05) | (.08) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $16.17 | $10.68 | $11.99 | $12.26 | $12.39 |
| Total ReturnD,E | 52.30% | (9.11)% | (1.16)% | (.67)% | 17.59% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.97% | 2.05% | 2.02% | 2.00% | 2.07% |
| Expenses net of fee waivers, if any | 1.96% | 2.04% | 2.02% | 1.99% | 2.07% |
| Expenses net of all reductions | 1.96% | 2.03% | 2.01% | 1.98% | 2.06% |
| Net investment income (loss) | 2.44% | 1.79% | 2.13% | .84% | .33% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $11,020 | $7,871 | $11,294 | $20,793 | $14,289 |
| Portfolio turnover rateH | 37% | 40% | 55% | 70% | 81% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Global Commodity Stock Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.82 | $12.15 | $12.44 | $12.59 | $10.77 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .53 | .31 | .37 | .23 | .15 |
| Net realized and unrealized gain (loss) | 5.26 | (1.26) | (.41) | (.20) | 1.84 |
| Total from investment operations | 5.79 | (.95) | (.04) | .03 | 1.99 |
| Distributions from net investment income | (.22) | (.38) | (.23) | (.13) | (.11) |
| Distributions from net realized gain | – | – | (.02) | (.05) | (.07) |
| Total distributions | (.22) | (.38) | (.25) | (.18) | (.17)B |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $16.39 | $10.82 | $12.15 | $12.44 | $12.59 |
| Total ReturnD | 53.95% | (8.16)% | (.23)% | .23% | 18.65% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .94% | 1.02% | 1.06% | 1.08% | 1.10% |
| Expenses net of fee waivers, if any | .94% | 1.02% | 1.06% | 1.08% | 1.10% |
| Expenses net of all reductions | .94% | 1.00% | 1.06% | 1.06% | 1.09% |
| Net investment income (loss) | 3.46% | 2.82% | 3.08% | 1.75% | 1.30% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $546,863 | $176,718 | $257,011 | $369,563 | $264,557 |
| Portfolio turnover rateG | 37% | 40% | 55% | 70% | 81% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Global Commodity Stock Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.81 | $12.16 | $12.45 | $12.60 | $10.76 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .53 | .32 | .39 | .25 | .17 |
| Net realized and unrealized gain (loss) | 5.25 | (1.26) | (.41) | (.21) | 1.86 |
| Total from investment operations | 5.78 | (.94) | (.02) | .04 | 2.03 |
| Distributions from net investment income | (.20) | (.41) | (.25) | (.14) | (.12) |
| Distributions from net realized gain | – | – | (.02) | (.05) | (.07) |
| Total distributions | (.20) | (.41) | (.27) | (.19) | (.19) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $16.39 | $10.81 | $12.16 | $12.45 | $12.60 |
| Total ReturnC | 53.97% | (8.11)% | (.06)% | .30% | 18.99% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .93% | .95% | .92% | .93% | .96% |
| Expenses net of fee waivers, if any | .93% | .95% | .92% | .93% | .95% |
| Expenses net of all reductions | .93% | .93% | .91% | .91% | .94% |
| Net investment income (loss) | 3.48% | 2.88% | 3.23% | 1.90% | 1.45% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $85,252 | $33,185 | $102,633 | $117,981 | $113,655 |
| Portfolio turnover rateF | 37% | 40% | 55% | 70% | 81% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Global Commodity Stock Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.81 | $12.16 | $12.46 | $13.84 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .56 | .34 | .39 | (.01) |
| Net realized and unrealized gain (loss) | 5.23 | (1.26) | (.40) | (1.37) |
| Total from investment operations | 5.79 | (.92) | (.01) | (1.38) |
| Distributions from net investment income | (.22) | (.43) | (.27) | – |
| Distributions from net realized gain | – | – | (.02) | – |
| Total distributions | (.22) | (.43) | (.29) | – |
| Net asset value, end of period | $16.38 | $10.81 | $12.16 | $12.46 |
| Total ReturnC,D | 54.07% | (7.99)% | .03% | (9.97)% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .80% | .85% | .83% | .89%G |
| Expenses net of fee waivers, if any | .80% | .84% | .83% | .89%G |
| Expenses net of all reductions | .80% | .83% | .82% | .87%G |
| Net investment income (loss) | 3.60% | 2.99% | 3.32% | (.70)%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $60,837 | $16,505 | $104,489 | $5,118 |
| Portfolio turnover rateH | 37% | 40% | 55% | 70% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Commodity Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $166,719,443 |
| Gross unrealized depreciation | (21,176,519) |
| Net unrealized appreciation (depreciation) | $145,542,924 |
| Tax Cost | $612,276,134 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $21,539,352 |
| Capital loss carryforward | $(186,494,911) |
| Net unrealized appreciation (depreciation) on securities and other investments | $145,539,640 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(34,629,152) |
| Long-term | (151,865,759) |
| Total capital loss carryforward | $(186,494,911) |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $6,996,946 | $ 14,697,608 |
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 | 540,390,059 | 234,748,184 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $93,348 | $7,126 |
| Class M | .25% | .25% | 35,436 | – |
| Class C | .75% | .25% | 103,671 | 18,679 |
| | | | $232,455 | $25,805 |
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 | $21,107 |
| Class M | 2,169 |
| Class C(a) | 847 |
| | $24,123 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $81,498 | .22 |
| Class M | 18,898 | .27 |
| Class C | 21,537 | .21 |
| Global Commodity Stock | 891,334 | .19 |
| Class I | 118,240 | .17 |
| Class Z | 22,494 | .04 |
| | $1,154,001 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Global Commodity Stock Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Global Commodity Stock Fund | $6,477 |
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 | $12,090,000 | .32% | $106 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Global Commodity Stock Fund | 16,592,136 | 1,814,746 | (81,762) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Global Commodity Stock Fund | $1,084 |
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 | $2,334 | $– | $– |
8. Expense Reductions.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,015.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Global Commodity Stock Fund | | |
| Distributions to shareholders | | |
| Class A | $330,900 | $759,471 |
| Class M | 55,155 | 144,021 |
| Class C | 54,858 | 230,198 |
| Global Commodity Stock | 5,592,593 | 7,319,626 |
| Class I | 607,688 | 3,291,216 |
| Class Z | 355,752 | 2,953,076 |
| Total | $6,996,946 | $14,697,608 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Global Commodity Stock Fund | | | | |
| Class A | | | | |
| Shares sold | 1,497,596 | 425,473 | $23,243,182 | $4,506,487 |
| Reinvestment of distributions | 24,735 | 61,881 | 326,260 | 754,330 |
| Shares redeemed | (643,914) | (715,875) | (9,896,306) | (7,654,932) |
| Net increase (decrease) | 878,417 | (228,521) | $13,673,136 | $(2,394,115) |
| Class M | | | | |
| Shares sold | 185,666 | 68,941 | $2,932,586 | $766,910 |
| Reinvestment of distributions | 4,164 | 11,772 | 54,963 | 143,620 |
| Shares redeemed | (51,392) | (121,509) | (761,387) | (1,308,904) |
| Net increase (decrease) | 138,438 | (40,796) | $2,226,162 | $(398,374) |
| Class C | | | | |
| Shares sold | 325,501 | 125,458 | $5,031,255 | $1,381,253 |
| Reinvestment of distributions | 4,142 | 18,529 | 54,381 | 224,941 |
| Shares redeemed | (385,192) | (348,931) | (5,709,900) | (3,612,195) |
| Net increase (decrease) | (55,549) | (204,944) | $(624,264) | $(2,006,001) |
| Global Commodity Stock | | | | |
| Shares sold | 26,509,390 | 3,621,215 | $367,175,381 | $39,299,615 |
| Reinvestment of distributions | 364,169 | 508,051 | 4,799,750 | 6,193,144 |
| Shares redeemed | (9,830,285) | (8,945,051) | (150,535,532) | (94,341,181) |
| Net increase (decrease) | 17,043,274 | (4,815,785) | $221,439,599 | $(48,848,422) |
| Class I | | | | |
| Shares sold | 4,496,884 | 3,932,111 | $70,249,986 | $43,193,618 |
| Reinvestment of distributions | 45,805 | 150,783 | 603,715 | 1,835,030 |
| Shares redeemed | (2,409,382) | (9,450,971) | (37,277,273) | (88,002,900) |
| Net increase (decrease) | 2,133,307 | (5,368,077) | $33,576,428 | $(42,974,252) |
| Class Z | | | | |
| Shares sold | 4,377,495 | 2,534,152 | $65,145,411 | $27,902,181 |
| Reinvestment of distributions | 23,487 | 233,079 | 309,090 | 2,831,913 |
| Shares redeemed | (2,213,665) | (9,832,640) | (34,725,682) | (90,696,949) |
| Net increase (decrease) | 2,187,317 | (7,065,409) | $30,728,819 | $(59,962,855) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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 50% Portfolio | VIP FundsManager 60% Portfolio |
| Fidelity Global Commodity Stock Fund | 12% | 17% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity Global Commodity Stock Fund | 38% |
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Global Commodity Stock Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Global Commodity Stock Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Global Commodity Stock Fund | | | | |
| Class A | 1.21% | | | |
| Actual | | $1,000.00 | $1,033.50 | $6.20 |
| Hypothetical-C | | $1,000.00 | $1,019.11 | $6.16 |
| Class M | 1.51% | | | |
| Actual | | $1,000.00 | $1,032.30 | $7.73 |
| Hypothetical-C | | $1,000.00 | $1,017.59 | $7.68 |
| Class C | 1.95% | | | |
| Actual | | $1,000.00 | $1,029.90 | $9.98 |
| Hypothetical-C | | $1,000.00 | $1,015.38 | $9.91 |
| Global Commodity Stock | .93% | | | |
| Actual | | $1,000.00 | $1,035.40 | $4.77 |
| Hypothetical-C | | $1,000.00 | $1,020.52 | $4.74 |
| Class I | .92% | | | |
| Actual | | $1,000.00 | $1,036.00 | $4.72 |
| Hypothetical-C | | $1,000.00 | $1,020.57 | $4.69 |
| Class Z | .79% | | | |
| Actual | | $1,000.00 | $1,036.70 | $4.06 |
| Hypothetical-C | | $1,000.00 | $1,021.22 | $4.02 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
Class A designates 65%; Class M designates 80%; Class C designates 100%; Global Commodity Stock designates 53%; Class I designates 56% and Class Z designates 52% of the dividends distributed in December during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A, Class M, Class C, Global Commodity Stock, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Global Commodity Stock Fund | | | |
| Class A | 12/7/20 | $0.1892 | $0.0162 |
| Class M | 12/7/20 | $0.1542 | $0.0162 |
| Class C | 12/7/20 | $0.0942 | $0.0162 |
| Global Commodity Stock | 12/7/20 | $0.2312 | $0.0162 |
| Class I | 12/7/20 | $0.2202 | $0.0162 |
| Class Z | 12/7/20 | $0.2372 | $0.0162 |
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Commodity Stock Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in September 2018 and March 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.
Fidelity Global Commodity Stock Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity Global Commodity Stock Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class ranked above the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of the retail class was above the SLTG competitive median due to the fund's investment mandate not being typical of the majority of funds in its peer group. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
GCS-ANN-1221
1.879380.112
Fidelity® Total International Equity Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 25.39% | 11.04% | 8.18% |
| Class M (incl. 3.50% sales charge) | 27.99% | 11.28% | 8.16% |
| Class C (incl. contingent deferred sales charge) | 31.00% | 11.52% | 8.17% |
| Fidelity® Total International Equity Fund | 33.37% | 12.62% | 9.13% |
| Class I | 33.40% | 12.66% | 9.10% |
| Class Z | 33.54% | 12.82% | 9.18% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Total International Equity Fund, a class of the fund, on October 31, 2011.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $23,966 | Fidelity® Total International Equity Fund |
| $19,347 | MSCI ACWI (All Country World Index) ex USA Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Co-Managers Sam Polyak, Jed Weiss, and Alex Zavratsky: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 32% to 34%, outperforming the 29.85% result of the benchmark MSCI All Country World ex U.S. (Net MA) Index. From a geographic standpoint, an underweighting and security selection in emerging markets, specifically China, along with stock picks in Japan, contributed most to the portfolio's relative result. By sector, the leading contributors to performance versus the benchmark were an overweighting and investment choices in information technology, especially within the semiconductors & semiconductor equipment industry. Additionally, an underweighting, coupled with strong picks among consumer discretionary stocks – as well as security selection in materials – further bolstered the fund's relative return the past 12 months. The biggest individual relative contributor was an outsized stake in ASML Holding (+124%), one of the portfolio's largest holdings at the end of the period. Also adding value was our overweighting in Lasertec, which gained roughly 156%. Another notable relative contributor was our larger-than-benchmark holding in State Bank of India (+84%), a position we established this period. Conversely, stock picks in Canada and an underweighting in Europe ex U.K. – Denmark in particular – weighed on the fund's relative result. By sector, the primary detractor from performance versus the benchmark was our security selection in communication services. An underweighting in energy and subpar investment choices among utilities stocks also hampered relative performance. Lastly, the portfolio's position in cash was a notable detractor the past 12 months as well. The biggest individual relative detractor was an overweighting in Tencent Holdings (-19%), the fund's largest holding. Also hurting performance was our smaller-than-benchmark exposure to Baidu, which retuned -50% and was no longer held in the portfolio at period end. Another notable relative detractor was an outsized stake in China Life Insurance (-16%). Notable changes in the fund’s positioning the past year include increased exposure to France and a lower allocation to China, on a geographic basis, while by sector, meaningful shifts include a reduction in consumer staples and a higher allocation to financials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 13.5% |
| | United States of America* | 7.7% |
| | Canada | 7.1% |
| | France | 6.9% |
| | Cayman Islands | 6.4% |
| | United Kingdom | 6.1% |
| | Germany | 5.6% |
| | Switzerland | 5.0% |
| | India | 4.2% |
| | Other | 37.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 97.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 2.7 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.7 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.3 |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.9 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.6 |
| Canadian Pacific Railway Ltd. (Canada, Road & Rail) | 1.3 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 1.3 |
| JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 1.3 |
| The Toronto-Dominion Bank (Canada, Banks) | 1.2 |
| | 17.6 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 21.7 |
| Industrials | 16.9 |
| Information Technology | 15.7 |
| Consumer Discretionary | 10.3 |
| Materials | 9.2 |
| Health Care | 7.8 |
| Communication Services | 5.4 |
| Energy | 4.6 |
| Consumer Staples | 4.4 |
| Real Estate | 1.2 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 96.1% | | | |
| | | Shares | Value |
| Australia - 1.5% | | | |
| CSL Ltd. | | 2,965 | $670,219 |
| Evolution Mining Ltd. | | 23,207 | 63,371 |
| Imdex Ltd. | | 7,696 | 16,615 |
| Macquarie Group Ltd. | | 3,352 | 495,593 |
| National Australia Bank Ltd. | | 22,212 | 482,933 |
|
| TOTAL AUSTRALIA | | | 1,728,731 |
|
| Austria - 0.3% | | | |
| Erste Group Bank AG | | 8,965 | 384,487 |
| Bailiwick of Jersey - 1.2% | | | |
| Experian PLC | | 14,099 | 645,810 |
| Ferguson PLC | | 2,145 | 322,763 |
| Glencore Xstrata PLC | | 81,947 | 409,783 |
| Integrated Diagnostics Holdings PLC (a) | | 30,000 | 37,125 |
|
| TOTAL BAILIWICK OF JERSEY | | | 1,415,481 |
|
| Belgium - 1.2% | | | |
| Anheuser-Busch InBev SA NV | | 6,159 | 376,729 |
| Azelis Group NV | | 4,000 | 129,472 |
| KBC Ancora | | 876 | 45,630 |
| KBC Groep NV | | 6,835 | 636,526 |
| UCB SA | | 1,378 | 164,235 |
|
| TOTAL BELGIUM | | | 1,352,592 |
|
| Bermuda - 0.6% | | | |
| Credicorp Ltd. (United States) | | 3,951 | 512,287 |
| Shangri-La Asia Ltd. (b) | | 278,000 | 226,530 |
|
| TOTAL BERMUDA | | | 738,817 |
|
| Brazil - 0.4% | | | |
| Natura & Co. Holding SA (b) | | 74,120 | 510,874 |
| Canada - 7.1% | | | |
| Barrick Gold Corp. | | 44,690 | 820,955 |
| CAE, Inc. (b) | | 23,299 | 706,538 |
| Canadian Pacific Railway Ltd. | | 20,011 | 1,548,848 |
| Constellation Software, Inc. | | 522 | 917,376 |
| Franco-Nevada Corp. | | 6,034 | 860,976 |
| McCoy Global, Inc. (b) | | 7,000 | 4,525 |
| Nutrien Ltd. | | 9,506 | 664,406 |
| Richelieu Hardware Ltd. | | 11,014 | 388,818 |
| Summit Industrial Income REIT | | 27,900 | 532,931 |
| Suncor Energy, Inc. | | 19,294 | 507,450 |
| The Toronto-Dominion Bank | | 19,000 | 1,379,250 |
|
| TOTAL CANADA | | | 8,332,073 |
|
| Cayman Islands - 6.4% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (b) | | 6,752 | 1,113,675 |
| Chlitina Holding Ltd. | | 4,200 | 35,974 |
| JD.com, Inc. sponsored ADR (b) | | 18,941 | 1,482,701 |
| Li Ning Co. Ltd. | | 26,524 | 294,882 |
| Meituan Class B (a)(b) | | 26,317 | 895,532 |
| Tencent Holdings Ltd. | | 52,833 | 3,213,811 |
| XP, Inc. Class A (b) | | 14,370 | 471,480 |
|
| TOTAL CAYMAN ISLANDS | | | 7,508,055 |
|
| China - 3.2% | | | |
| China Life Insurance Co. Ltd. (H Shares) | | 321,559 | 558,635 |
| China Merchants Bank Co. Ltd. (H Shares) | | 83,577 | 704,129 |
| Haier Smart Home Co. Ltd. (A Shares) | | 200,500 | 851,360 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 1,772,828 | 971,797 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 11,200 | 657,567 |
|
| TOTAL CHINA | | | 3,743,488 |
|
| Denmark - 0.7% | | | |
| A.P. Moller - Maersk A/S Series B | | 47 | 136,204 |
| Netcompany Group A/S (a) | | 497 | 56,458 |
| ORSTED A/S (a) | | 1,031 | 145,478 |
| SimCorp A/S | | 497 | 60,042 |
| Spar Nord Bank A/S | | 2,126 | 27,389 |
| Vestas Wind Systems A/S | | 9,713 | 420,067 |
|
| TOTAL DENMARK | | | 845,638 |
|
| Finland - 0.6% | | | |
| Admicom OYJ | | 130 | 13,826 |
| Kone OYJ (B Shares) | | 3,973 | 270,791 |
| Musti Group OYJ | | 800 | 31,425 |
| Sampo Oyj (A Shares) | | 7,816 | 415,624 |
|
| TOTAL FINLAND | | | 731,666 |
|
| France - 6.9% | | | |
| Air Liquide SA | | 3,101 | 517,736 |
| ALTEN | | 484 | 77,883 |
| AXA SA | | 22,143 | 644,206 |
| BNP Paribas SA | | 12,399 | 829,955 |
| Capgemini SA | | 1,115 | 259,464 |
| Edenred SA | | 5,249 | 283,793 |
| Laurent-Perrier Group SA | | 259 | 28,863 |
| Lectra | | 1,200 | 50,217 |
| Legrand SA | | 4,112 | 448,579 |
| LISI | | 1,100 | 30,582 |
| LVMH Moet Hennessy Louis Vuitton SE | | 1,704 | 1,336,143 |
| Safran SA | | 3,315 | 446,165 |
| Sanofi SA | | 9,222 | 926,296 |
| Teleperformance | | 808 | 337,285 |
| Total SA | | 22,073 | 1,105,305 |
| Vetoquinol SA | | 550 | 93,844 |
| VINCI SA | | 3,804 | 406,190 |
| Vivendi SA (c) | | 13,272 | 170,838 |
| Worldline SA (a)(b) | | 1,638 | 95,396 |
|
| TOTAL FRANCE | | | 8,088,740 |
|
| Germany - 5.0% | | | |
| Bayer AG | | 4,929 | 277,787 |
| CompuGroup Medical AG | | 323 | 26,996 |
| CTS Eventim AG (b) | | 2,047 | 148,748 |
| Deutsche Borse AG | | 1,539 | 255,476 |
| Deutsche Post AG | | 7,615 | 471,133 |
| Hannover Reuck SE | | 2,041 | 372,785 |
| HeidelbergCement AG | | 2,728 | 205,432 |
| Linde PLC | | 3,999 | 1,287,462 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 899 | 266,254 |
| Nexus AG | | 1,420 | 123,771 |
| Rheinmetall AG | | 2,041 | 197,812 |
| RWE AG | | 7,382 | 283,913 |
| SAP SE | | 3,735 | 540,870 |
| Scout24 AG (a) | | 410 | 28,532 |
| Siemens AG | | 5,459 | 887,535 |
| Vonovia SE | | 9,042 | 548,341 |
|
| TOTAL GERMANY | | | 5,922,847 |
|
| Greece - 0.6% | | | |
| National Bank of Greece SA (b) | | 205,609 | 646,500 |
| Hong Kong - 1.9% | | | |
| AIA Group Ltd. | | 96,816 | 1,085,018 |
| China Resources Beer Holdings Co. Ltd. | | 86,581 | 717,753 |
| Hong Kong Exchanges and Clearing Ltd. | | 7,400 | 447,776 |
|
| TOTAL HONG KONG | | | 2,250,547 |
|
| Hungary - 0.7% | | | |
| Richter Gedeon PLC | | 29,348 | 822,147 |
| India - 4.2% | | | |
| Eicher Motors Ltd. | | 9,335 | 309,460 |
| Embassy Office Parks (REIT) | | 8,500 | 39,650 |
| Graphite India Ltd. | | 15,600 | 111,638 |
| Housing Development Finance Corp. Ltd. | | 24,791 | 940,871 |
| Indian Energy Exchange Ltd. (a) | | 4,973 | 46,993 |
| Kotak Mahindra Bank Ltd. (b) | | 6,299 | 170,692 |
| Larsen & Toubro Ltd. | | 37,143 | 875,441 |
| Reliance Industries Ltd. | | 1,800 | 60,907 |
| Reliance Industries Ltd. sponsored GDR (a) | | 6,178 | 420,104 |
| Shree Cement Ltd. | | 1,193 | 455,765 |
| Solar Industries India Ltd. | | 13,928 | 462,139 |
| State Bank of India | | 98,478 | 659,739 |
| Voltas Ltd. | | 25,253 | 405,824 |
|
| TOTAL INDIA | | | 4,959,223 |
|
| Indonesia - 0.9% | | | |
| PT Bank Mandiri (Persero) Tbk | | 1,192,106 | 602,696 |
| PT Bank Rakyat Indonesia Tbk | | 430,418 | 129,205 |
| PT United Tractors Tbk | | 218,697 | 363,530 |
|
| TOTAL INDONESIA | | | 1,095,431 |
|
| Ireland - 1.0% | | | |
| Cairn Homes PLC | | 14,500 | 18,812 |
| CRH PLC | | 9,235 | 441,930 |
| CRH PLC sponsored ADR | | 10,054 | 481,989 |
| Irish Residential Properties REIT PLC | | 10,000 | 18,843 |
| Ryanair Holdings PLC sponsored ADR (b) | | 2,049 | 232,582 |
|
| TOTAL IRELAND | | | 1,194,156 |
|
| Israel - 0.1% | | | |
| Ituran Location & Control Ltd. | | 1,661 | 43,203 |
| Maytronics Ltd. | | 1,500 | 35,391 |
| Strauss Group Ltd. | | 955 | 28,046 |
| Tel Aviv Stock Exchange Ltd. | | 8,200 | 44,831 |
|
| TOTAL ISRAEL | | | 151,471 |
|
| Italy - 1.6% | | | |
| Assicurazioni Generali SpA | | 13,171 | 287,004 |
| Enel SpA | | 59,929 | 501,713 |
| Interpump Group SpA | | 6,743 | 496,925 |
| Mediobanca SpA | | 29,352 | 349,997 |
| Prada SpA | | 35,500 | 222,659 |
|
| TOTAL ITALY | | | 1,858,298 |
|
| Japan - 13.5% | | | |
| Ai Holdings Corp. | | 1,100 | 20,762 |
| Aoki Super Co. Ltd. | | 1,000 | 25,461 |
| Artnature, Inc. | | 2,000 | 12,991 |
| Aucnet, Inc. | | 1,000 | 20,712 |
| Azbil Corp. | | 14,700 | 626,702 |
| Broadleaf Co. Ltd. | | 10,200 | 48,962 |
| Central Automotive Products Ltd. | | 1,000 | 26,064 |
| Curves Holdings Co. Ltd. | | 7,400 | 57,654 |
| Daiichikosho Co. Ltd. | | 1,600 | 58,095 |
| Daikokutenbussan Co. Ltd. | | 300 | 17,090 |
| DENSO Corp. | | 5,718 | 414,527 |
| Digital Hearts Holdings Co. Ltd. | | 1,500 | 23,868 |
| FANUC Corp. | | 3,065 | 605,709 |
| Fujitec Co. Ltd. | | 800 | 18,172 |
| Fujitsu Ltd. | | 1,686 | 291,391 |
| Funai Soken Holdings, Inc. | | 1,150 | 31,949 |
| Goldcrest Co. Ltd. | | 2,460 | 35,247 |
| Hitachi Ltd. | | 8,889 | 512,225 |
| Hoya Corp. | | 8,503 | 1,251,714 |
| Ibiden Co. Ltd. | | 2,546 | 152,979 |
| Idemitsu Kosan Co. Ltd. | | 5,739 | 156,745 |
| Itochu Corp. | | 13,274 | 378,586 |
| JEOL Ltd. | | 1,100 | 83,367 |
| Keyence Corp. | | 1,884 | 1,137,210 |
| Kobayashi Pharmaceutical Co. Ltd. | | 600 | 48,040 |
| Koshidaka Holdings Co. Ltd. | | 6,200 | 37,991 |
| Kusuri No Aoki Holdings Co. Ltd. | | 400 | 26,626 |
| Lasertec Corp. | | 2,550 | 553,135 |
| Medikit Co. Ltd. | | 1,200 | 29,895 |
| Minebea Mitsumi, Inc. | | 13,554 | 343,147 |
| Miroku Jyoho Service Co., Ltd. | | 1,300 | 20,525 |
| Misumi Group, Inc. | | 16,400 | 685,910 |
| Mitsubishi Estate Co. Ltd. | | 7,059 | 107,276 |
| Mitsubishi UFJ Financial Group, Inc. | | 93,165 | 510,870 |
| Mitsuboshi Belting Ltd. | | 1,000 | 17,774 |
| Mitsui Fudosan Co. Ltd. | | 5,150 | 117,749 |
| Nabtesco Corp. | | 1,300 | 42,190 |
| Nagaileben Co. Ltd. | | 2,500 | 51,384 |
| Nihon Parkerizing Co. Ltd. | | 6,900 | 68,844 |
| NS Tool Co. Ltd. | | 2,400 | 32,163 |
| NSD Co. Ltd. | | 1,500 | 28,582 |
| OBIC Co. Ltd. | | 1,703 | 314,925 |
| ORIX Corp. | | 20,927 | 415,951 |
| OSG Corp. | | 8,680 | 144,409 |
| Paramount Bed Holdings Co. Ltd. | | 1,600 | 29,855 |
| Poletowin Pitcrew Holdings, Inc. | | 1,600 | 14,427 |
| ProNexus, Inc. | | 1,600 | 14,919 |
| Recruit Holdings Co. Ltd. | | 22,295 | 1,483,042 |
| Renesas Electronics Corp. (b) | | 15,100 | 185,752 |
| San-Ai Oil Co. Ltd. | | 2,900 | 37,795 |
| Shin-Etsu Chemical Co. Ltd. | | 3,183 | 567,634 |
| Shiseido Co. Ltd. | | 2,233 | 149,001 |
| SHO-BOND Holdings Co. Ltd. | | 7,580 | 317,522 |
| Shoei Co. Ltd. | | 2,400 | 106,791 |
| SK Kaken Co. Ltd. | | 120 | 39,899 |
| SoftBank Group Corp. | | 4,721 | 255,583 |
| Software Service, Inc. | | 300 | 18,926 |
| Sony Group Corp. | | 4,047 | 468,628 |
| Sumitomo Mitsui Financial Group, Inc. | | 12,246 | 397,379 |
| Suzuki Motor Corp. | | 6,006 | 267,849 |
| Techno Medica Co. Ltd. | | 500 | 6,934 |
| The Monogatari Corp. | | 420 | 26,164 |
| Tocalo Co. Ltd. | | 2,800 | 34,336 |
| Tokio Marine Holdings, Inc. | | 7,919 | 417,094 |
| Tokyo Electron Ltd. | | 307 | 143,072 |
| Toyota Motor Corp. | | 59,086 | 1,042,523 |
| USS Co. Ltd. | | 11,200 | 180,525 |
| Welcia Holdings Co. Ltd. | | 800 | 29,865 |
| YAKUODO Holdings Co. Ltd. | | 1,000 | 21,130 |
| Yamada Consulting Group Co. Ltd. | | 1,500 | 15,301 |
|
| TOTAL JAPAN | | | 15,877,514 |
|
| Kenya - 0.2% | | | |
| Safaricom Ltd. | | 505,214 | 194,278 |
| Korea (South) - 3.9% | | | |
| BGF Retail Co. Ltd. | | 140 | 19,349 |
| Hyundai Motor Co. | | 1,902 | 338,440 |
| POSCO | | 1,735 | 437,796 |
| Samsung Electronics Co. Ltd. | | 53,005 | 3,157,310 |
| Shinhan Financial Group Co. Ltd. | | 18,566 | 603,016 |
|
| TOTAL KOREA (SOUTH) | | | 4,555,911 |
|
| Luxembourg - 0.3% | | | |
| ArcelorMittal SA (Netherlands) | | 9,126 | 309,369 |
| Stabilus SA | | 300 | 22,542 |
|
| TOTAL LUXEMBOURG | | | 331,911 |
|
| Mexico - 0.8% | | | |
| CEMEX S.A.B. de CV sponsored ADR (b) | | 48,564 | 312,267 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 47,508 | 300,790 |
| Wal-Mart de Mexico SA de CV Series V | | 92,425 | 322,374 |
|
| TOTAL MEXICO | | | 935,431 |
|
| Netherlands - 4.1% | | | |
| Aalberts Industries NV | | 5,000 | 276,573 |
| AerCap Holdings NV (b) | | 2,683 | 158,404 |
| Airbus Group NV (b) | | 6,534 | 838,195 |
| ASML Holding NV (Netherlands) | | 2,766 | 2,248,482 |
| IMCD NV | | 1,052 | 233,554 |
| NN Group NV | | 7,348 | 393,455 |
| Universal Music Group NV | | 10,631 | 308,649 |
| Yandex NV Series A (b) | | 4,809 | 398,378 |
|
| TOTAL NETHERLANDS | | | 4,855,690 |
|
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. (b) | | 18,635 | 106,697 |
| Norway - 0.4% | | | |
| Adevinta ASA Class B (b) | | 8,846 | 145,603 |
| Kongsberg Gruppen ASA | | 2,109 | 69,152 |
| Medistim ASA | | 800 | 35,985 |
| Sbanken ASA (a) | | 986 | 11,555 |
| Schibsted ASA (B Shares) | | 4,925 | 222,351 |
| Volue A/S | | 4,000 | 27,983 |
|
| TOTAL NORWAY | | | 512,629 |
|
| Russia - 1.1% | | | |
| Lukoil PJSC sponsored ADR | | 8,088 | 824,976 |
| Sberbank of Russia sponsored ADR | | 21,781 | 436,056 |
|
| TOTAL RUSSIA | | | 1,261,032 |
|
| Singapore - 0.3% | | | |
| United Overseas Bank Ltd. | | 19,100 | 378,884 |
| South Africa - 0.5% | | | |
| Clicks Group Ltd. | | 9,283 | 169,458 |
| Impala Platinum Holdings Ltd. | | 26,801 | 346,868 |
| Thungela Resources Ltd. (b) | | 1,551 | 7,278 |
|
| TOTAL SOUTH AFRICA | | | 523,604 |
|
| Spain - 1.6% | | | |
| Amadeus IT Holding SA Class A (b) | | 9,347 | 624,969 |
| Banco Santander SA (Spain) | | 172,572 | 653,640 |
| Cellnex Telecom SA (a) | | 8,018 | 492,915 |
| Fluidra SA | | 1,276 | 48,751 |
| Unicaja Banco SA (a) | | 65,790 | 70,349 |
|
| TOTAL SPAIN | | | 1,890,624 |
|
| Sweden - 2.8% | | | |
| Addlife AB | | 4,956 | 202,672 |
| AddTech AB (B Shares) | | 11,800 | 263,810 |
| ASSA ABLOY AB (B Shares) | | 25,459 | 747,035 |
| Atlas Copco AB (A Shares) | | 12,442 | 799,429 |
| BHG Group AB (b) | | 1,272 | 14,641 |
| Epiroc AB (A Shares) | | 14,973 | 372,582 |
| Ericsson (B Shares) | | 10,016 | 109,329 |
| Hemnet Group AB (b) | | 1,600 | 32,017 |
| Investor AB (B Shares) | | 21,878 | 504,152 |
| INVISIO AB | | 1,450 | 26,204 |
| John Mattson Fastighetsforetag (b) | | 1,400 | 28,691 |
| Lagercrantz Group AB (B Shares) | | 15,204 | 203,593 |
| Stillfront Group AB (b) | | 3,300 | 14,725 |
|
| TOTAL SWEDEN | | | 3,318,880 |
|
| Switzerland - 5.0% | | | |
| Nestle SA (Reg. S) | | 14,434 | 1,903,949 |
| Novartis AG | | 4,680 | 387,096 |
| Roche Holding AG (participation certificate) | | 3,922 | 1,519,360 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 1,170 | 304,384 |
| (Reg.) | | 107 | 27,439 |
| Swiss Life Holding AG | | 347 | 190,479 |
| Tecan Group AG | | 137 | 83,792 |
| Temenos Group AG | | 1,529 | 233,542 |
| UBS Group AG | | 32,759 | 594,576 |
| Zurich Insurance Group Ltd. | | 1,436 | 636,465 |
|
| TOTAL SWITZERLAND | | | 5,881,082 |
|
| Taiwan - 3.7% | | | |
| Addcn Technology Co. Ltd. | | 3,772 | 34,272 |
| ECLAT Textile Co. Ltd. | | 23,000 | 501,383 |
| HIWIN Technologies Corp. | | 45,510 | 505,031 |
| Sporton International, Inc. | | 650 | 5,264 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 124,035 | 2,628,611 |
| Uni-President Enterprises Corp. | | 162,000 | 387,474 |
| Yageo Corp. | | 19,000 | 296,139 |
|
| TOTAL TAIWAN | | | 4,358,174 |
|
| United Kingdom - 6.1% | | | |
| Alliance Pharma PLC | | 35,718 | 50,251 |
| Anglo American PLC (United Kingdom) | | 13,006 | 494,787 |
| AstraZeneca PLC (United Kingdom) | | 3,251 | 406,704 |
| Avon Rubber PLC | | 2,895 | 77,060 |
| Barratt Developments PLC | | 24,424 | 221,611 |
| Beazley PLC (b) | | 14,388 | 76,794 |
| BHP Group PLC | | 36,202 | 956,151 |
| Bodycote PLC | | 4,686 | 51,272 |
| BP PLC | | 144,422 | 691,912 |
| Clarkson PLC | | 1,380 | 75,544 |
| Compass Group PLC (b) | | 20,554 | 436,169 |
| Dechra Pharmaceuticals PLC | | 5,417 | 379,568 |
| DP Poland PLC (b) | | 91,518 | 9,394 |
| Helios Towers PLC (b) | | 11,000 | 23,243 |
| Howden Joinery Group PLC | | 5,047 | 63,531 |
| Imperial Brands PLC | | 7,555 | 159,433 |
| InterContinental Hotel Group PLC ADR (b) | | 3,285 | 232,808 |
| Lloyds Banking Group PLC | | 731,855 | 500,867 |
| London Stock Exchange Group PLC | | 2,614 | 254,456 |
| Rightmove PLC | | 28,805 | 272,557 |
| Royal Dutch Shell PLC Class B sponsored ADR | | 16,233 | 744,121 |
| Spectris PLC | | 8,016 | 412,922 |
| Spirax-Sarco Engineering PLC | | 1,068 | 228,084 |
| Standard Chartered PLC (United Kingdom) | | 50,208 | 340,056 |
| Ultra Electronics Holdings PLC | | 1,477 | 65,532 |
|
| TOTAL UNITED KINGDOM | | | 7,224,827 |
|
| United States of America - 5.6% | | | |
| Alphabet, Inc. Class A (b) | | 133 | 393,802 |
| Autoliv, Inc. | | 2,231 | 216,072 |
| Black Knight, Inc. (b) | | 2,159 | 151,367 |
| Lam Research Corp. | | 987 | 556,244 |
| Marsh & McLennan Companies, Inc. | | 3,911 | 652,355 |
| MasterCard, Inc. Class A | | 1,642 | 550,924 |
| Moody's Corp. | | 1,471 | 594,505 |
| Morningstar, Inc. | | 275 | 87,106 |
| MSCI, Inc. | | 941 | 625,652 |
| NICE Systems Ltd. sponsored ADR (b) | | 1,540 | 435,851 |
| PriceSmart, Inc. | | 1,514 | 108,932 |
| ResMed, Inc. | | 2,494 | 655,698 |
| S&P Global, Inc. | | 1,284 | 608,821 |
| Sherwin-Williams Co. | | 1,328 | 420,458 |
| Visa, Inc. Class A | | 2,481 | 525,401 |
|
| TOTAL UNITED STATES OF AMERICA | | | 6,583,188 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $79,537,924) | | | 113,071,618 |
|
| Preferred Stocks - 1.8% | | | |
| Convertible Preferred Stocks - 0.1% | | | |
| China - 0.1% | | | |
| ByteDance Ltd. Series E1 (d)(e) | | 577 | 71,733 |
| Nonconvertible Preferred Stocks - 1.7% | | | |
| Brazil - 1.1% | | | |
| Ambev SA sponsored ADR | | 131,490 | 389,210 |
| Itau Unibanco Holding SA | | 81,075 | 334,856 |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 61,582 | 604,735 |
| | | | 1,328,801 |
| Germany - 0.6% | | | |
| Porsche Automobil Holding SE (Germany) | | 5,162 | 537,243 |
| Sartorius AG (non-vtg.) | | 160 | 103,652 |
| | | | 640,895 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 1,969,696 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $1,747,633) | | | 2,041,429 |
|
| Money Market Funds - 2.0% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 2,207,958 | 2,208,399 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 134,737 | 134,750 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $2,343,146) | | | 2,343,149 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $83,628,703) | | | 117,456,196 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 173,123 |
| NET ASSETS - 100% | | | $117,629,319 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,300,437 or 2.0% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $71,733 or 0.1% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $63,224 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $1,456,935 | $36,113,298 | $35,361,825 | $1,084 | $(9) | $-- | $2,208,399 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 3,263,942 | 3,129,192 | 32,414 | -- | -- | 134,750 | 0.0% |
| Total | $1,456,935 | $39,377,240 | $38,491,017 | $33,498 | $(9) | $-- | $2,343,149 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $6,408,397 | $2,880,908 | $3,527,489 | $-- |
| Consumer Discretionary | 11,975,759 | 5,782,804 | 6,192,955 | -- |
| Consumer Staples | 5,488,622 | 2,858,391 | 2,630,231 | -- |
| Energy | 5,529,383 | 3,537,626 | 1,991,757 | -- |
| Financials | 25,455,937 | 16,415,394 | 9,040,543 | -- |
| Health Care | 9,096,840 | 4,107,522 | 4,989,318 | -- |
| Industrials | 19,960,425 | 11,779,358 | 8,181,067 | -- |
| Information Technology | 18,195,220 | 5,876,593 | 12,246,894 | 71,733 |
| Materials | 10,642,632 | 6,155,772 | 4,486,860 | -- |
| Real Estate | 1,428,728 | 1,168,456 | 260,272 | -- |
| Utilities | 931,104 | 429,391 | 501,713 | -- |
| Money Market Funds | 2,343,149 | 2,343,149 | -- | -- |
| Total Investments in Securities: | $117,456,196 | $63,335,364 | $54,049,099 | $71,733 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $126,283) — See accompanying schedule:
Unaffiliated issuers (cost $81,285,557) | $115,113,047 | |
| Fidelity Central Funds (cost $2,343,146) | 2,343,149 | |
| Total Investment in Securities (cost $83,628,703) | | $117,456,196 |
| Cash | | 54,872 |
| Foreign currency held at value (cost $95,579) | | 95,529 |
| Receivable for investments sold | | 106,935 |
| Receivable for fund shares sold | | 265,783 |
| Dividends receivable | | 150,794 |
| Reclaims receivable | | 216,278 |
| Distributions receivable from Fidelity Central Funds | | 122 |
| Prepaid expenses | | 149 |
| Receivable from investment adviser for expense reductions | | 50,638 |
| Other receivables | | 17,805 |
| Total assets | | 118,415,101 |
| Liabilities | | |
| Payable for investments purchased | $75,725 | |
| Payable for fund shares redeemed | 218,530 | |
| Accrued management fee | 80,023 | |
| Distribution and service plan fees payable | 8,731 | |
| Other affiliated payables | 19,333 | |
| Other payables and accrued expenses | 248,690 | |
| Collateral on securities loaned | 134,750 | |
| Total liabilities | | 785,782 |
| Net Assets | | $117,629,319 |
| Net Assets consist of: | | |
| Paid in capital | | $75,868,158 |
| Total accumulated earnings (loss) | | 41,761,161 |
| Net Assets | | $117,629,319 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($8,641,644 ÷ 692,204 shares)(a) | | $12.48 |
| Maximum offering price per share (100/94.25 of $12.48) | | $13.24 |
| Class M: | | |
| Net Asset Value and redemption price per share ($12,935,840 ÷ 1,032,127 shares)(a) | | $12.53 |
| Maximum offering price per share (100/96.50 of $12.53) | | $12.98 |
| Class C: | | |
| Net Asset Value and offering price per share ($1,981,668 ÷ 159,696 shares)(a) | | $12.41 |
| Total International Equity: | | |
| Net Asset Value, offering price and redemption price per share ($82,603,512 ÷ 6,588,916 shares) | | $12.54 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($5,714,415 ÷ 457,538 shares) | | $12.49 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($5,752,240 ÷ 458,930 shares) | | $12.53 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $2,341,882 |
| Non-Cash dividends | | 376,127 |
| Income from Fidelity Central Funds (including $32,414 from security lending) | | 33,498 |
| Income before foreign taxes withheld | | 2,751,507 |
| Less foreign taxes withheld | | (312,096) |
| Total income | | 2,439,411 |
| Expenses | | |
| Management fee | | |
| Basic fee | $733,460 | |
| Performance adjustment | 199,553 | |
| Transfer agent fees | 171,701 | |
| Distribution and service plan fees | 104,620 | |
| Accounting fees | 56,219 | |
| Custodian fees and expenses | 51,621 | |
| Independent trustees' fees and expenses | 418 | |
| Registration fees | 80,030 | |
| Audit | 94,320 | |
| Legal | 1,369 | |
| Miscellaneous | 508 | |
| Total expenses before reductions | 1,493,819 | |
| Expense reductions | (215,627) | |
| Total expenses after reductions | | 1,278,192 |
| Net investment income (loss) | | 1,161,219 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 8,468,759 | |
| Fidelity Central Funds | (9) | |
| Foreign currency transactions | (5,954) | |
| Total net realized gain (loss) | | 8,462,796 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $172,465) | 18,846,948 | |
| Assets and liabilities in foreign currencies | (14,093) | |
| Total change in net unrealized appreciation (depreciation) | | 18,832,855 |
| Net gain (loss) | | 27,295,651 |
| Net increase (decrease) in net assets resulting from operations | | $28,456,870 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $1,161,219 | $676,485 |
| Net realized gain (loss) | 8,462,796 | 1,837,977 |
| Change in net unrealized appreciation (depreciation) | 18,832,855 | 1,015,349 |
| Net increase (decrease) in net assets resulting from operations | 28,456,870 | 3,529,811 |
| Distributions to shareholders | (2,396,557) | (1,600,384) |
| Share transactions - net increase (decrease) | 6,173,375 | (14,871,566) |
| Total increase (decrease) in net assets | 32,233,688 | (12,942,139) |
| Net Assets | | |
| Beginning of period | 85,395,631 | 98,337,770 |
| End of period | $117,629,319 | $85,395,631 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Total International Equity Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.60 | $9.34 | $8.20 | $9.39 | $7.67 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11B | .05 | .14 | .08 | .09 |
| Net realized and unrealized gain (loss) | 3.03 | .35 | 1.05 | (.89) | 1.71 |
| Total from investment operations | 3.14 | .40 | 1.19 | (.81) | 1.80 |
| Distributions from net investment income | (.06) | (.14) | (.05) | (.15) | (.08) |
| Distributions from net realized gain | (.20) | – | – | (.23) | – |
| Total distributions | (.26) | (.14) | (.05) | (.38) | (.08) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $12.48 | $9.60 | $9.34 | $8.20 | $9.39 |
| Total ReturnD,E | 33.04% | 4.31% | 14.63% | (9.04)% | 23.78% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.60% | 1.66% | 1.51% | 1.60% | 1.67% |
| Expenses net of fee waivers, if any | 1.34% | 1.39% | 1.45% | 1.45% | 1.45% |
| Expenses net of all reductions | 1.34% | 1.37% | 1.44% | 1.44% | 1.43% |
| Net investment income (loss) | .91%B | .58% | 1.55% | .90% | 1.02% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $8,642 | $6,091 | $7,249 | $7,526 | $9,292 |
| Portfolio turnover rateH | 39% | 37% | 69% | 52% | 66%I |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Equity Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.65 | $9.38 | $8.22 | $9.42 | $7.70 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .08B | .03 | .11 | .06 | .06 |
| Net realized and unrealized gain (loss) | 3.04 | .36 | 1.07 | (.90) | 1.73 |
| Total from investment operations | 3.12 | .39 | 1.18 | (.84) | 1.79 |
| Distributions from net investment income | (.04) | (.12) | (.02) | (.13) | (.07) |
| Distributions from net realized gain | (.20) | – | – | (.23) | – |
| Total distributions | (.24) | (.12) | (.02) | (.36) | (.07) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $12.53 | $9.65 | $9.38 | $8.22 | $9.42 |
| Total ReturnD,E | 32.63% | 4.13% | 14.38% | (9.30)% | 23.41% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.83% | 1.90% | 1.76% | 1.85% | 1.90% |
| Expenses net of fee waivers, if any | 1.59% | 1.64% | 1.70% | 1.70% | 1.70% |
| Expenses net of all reductions | 1.59% | 1.62% | 1.69% | 1.69% | 1.68% |
| Net investment income (loss) | .65%B | .33% | 1.30% | .65% | .77% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $12,936 | $10,620 | $11,733 | $11,882 | $15,894 |
| Portfolio turnover rateH | 39% | 37% | 69% | 52% | 66%I |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Equity Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.57 | $9.30 | $8.17 | $9.37 | $7.66 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .02B | (.02) | .07 | .01 | .02 |
| Net realized and unrealized gain (loss) | 3.02 | .36 | 1.06 | (.89) | 1.71 |
| Total from investment operations | 3.04 | .34 | 1.13 | (.88) | 1.73 |
| Distributions from net investment income | – | (.07) | – | (.10) | (.02) |
| Distributions from net realized gain | (.20) | – | – | (.23) | – |
| Total distributions | (.20) | (.07) | – | (.32)C | (.02) |
| Redemption fees added to paid in capitalA | – | – | – | –D | –D |
| Net asset value, end of period | $12.41 | $9.57 | $9.30 | $8.17 | $9.37 |
| Total ReturnE,F | 32.00% | 3.62% | 13.83% | (9.72)% | 22.70% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 2.40% | 2.46% | 2.33% | 2.43% | 2.48% |
| Expenses net of fee waivers, if any | 2.10% | 2.14% | 2.20% | 2.20% | 2.20% |
| Expenses net of all reductions | 2.10% | 2.12% | 2.19% | 2.19% | 2.18% |
| Net investment income (loss) | .15%B | (.17)% | .80% | .14% | .27% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,982 | $1,827 | $2,203 | $2,705 | $3,211 |
| Portfolio turnover rateI | 39% | 37% | 69% | 52% | 66%J |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12) %.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Equity Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.64 | $9.37 | $8.23 | $9.40 | $7.70 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .14B | .08 | .16 | .11 | .11 |
| Net realized and unrealized gain (loss) | 3.04 | .35 | 1.06 | (.90) | 1.70 |
| Total from investment operations | 3.18 | .43 | 1.22 | (.79) | 1.81 |
| Distributions from net investment income | (.08) | (.16) | (.08) | (.15) | (.11) |
| Distributions from net realized gain | (.20) | – | – | (.23) | – |
| Total distributions | (.28) | (.16) | (.08) | (.38) | (.11) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $12.54 | $9.64 | $9.37 | $8.23 | $9.40 |
| Total ReturnD | 33.37% | 4.65% | 14.97% | (8.84)% | 23.86% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.27% | 1.34% | 1.20% | 1.29% | 1.15% |
| Expenses net of fee waivers, if any | 1.09% | 1.14% | 1.20% | 1.20% | 1.14% |
| Expenses net of all reductions | 1.09% | 1.12% | 1.19% | 1.19% | 1.13% |
| Net investment income (loss) | 1.16%B | .83% | 1.81% | 1.15% | 1.33% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $82,604 | $61,362 | $70,251 | $71,170 | $82,077 |
| Portfolio turnover rateG | 39% | 37% | 69% | 52% | 66%H |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Equity Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.60 | $9.35 | $8.19 | $9.38 | $7.66 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .14B | .08 | .16 | .10 | .11 |
| Net realized and unrealized gain (loss) | 3.03 | .34 | 1.07 | (.89) | 1.71 |
| Total from investment operations | 3.17 | .42 | 1.23 | (.79) | 1.82 |
| Distributions from net investment income | (.08) | (.17) | (.07) | (.17) | (.10) |
| Distributions from net realized gain | (.20) | – | – | (.23) | – |
| Total distributions | (.28) | (.17) | (.07) | (.40) | (.10) |
| Redemption fees added to paid in capitalA | – | – | – | –C | –C |
| Net asset value, end of period | $12.49 | $9.60 | $9.35 | $8.19 | $9.38 |
| Total ReturnD | 33.40% | 4.50% | 15.11% | (8.86)% | 24.08% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.26% | 1.33% | 1.18% | 1.29% | 1.42% |
| Expenses net of fee waivers, if any | 1.06% | 1.14% | 1.18% | 1.20% | 1.20% |
| Expenses net of all reductions | 1.06% | 1.13% | 1.17% | 1.19% | 1.18% |
| Net investment income (loss) | 1.18%B | .82% | 1.82% | 1.15% | 1.28% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,714 | $2,073 | $3,086 | $9,405 | $6,776 |
| Portfolio turnover rateG | 39% | 37% | 69% | 52% | 66%H |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Total International Equity Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.62 | $9.36 | $8.22 | $9.39 | $7.73 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .16C | .09 | .18 | .12 | .08 |
| Net realized and unrealized gain (loss) | 3.03 | .35 | 1.05 | (.89) | 1.58 |
| Total from investment operations | 3.19 | .44 | 1.23 | (.77) | 1.66 |
| Distributions from net investment income | (.08) | (.18) | (.09) | (.17) | – |
| Distributions from net realized gain | (.20) | – | – | (.23) | – |
| Total distributions | (.28) | (.18) | (.09) | (.40) | – |
| Redemption fees added to paid in capitalB | – | – | – | –D | –D |
| Net asset value, end of period | $12.53 | $9.62 | $9.36 | $8.22 | $9.39 |
| Total ReturnE,F | 33.54% | 4.74% | 15.13% | (8.63)% | 21.47% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.16% | 1.22% | 1.09% | 1.16% | 1.32%I |
| Expenses net of fee waivers, if any | .94% | .98% | 1.04% | 1.05% | 1.05%I |
| Expenses net of all reductions | .94% | .97% | 1.03% | 1.04% | 1.04%I |
| Net investment income (loss) | 1.31%C | .99% | 1.97% | 1.30% | 1.27%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,752 | $3,422 | $3,815 | $216 | $246 |
| Portfolio turnover rateJ | 39% | 37% | 69% | 52% | 66%K |
A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total International Equity, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $36,233,198 |
| Gross unrealized depreciation | (3,778,713) |
| Net unrealized appreciation (depreciation) | 32,454,485 |
| Tax Cost | $85,001,711 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $2,653,176 |
| Undistributed long-term capital gain | $6,823,497 |
| Net unrealized appreciation (depreciation) on securities and other investments | $32,456,945 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $1,157,086 | $ 1,600,384 |
| Long-term Capital Gains | 1,239,471 | – |
| Total | $2,396,557 | $ 1,600,384 |
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 | 45,346,511 | 41,173,234 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .86% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
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% | $19,672 | $127 |
| Class M | .25% | .25% | 63,832 | 305 |
| Class C | .75% | .25% | 21,116 | 3,358 |
| | | | $104,620 | $3,790 |
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 | $1,876 |
| Class M | 481 |
| Class C(a) | 349 |
| | $2,706 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $17,703 | .22 |
| Class M | 27,116 | .21 |
| Class C | 5,858 | .28 |
| Total International Equity | 115,150 | .15 |
| Class I | 3,762 | .14 |
| Class Z | 2,112 | .04 |
| | $171,701 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Total International Equity Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Total International Equity Fund | $622 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Total International Equity Fund | 1,470,930 | 1,053,051 | 129,617 |
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 | $191 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Total International Equity Fund | $1,583 | $– | $– |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| | Expense Limitations | Reimbursement |
| Class A | 1.35%/1.30%(a) | $20,090 |
| Class M | 1.60%/1.55%(a) | 30,681 |
| Class C | 2.10%/2.05%(a) | 6,344 |
| Total International Equity | 1.10%/1.05%(a) | 140,297 |
| Class I | 1.10%/1.05%(a) | 5,276 |
| Class Z | .95%/.90%(a) | 11,189 |
| | | $213,877 |
(a) Expense limitation effective June 1, 2021.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,750.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Total International Equity Fund | | |
| Distributions to shareholders | | |
| Class A | $163,098 | $106,902 |
| Class M | 257,328 | 141,808 |
| Class C | 37,221 | 15,508 |
| Total International Equity | 1,782,745 | 1,209,290 |
| Class I | 54,453 | 54,292 |
| Class Z | 101,712 | 72,584 |
| Total | $2,396,557 | $1,600,384 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Total International Equity Fund | | | | |
| Class A | | | | |
| Shares sold | 125,319 | 79,098 | $1,509,372 | $666,523 |
| Reinvestment of distributions | 14,903 | 11,309 | 163,036 | 106,875 |
| Shares redeemed | (82,275) | (232,060) | (972,870) | (2,158,548) |
| Net increase (decrease) | 57,947 | (141,653) | $699,538 | $(1,385,150) |
| Class M | | | | |
| Shares sold | 83,867 | 65,659 | $989,107 | $575,207 |
| Reinvestment of distributions | 23,372 | 14,911 | 257,328 | 141,808 |
| Shares redeemed | (175,897) | (230,047) | (2,080,986) | (2,160,487) |
| Net increase (decrease) | (68,658) | (149,477) | $(834,551) | $(1,443,472) |
| Class C | | | | |
| Shares sold | 25,618 | 29,466 | $301,180 | $274,362 |
| Reinvestment of distributions | 3,392 | 1,633 | 37,147 | 15,483 |
| Shares redeemed | (60,315) | (76,912) | (723,210) | (700,199) |
| Net increase (decrease) | (31,305) | (45,813) | $(384,883) | $(410,354) |
| Total International Equity | | | | |
| Shares sold | 1,265,827 | 994,251 | $14,978,032 | $8,883,804 |
| Reinvestment of distributions | 152,573 | 118,078 | 1,673,722 | 1,117,023 |
| Shares redeemed | (1,196,355) | (2,239,449) | (14,199,919) | (20,102,869) |
| Net increase (decrease) | 222,045 | (1,127,120) | $2,451,835 | $(10,102,042) |
| Class I | | | | |
| Shares sold | 318,329 | 64,423 | $3,927,656 | $602,048 |
| Reinvestment of distributions | 4,631 | 5,372 | 50,574 | 50,662 |
| Shares redeemed | (81,296) | (184,160) | (953,703) | (1,684,471) |
| Net increase (decrease) | 241,664 | (114,365) | $3,024,527 | $(1,031,761) |
| Class Z | | | | |
| Shares sold | 163,548 | 99,865 | $1,962,853 | $885,828 |
| Reinvestment of distributions | 8,826 | 7,494 | 96,647 | 70,665 |
| Shares redeemed | (69,127) | (159,186) | (842,591) | (1,455,280) |
| Net increase (decrease) | 103,247 | (51,827) | $1,216,909 | $(498,787) |
11. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Total International Equity Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Total International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 10, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Total International Equity Fund | | | | |
| Class A | 1.33% | | | |
| Actual | | $1,000.00 | $1,039.10 | $6.84 |
| Hypothetical-C | | $1,000.00 | $1,018.50 | $6.77 |
| Class M | 1.59% | | | |
| Actual | | $1,000.00 | $1,038.10 | $8.17 |
| Hypothetical-C | | $1,000.00 | $1,017.19 | $8.08 |
| Class C | 2.09% | | | |
| Actual | | $1,000.00 | $1,035.90 | $10.73 |
| Hypothetical-C | | $1,000.00 | $1,014.67 | $10.61 |
| Total International Equity | 1.08% | | | |
| Actual | | $1,000.00 | $1,041.50 | $5.56 |
| Hypothetical-C | | $1,000.00 | $1,019.76 | $5.50 |
| Class I | 1.03% | | | |
| Actual | | $1,000.00 | $1,040.80 | $5.30 |
| Hypothetical-C | | $1,000.00 | $1,020.01 | $5.24 |
| Class Z | .93% | | | |
| Actual | | $1,000.00 | $1,041.60 | $4.79 |
| Hypothetical-C | | $1,000.00 | $1,020.52 | $4.74 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Total International Equity Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Total International Equity Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.192 | $0.773 |
| Class M | 12/06/21 | 12/03/21 | $0.152 | $0.773 |
| Class C | 12/06/21 | 12/03/21 | $0.073 | $0.773 |
| Total International Equity | 12/06/21 | 12/03/21 | $0.225 | $0.773 |
| Class I | 12/06/21 | 12/03/21 | $0.225 | $0.773 |
| Class Z | 12/06/21 | 12/03/21 | $0.228 | $0.773 |
|
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $6,827,709 or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the short-term capital gain dividends distributed in December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
Class A designates 4%; Class M designates 4%; Class C designates 6%; Total International Equity designates 3%; Class I designates 3%; and Class Z designates 3%; of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A, Class M, Class C, Total International Equity, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Total International Equity Fund | | | |
| Class A | 12/07/20 | $0.1391 | $0.0221 |
| Class M | 12/07/20 | $0.1191 | $0.0221 |
| Class C | 12/07/20 | $0.0791 | $0.0221 |
| Total International Equity | 12/07/20 | $0.1601 | $0.0221 |
| Class I | 12/07/20 | $0.1601 | $0.0221 |
| Class Z | 12/07/20 | $0.1601 | $0.0221 |
|
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total International Equity Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in February 2019 and October 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity Total International Equity Fund
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
Fidelity Total International Equity Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class ranked above the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the fund's total expense ratio was above its SLTG median as a result of positive performance fees. Excluding performance fees, the fund was below median. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.35%, 1.60%, 2.10%, 1.10%, 0.95%, and 1.10% through February 28, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
TIE-ANN-1221
1.912358.111
Fidelity® Emerging Markets Discovery Fund
Fidelity® Total Emerging Markets Fund
Annual Report
October 31, 2021
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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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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Emerging Markets Discovery Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Life of fundA |
| Class A (incl. 5.75% sales charge) | 24.63% | 8.38% | 6.84% |
| Class M (incl. 3.50% sales charge) | 27.20% | 8.59% | 6.81% |
| Class C (incl. contingent deferred sales charge) | 30.22% | 8.84% | 6.83% |
| Fidelity® Emerging Markets Discovery Fund | 32.63% | 10.01% | 7.77% |
| Class I | 32.62% | 10.01% | 7.78% |
| Class Z | 32.82% | 10.12% | 7.83% |
A From November 1, 2011
Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Discovery Fund, a class of the fund, on November 1, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets SMID Cap Index performed over the same period.
| Period Ending Values |
| $21,141 | Fidelity® Emerging Markets Discovery Fund |
| $16,842 | MSCI Emerging Markets SMID Cap Index |
Fidelity® Emerging Markets Discovery Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Gregory Lee: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 31% to 33%, trailing the 37.16% result of the benchmark MSCI Emerging Markets SMID Index (Net MA). From a regional standpoint, an underweighting in Emerging Asia and stock picks and an underweighting in Africa, primarily in South Africa, hurt the fund's performance versus the benchmark. By sector, security selection was the primary relative detractor, especially in industrials. Stock selection in materials and consumer discretionary also hindered the fund's relative result. The fund's largest individual relative detractor was an overweighting in Douzone Bizon, which returned roughly -20% the past year. We increased our stake in this company. The fund's stake in New Horizon Health, a non-benchmark position we established this period, gained 3% and notably hurt our relative result. Also hampering performance was our outsized stake in Venus MedTech HangZhou, which returned -52%. We added to our position the past 12 months. In contrast, stock picks in Emerging Asia contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark were stock picks in information technology, primarily driven by the technology hardware & equipment industry. Security selection in communication services and financials also boosted the fund's relative performance. The fund's biggest individual relative contributor was an overweighting in Silergy, which gained approximately 143% the past year. The company was among the fund's biggest holdings this period. Also adding value was our outsized stake in Unimicron Technology, which gained about 188%. Unimicron Technology was among the fund's largest holdings. Another notable relative contributor was an overweighting in eMemory Technology (+317%), which was one of our biggest holdings at period end. Notable changes in positioning include a higher allocation to India and Mexico. By sector, meaningful changes in positioning include a higher allocation to financials and industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: The fund switched from co-managers to a single portfolio manager structure during the period, with Gregory Lee assuming sole management responsibilities. Fidelity modified investment policies of Fidelity Emerging Markets Discovery Fund to permit greater investment flexibility and better reflect the fund’s focus on small- and medium-sized companies. The change is effective October 1, 2021.
Fidelity® Emerging Markets Discovery Fund
Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2021
| | % of fund's net assets |
| Unimicron Technology Corp. (Taiwan, Electronic Equipment & Components) | 1.9 |
| TCS Group Holding PLC unit (Cyprus, Banks) | 1.7 |
| Chailease Holding Co. Ltd. (Cayman Islands, Diversified Financial Services) | 1.5 |
| Parade Technologies Ltd. (Cayman Islands, Semiconductors & Semiconductor Equipment) | 1.3 |
| Credicorp Ltd. (United States) (Bermuda, Banks) | 1.3 |
| | 7.7 |
Top Five Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 16.6 |
| Financials | 14.3 |
| Information Technology | 14.3 |
| Materials | 11.8 |
| Consumer Discretionary | 10.9 |
Top Five Countries as of October 31, 2021
| (excluding cash equivalents) | % of fund's net assets |
| India | 18.6 |
| Taiwan | 10.6 |
| Cayman Islands�� | 9.5 |
| Korea (South) | 9.3 |
| China | 7.4 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2021 |
| | Stocks | 100.3% |
| | Short-Term Investments and Net Other Assets (Liabilities)* | (0.3)% |
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Fidelity® Emerging Markets Discovery Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 99.5% | | | |
| | | Shares | Value |
| Belgium - 0.9% | | | |
| Titan Cement International Trading SA | | 190,900 | $3,327,860 |
| Bermuda - 2.8% | | | |
| Credicorp Ltd. (United States) | | 36,271 | 4,702,898 |
| Pacific Basin Shipping Ltd. | | 5,762,260 | 2,666,170 |
| Shangri-La Asia Ltd. (a) | | 3,052,133 | 2,487,054 |
|
| TOTAL BERMUDA | | | 9,856,122 |
|
| Brazil - 5.9% | | | |
| Atacadao SA | | 660,200 | 1,946,513 |
| Azul SA sponsored ADR (a)(b) | | 131,800 | 1,743,714 |
| Dexco SA | | 481,600 | 1,323,508 |
| Enauta Participacoes SA | | 491,300 | 1,112,515 |
| Equatorial Energia SA | | 713,529 | 2,892,651 |
| Hapvida Participacoes e Investimentos SA (c) | | 755,961 | 1,545,730 |
| LOG Commercial Properties e Participacoes SA | | 507,352 | 2,106,251 |
| Natura & Co. Holding SA (a) | | 318,053 | 2,192,186 |
| Notre Dame Intermedica Participacoes SA | | 183,606 | 2,087,925 |
| Rumo SA (a) | | 722,600 | 2,047,269 |
| Suzano Papel e Celulose SA (a) | | 224,300 | 1,956,534 |
|
| TOTAL BRAZIL | | | 20,954,796 |
|
| British Virgin Islands - 0.8% | | | |
| Fix Price Group Ltd. GDR (Reg. S) | | 332,570 | 2,896,685 |
| Cayman Islands - 9.5% | | | |
| 51job, Inc. sponsored ADR (a) | | 34,790 | 2,072,092 |
| ASM Pacific Technology Ltd. | | 290,180 | 3,134,712 |
| Chailease Holding Co. Ltd. | | 563,221 | 5,380,384 |
| Fu Shou Yuan International Group Ltd. | | 3,422,298 | 2,942,635 |
| Haitian International Holdings Ltd. | | 1,008,170 | 2,954,344 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 1,094,740 | 2,445,419 |
| Innovent Biologics, Inc. (a)(c) | | 281,285 | 2,523,449 |
| New Horizon Health Ltd. (b)(c) | | 641,994 | 2,335,124 |
| Parade Technologies Ltd. | | 75,100 | 4,814,275 |
| Shimao Services Holdings Ltd. (c) | | 1 | 2 |
| SITC International Holdings Co. Ltd. | | 707,880 | 2,397,357 |
| Tongdao Liepin Group (a) | | 148,478 | 214,497 |
| Yuzhou Properties Co. | | 109,767 | 11,992 |
| Zai Lab Ltd. (a) | | 24,727 | 2,565,204 |
|
| TOTAL CAYMAN ISLANDS | | | 33,791,486 |
|
| Chile - 0.8% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | | 48,928 | 2,685,658 |
| China - 7.4% | | | |
| China Communications Services Corp. Ltd. (H Shares) | | 5,468,530 | 3,022,258 |
| Haier Smart Home Co. Ltd. (A Shares) | | 692,381 | 2,939,978 |
| Pharmaron Beijing Co. Ltd. (H Shares) (c) | | 118,967 | 2,591,724 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 5,805,280 | 3,059,141 |
| Sinopharm Group Co. Ltd. (H Shares) | | 1,517,949 | 3,620,993 |
| TravelSky Technology Ltd. (H Shares) | | 1,458,680 | 2,729,694 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 292,000 | 2,538,886 |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c) | | 566,249 | 2,623,646 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 684,430 | 3,281,182 |
|
| TOTAL CHINA | | | 26,407,502 |
|
| Cyprus - 3.0% | | | |
| Etalon Group PLC GDR (Reg. S) | | 777,540 | 1,222,293 |
| Globaltrans Investment PLC GDR (Reg. S) | | 363,800 | 3,205,078 |
| TCS Group Holding PLC unit | | 59,253 | 6,102,355 |
|
| TOTAL CYPRUS | | | 10,529,726 |
|
| Greece - 0.6% | | | |
| Fourlis Holdings SA | | 112,091 | 497,576 |
| Motor Oil (HELLAS) Corinth Refineries SA | | 91,600 | 1,554,459 |
|
| TOTAL GREECE | | | 2,052,035 |
|
| Hong Kong - 2.2% | | | |
| China Resources Beer Holdings Co. Ltd. | | 250,000 | 2,072,489 |
| Far East Horizon Ltd. | | 2,981,433 | 2,847,124 |
| Guangdong Investment Ltd. | | 2,201,480 | 2,772,894 |
|
| TOTAL HONG KONG | | | 7,692,507 |
|
| Hungary - 1.7% | | | |
| OTP Bank PLC (a) | | 48,366 | 2,904,825 |
| Richter Gedeon PLC | | 117,072 | 3,279,623 |
|
| TOTAL HUNGARY | | | 6,184,448 |
|
| India - 18.6% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 314,245 | 2,905,367 |
| Bharat Electronics Ltd. | | 1,231,960 | 3,399,786 |
| Computer Age Management Services Private Ltd. | | 80,470 | 3,233,723 |
| Cyient Ltd. | | 245,430 | 3,497,840 |
| Deccan Cements Ltd. | | 291,366 | 2,749,231 |
| Divi's Laboratories Ltd. | | 33,945 | 2,332,357 |
| Eicher Motors Ltd. | | 73,050 | 2,421,648 |
| Embassy Office Parks (REIT) | | 615,851 | 2,872,739 |
| Graphite India Ltd. | | 159,033 | 1,138,087 |
| Hindustan Aeronautics Ltd. | | 151,440 | 2,639,871 |
| Indraprastha Gas Ltd. | | 436,870 | 2,762,093 |
| Indus Towers Ltd. | | 816,904 | 2,958,968 |
| JK Cement Ltd. | | 57,651 | 2,550,281 |
| Mahanagar Gas Ltd. | | 196,449 | 2,629,148 |
| Manappuram General Finance & Leasing Ltd. | | 827,372 | 2,293,748 |
| Max Healthcare Institute Ltd. (a) | | 595,701 | 2,633,387 |
| Oberoi Realty Ltd. (a) | | 251,489 | 3,037,462 |
| Petronet LNG Ltd. | | 965,430 | 2,956,633 |
| Power Grid Corp. of India Ltd. | | 1,108,718 | 2,737,219 |
| Shriram Transport Finance Co. Ltd. | | 186,340 | 3,570,429 |
| Solar Industries India Ltd. | | 83,245 | 2,762,117 |
| Tech Mahindra Ltd. | | 192,860 | 3,802,524 |
| The Ramco Cements Ltd. | | 127,211 | 1,810,026 |
| Torrent Pharmaceuticals Ltd. | | 67,880 | 2,590,407 |
|
| TOTAL INDIA | | | 66,285,091 |
|
| Indonesia - 2.2% | | | |
| PT ACE Hardware Indonesia Tbk | | 16,992,886 | 1,691,192 |
| PT Ciputra Development Tbk | | 20,851,870 | 1,582,196 |
| PT Pakuwon Jati Tbk (a) | | 41,931,796 | 1,479,859 |
| PT United Tractors Tbk | | 1,919,040 | 3,189,934 |
|
| TOTAL INDONESIA | | | 7,943,181 |
|
| Israel - 0.3% | | | |
| Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | | 15,600 | 1,173,322 |
| Korea (South) - 9.3% | | | |
| AMOREPACIFIC Group, Inc. | | 25,894 | 1,096,467 |
| Coway Co. Ltd. | | 53,180 | 3,587,388 |
| Db Insurance Co. Ltd. | | 60,334 | 3,050,444 |
| Douzone Bizon Co. Ltd. | | 35,650 | 2,475,827 |
| Fila Holdings Corp. | | 45,603 | 1,445,505 |
| Hana Financial Group, Inc. | | 57,711 | 2,213,922 |
| Hanon Systems | | 236,020 | 2,908,852 |
| Hansol Chemical Co. Ltd. | | 11,030 | 3,096,809 |
| Hyundai Fire & Marine Insurance Co. Ltd. | | 131,431 | 2,940,693 |
| KB Financial Group, Inc. | | 28,222 | 1,359,053 |
| LG Corp. | | 24,395 | 1,897,366 |
| SaraminHR Co. Ltd. | | 69,925 | 2,737,627 |
| Shinhan Financial Group Co. Ltd. | | 54,820 | 1,780,532 |
| Soulbrain Co. Ltd. | | 12,090 | 2,699,998 |
|
| TOTAL KOREA (SOUTH) | | | 33,290,483 |
|
| Malaysia - 0.6% | | | |
| Scientex Bhd | | 1,991,000 | 2,240,536 |
| Scientex Bhd warrants 1/14/26 (a) | | 130,640 | 42,905 |
|
| TOTAL MALAYSIA | | | 2,283,441 |
|
| Mexico - 5.7% | | | |
| CEMEX S.A.B. de CV sponsored ADR (a) | | 565,670 | 3,637,258 |
| Fibra Uno Administracion SA de CV | | 1,707,139 | 1,696,525 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 225,900 | 2,847,670 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | | 12,920 | 2,605,318 |
| Grupo Aeroportuario Norte S.A.B. de CV (a) | | 207,600 | 1,252,679 |
| Grupo Comercial Chedraui S.A.B. de CV | | 1,241,800 | 2,448,858 |
| Macquarie Mexican (REIT) (c) | | 1,137,383 | 1,356,816 |
| Qualitas Controladora S.A.B. de CV | | 400,351 | 1,854,550 |
| Regional S.A.B. de CV | | 527,659 | 2,760,035 |
|
| TOTAL MEXICO | | | 20,459,709 |
|
| Netherlands - 1.6% | | | |
| X5 Retail Group NV GDR (Reg. S) | | 58,300 | 1,984,532 |
| Yandex NV Series A (a) | | 46,608 | 3,861,007 |
|
| TOTAL NETHERLANDS | | | 5,845,539 |
|
| Panama - 0.5% | | | |
| Copa Holdings SA Class A (a)(b) | | 23,100 | 1,708,476 |
| Philippines - 1.2% | | | |
| Philippine Seven Corp. (a) | | 786,400 | 1,416,797 |
| Robinsons Land Corp. | | 8,581,690 | 2,888,314 |
|
| TOTAL PHILIPPINES | | | 4,305,111 |
|
| Poland - 0.9% | | | |
| Grupa Lotos SA (a) | | 199,530 | 3,099,738 |
| Russia - 0.4% | | | |
| LSR Group OJSC | | 132,989 | 1,397,465 |
| RusHydro PJSC | | 249 | 3 |
|
| TOTAL RUSSIA | | | 1,397,468 |
|
| Singapore - 0.6% | | | |
| First Resources Ltd. | | 1,630,200 | 2,151,840 |
| South Africa - 4.7% | | | |
| Bidvest Group Ltd./The | | 260,700 | 3,266,473 |
| Cashbuild Ltd. (b) | | 179,150 | 3,118,441 |
| FirstRand Ltd. | | 698,645 | 2,653,250 |
| Impala Platinum Holdings Ltd. | | 226,510 | 2,931,572 |
| Mr Price Group Ltd. | | 183,915 | 2,407,571 |
| Pick 'n Pay Stores Ltd. | | 594,400 | 2,323,121 |
|
| TOTAL SOUTH AFRICA | | | 16,700,428 |
|
| Taiwan - 10.6% | | | |
| Cleanaway Co. Ltd. | | 424,760 | 3,264,451 |
| eMemory Technology, Inc. | | 55,470 | 4,581,828 |
| International Games Systems Co. Ltd. | | 122,825 | 3,149,472 |
| Makalot Industrial Co. Ltd. | | 356,370 | 3,103,599 |
| Nanya Technology Corp. | | 1,516,220 | 3,621,068 |
| Poya International Co. Ltd. | | 105,050 | 1,875,017 |
| Unimicron Technology Corp. | | 1,014,740 | 6,924,068 |
| Vanguard International Semiconductor Corp. | | 730,050 | 3,788,552 |
| Win Semiconductors Corp. | | 327,050 | 4,198,972 |
| Yageo Corp. | | 221,590 | 3,453,764 |
|
| TOTAL TAIWAN | | | 37,960,791 |
|
| Thailand - 0.8% | | | |
| PTT Global Chemical PCL (For. Reg.) | | 778,400 | 1,472,110 |
| Siam Global House PCL | | 2,275,070 | 1,398,777 |
|
| TOTAL THAILAND | | | 2,870,887 |
|
| Turkey - 2.3% | | | |
| Aselsan A/S | | 1,774,830 | 3,033,124 |
| Bim Birlesik Magazalar A/S JSC | | 380,310 | 2,458,526 |
| Mavi Jeans Class B (c) | | 364,727 | 2,731,469 |
|
| TOTAL TURKEY | | | 8,223,119 |
|
| United Arab Emirates - 1.7% | | | |
| Aldar Properties PJSC (a) | | 3,104,555 | 3,414,617 |
| Emirates NBD Bank PJSC | | 718,103 | 2,727,233 |
|
| TOTAL UNITED ARAB EMIRATES | | | 6,141,850 |
|
| United Kingdom - 1.7% | | | |
| Bank of Georgia Group PLC | | 121,192 | 2,517,714 |
| Mondi PLC | | 142,964 | 3,562,167 |
|
| TOTAL UNITED KINGDOM | | | 6,079,881 |
|
| Vietnam - 0.2% | | | |
| FPT Corp. | | 163,513 | 696,412 |
| TOTAL COMMON STOCKS | | | |
| (Cost $309,217,679) | | | 354,995,592 |
|
| Nonconvertible Preferred Stocks - 0.8% | | | |
| Brazil - 0.8% | | | |
| Metalurgica Gerdau SA (PN) | | | |
| (Cost $2,000,784) | | 1,253,700 | 2,778,941 |
|
| Money Market Funds - 2.7% | | | |
| Fidelity Cash Central Fund 0.06% (d) | | 929,803 | 929,989 |
| Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) | | 8,893,114 | 8,894,003 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $9,823,992) | | | 9,823,992 |
| TOTAL INVESTMENT IN SECURITIES - 103.0% | | | |
| (Cost $321,042,455) | | | 367,598,525 |
| NET OTHER ASSETS (LIABILITIES) - (3.0)% | | | (10,713,874) |
| NET ASSETS - 100% | | | $356,884,651 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,153,379 or 5.1% of net assets.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $13,280,643 | $160,454,200 | $172,805,012 | $8,300 | $658 | $(500) | $929,989 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 4,112,544 | 91,559,432 | 86,777,973 | 23,485 | -- | -- | 8,894,003 | 0.0% |
| Total | $17,393,187 | $252,013,632 | $259,582,985 | $31,785 | $658 | $(500) | $9,823,992 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $10,183,944 | $10,183,944 | $-- | $-- |
| Consumer Discretionary | 38,453,387 | 30,511,642 | 7,941,745 | -- |
| Consumer Staples | 23,803,537 | 22,707,070 | 1,096,467 | -- |
| Energy | 11,913,279 | 11,913,279 | -- | -- |
| Financials | 51,659,189 | 40,314,545 | 11,344,644 | -- |
| Health Care | 33,174,988 | 30,609,784 | 2,565,204 | -- |
| Industrials | 59,144,900 | 54,509,907 | 4,634,993 | -- |
| Information Technology | 50,953,259 | 48,477,432 | 2,475,827 | -- |
| Materials | 41,627,511 | 32,899,132 | 8,728,379 | -- |
| Real Estate | 23,066,531 | 23,066,531 | -- | -- |
| Utilities | 13,794,008 | 13,794,008 | -- | -- |
| Money Market Funds | 9,823,992 | 9,823,992 | -- | -- |
| Total Investments in Securities: | $367,598,525 | $328,811,266 | $38,787,259 | $-- |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Emerging Markets Discovery Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $8,239,895) — See accompanying schedule:
Unaffiliated issuers (cost $311,218,463) | $357,774,533 | |
| Fidelity Central Funds (cost $9,823,992) | 9,823,992 | |
| Total Investment in Securities (cost $321,042,455) | | $367,598,525 |
| Foreign currency held at value (cost $63,712) | | 63,688 |
| Receivable for investments sold | | 147,840 |
| Receivable for fund shares sold | | 231,576 |
| Dividends receivable | | 309,963 |
| Distributions receivable from Fidelity Central Funds | | 4,974 |
| Prepaid expenses | | 449 |
| Other receivables | | 126,726 |
| Total assets | | 368,483,741 |
| Liabilities | | |
| Payable to custodian bank | $6,467 | |
| Payable for investments purchased | 125 | |
| Payable for fund shares redeemed | 388,635 | |
| Accrued management fee | 248,559 | |
| Distribution and service plan fees payable | 10,731 | |
| Deferred foreign taxes | 1,885,076 | |
| Other affiliated payables | 70,676 | |
| Other payables and accrued expenses | 94,818 | |
| Collateral on securities loaned | 8,894,003 | |
| Total liabilities | | 11,599,090 |
| Net Assets | | $356,884,651 |
| Net Assets consist of: | | |
| Paid in capital | | $282,685,927 |
| Total accumulated earnings (loss) | | 74,198,724 |
| Net Assets | | $356,884,651 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($18,899,573 ÷ 1,029,357 shares)(a) | | $18.36 |
| Maximum offering price per share (100/94.25 of $18.36) | | $19.48 |
| Class M: | | |
| Net Asset Value and redemption price per share ($6,094,977 ÷ 333,011 shares)(a) | | $18.30 |
| Maximum offering price per share (100/96.50 of $18.30) | | $18.96 |
| Class C: | | |
| Net Asset Value and offering price per share ($4,994,781 ÷ 280,908 shares)(a) | | $17.78 |
| Emerging Markets Discovery: | | |
| Net Asset Value, offering price and redemption price per share ($283,132,926 ÷ 15,318,985 shares) | | $18.48 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($27,397,090 ÷ 1,477,963 shares) | | $18.54 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($16,365,304 ÷ 884,321 shares) | | $18.51 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $7,559,044 |
| Interest | | 359 |
| Income from Fidelity Central Funds (including $23,485 from security lending) | | 31,785 |
| Income before foreign taxes withheld | | 7,591,188 |
| Less foreign taxes withheld | | (775,051) |
| Total income | | 6,816,137 |
| Expenses | | |
| Management fee | $2,693,452 | |
| Transfer agent fees | 570,313 | |
| Distribution and service plan fees | 127,038 | |
| Accounting fees | 168,959 | |
| Custodian fees and expenses | 252,833 | |
| Independent trustees' fees and expenses | 1,234 | |
| Registration fees | 92,620 | |
| Audit | 85,303 | |
| Legal | 791 | |
| Interest | 288 | |
| Miscellaneous | 1,314 | |
| Total expenses before reductions | 3,994,145 | |
| Expense reductions | (5,403) | |
| Total expenses after reductions | | 3,988,742 |
| Net investment income (loss) | | 2,827,395 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $35,494) | 49,966,779 | |
| Fidelity Central Funds | 658 | |
| Foreign currency transactions | (134,907) | |
| Futures contracts | 1,958,402 | |
| Total net realized gain (loss) | | 51,790,932 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,872,533) | 26,103,655 | |
| Fidelity Central Funds | (500) | |
| Assets and liabilities in foreign currencies | (2,126) | |
| Futures contracts | (274,984) | |
| Total change in net unrealized appreciation (depreciation) | | 25,826,045 |
| Net gain (loss) | | 77,616,977 |
| Net increase (decrease) in net assets resulting from operations | | $80,444,372 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,827,395 | $1,566,757 |
| Net realized gain (loss) | 51,790,932 | 2,521,991 |
| Change in net unrealized appreciation (depreciation) | 25,826,045 | (4,939,432) |
| Net increase (decrease) in net assets resulting from operations | 80,444,372 | (850,684) |
| Distributions to shareholders | (1,678,231) | (3,213,839) |
| Share transactions - net increase (decrease) | 27,363,583 | (51,843,020) |
| Total increase (decrease) in net assets | 106,129,724 | (55,907,543) |
| Net Assets | | |
| Beginning of period | 250,754,927 | 306,662,470 |
| End of period | $356,884,651 | $250,754,927 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Emerging Markets Discovery Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.93 | $13.66 | $12.01 | $15.03 | $12.27 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .11 | .04 | .13 | .18 | .14 |
| Net realized and unrealized gain (loss) | 4.37 | .34B | 1.71 | (2.89) | 2.74 |
| Total from investment operations | 4.48 | .38 | 1.84 | (2.71) | 2.88 |
| Distributions from net investment income | (.05) | (.11) | (.18) | (.08) | (.07) |
| Distributions from net realized gain | – | – | (.01) | (.23) | (.06) |
| Total distributions | (.05) | (.11) | (.19) | (.31) | (.13) |
| Redemption fees added to paid in capitalA | – | – | – | –C | .01 |
| Net asset value, end of period | $18.36 | $13.93 | $13.66 | $12.01 | $15.03 |
| Total ReturnD,E | 32.23% | 2.76% | 15.50% | (18.39)% | 23.89% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.49% | 1.54% | 1.55% | 1.52% | 1.63% |
| Expenses net of fee waivers, if any | 1.49% | 1.53% | 1.54% | 1.52% | 1.63% |
| Expenses net of all reductions | 1.49% | 1.51% | 1.54% | 1.48% | 1.62% |
| Net investment income (loss) | .60% | .33% | .96% | 1.22% | 1.03% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $18,900 | $11,745 | $15,323 | $14,472 | $16,062 |
| Portfolio turnover rateH | 64% | 43% | 80% | 98% | 58% |
A Calculated based on average shares outstanding during the period.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Discovery Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.89 | $13.62 | $11.94 | $14.94 | $12.20 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .06 | –B | .08 | .14 | .10 |
| Net realized and unrealized gain (loss) | 4.36 | .34C | 1.71 | (2.87) | 2.74 |
| Total from investment operations | 4.42 | .34 | 1.79 | (2.73) | 2.84 |
| Distributions from net investment income | (.01) | (.07) | (.10) | (.04) | (.04) |
| Distributions from net realized gain | – | – | (.01) | (.23) | (.06) |
| Total distributions | (.01) | (.07) | (.11) | (.27) | (.11)D |
| Redemption fees added to paid in capitalA | – | – | – | –B | .01 |
| Net asset value, end of period | $18.30 | $13.89 | $13.62 | $11.94 | $14.94 |
| Total ReturnE,F | 31.82% | 2.49% | 15.06% | (18.58)% | 23.63% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.76% | 1.83% | 1.86% | 1.79% | 1.92% |
| Expenses net of fee waivers, if any | 1.76% | 1.83% | 1.86% | 1.79% | 1.92% |
| Expenses net of all reductions | 1.76% | 1.80% | 1.86% | 1.75% | 1.90% |
| Net investment income (loss) | .33% | .03% | .64% | .94% | .74% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,095 | $4,552 | $5,773 | $5,374 | $9,393 |
| Portfolio turnover rateI | 64% | 43% | 80% | 98% | 58% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Discovery Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.55 | $13.29 | $11.66 | $14.64 | $11.97 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | (.03) | (.06) | .02 | .06 | .04 |
| Net realized and unrealized gain (loss) | 4.26 | .32B | 1.67 | (2.79) | 2.69 |
| Total from investment operations | 4.23 | .26 | 1.69 | (2.73) | 2.73 |
| Distributions from net investment income | – | – | (.05) | (.02) | (.01) |
| Distributions from net realized gain | – | – | (.01) | (.23) | (.06) |
| Total distributions | – | – | (.06) | (.25) | (.07) |
| Redemption fees added to paid in capitalA | – | – | – | –C | .01 |
| Net asset value, end of period | $17.78 | $13.55 | $13.29 | $11.66 | $14.64 |
| Total ReturnD,E | 31.22% | 1.96% | 14.54% | (18.97)% | 23.02% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 2.25% | 2.32% | 2.36% | 2.28% | 2.38% |
| Expenses net of fee waivers, if any | 2.25% | 2.31% | 2.35% | 2.28% | 2.38% |
| Expenses net of all reductions | 2.25% | 2.29% | 2.35% | 2.24% | 2.37% |
| Net investment income (loss) | (.16)% | (.45)% | .14% | .45% | .28% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $4,995 | $5,080 | $7,562 | $11,278 | $14,168 |
| Portfolio turnover rateH | 64% | 43% | 80% | 98% | 58% |
A Calculated based on average shares outstanding during the period.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Discovery Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.02 | $13.75 | $12.10 | $15.12 | $12.33 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .08 | .16 | .23 | .18 |
| Net realized and unrealized gain (loss) | 4.40 | .34B | 1.72 | (2.91) | 2.76 |
| Total from investment operations | 4.56 | .42 | 1.88 | (2.68) | 2.94 |
| Distributions from net investment income | (.10) | (.15) | (.22) | (.11) | (.09) |
| Distributions from net realized gain | – | – | (.01) | (.23) | (.06) |
| Total distributions | (.10) | (.15) | (.23) | (.34) | (.16)C |
| Redemption fees added to paid in capitalA | – | – | – | –D | .01 |
| Net asset value, end of period | $18.48 | $14.02 | $13.75 | $12.10 | $15.12 |
| Total ReturnE | 32.63% | 3.07% | 15.78% | (18.11)% | 24.30% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.19% | 1.23% | 1.25% | 1.22% | 1.35% |
| Expenses net of fee waivers, if any | 1.18% | 1.23% | 1.25% | 1.22% | 1.35% |
| Expenses net of all reductions | 1.18% | 1.20% | 1.25% | 1.18% | 1.34% |
| Net investment income (loss) | .90% | .63% | 1.25% | 1.51% | 1.31% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $283,133 | $189,784 | $208,657 | $188,690 | $248,124 |
| Portfolio turnover rateH | 64% | 43% | 80% | 98% | 58% |
A Calculated based on average shares outstanding during the period.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Discovery Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $14.06 | $13.79 | $12.13 | $15.15 | $12.37 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .16 | .08 | .17 | .23 | .19 |
| Net realized and unrealized gain (loss) | 4.41 | .34B | 1.72 | (2.90) | 2.75 |
| Total from investment operations | 4.57 | .42 | 1.89 | (2.67) | 2.94 |
| Distributions from net investment income | (.09) | (.15) | (.22) | (.12) | (.10) |
| Distributions from net realized gain | – | – | (.01) | (.23) | (.06) |
| Total distributions | (.09) | (.15) | (.23) | (.35) | (.17)C |
| Redemption fees added to paid in capitalA | – | – | – | –D | .01 |
| Net asset value, end of period | $18.54 | $14.06 | $13.79 | $12.13 | $15.15 |
| Total ReturnE | 32.62% | 3.07% | 15.78% | (18.06)% | 24.25% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.19% | 1.24% | 1.25% | 1.22% | 1.32% |
| Expenses net of fee waivers, if any | 1.19% | 1.23% | 1.24% | 1.22% | 1.32% |
| Expenses net of all reductions | 1.19% | 1.21% | 1.24% | 1.18% | 1.30% |
| Net investment income (loss) | .90% | .63% | 1.26% | 1.51% | 1.34% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $27,397 | $28,034 | $51,081 | $57,506 | $97,170 |
| Portfolio turnover rateH | 64% | 43% | 80% | 98% | 58% |
A Calculated based on average shares outstanding during the period.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Emerging Markets Discovery Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $14.04 | $13.77 | $12.13 | $13.19 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .19 | .10 | .18 | –C |
| Net realized and unrealized gain (loss) | 4.40 | .35D | 1.72 | (1.06) |
| Total from investment operations | 4.59 | .45 | 1.90 | (1.06) |
| Distributions from net investment income | (.12) | (.18) | (.26) | – |
| Distributions from net realized gain | – | – | (.01) | – |
| Total distributions | (.12) | (.18) | (.26)E | – |
| Redemption fees added to paid in capitalB | – | – | – | – |
| Net asset value, end of period | $18.51 | $14.04 | $13.77 | $12.13 |
| Total ReturnF,G | 32.82% | 3.24% | 15.97% | (8.04)% |
| Ratios to Average Net AssetsH,I | | | | |
| Expenses before reductions | 1.05% | 1.09% | 1.10% | 1.17%J |
| Expenses net of fee waivers, if any | 1.05% | 1.08% | 1.10% | 1.02%J |
| Expenses net of all reductions | 1.05% | 1.06% | 1.10% | .98%J |
| Net investment income (loss) | 1.04% | .78% | 1.40% | (.12)%J |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $16,365 | $11,561 | $18,267 | $1,412 |
| Portfolio turnover rateK | 64% | 43% | 80% | 98% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Annualized
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Emerging Markets Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets Discovery, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to 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 | $72,603,979 |
| Gross unrealized depreciation | (30,548,966) |
| Net unrealized appreciation (depreciation) | $42,055,013 |
| Tax Cost | $325,543,512 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $6,424,749 |
| Undistributed long-term capital gain | $27,622,875 |
| Net unrealized appreciation (depreciation) on securities and other investments | $42,036,168 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $1,678,231 | $ 3,213,839 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Emerging Markets Discovery Fund | 242,298,702 | 199,027,813 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .83% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $41,730 | $1,606 |
| Class M | .25% | .25% | 28,352 | – |
| Class C | .75% | .25% | 56,956 | 3,195 |
| | | | $127,038 | $4,801 |
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 | $10,222 |
| Class M | 1,109 |
| Class C(a) | 154 |
| | $11,485 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $38,119 | .23 |
| Class M | 14,461 | .25 |
| Class C | 13,744 | .24 |
| Emerging Markets Discovery | 443,010 | .18 |
| Class I | 53,971 | .18 |
| Class Z | 7,008 | .04 |
| | $570,313 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Emerging Markets Discovery Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Emerging Markets Discovery Fund | $609 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Emerging Markets Discovery Fund | Borrower | $4,467,571 | .32% | $274 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Emerging Markets Discovery Fund | 1,819,312 | 1,084,592 | (535,096) |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount |
| Fidelity Emerging Markets Discovery Fund | $569 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Emerging Markets Discovery Fund | $1,827 | $– | $– |
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity Emerging Markets Discovery Fund | $452,000 | .58% | $14 |
10. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,403.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Emerging Markets Discovery Fund | | |
| Distributions to shareholders | | |
| Class A | $43,438 | $109,418 |
| Class M | 2,654 | 28,760 |
| Emerging Markets Discovery | 1,342,123 | 2,286,445 |
| Class I | 179,027 | 568,373 |
| Class Z | 110,989 | 220,843 |
| Total | $1,678,231 | $3,213,839 |
12. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Emerging Markets Discovery Fund | | | | |
| Class A | | | | |
| Shares sold | 314,066 | 100,861 | $5,697,761 | $1,333,872 |
| Reinvestment of distributions | 2,718 | 7,832 | 43,438 | 109,418 |
| Shares redeemed | (130,443) | (387,536) | (2,336,122) | (5,092,423) |
| Net increase (decrease) | 186,341 | (278,843) | $3,405,077 | $(3,649,133) |
| Class M | | | | |
| Shares sold | 56,604 | 30,127 | $1,018,071 | $401,793 |
| Reinvestment of distributions | 166 | 2,060 | 2,654 | 28,760 |
| Shares redeemed | (51,511) | (128,357) | (891,524) | (1,670,594) |
| Net increase (decrease) | 5,259 | (96,170) | $129,201 | $(1,240,041) |
| Class C | | | | |
| Shares sold | 33,657 | 44,610 | $585,713 | $595,319 |
| Shares redeemed | (127,596) | (238,890) | (2,221,246) | (3,020,268) |
| Net increase (decrease) | (93,939) | (194,280) | $(1,635,533) | $(2,424,949) |
| Emerging Markets Discovery | | | | |
| Shares sold | 5,654,080 | 4,566,310 | $103,043,648 | $58,369,087 |
| Reinvestment of distributions | 68,892 | 147,141 | 1,105,024 | 2,064,387 |
| Shares redeemed | (3,938,307) | (6,355,720) | (70,585,881) | (80,633,963) |
| Net increase (decrease) | 1,784,665 | (1,642,269) | $33,562,791 | $(20,200,489) |
| Class I | | | | |
| Shares sold | 437,256 | 723,524 | $8,018,391 | $9,806,827 |
| Reinvestment of distributions | 11,029 | 40,170 | 177,453 | 564,792 |
| Shares redeemed | (964,322) | (2,475,011) | (17,067,625) | (28,386,429) |
| Net increase (decrease) | (516,037) | (1,711,317) | $(8,871,781) | $(18,014,810) |
| Class Z | | | | |
| Shares sold | 580,870 | 212,001 | $9,517,876 | $2,854,966 |
| Reinvestment of distributions | 5,999 | 15,246 | 96,227 | 213,748 |
| Shares redeemed | (526,020) | (730,527) | (8,840,275) | (9,382,312) |
| Net increase (decrease) | 60,849 | (503,280) | $773,828 | $(6,313,598) |
13. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
14. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Fidelity® Total Emerging Markets Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Life of fundA |
| Class A (incl. 5.75% sales charge) | 7.24% | 6.88% | 5.45% |
| Class M (incl. 3.50% sales charge) | 9.50% | 7.04% | 5.40% |
| Class C (incl. contingent deferred sales charge) | 11.89% | 7.36% | 5.44% |
| Fidelity® Total Emerging Markets Fund | 14.06% | 8.43% | 6.34% |
| Class I | 14.10% | 8.47% | 6.36% |
| Class Z | 14.21% | 8.54% | 6.39% |
A From November 1, 2011
Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Total Emerging Markets Fund, a class of the fund, on November 1, 2011, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
| Period Ending Values |
| $18,500 | Fidelity® Total Emerging Markets Fund |
| $16,609 | MSCI Emerging Markets Index |
Fidelity® Total Emerging Markets Fund
Management's Discussion of Fund Performance
Market Recap: For the 12 months ending October 31, 2021, the Fidelity Total Emerging Markets Composite Index℠ – consisting of 60% equities and 40% debt – gained 11.83%. Separately, emerging-markets (EM) equities advanced 16.98%, as measured by the MSCI Emerging Markets Index, and emerging-markets debt rose 4.06%, according to the J.P. Morgan Emerging Markets Bond Index Global. Prices for riskier assets rallied for most of the past 12 months amid the U.S. economy reopening, global economic progress, and supportive monetary and fiscal policies. Notably, both EM equities and debt cooled in the back half of the period, along with other risk assets, due to concerns about inflationary pressure from surging energy and other commodity prices, supply constraint and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, investors were concerned about regulatory tightening and slowing economic growth in China. Lastly, the U.S. Federal Reserve signaled it could soon begin to taper the enormous bond purchases it has made since the onset of the pandemic. For the full 12 months, EM stocks outperformed debt amid a generally positive outlook for economic growth. Within the EM equity index, standouts included major oil producers Russia (+83%) and Saudi Arabia (+56%). Meanwhile, EM debt issuers exposed to energy tended to perform well, including Mexico (+11%).
Comments from Co-Portfolio Manager Gregory Lee: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 13% to 14%, outperforming the 11.83% advance of the Fidelity Total Emerging Markets Composite Index℠. Versus the Composite index, the fund’s overweighting in EM equities and underweighting in EM debt both contributed this period, as did security selection in each sleeve. Within the EM equity subportfolio, stock picking in the financials, health care and consumer discretionary sectors helped relative performance, whereas picks in materials weighed on our relative result. By country, an overweighting in Russia and underweighting in China contributed most, but an underweighting in Taiwan detracted. Turning to the EM debt sleeve, security selection in Mexico was a key relative contributor. Here, the fund’s exposure to Pemex, one of the largest credit positions in the fund this period, outperformed on higher oil prices and more-explicit government support for the company. Security selection in Ghana also helped, driven by Tullow and Kosmos, two offshore oil producers that focus on oil production in Ghana. Meanwhile, the sleeve was underweighted in Turkey on concerns about mounting economic, political and geopolitical challenges. This debt market outperformed, which hurt the fund's relative result.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Notes to shareholders: On January 1, 2021, James Hayes came off of the fund and the fund's financials, real estate and utilities subportfolios, leaving Will Pruett, Guillermo de Las Casas and Gregory Lee as sole managers of these sleeves, respectively. On January 30, 2021, Steven Kaye assumed management responsibilities for the fund's health care subportfolio, succeeding Jane Wu. Priyanshu Bakshi assumed co-management responsibilities for the fund's information technology subportfolio, joining Xiaoting Zhao. On February 1, 2021, Takamitsu Nishikawa assumed co-management responsibilities for the fund's health care subportfolio, joining Steven Kaye. On December 7, 2021, Xiaoting Zhao came off of the fund's information technology sleeve, leaving Priyanshu Bakshi as sole manager of the sleeve.
Fidelity® Total Emerging Markets Fund
Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 5.4 |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 4.1 |
| Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) | 3.0 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.9 |
| Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) | 1.8 |
| | 17.2 |
Top Five Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 15.6 |
| Financials | 15.0 |
| Consumer Discretionary | 11.5 |
| Energy | 9.4 |
| Communication Services | 8.7 |
Top Five Countries as of October 31, 2021
| (excluding cash equivalents) | % of fund's net assets |
| Cayman Islands | 18.7 |
| India | 10.1 |
| Korea (South) | 8.9 |
| Taiwan | 6.8 |
| China | 6.4 |
Percentages are adjusted for the effect of futures contracts, if applicable.
Asset Allocation (% of fund's net assets)
| As of October 31, 2021 |
| | Stocks and Equity Futures | 75.4% |
| | Bonds | 21.7% |
| | Other Investments | 0.2% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 2.7% |
Fidelity® Total Emerging Markets Fund
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 71.6% | | | |
| | | Shares | Value |
| Belgium - 0.3% | | | |
| Titan Cement International Trading SA | | 101,900 | $1,776,370 |
| Bermuda - 0.7% | | | |
| China Gas Holdings Ltd. | | 420,344 | 1,051,333 |
| Credicorp Ltd. (United States) | | 14,679 | 1,903,279 |
| Huanxi Media Group Ltd. (a) | | 1,834,226 | 348,905 |
| Kerry Properties Ltd. | | 77,500 | 218,640 |
| Kunlun Energy Co. Ltd. | | 886,040 | 810,823 |
| Shangri-La Asia Ltd. (a) | | 114,000 | 92,894 |
|
| TOTAL BERMUDA | | | 4,425,874 |
|
| Brazil - 1.8% | | | |
| Atacadao SA | | 489,000 | 1,441,752 |
| Azul SA sponsored ADR (a) | | 54,340 | 718,918 |
| Dexco SA | | 11,400 | 31,329 |
| ENGIE Brasil Energia SA | | 63,700 | 439,166 |
| Equatorial Energia SA | | 202,300 | 820,125 |
| LOG Commercial Properties e Participacoes SA | | 34,600 | 143,640 |
| Natura & Co. Holding SA (a) | | 268,318 | 1,849,387 |
| Rede D'Oregon Sao Luiz SA (b) | | 54,883 | 573,744 |
| Rumo SA (a) | | 429,400 | 1,216,575 |
| Suzano Papel e Celulose SA (a) | | 117,900 | 1,028,424 |
| Transmissora Alianca de Energia Eletrica SA unit | | 80,600 | 523,547 |
| Vale SA sponsored ADR | | 178,268 | 2,269,352 |
|
| TOTAL BRAZIL | | | 11,055,959 |
|
| British Virgin Islands - 0.2% | | | |
| Fix Price Group Ltd. GDR (Reg. S) | | 88,418 | 770,121 |
| Mail.Ru Group Ltd. GDR (Reg. S) (a) | | 13,961 | 285,642 |
|
| TOTAL BRITISH VIRGIN ISLANDS | | | 1,055,763 |
|
| Canada - 0.5% | | | |
| Barrick Gold Corp. | | 156,200 | 2,869,394 |
| Cayman Islands - 18.1% | | | |
| Akeso, Inc. (a)(b) | | 99,853 | 559,552 |
| Alibaba Group Holding Ltd. (a) | | 902,714 | 18,562,199 |
| Ant International Co. Ltd. Class C (a)(c)(d) | | 424,550 | 912,783 |
| Anta Sports Products Ltd. | | 35,384 | 553,010 |
| Antengene Corp. (b) | | 331,089 | 439,154 |
| Archosaur Games, Inc. (b) | | 35,822 | 42,910 |
| BeiGene Ltd. ADR (a) | | 2,053 | 734,399 |
| Bilibili, Inc. ADR (a) | | 70,656 | 5,179,085 |
| Chailease Holding Co. Ltd. | | 417,138 | 3,984,870 |
| China Resources Land Ltd. | | 186,510 | 726,335 |
| CIFI Holdings Group Co. Ltd. | | 1,044,711 | 580,059 |
| CK Asset Holdings Ltd. | | 28,500 | 176,007 |
| ENN Energy Holdings Ltd. | | 84,300 | 1,459,445 |
| ESR Cayman Ltd. (a)(b) | | 101,400 | 329,073 |
| GlobalFoundries, Inc. | | 6,300 | 307,062 |
| Haitian International Holdings Ltd. | | 290,000 | 849,817 |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | | 297,478 | 664,503 |
| Innovent Biologics, Inc. (a)(b) | | 120,086 | 1,077,309 |
| iQIYI, Inc. ADR (a) | | 19,036 | 157,618 |
| Jacobio Pharmaceuticals Group Co. Ltd. (b) | | 263,646 | 599,773 |
| JD Health International, Inc. (b) | | 35,080 | 310,650 |
| JD.com, Inc. sponsored ADR (a) | | 69,777 | 5,462,144 |
| KE Holdings, Inc. ADR (a) | | 18,700 | 340,714 |
| Kingdee International Software Group Co. Ltd. (a) | | 269,471 | 890,098 |
| Kuaishou Technology Class B (b) | | 194,372 | 2,585,631 |
| Li Auto, Inc. Class A (a) | | 39,000 | 657,644 |
| Li Ning Co. Ltd. | | 204,297 | 2,271,280 |
| Longfor Properties Co. Ltd. (b) | | 138,000 | 670,445 |
| Medlive Technology Co. Ltd. (b) | | 131,581 | 684,076 |
| Medlive Technology Co. Ltd. | | 35,500 | 175,333 |
| Meituan Class B (a)(b) | | 328,864 | 11,190,795 |
| NetEase, Inc. ADR | | 8,568 | 836,151 |
| PagSeguro Digital Ltd. (a) | | 32,689 | 1,183,342 |
| Parade Technologies Ltd. | | 8,188 | 524,891 |
| Pinduoduo, Inc. ADR (a) | | 29,871 | 2,656,129 |
| Pop Mart International Group Ltd. (b) | | 88,678 | 523,714 |
| Sea Ltd. ADR (a) | | 9,164 | 3,148,475 |
| Shimao Property Holdings Ltd. | | 248,800 | 391,403 |
| Silergy Corp. | | 7,000 | 1,151,374 |
| Tencent Holdings Ltd. | | 418,641 | 25,465,845 |
| Tencent Music Entertainment Group ADR (a) | | 26,827 | 210,860 |
| Tongdao Liepin Group (a) | | 117,531 | 169,790 |
| Trip.com Group Ltd. ADR (a) | | 52,500 | 1,499,400 |
| Uni-President China Holdings Ltd. | | 796,600 | 679,831 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 234,194 | 3,547,329 |
| Xiaomi Corp. Class B (a)(b) | | 139,072 | 381,619 |
| XP, Inc. Class A (a) | | 61,035 | 2,002,558 |
| XPeng, Inc.: | | | |
| ADR (a) | | 75,780 | 3,533,621 |
| Class A | | 7,913 | 183,611 |
| Zai Lab Ltd. (a) | | 12,764 | 1,324,151 |
|
| TOTAL CAYMAN ISLANDS | | | 112,547,867 |
|
| Chile - 0.6% | | | |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | | 62,521 | 3,431,778 |
| China - 6.4% | | | |
| Bafang Electric Suzhou Co. Ltd. (A Shares) | | 29,945 | 1,117,021 |
| Beijing Enlight Media Co. Ltd. (A Shares) | | 593,200 | 866,776 |
| Beijing Sinohytec Co. Ltd. (A Shares) (a) | | 13,500 | 520,548 |
| C&S Paper Co. Ltd. (A Shares) | | 328,900 | 874,910 |
| China Communications Services Corp. Ltd. (H Shares) | | 1,276,000 | 705,199 |
| China Construction Bank Corp. (H Shares) | | 8,559,000 | 5,825,091 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 288,300 | 469,417 |
| China Petroleum & Chemical Corp. (H Shares) | | 3,382,000 | 1,647,822 |
| China Tower Corp. Ltd. (H Shares) (b) | | 1,823,267 | 236,681 |
| DBAPPSecurity Ltd. (A Shares) | | 20,519 | 938,831 |
| Estun Automation Co. Ltd. (A Shares) | | 91,100 | 376,161 |
| Flat Glass Group Co. Ltd. (e) | | 127,727 | 689,484 |
| Gemdale Corp. (A Shares) | | 345,458 | 547,383 |
| Great Wall Motor Co. Ltd. (H Shares) | | 531,279 | 2,396,747 |
| Haier Smart Home Co. Ltd. | | 343,200 | 1,283,609 |
| Haier Smart Home Co. Ltd. (A Shares) | | 34,560 | 146,748 |
| Hongfa Technology Co. Ltd. (A Shares) | | 49,863 | 578,670 |
| OPT Machine Vision Tech Co. Ltd. (A Shares) | | 7,800 | 331,665 |
| Pharmaron Beijing Co. Ltd. (H Shares) (b) | | 61,735 | 1,344,911 |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | | 710,000 | 5,085,540 |
| Poly Developments & Holdings (A Shares) | | 231,100 | 453,127 |
| Proya Cosmetics Co. Ltd. (A Shares) | | 55,600 | 1,744,620 |
| Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | | 39,723 | 334,862 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 28,676 | 1,683,606 |
| ShenZhen Topband Co. Ltd. (A Shares) | | 380,600 | 879,942 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 548,000 | 288,773 |
| Sinopharm Group Co. Ltd. (H Shares) | | 256,718 | 612,388 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 23,000 | 589,205 |
| TravelSky Technology Ltd. (H Shares) | | 291,000 | 544,561 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 358,000 | 3,112,743 |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) | | 87,705 | 406,370 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 60,564 | 1,294,492 |
| Xiamen Faratronic Co. Ltd. (A Shares) | | 18,240 | 550,980 |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | | 221,200 | 1,060,441 |
| ZTE Corp. (H Shares) | | 87,549 | 263,305 |
|
| TOTAL CHINA | | | 39,802,629 |
|
| Cyprus - 0.9% | | | |
| TCS Group Holding PLC GDR | | 57,095 | 5,846,528 |
| Egypt - 0.0% | | | |
| Six of October Development & Investment Co. | | 195,795 | 228,698 |
| France - 0.1% | | | |
| Ubisoft Entertainment SA (a) | | 6,052 | 316,906 |
| Germany - 0.1% | | | |
| Delivery Hero AG (a)(b) | | 4,254 | 528,890 |
| Greece - 0.0% | | | |
| Piraeus Financial Holdings SA (a) | | 150,400 | 255,578 |
| Hong Kong - 0.9% | | | |
| AIA Group Ltd. | | 201,800 | 2,261,575 |
| China Overseas Land and Investment Ltd. | | 230,540 | 508,459 |
| China Resources Beer Holdings Co. Ltd. | | 236,666 | 1,961,951 |
| Guangdong Investment Ltd. | | 536,000 | 675,124 |
|
| TOTAL HONG KONG | | | 5,407,109 |
|
| Hungary - 0.5% | | | |
| OTP Bank PLC (a) | | 40,940 | 2,458,825 |
| Richter Gedeon PLC | | 24,416 | 683,983 |
|
| TOTAL HUNGARY | | | 3,142,808 |
|
| India - 10.0% | | | |
| Adani Ports & Special Economic Zone Ltd. | | 198,166 | 1,832,153 |
| Apollo Hospitals Enterprise Ltd. | | 10,611 | 603,357 |
| Axis Bank Ltd. (a) | | 317,219 | 3,140,237 |
| Bajaj Auto Ltd. | | 17,215 | 851,448 |
| Bajaj Finance Ltd. | | 31,564 | 3,116,269 |
| Bandhan Bank Ltd. (b) | | 221,900 | 862,821 |
| Divi's Laboratories Ltd. | | 10,922 | 750,449 |
| Embassy Office Parks (REIT) | | 61,800 | 288,276 |
| HCL Technologies Ltd. | | 144,460 | 2,204,338 |
| HDFC Bank Ltd. | | 407,596 | 8,625,954 |
| Hindustan Aeronautics Ltd. | | 400 | 6,973 |
| Housing Development Finance Corp. Ltd. | | 4,050 | 153,706 |
| Indraprastha Gas Ltd. | | 181,493 | 1,147,482 |
| Indus Towers Ltd. | | 27,500 | 99,610 |
| IndusInd Bank Ltd. | | 60,100 | 914,229 |
| Infosys Ltd. | | 82,524 | 1,844,972 |
| Infosys Ltd. sponsored ADR | | 71,513 | 1,593,310 |
| ITC Ltd. | | 379,013 | 1,128,620 |
| JK Cement Ltd. | | 74,774 | 3,307,743 |
| Larsen & Toubro Ltd. | | 113,969 | 2,686,190 |
| Mahanagar Gas Ltd. | | 45,196 | 604,874 |
| Mahindra & Mahindra Ltd. | | 55,602 | 655,941 |
| Manappuram General Finance & Leasing Ltd. | | 490,051 | 1,358,583 |
| Max Healthcare Institute Ltd. (a) | | 86,718 | 383,350 |
| NTPC Ltd. | | 566,557 | 1,002,652 |
| Oberoi Realty Ltd. (a) | | 60,170 | 726,728 |
| Petronet LNG Ltd. | | 184,106 | 563,825 |
| Power Grid Corp. of India Ltd. | | 552,927 | 1,365,074 |
| Reliance Industries Ltd. | | 234,013 | 7,918,291 |
| Shree Cement Ltd. | | 5,951 | 2,273,476 |
| Shriram Transport Finance Co. Ltd. | | 172,330 | 3,301,986 |
| Sun Pharmaceutical Industries Ltd. | | 35,945 | 381,246 |
| Tata Consultancy Services Ltd. | | 10,431 | 472,843 |
| Tata Motors Ltd. (a) | | 118,396 | 760,894 |
| Tata Steel Ltd. | | 87,609 | 1,538,110 |
| Tech Mahindra Ltd. | | 74,704 | 1,472,901 |
| Titan Co. Ltd. | | 10,063 | 320,001 |
| Torrent Pharmaceuticals Ltd. | | 17,433 | 665,271 |
| Voltas Ltd. | | 31,752 | 510,264 |
| Zomato Ltd. (a) | | 490,571 | 860,978 |
|
| TOTAL INDIA | | | 62,295,425 |
|
| Indonesia - 1.2% | | | |
| PT Bank Central Asia Tbk | | 5,788,400 | 3,054,053 |
| PT Bank Rakyat Indonesia Tbk | | 12,700,779 | 3,812,568 |
| PT United Tractors Tbk | | 269,800 | 448,476 |
|
| TOTAL INDONESIA | | | 7,315,097 |
|
| Japan - 0.8% | | | |
| Capcom Co. Ltd. | | 15,810 | 425,533 |
| Ibiden Co. Ltd. | | 5,626 | 338,043 |
| JTOWER, Inc. (a) | | 3,388 | 321,882 |
| Money Forward, Inc. (a) | | 8,064 | 547,972 |
| Recruit Holdings Co. Ltd. | | 5,929 | 394,391 |
| Renesas Electronics Corp. (a) | | 54,402 | 669,222 |
| Square Enix Holdings Co. Ltd. | | 8,915 | 488,364 |
| Tokyo Electron Ltd. | | 1,827 | 851,442 |
| Z Holdings Corp. | | 154,291 | 957,842 |
|
| TOTAL JAPAN | | | 4,994,691 |
|
| Korea (South) - 8.7% | | | |
| AMOREPACIFIC Group, Inc. | | 32,839 | 1,390,549 |
| Coway Co. Ltd. | | 18,100 | 1,220,980 |
| Hana Financial Group, Inc. | | 56,310 | 2,160,176 |
| Hanon Systems | | 60,690 | 747,980 |
| Hyundai Mobis | | 5,772 | 1,241,333 |
| Kakao Corp. | | 22,720 | 2,431,791 |
| Kakao Pay Corp. (a)(f) | | 1,800 | 137,923 |
| KB Financial Group, Inc. | | 78,928 | 3,800,841 |
| Kia Corp. | | 45,548 | 3,306,709 |
| LG Chemical Ltd. | | 1,173 | 837,378 |
| LG Corp. | | 14,780 | 1,149,542 |
| NCSOFT Corp. | | 1,584 | 846,733 |
| Netmarble Corp. (b) | | 1,754 | 184,785 |
| POSCO | | 16,881 | 4,259,614 |
| S-Oil Corp. | | 12,790 | 1,113,360 |
| Samsung Biologics Co. Ltd. (a)(b) | | 2,507 | 1,858,113 |
| Samsung Electronics Co. Ltd. | | 303,013 | 18,049,353 |
| Samsung SDI Co. Ltd. | | 4,663 | 2,926,940 |
| SK Hynix, Inc. | | 67,851 | 5,950,455 |
| Studio Dragon Corp. (a) | | 5,643 | 414,915 |
|
| TOTAL KOREA (SOUTH) | | | 54,029,470 |
|
| Luxembourg - 0.2% | | | |
| Adecoagro SA (a) | | 20,600 | 180,456 |
| Globant SA (a) | | 3,492 | 1,114,611 |
|
| TOTAL LUXEMBOURG | | | 1,295,067 |
|
| Mauritius - 0.0% | | | |
| Jumo World Ltd. (d) | | 30 | 225,472 |
| Mexico - 1.8% | | | |
| CEMEX S.A.B. de CV sponsored ADR (a) | | 597,900 | 3,844,497 |
| Corporacion Inmobiliaria Vesta S.A.B. de CV | | 220,155 | 383,250 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | | 92,200 | 1,162,263 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | | 3,011 | 607,168 |
| Grupo Aeroportuario Norte S.A.B. de CV (a) | | 70,000 | 422,387 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 491,621 | 3,112,629 |
| Wal-Mart de Mexico SA de CV Series V | | 545,300 | 1,901,981 |
|
| TOTAL MEXICO | | | 11,434,175 |
|
| Netherlands - 1.5% | | | |
| Adyen BV (a)(b) | | 188 | 567,254 |
| ASML Holding NV (Netherlands) | | 831 | 675,520 |
| CTP BV (b) | | 9,809 | 208,641 |
| Elastic NV (a) | | 3,211 | 557,141 |
| X5 Retail Group NV GDR (Reg. S) | | 48,100 | 1,637,324 |
| Yandex NV Series A (a) | | 70,711 | 5,857,699 |
|
| TOTAL NETHERLANDS | | | 9,503,579 |
|
| Panama - 0.1% | | | |
| Copa Holdings SA Class A (a) | | 12,349 | 913,332 |
| Peru - 0.0% | | | |
| Compania de Minas Buenaventura SA sponsored ADR (a) | | 33,800 | 266,344 |
| Philippines - 0.1% | | | |
| Ayala Land, Inc. | | 600,300 | 417,156 |
| Poland - 0.1% | | | |
| CD Projekt RED SA (e) | | 17,691 | 771,023 |
| Russia - 2.8% | | | |
| Gazprom OAO sponsored ADR (Reg. S) | | 146,200 | 1,433,637 |
| LSR Group OJSC | | 5,755 | 60,474 |
| Lukoil PJSC sponsored ADR | | 46,200 | 4,712,400 |
| MMC Norilsk Nickel PJSC sponsored ADR | | 28,200 | 882,378 |
| Novatek PJSC GDR (Reg. S) | | 12,100 | 3,067,350 |
| Sberbank of Russia | | 138,230 | 695,407 |
| Sberbank of Russia sponsored ADR | | 271,404 | 5,433,508 |
| Severstal PAO GDR (Reg. S) | | 7,000 | 160,020 |
| Tatneft PAO | | 114,800 | 876,818 |
|
| TOTAL RUSSIA | | | 17,321,992 |
|
| Saudi Arabia - 0.7% | | | |
| Al Rajhi Bank | | 114,009 | 4,212,762 |
| Singapore - 0.3% | | | |
| First Resources Ltd. | | 1,380,600 | 1,822,372 |
| South Africa - 1.9% | | | |
| Bidvest Group Ltd./The | | 88,956 | 1,114,585 |
| Capitec Bank Holdings Ltd. | | 16,450 | 1,838,071 |
| FirstRand Ltd. | | 602,107 | 2,286,627 |
| Impala Platinum Holdings Ltd. | | 317,000 | 4,102,725 |
| Pick 'n Pay Stores Ltd. | | 574,800 | 2,246,518 |
|
| TOTAL SOUTH AFRICA | | | 11,588,526 |
|
| Taiwan - 6.8% | | | |
| ASE Technology Holding Co. Ltd. | | 300,577 | 1,073,760 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 81,923 | 314,806 |
| MediaTek, Inc. | | 100,055 | 3,280,669 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 1,595,139 | 33,804,953 |
| Uni-President Enterprises Corp. | | 677,000 | 1,619,257 |
| Unimicron Technology Corp. | | 52,000 | 354,821 |
| United Microelectronics Corp. | | 983,000 | 2,038,009 |
|
| TOTAL TAIWAN | | | 42,486,275 |
|
| Thailand - 0.3% | | | |
| Land & House PCL (For. Reg.) | | 534,100 | 136,020 |
| PTT Global Chemical PCL (For. Reg.) | | 848,300 | 1,604,305 |
|
| TOTAL THAILAND | | | 1,740,325 |
|
| Turkey - 0.3% | | | |
| Aselsan A/S | | 723,000 | 1,235,582 |
| Bim Birlesik Magazalar A/S JSC | | 106,000 | 685,240 |
|
| TOTAL TURKEY | | | 1,920,822 |
|
| United Kingdom - 0.9% | | | |
| Helios Towers PLC (a) | | 47,700 | 100,792 |
| Mondi PLC | | 109,473 | 2,727,687 |
| Prudential PLC (a) | | 126,835 | 2,594,154 |
|
| TOTAL UNITED KINGDOM | | | 5,422,633 |
|
| United States of America - 2.0% | | | |
| Activision Blizzard, Inc. | | 7,303 | 571,022 |
| Airbnb, Inc. Class A | | 600 | 102,396 |
| Dlocal Ltd. | | 14,605 | 708,489 |
| First Cash Financial Services, Inc. | | 18,899 | 1,671,995 |
| Fluence Energy, Inc. | | 3,100 | 110,267 |
| Jackson Financial, Inc. (a) | | 2,668 | 72,223 |
| Li Auto, Inc. ADR (a) | | 107,093 | 3,494,445 |
| Marvell Technology, Inc. | | 11,238 | 769,803 |
| MercadoLibre, Inc. (a) | | 221 | 327,305 |
| Microsoft Corp. | | 2,900 | 961,698 |
| NVIDIA Corp. | | 4,053 | 1,036,231 |
| Salesforce.com, Inc. (a) | | 3,102 | 929,638 |
| Snap, Inc. Class A (a) | | 18,485 | 971,941 |
| Synopsys, Inc. (a) | | 1,200 | 399,816 |
|
| TOTAL UNITED STATES OF AMERICA | | | 12,127,269 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $315,991,283) | | | 444,795,958 |
|
| Preferred Stocks - 2.0% | | | |
| Convertible Preferred Stocks - 0.1% | | | |
| China - 0.0% | | | |
| dMed Biopharmaceutical Co. Ltd. Series C (c)(d) | | 11,962 | 165,434 |
| India - 0.1% | | | |
| Meesho Series F (c)(d) | | 7,108 | 544,987 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 710,421 |
|
| Nonconvertible Preferred Stocks - 1.9% | | | |
| Brazil - 1.6% | | | |
| Ambev SA sponsored ADR | | 847,000 | 2,507,120 |
| Companhia de Transmissao de Energia Eletrica Paulista (PN) | | 61,000 | 262,858 |
| Itau Unibanco Holding SA sponsored ADR | | 511,671 | 2,082,501 |
| Metalurgica Gerdau SA (PN) | | 864,470 | 1,916,177 |
| Petroleo Brasileiro SA - Petrobras: | | | |
| (PN) sponsored ADR (non-vtg.) | | 194,706 | 1,871,125 |
| sponsored ADR | | 150,300 | 1,475,946 |
| | | | 10,115,727 |
| Korea (South) - 0.2% | | | |
| Hyundai Motor Co. Series 2 | | 15,215 | 1,271,759 |
| Russia - 0.0% | | | |
| Tatneft PAO | | 20,000 | 137,664 |
| United States of America - 0.1% | | | |
| Gupshup, Inc. (c)(d) | | 8,409 | 192,273 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 11,717,423 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $11,945,457) | | | 12,427,844 |
| | | Principal Amount(g) | Value |
|
| Nonconvertible Bonds - 8.7% | | | |
| Azerbaijan - 0.3% | | | |
| Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | | 1,250,000 | 1,462,734 |
| State Oil Co. of Azerbaijan Republic 4.75% 3/13/23 (Reg. S) | | 200,000 | 207,225 |
|
| TOTAL AZERBAIJAN | | | 1,669,959 |
|
| Bahrain - 0.3% | | | |
| The Oil and Gas Holding Co. 7.5% 10/25/27 (b) | | 2,005,000 | 2,197,104 |
| Bermuda - 0.3% | | | |
| GeoPark Ltd. 5.5% 1/17/27 (b) | | 700,000 | 695,538 |
| Investment Energy Resources Ltd. 6.25% 4/26/29 (b) | | 310,000 | 330,150 |
| Qtel International Finance Ltd. 2.625% 4/8/31 (b) | | 295,000 | 297,286 |
| Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) | | 350,000 | 350,525 |
|
| TOTAL BERMUDA | | | 1,673,499 |
|
| Brazil - 0.1% | | | |
| MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) | | 385,000 | 374,894 |
| Natura Cosmeticos SA 4.125% 5/3/28 (b) | | 435,000 | 430,563 |
|
| TOTAL BRAZIL | | | 805,457 |
|
| British Virgin Islands - 0.4% | | | |
| 1MDB Global Investments Ltd. 4.4% 3/9/23 | | 2,000,000 | 2,006,420 |
| ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b) | | 395,000 | 390,722 |
| Sinopec Group Overseas Development Ltd. 2.7% 5/13/30 (b) | | 350,000 | 357,168 |
|
| TOTAL BRITISH VIRGIN ISLANDS | | | 2,754,310 |
|
| Canada - 0.2% | | | |
| First Quantum Minerals Ltd.: | | | |
| 7.25% 4/1/23 (b) | | 200,000 | 203,700 |
| 7.5% 4/1/25 (b) | | 825,000 | 850,781 |
|
| TOTAL CANADA | | | 1,054,481 |
|
| Cayman Islands - 0.5% | | | |
| DP World Crescent Ltd.: | | | |
| 3.875% 7/18/29 (Reg. S) | | 700,000 | 743,969 |
| 4.848% 9/26/28 (b) | | 200,000 | 224,210 |
| GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | | 690,000 | 714,150 |
| Lamar Funding Ltd. 3.958% 5/7/25 (b) | | 105,000 | 104,593 |
| Meituan 2.125% 10/28/25 (b) | | 240,000 | 231,504 |
| Mumtalakat Sukuk Holding Co. 5.625% 2/27/24 (Reg. S) | | 400,000 | 423,450 |
| NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | | 200,000 | 199,788 |
| QNB Finance Ltd. 2.75% 2/12/27 (Reg. S) | | 395,000 | 409,023 |
| SA Global Sukuk Ltd. 1.602% 6/17/26 (b) | | 135,000 | 133,059 |
|
| TOTAL CAYMAN ISLANDS | | | 3,183,746 |
|
| Chile - 0.4% | | | |
| Corporacion Nacional del Cobre de Chile (Codelco): | | | |
| 3.7% 1/30/50 (b) | | 300,000 | 304,556 |
| 3.75% 1/15/31 (b) | | 300,000 | 318,300 |
| 4.25% 7/17/42 (b) | | 500,000 | 547,125 |
| 4.5% 8/1/47 (b) | | 250,000 | 286,063 |
| Empresa de Transporte de Pasajeros Metro SA 3.65% 5/7/30 (b) | | 350,000 | 372,269 |
| Empresa Nacional de Petroleo 4.5% 9/14/47 (b) | | 440,000 | 432,531 |
|
| TOTAL CHILE | | | 2,260,844 |
|
| Colombia - 0.1% | | | |
| Oleoducto Central SA 4% 7/14/27 (b) | | 350,000 | 357,722 |
| Dominican Republic - 0.1% | | | |
| Banco de Reservas de La Republica Dominicana 7% 2/1/23 (b) | | 650,000 | 681,891 |
| Hong Kong - 0.0% | | | |
| Lenovo Group Ltd. 3.421% 11/2/30 (b) | | 295,000 | 304,551 |
| Indonesia - 0.4% | | | |
| Hutama Karya Persero PT 3.75% 5/11/30 (b) | | 600,000 | 642,300 |
| Indonesia Asahan Aluminium Tbk PT: | | | |
| 4.75% 5/15/25 (b) | | 200,000 | 214,300 |
| 5.45% 5/15/30 (b) | | 400,000 | 456,752 |
| PT Adaro Indonesia 4.25% 10/31/24 (b) | | 550,000 | 561,619 |
| PT Pertamina Persero: | | | |
| 4.15% 2/25/60 (b) | | 365,000 | 363,700 |
| 4.175% 1/21/50 (b) | | 250,000 | 255,938 |
|
| TOTAL INDONESIA | | | 2,494,609 |
|
| Ireland - 0.1% | | | |
| SUEK Securities DAC 3.375% 9/15/26 (b) | | 535,000 | 532,539 |
| Kazakhstan - 0.2% | | | |
| KazMunaiGaz National Co.: | | | |
| 3.5% 4/14/33 (b) | | 200,000 | 206,750 |
| 5.375% 4/24/30 (b) | | 250,000 | 293,148 |
| 5.75% 4/19/47 (b) | | 450,000 | 541,491 |
|
| TOTAL KAZAKHSTAN | | | 1,041,389 |
|
| Luxembourg - 0.1% | | | |
| B2W Digital Lux SARL 4.375% 12/20/30 (b) | | 385,000 | 357,761 |
| Malaysia - 0.1% | | | |
| Petronas Capital Ltd.: | | | |
| 3.5% 4/21/30 (b) | | 250,000 | 269,523 |
| 4.55% 4/21/50 (b) | | 200,000 | 250,017 |
|
| TOTAL MALAYSIA | | | 519,540 |
|
| Mauritius - 0.1% | | | |
| CA Magnum Holdings 5.375% (b)(h) | | 400,000 | 410,500 |
| Mexico - 2.1% | | | |
| Comision Federal de Electricid 3.348% 2/9/31 (b) | | 20,000 | 19,335 |
| Petroleos Mexicanos: | | | |
| 3 month U.S. LIBOR + 3.650% 3.7641% 3/11/22 (i)(j) | | 350,000 | 349,650 |
| 3.5% 1/30/23 | | 905,000 | 914,503 |
| 4.25% 1/15/25 | | 600,000 | 608,250 |
| 4.5% 1/23/26 | | 400,000 | 402,556 |
| 4.625% 9/21/23 | | 500,000 | 514,688 |
| 4.875% 1/24/22 | | 460,000 | 462,099 |
| 4.875% 1/18/24 | | 535,000 | 552,655 |
| 5.35% 2/12/28 | | 320,000 | 318,928 |
| 6.49% 1/23/27 | | 890,000 | 945,091 |
| 6.5% 3/13/27 | | 185,000 | 196,516 |
| 6.5% 1/23/29 | | 535,000 | 555,745 |
| 6.5% 6/2/41 | | 1,170,000 | 1,054,346 |
| 6.625% 6/15/35 | | 1,675,000 | 1,614,742 |
| 6.75% 9/21/47 | | 360,000 | 317,250 |
| 6.875% 10/16/25 (b) | | 150,000 | 163,530 |
| 6.95% 1/28/60 | | 2,175,000 | 1,922,700 |
| 7.69% 1/23/50 | | 2,044,000 | 1,952,020 |
|
| TOTAL MEXICO | | | 12,864,604 |
|
| Morocco - 0.0% | | | |
| OCP SA: | | | |
| 3.75% 6/23/31 (b) | | 205,000 | 200,900 |
| 4.5% 10/22/25 (b) | | 145,000 | 153,138 |
|
| TOTAL MOROCCO | | | 354,038 |
|
| Netherlands - 0.1% | | | |
| Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b) | | 250,000 | 337,000 |
| Prosus NV: | | | |
| 3.832% 2/8/51 (b) | | 200,000 | 180,188 |
| 4.027% 8/3/50 (b) | | 350,000 | 327,250 |
|
| TOTAL NETHERLANDS | | | 844,438 |
|
| Panama - 0.1% | | | |
| Aeropuerto Internacional de Tocumen SA: | | | |
| 4% 8/11/41 (b) | | 200,000 | 201,225 |
| 5.125% 8/11/61 (b) | | 200,000 | 208,413 |
| Cable Onda SA 4.5% 1/30/30 (b) | | 380,000 | 394,136 |
|
| TOTAL PANAMA | | | 803,774 |
|
| Paraguay - 0.1% | | | |
| Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) | | 700,000 | 726,819 |
| Peru - 0.1% | | | |
| Camposol SA 6% 2/3/27 (b) | | 500,000 | 519,000 |
| Qatar - 0.2% | | | |
| Qatar Petroleum: | | | |
| 1.375% 9/12/26 (b) | | 325,000 | 320,125 |
| 2.25% 7/12/31 (b) | | 565,000 | 555,819 |
| 3.3% 7/12/51 (b) | | 380,000 | 388,669 |
|
| TOTAL QATAR | | | 1,264,613 |
|
| Saudi Arabia - 0.7% | | | |
| Saudi Arabian Oil Co.: | | | |
| 1.625% 11/24/25 (b) | | 450,000 | 447,525 |
| 3.5% 4/16/29 (b) | | 450,000 | 478,913 |
| 4.25% 4/16/39 (b) | | 2,955,000 | 3,302,767 |
|
| TOTAL SAUDI ARABIA | | | 4,229,205 |
|
| Singapore - 0.2% | | | |
| Indika Energy Capital III Pte. Ltd. 5.875% 11/9/24 (b) | | 500,000 | 506,656 |
| Medco Bell Pte Ltd. 6.375% 1/30/27 (b) | | 730,000 | 744,600 |
|
| TOTAL SINGAPORE | | | 1,251,256 |
|
| South Africa - 0.3% | | | |
| Eskom Holdings SOC Ltd.: | | | |
| 6.75% 8/6/23 (b) | | 2,050,000 | 2,114,447 |
| 7.125% 2/11/25 (b) | | 75,000 | 77,794 |
|
| TOTAL SOUTH AFRICA | | | 2,192,241 |
|
| Thailand - 0.0% | | | |
| PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b) | | 350,000 | 354,878 |
| Tunisia - 0.0% | | | |
| Banque Centrale de Tunisie 5.75% 1/30/25 (b) | | 30,000 | 24,038 |
| United Arab Emirates - 0.1% | | | |
| Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (b) | | 315,000 | 357,978 |
| United Kingdom - 0.5% | | | |
| Antofagasta PLC 2.375% 10/14/30 (b) | | 200,000 | 188,038 |
| Biz Finance PLC 9.625% 4/27/22 (b) | | 437,500 | 444,965 |
| Endeavour Mining PLC 5% 10/14/26 (b) | | 205,000 | 206,527 |
| NAK Naftogaz Ukraine 7.375% 7/19/22 (Reg. S) | | 400,000 | 403,075 |
| The Bidvest Group UK PLC 3.625% 9/23/26 (b) | | 200,000 | 200,240 |
| Tullow Oil PLC: | | | |
| 7% 3/1/25 (b) | | 840,000 | 735,000 |
| 10.25% 5/15/26 (b) | | 665,000 | 697,419 |
|
| TOTAL UNITED KINGDOM | | | 2,875,264 |
|
| United States of America - 0.3% | | | |
| Citgo Holding, Inc. 9.25% 8/1/24 (b) | | 750,000 | 761,250 |
| DAE Funding LLC 1.55% 8/1/24 (b) | | 200,000 | 197,313 |
| Kosmos Energy Ltd. 7.125% 4/4/26 (b) | | 775,000 | 767,250 |
|
| TOTAL UNITED STATES OF AMERICA | | | 1,725,813 |
|
| Uzbekistan - 0.1% | | | |
| National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S) | | 350,000 | 357,941 |
| Venezuela - 0.1% | | | |
| Petroleos de Venezuela SA: | | | |
| 6% 5/16/24 (b)(k) | | 5,700,000 | 285,000 |
| 6% 11/15/26 (Reg. S) (k) | | 6,800,000 | 340,000 |
|
| TOTAL VENEZUELA | | | 625,000 |
|
| TOTAL NONCONVERTIBLE BONDS | | | |
| (Cost $53,761,217) | | | 53,670,802 |
|
| Government Obligations - 13.1% | | | |
| Angola - 0.3% | | | |
| Angola Republic: | | | |
| 8.25% 5/9/28 (b) | | 690,000 | 692,933 |
| 9.5% 11/12/25 (b) | | 930,000 | 1,003,703 |
|
| TOTAL ANGOLA | | | 1,696,636 |
|
| Argentina - 0.5% | | | |
| Argentine Republic: | | | |
| 0.5% 7/9/30 (l) | | 3,025,365 | 1,036,188 |
| 1% 7/9/29 | | 498,666 | 180,517 |
| 1.125% 7/9/35 (l) | | 3,922,734 | 1,204,279 |
| 2% 1/9/38 (l) | | 1,261,834 | 461,200 |
| Buenos Aires Province 3.9% 9/1/37 (b)(l) | | 330,000 | 146,396 |
|
| TOTAL ARGENTINA | | | 3,028,580 |
|
| Armenia - 0.0% | | | |
| Republic of Armenia 7.15% 3/26/25 (b) | | 170,000 | 193,035 |
| Barbados - 0.1% | | | |
| Barbados Government 6.5% 10/1/29 (b) | | 855,000 | 858,634 |
| Belarus - 0.0% | | | |
| Belarus Republic 6.875% 2/28/23 (b) | | 190,000 | 191,484 |
| Benin - 0.2% | | | |
| Republic of Benin: | | | |
| 4.875% 1/19/32 (b) | EUR | 340,000 | 382,231 |
| 5.75% 3/26/26 (b) | EUR | 750,000 | 933,000 |
| 6.875% 1/19/52 (b) | EUR | 100,000 | 115,745 |
|
| TOTAL BENIN | | | 1,430,976 |
|
| Brazil - 0.4% | | | |
| Brazilian Federative Republic: | | | |
| 3.75% 9/12/31 | | 225,000 | 205,538 |
| 3.875% 6/12/30 | | 1,880,000 | 1,754,040 |
| 4.75% 1/14/50 | | 505,000 | 431,238 |
|
| TOTAL BRAZIL | | | 2,390,816 |
|
| Cameroon - 0.2% | | | |
| Cameroon Republic: | | | |
| 5.95% 7/7/32 (b) | EUR | 360,000 | 404,976 |
| 9.5% 11/19/25 (b) | | 500,000 | 549,625 |
|
| TOTAL CAMEROON | | | 954,601 |
|
| Colombia - 0.6% | | | |
| Colombian Republic: | | | |
| 3% 1/30/30 | | 640,000 | 605,920 |
| 3.125% 4/15/31 | | 748,000 | 701,858 |
| 3.25% 4/22/32 | | 385,000 | 359,398 |
| 5% 6/15/45 | | 805,000 | 792,824 |
| 6.125% 1/18/41 | | 200,000 | 221,350 |
| 7.375% 9/18/37 | | 650,000 | 802,872 |
|
| TOTAL COLOMBIA | | | 3,484,222 |
|
| Costa Rica - 0.1% | | | |
| Costa Rican Republic: | | | |
| 5.625% 4/30/43 (b) | | 250,000 | 222,469 |
| 6.125% 2/19/31 (b) | | 265,000 | 271,675 |
|
| TOTAL COSTA RICA | | | 494,144 |
|
| Dominican Republic - 0.5% | | | |
| Dominican Republic: | | | |
| 4.5% 1/30/30 (b) | | 365,000 | 368,833 |
| 4.875% 9/23/32 (b) | | 1,145,000 | 1,163,105 |
| 5.875% 1/30/60 (b) | | 680,000 | 663,128 |
| 6.5% 2/15/48 (Reg. S) | | 200,000 | 212,500 |
| 6.85% 1/27/45 (b) | | 350,000 | 388,784 |
|
| TOTAL DOMINICAN REPUBLIC | | | 2,796,350 |
|
| Ecuador - 0.2% | | | |
| Ecuador Republic: | | | |
| 1% 7/31/35 (b)(l) | | 1,085,256 | 714,912 |
| 5% 7/31/30 (b)(l) | | 985,630 | 814,377 |
|
| TOTAL ECUADOR | | | 1,529,289 |
|
| Egypt - 0.7% | | | |
| Arab Republic of Egypt: | | | |
| , yield at date of purchase 12.2504% to 13.1905% 11/23/21 to 1/18/22 | EGP | 16,925,000 | 1,062,358 |
| 5.8% 9/30/27 (b) | | 460,000 | 445,050 |
| 5.875% 6/11/25 (b) | | 400,000 | 409,125 |
| 7.0529% 1/15/32 (b) | | 410,000 | 382,838 |
| 7.5% 1/31/27 (b) | | 150,000 | 155,297 |
| 7.903% 2/21/48 (b) | | 865,000 | 756,875 |
| 8.5% 1/31/47 (b) | | 1,160,000 | 1,067,200 |
| 8.7002% 3/1/49 (b) | | 400,000 | 371,000 |
|
| TOTAL EGYPT | | | 4,649,743 |
|
| El Salvador - 0.1% | | | |
| El Salvador Republic: | | | |
| 7.1246% 1/20/50 (b) | | 560,000 | 398,055 |
| 7.75% 1/24/23 (b) | | 230,000 | 202,587 |
|
| TOTAL EL SALVADOR | | | 600,642 |
|
| Gabon - 0.3% | | | |
| Gabonese Republic: | | | |
| 6.375% 12/12/24 (b) | | 1,796,722 | 1,906,547 |
| 6.625% 2/6/31 (b) | | 75,000 | 74,545 |
|
| TOTAL GABON | | | 1,981,092 |
|
| Georgia - 0.1% | | | |
| Georgia Republic 2.75% 4/22/26 (b) | | 305,000 | 305,858 |
| Ghana - 0.3% | | | |
| Ghana Republic: | | | |
| 8.125% 1/18/26 (b) | | 1,745,000 | 1,668,656 |
| 10.75% 10/14/30(b) | | 400,000 | 462,000 |
|
| TOTAL GHANA | | | 2,130,656 |
|
| Guatemala - 0.1% | | | |
| Guatemalan Republic 6.125% 6/1/50 (b) | | 350,000 | 409,894 |
| Honduras - 0.1% | | | |
| Republic of Honduras: | | | |
| 5.625% 6/24/30 (b) | | 300,000 | 300,094 |
| 6.25% 1/19/27 | | 200,000 | 208,850 |
|
| TOTAL HONDURAS | | | 508,944 |
|
| Hungary - 0.0% | | | |
| Hungarian Republic 2.125% 9/22/31 (b) | | 200,000 | 195,475 |
| Indonesia - 0.7% | | | |
| Indonesian Republic: | | | |
| 3.4% 9/18/29 | | 270,000 | 289,035 |
| 3.5% 1/11/28 | | 415,000 | 448,018 |
| 3.5% 2/14/50 | | 680,000 | 690,965 |
| 3.85% 10/15/30 | | 655,000 | 728,196 |
| 4.1% 4/24/28 | | 300,000 | 333,806 |
| 4.2% 10/15/50 | | 900,000 | 1,003,599 |
| 6.625% 2/17/37 (b) | | 300,000 | 409,556 |
| 8.5% 10/12/35 (b) | | 300,000 | 470,588 |
|
| TOTAL INDONESIA | | | 4,373,763 |
|
| Israel - 0.1% | | | |
| Israeli State: | | | |
| 2.75% 7/3/30 | | 300,000 | 316,717 |
| 4.5% 4/3/20 | | 405,000 | 502,790 |
|
| TOTAL ISRAEL | | | 819,507 |
|
| Ivory Coast - 0.4% | | | |
| Ivory Coast: | | | |
| 5.875% 10/17/31 (b) | EUR | 1,085,000 | 1,298,786 |
| 6.125% 6/15/33 (b) | | 200,000 | 210,100 |
| 6.375% 3/3/28 (b) | | 835,000 | 910,307 |
|
| TOTAL IVORY COAST | | | 2,419,193 |
|
| Jamaica - 0.1% | | | |
| Jamaican Government 8% 3/15/39 | | 400,000 | 565,575 |
| Jordan - 0.1% | | | |
| Jordanian Kingdom: | | | |
| 4.95% 7/7/25 (b) | | 200,000 | 208,063 |
| 7.375% 10/10/47 (b) | | 425,000 | 438,627 |
|
| TOTAL JORDAN | | | 646,690 |
|
| Kazakhstan - 0.1% | | | |
| Kazakhstan Republic 10.5% 8/4/26 | KZT | 160,245,000 | 379,103 |
| Kenya - 0.2% | | | |
| Republic of Kenya: | | | |
| 6.875% 6/24/24 (b) | | 830,000 | 892,250 |
| 7% 5/22/27 (b) | | 460,000 | 485,875 |
|
| TOTAL KENYA | | | 1,378,125 |
|
| Lebanon - 0.2% | | | |
| Lebanese Republic: | | | |
| 5.8% 12/31/49 (k) | | 1,165,000 | 174,604 |
| 6.375% 12/31/49 (k) | | 7,090,000 | 1,064,829 |
|
| TOTAL LEBANON | | | 1,239,433 |
|
| Mexico - 0.3% | | | |
| United Mexican States: | | | |
| 3.25% 4/16/30 | | 400,000 | 409,200 |
| 3.75% 1/11/28 | | 350,000 | 378,722 |
| 4.35% 1/15/47 | | 850,000 | 879,113 |
| 4.75% 3/8/44 | | 450,000 | 493,256 |
|
| TOTAL MEXICO | | | 2,160,291 |
|
| Mongolia - 0.1% | | | |
| Mongolia Government: | | | |
| 3.5% 7/7/27 (b) | | 220,000 | 212,300 |
| 5.125% 4/7/26 (b) | | 200,000 | 207,522 |
|
| TOTAL MONGOLIA | | | 419,822 |
|
| Morocco - 0.1% | | | |
| Moroccan Kingdom: | | | |
| 2.375% 12/15/27 (b) | | 375,000 | 367,148 |
| 3% 12/15/32 (b) | | 200,000 | 189,563 |
| 4% 12/15/50 (b) | | 200,000 | 179,813 |
|
| TOTAL MOROCCO | | | 736,524 |
|
| Nigeria - 0.7% | | | |
| Republic of Nigeria: | | | |
| 5.625% 6/27/22 | | 380,000 | 384,821 |
| 6.125% 9/28/28 (b) | | 325,000 | 322,156 |
| 6.375% 7/12/23 (b) | | 800,000 | 833,150 |
| 6.5% 11/28/27 (b) | | 1,105,000 | 1,122,128 |
| 7.143% 2/23/30 (b) | | 850,000 | 856,003 |
| 7.625% 11/21/25 (b) | | 630,000 | 684,456 |
|
| TOTAL NIGERIA | | | 4,202,714 |
|
| Oman - 0.4% | | | |
| Sultanate of Oman: | | | |
| 5.375% 3/8/27 (b) | | 145,000 | 151,915 |
| 5.625% 1/17/28 (b) | | 420,000 | 442,575 |
| 6% 8/1/29 (b) | | 285,000 | 305,182 |
| 6.25% 1/25/31 (b) | | 200,000 | 216,063 |
| 6.5% 3/8/47 (b) | | 1,150,000 | 1,138,356 |
|
| TOTAL OMAN | | | 2,254,091 |
|
| Pakistan - 0.2% | | | |
| Islamic Republic of Pakistan: | | | |
| 6% 4/8/26 (b) | | 630,000 | 631,644 |
| 6.875% 12/5/27 (b) | | 560,000 | 571,655 |
|
| TOTAL PAKISTAN | | | 1,203,299 |
|
| Panama - 0.1% | | | |
| Panamanian Republic: | | | |
| 2.252% 9/29/32 | | 200,000 | 188,225 |
| 3.16% 1/23/30 | | 360,000 | 371,543 |
| 3.87% 7/23/60 | | 200,000 | 199,663 |
|
| TOTAL PANAMA | | | 759,431 |
|
| Paraguay - 0.3% | | | |
| Republic of Paraguay: | | | |
| 2.739% 1/29/33 (b) | | 215,000 | 206,239 |
| 4.7% 3/27/27 (b) | | 400,000 | 439,700 |
| 4.95% 4/28/31 (b) | | 590,000 | 660,726 |
| 5.4% 3/30/50 (b) | | 415,000 | 468,379 |
|
| TOTAL PARAGUAY | | | 1,775,044 |
|
| Peru - 0.3% | | | |
| Peruvian Republic: | | | |
| 2.783% 1/23/31 | | 1,135,000 | 1,133,085 |
| 3% 1/15/34 | | 260,000 | 257,530 |
| 3.3% 3/11/41 | | 580,000 | 566,660 |
|
| TOTAL PERU | | | 1,957,275 |
|
| Qatar - 0.6% | | | |
| State of Qatar: | | | |
| 3.75% 4/16/30 (b) | | 625,000 | 697,188 |
| 4.4% 4/16/50 (b) | | 1,730,000 | 2,110,600 |
| 4.625% 6/2/46 (b) | | 300,000 | 373,088 |
| 4.817% 3/14/49 (b) | | 655,000 | 841,184 |
|
| TOTAL QATAR | | | 4,022,060 |
|
| Romania - 0.2% | | | |
| Romanian Republic: | | | |
| 2.124% 7/16/31 (Reg. S) | EUR | 325,000 | 368,139 |
| 3% 2/14/31 (b) | | 274,000 | 275,421 |
| 6.125% 1/22/44 (b) | | 400,000 | 521,450 |
|
| TOTAL ROMANIA | | | 1,165,010 |
|
| Russia - 0.6% | | | |
| Ministry of Finance of the Russian Federation: | | | |
| 4.25% 6/23/27(Reg. S) | | 400,000 | 443,600 |
| 4.375% 3/21/29(Reg. S) | | 400,000 | 450,800 |
| 5.1% 3/28/35 (b) | | 600,000 | 716,550 |
| 5.1% 3/28/35(Reg. S) | | 400,000 | 477,700 |
| 5.25% 6/23/47(Reg. S) | | 800,000 | 1,019,650 |
| 5.625% 4/4/42 (b) | | 400,000 | 519,825 |
|
| TOTAL RUSSIA | | | 3,628,125 |
|
| Rwanda - 0.0% | | | |
| Rwanda Republic 5.5% 8/9/31 (b) | | 200,000 | 203,413 |
| Saudi Arabia - 0.1% | | | |
| Kingdom of Saudi Arabia: | | | |
| 2.25% 2/2/33 (b) | | 445,000 | 428,869 |
| 4% 4/17/25 (b) | | 225,000 | 244,688 |
|
| TOTAL SAUDI ARABIA | | | 673,557 |
|
| Serbia - 0.1% | | | |
| Republic of Serbia 2.125% 12/1/30 (b) | | 455,000 | 423,520 |
| Sri Lanka - 0.1% | | | |
| Democratic Socialist Republic of Sri Lanka 6.2% 5/11/27 (b) | | 850,000 | 532,472 |
| Turkey - 0.7% | | | |
| Turkish Republic: | | | |
| 4.25% 3/13/25 | | 365,000 | 351,951 |
| 4.75% 1/26/26 | | 330,000 | 316,078 |
| 4.875% 10/9/26 | | 820,000 | 775,566 |
| 4.875% 4/16/43 | | 1,005,000 | 781,576 |
| 5.125% 6/22/26 (b) | | 200,000 | 195,975 |
| 5.125% 2/17/28 | | 470,000 | 441,741 |
| 5.75% 5/11/47 | | 1,460,000 | 1,199,755 |
| 6.125% 10/24/28 | | 220,000 | 215,641 |
| 6.375% 10/14/25 | | 290,000 | 294,314 |
|
| TOTAL TURKEY | | | 4,572,597 |
|
| Ukraine - 0.8% | | | |
| Ukraine Government: | | | |
| 1.258% 5/31/40 (b)(i) | | 575,000 | 605,655 |
| 6.876% 5/21/29 (b) | | 200,000 | 203,300 |
| 7.253% 3/15/33 (b) | | 380,000 | 386,246 |
| 7.375% 9/25/32 (b) | | 200,000 | 205,850 |
| 7.75% 9/1/23 (b) | | 850,000 | 906,472 |
| 7.75% 9/1/24 (b) | | 830,000 | 893,443 |
| 7.75% 9/1/25 (b) | | 345,000 | 372,341 |
| 7.75% 9/1/26 (b) | | 560,000 | 602,630 |
| 7.75% 9/1/27 (b) | | 400,000 | 430,700 |
| 17% 5/11/22 | UAH | 9,770,000 | 380,124 |
|
| TOTAL UKRAINE | | | 4,986,761 |
|
| United Arab Emirates - 0.2% | | | |
| Emirate of Abu Dhabi: | | | |
| 1.7% 3/2/31 (b) | | 350,000 | 336,109 |
| 3.125% 4/16/30 (b) | | 300,000 | 323,100 |
| Emirate of Dubai 3.9% 9/9/50 (Reg. S) | | 450,000 | 424,125 |
|
| TOTAL UNITED ARAB EMIRATES | | | 1,083,334 |
|
| United States of America - 0.1% | | | |
| U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 11/4/21 (m) | | 360,000 | 359,999 |
| Uruguay - 0.2% | | | |
| Uruguay Republic 5.1% 6/18/50 | | 1,005,000 | 1,307,317 |
| Uzbekistan - 0.1% | | | |
| Republic of Uzbekistan: | | | |
| 3.7% 11/25/30 (b) | | 200,000 | 193,300 |
| 3.9% 10/19/31 (b) | | 240,000 | 234,360 |
| 4.75% 2/20/24 (b) | | 300,000 | 314,194 |
|
| TOTAL UZBEKISTAN | | | 741,854 |
|
| Venezuela - 0.1% | | | |
| Venezuelan Republic 9.25% 9/15/27 (k) | | 6,200,000 | 620,000 |
| Zambia - 0.0% | | | |
| Republic of Zambia 8.97% 7/30/27 (b) | | 200,000 | 157,500 |
| TOTAL GOVERNMENT OBLIGATIONS | | | |
| (Cost $86,808,374) | | | 81,598,470 |
|
| Preferred Securities - 0.2% | | | |
| Cayman Islands - 0.1% | | | |
| DP World Salaam 6% (Reg. S) (h)(i) | | 400,000 | 446,399 |
| Georgia - 0.1% | | | |
| Georgia Bank Joint Stock Co. 11.125% (Reg. S) (h)(i) | | 700,000 | 781,278 |
| TOTAL PREFERRED SECURITIES | | | |
| (Cost $1,201,005) | | | 1,227,677 |
| | | Shares | Value |
|
| Money Market Funds - 3.2% | | | |
| Fidelity Cash Central Fund 0.06% (n) | | 18,853,528 | 18,857,299 |
| Fidelity Securities Lending Cash Central Fund 0.06% (n)(o) | | 1,116,527 | 1,116,639 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $19,973,640) | | | 19,973,938 |
| TOTAL INVESTMENT IN SECURITIES - 98.8% | | | |
| (Cost $489,680,976) | | | 613,694,689 |
| NET OTHER ASSETS (LIABILITIES) - 1.2% | | | 7,573,915 |
| NET ASSETS - 100% | | | $621,268,604 |
| 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) | 174 | Dec. 2021 | $10,979,400 | $(72,291) | $(72,291) |
The notional amount of futures purchased as a percentage of Net Assets is 1.8%
Currency Abbreviations
EGP – Egyptian pound
EUR – European Monetary Unit
KZT – Kazakhstan tenge
UAH – Ukrainian hryvnia
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $116,941,816 or 18.8% of net assets.
(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,815,477 or 0.3% of net assets.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Amount is stated in United States dollars unless otherwise noted.
(h) Security is perpetual in nature with no stated maturity date.
(i) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(j) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(k) Non-income producing - Security is in default.
(l) 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.
(m) 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 $358,999.
(n) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(o) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Ant International Co. Ltd. Class C | 5/16/18 | $1,618,120 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $169,898 |
| Gupshup, Inc. | 6/8/21 | $192,273 |
| Meesho Series F | 9/21/21 | $544,986 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $17,295,088 | $320,648,468 | $319,086,558 | $16,781 | $300 | $1 | $18,857,299 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 880,000 | 12,323,032 | 12,086,393 | 13,567 | -- | -- | 1,116,639 | 0.0% |
| Total | $18,175,088 | $332,971,500 | $331,172,951 | $30,348 | $300 | $1 | $19,973,938 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $53,973,325 | $22,440,611 | $31,532,714 | $-- |
| Consumer Discretionary | 69,757,806 | 31,271,546 | 38,486,260 | -- |
| Consumer Staples | 26,784,631 | 25,394,082 | 1,390,549 | -- |
| Energy | 25,376,981 | 22,615,799 | 2,761,182 | -- |
| Financials | 89,063,399 | 55,657,992 | 32,267,152 | 1,138,255 |
| Health Care | 21,212,293 | 14,141,933 | 6,904,926 | 165,434 |
| Industrials | 18,740,471 | 16,874,656 | 1,865,815 | -- |
| Information Technology | 95,021,347 | 24,808,269 | 69,475,818 | 737,260 |
| Materials | 39,127,101 | 29,927,384 | 9,199,717 | -- |
| Real Estate | 8,003,945 | 8,003,945 | -- | -- |
| Utilities | 10,162,503 | 10,162,503 | -- | -- |
| Corporate Bonds | 53,670,802 | -- | 53,670,802 | -- |
| Government Obligations | 81,598,470 | -- | 81,598,470 | -- |
| Preferred Securities | 1,227,677 | -- | 1,227,677 | -- |
| Money Market Funds | 19,973,938 | 19,973,938 | -- | -- |
| Total Investments in Securities: | $613,694,689 | $281,272,658 | $330,381,082 | $2,040,949 |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(72,291) | $(72,291) | $-- | $-- |
| Total Liabilities | $(72,291) | $(72,291) | $-- | $-- |
| Total Derivative Instruments: | $(72,291) | $(72,291) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. 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 | $(72,291) |
| Total Equity Risk | 0 | (72,291) |
| Total Value of Derivatives | $0 | $(72,291) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Total Emerging Markets Fund
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $1,054,514) — See accompanying schedule:
Unaffiliated issuers (cost $469,707,336) | $593,720,751 | |
| Fidelity Central Funds (cost $19,973,640) | 19,973,938 | |
| Total Investment in Securities (cost $489,680,976) | | $613,694,689 |
| Foreign currency held at value (cost $4,207,711) | | 4,179,932 |
| Receivable for investments sold | | 14,416,579 |
| Receivable for fund shares sold | | 364,368 |
| Dividends receivable | | 340,879 |
| Interest receivable | | 1,664,824 |
| Distributions receivable from Fidelity Central Funds | | 2,438 |
| Prepaid expenses | | 847 |
| Other receivables | | 115,725 |
| Total assets | | 634,780,281 |
| Liabilities | | |
| Payable to custodian bank | $4,287,677 | |
| Payable for investments purchased | | |
| Regular delivery | 4,627,355 | |
| Delayed delivery | 139,302 | |
| Payable for fund shares redeemed | 1,187,583 | |
| Accrued management fee | 404,284 | |
| Distribution and service plan fees payable | 37,428 | |
| Payable for daily variation margin on futures contracts | 76,376 | |
| Other affiliated payables | 111,383 | |
| Other payables and accrued expenses | 1,523,650 | |
| Collateral on securities loaned | 1,116,639 | |
| Total liabilities | | 13,511,677 |
| Net Assets | | $621,268,604 |
| Net Assets consist of: | | |
| Paid in capital | | $511,890,976 |
| Total accumulated earnings (loss) | | 109,377,628 |
| Net Assets | | $621,268,604 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($46,981,459 ÷ 3,078,039 shares)(a) | | $15.26 |
| Maximum offering price per share (100/94.25 of $15.26) | | $16.19 |
| Class M: | | |
| Net Asset Value and redemption price per share ($9,529,662 ÷ 625,733 shares)(a) | | $15.23 |
| Maximum offering price per share (100/96.50 of $15.23) | | $15.78 |
| Class C: | | |
| Net Asset Value and offering price per share ($27,672,525 ÷ 1,833,843 shares)(a) | | $15.09 |
| Total Emerging Markets: | | |
| Net Asset Value, offering price and redemption price per share ($259,330,637 ÷ 16,940,355 shares) | | $15.31 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($209,635,441 ÷ 13,710,143 shares) | | $15.29 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($68,118,880 ÷ 4,463,672 shares) | | $15.26 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $10,180,202 |
| Interest | | 7,923,357 |
| Income from Fidelity Central Funds (including $13,567 from security lending) | | 30,348 |
| Income before foreign taxes withheld | | 18,133,907 |
| Less foreign taxes withheld | | (1,233,802) |
| Total income | | 16,900,105 |
| Expenses | | |
| Management fee | $5,004,853 | |
| Transfer agent fees | 1,082,695 | |
| Distribution and service plan fees | 494,297 | |
| Accounting fees | 319,202 | |
| Custodian fees and expenses | 367,434 | |
| Independent trustees' fees and expenses | 2,545 | |
| Registration fees | 109,312 | |
| Audit | 102,366 | |
| Legal | 3,374 | |
| Miscellaneous | 2,949 | |
| Total expenses before reductions | 7,489,027 | |
| Expense reductions | (9,935) | |
| Total expenses after reductions | | 7,479,092 |
| Net investment income (loss) | | 9,421,013 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $10,564) | 41,193,224 | |
| Fidelity Central Funds | 300 | |
| Foreign currency transactions | (106,452) | |
| Futures contracts | 766,168 | |
| Total net realized gain (loss) | | 41,853,240 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,378,014) | 30,698,071 | |
| Fidelity Central Funds | 1 | |
| Assets and liabilities in foreign currencies | (29,158) | |
| Futures contracts | (118,178) | |
| Total change in net unrealized appreciation (depreciation) | | 30,550,736 |
| Net gain (loss) | | 72,403,976 |
| Net increase (decrease) in net assets resulting from operations | | $81,824,989 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $9,421,013 | $10,532,829 |
| Net realized gain (loss) | 41,853,240 | (10,681,898) |
| Change in net unrealized appreciation (depreciation) | 30,550,736 | 28,758,722 |
| Net increase (decrease) in net assets resulting from operations | 81,824,989 | 28,609,653 |
| Distributions to shareholders | (7,490,574) | (20,131,978) |
| Share transactions - net increase (decrease) | (20,710,210) | (158,347,267) |
| Total increase (decrease) in net assets | 53,624,205 | (149,869,592) |
| Net Assets | | |
| Beginning of period | 567,644,399 | 717,513,991 |
| End of period | $621,268,604 | $567,644,399 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Total Emerging Markets Fund Class A
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.55 | $12.80 | $11.53 | $13.56 | $11.33 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .20 | .19 | .37B | .25 | .24 |
| Net realized and unrealized gain (loss) | 1.67 | .89 | 1.14 | (1.94) | 2.11 |
| Total from investment operations | 1.87 | 1.08 | 1.51 | (1.69) | 2.35 |
| Distributions from net investment income | (.16) | (.33) | (.24) | (.16) | (.12) |
| Distributions from net realized gain | – | – | – | (.19) | (.01) |
| Total distributions | (.16) | (.33) | (.24) | (.34)C | (.13) |
| Redemption fees added to paid in capitalA | – | – | – | –D | .01 |
| Net asset value, end of period | $15.26 | $13.55 | $12.80 | $11.53 | $13.56 |
| Total ReturnE,F | 13.78% | 8.54% | 13.38% | (12.77)% | 21.13% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | 1.36% | 1.40% | 1.39% | 1.40% | 1.47% |
| Expenses net of fee waivers, if any | 1.36% | 1.39% | 1.39% | 1.40% | 1.47% |
| Expenses net of all reductions | 1.36% | 1.37% | 1.39% | 1.37% | 1.46% |
| Net investment income (loss) | 1.26% | 1.49% | 3.02%B | 1.92% | 1.97% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $46,981 | $37,022 | $39,958 | $34,617 | $42,213 |
| Portfolio turnover rateI | 58% | 58% | 75% | 94% | 59% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.37%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Total Emerging Markets Fund Class M
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.52 | $12.78 | $11.51 | $13.55 | $11.33 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .15 | .33B | .21 | .20 |
| Net realized and unrealized gain (loss) | 1.67 | .88 | 1.15 | (1.93) | 2.11 |
| Total from investment operations | 1.82 | 1.03 | 1.48 | (1.72) | 2.31 |
| Distributions from net investment income | (.11) | (.29) | (.21) | (.13) | (.09) |
| Distributions from net realized gain | – | – | – | (.19) | (.01) |
| Total distributions | (.11) | (.29) | (.21) | (.32) | (.10) |
| Redemption fees added to paid in capitalA | – | – | – | –C | .01 |
| Net asset value, end of period | $15.23 | $13.52 | $12.78 | $11.51 | $13.55 |
| Total ReturnD,E | 13.47% | 8.16% | 13.05% | (13.03)% | 20.66% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.66% | 1.71% | 1.72% | 1.74% | 1.82% |
| Expenses net of fee waivers, if any | 1.66% | 1.71% | 1.71% | 1.74% | 1.82% |
| Expenses net of all reductions | 1.66% | 1.69% | 1.71% | 1.71% | 1.81% |
| Net investment income (loss) | .96% | 1.17% | 2.69%B | 1.58% | 1.62% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $9,530 | $7,885 | $8,841 | $8,519 | $8,751 |
| Portfolio turnover rateH | 58% | 58% | 75% | 94% | 59% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.04%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Total Emerging Markets Fund Class C
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.41 | $12.66 | $11.40 | $13.45 | $11.25 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .08 | .09 | .28B | .15 | .15 |
| Net realized and unrealized gain (loss) | 1.65 | .89 | 1.13 | (1.92) | 2.11 |
| Total from investment operations | 1.73 | .98 | 1.41 | (1.77) | 2.26 |
| Distributions from net investment income | (.05) | (.23) | (.15) | (.09) | (.06) |
| Distributions from net realized gain | – | – | – | (.19) | (.01) |
| Total distributions | (.05) | (.23) | (.15) | (.28) | (.07) |
| Redemption fees added to paid in capitalA | – | – | – | –C | .01 |
| Net asset value, end of period | $15.09 | $13.41 | $12.66 | $11.40 | $13.45 |
| Total ReturnD,E | 12.89% | 7.83% | 12.54% | (13.45)% | 20.29% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 2.11% | 2.14% | 2.14% | 2.14% | 2.21% |
| Expenses net of fee waivers, if any | 2.11% | 2.14% | 2.14% | 2.14% | 2.21% |
| Expenses net of all reductions | 2.11% | 2.12% | 2.13% | 2.12% | 2.20% |
| Net investment income (loss) | .51% | .74% | 2.27%B | 1.18% | 1.23% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $27,673 | $28,884 | $35,545 | $37,191 | $34,869 |
| Portfolio turnover rateH | 58% | 58% | 75% | 94% | 59% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.62%.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Total Emerging Markets Fund
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.59 | $12.84 | $11.56 | $13.58 | $11.34 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .24 | .22 | .40B | .29 | .27 |
| Net realized and unrealized gain (loss) | 1.67 | .90 | 1.16 | (1.95) | 2.10 |
| Total from investment operations | 1.91 | 1.12 | 1.56 | (1.66) | 2.37 |
| Distributions from net investment income | (.19) | (.37) | (.28) | (.17) | (.14) |
| Distributions from net realized gain | – | – | – | (.19) | (.01) |
| Total distributions | (.19) | (.37) | (.28) | (.36) | (.14)C |
| Redemption fees added to paid in capitalA | – | – | – | –D | .01 |
| Net asset value, end of period | $15.31 | $13.59 | $12.84 | $11.56 | $13.58 |
| Total ReturnE | 14.06% | 8.79% | 13.80% | (12.56)% | 21.37% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.11% | 1.16% | 1.14% | 1.13% | 1.26% |
| Expenses net of fee waivers, if any | 1.11% | 1.15% | 1.14% | 1.13% | 1.26% |
| Expenses net of all reductions | 1.11% | 1.14% | 1.14% | 1.11% | 1.24% |
| Net investment income (loss) | 1.51% | 1.73% | 3.27%B | 2.19% | 2.18% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $259,331 | $205,009 | $199,708 | $190,025 | $272,002 |
| Portfolio turnover rateH | 58% | 58% | 75% | 94% | 59% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.62%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Total Emerging Markets Fund Class I
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.57 | $12.82 | $11.55 | $13.58 | $11.33 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .24 | .22 | .41B | .29 | .28 |
| Net realized and unrealized gain (loss) | 1.67 | .90 | 1.14 | (1.95) | 2.11 |
| Total from investment operations | 1.91 | 1.12 | 1.55 | (1.66) | 2.39 |
| Distributions from net investment income | (.19) | (.37) | (.28) | (.19) | (.14) |
| Distributions from net realized gain | – | – | – | (.19) | (.01) |
| Total distributions | (.19) | (.37) | (.28) | (.37)C | (.15) |
| Redemption fees added to paid in capitalA | – | – | – | –D | .01 |
| Net asset value, end of period | $15.29 | $13.57 | $12.82 | $11.55 | $13.58 |
| Total ReturnE | 14.10% | 8.85% | 13.77% | (12.56)% | 21.51% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | 1.09% | 1.11% | 1.11% | 1.12% | 1.19% |
| Expenses net of fee waivers, if any | 1.08% | 1.10% | 1.10% | 1.12% | 1.19% |
| Expenses net of all reductions | 1.08% | 1.09% | 1.10% | 1.10% | 1.17% |
| Net investment income (loss) | 1.54% | 1.78% | 3.30%B | 2.20% | 2.25% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $209,635 | $232,450 | $372,286 | $341,720 | $371,617 |
| Portfolio turnover rateH | 58% | 58% | 75% | 94% | 59% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.65%.
C Total distributions per share do not sum due to rounding.
D Amount represents less than $.005 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Total Emerging Markets Fund Class Z
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $13.55 | $12.80 | $11.55 | $12.17 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .26 | .24 | .43C | .01 |
| Net realized and unrealized gain (loss) | 1.66 | .90 | 1.13 | (.63) |
| Total from investment operations | 1.92 | 1.14 | 1.56 | (.62) |
| Distributions from net investment income | (.21) | (.39) | (.31) | – |
| Distributions from net realized gain | – | – | – | – |
| Total distributions | (.21) | (.39) | (.31) | – |
| Redemption fees added to paid in capitalB | – | – | – | – |
| Net asset value, end of period | $15.26 | $13.55 | $12.80 | $11.55 |
| Total ReturnD,E | 14.21% | 9.03% | 13.85% | (5.09)% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .96% | .98% | .98% | 1.07%H |
| Expenses net of fee waivers, if any | .96% | .98% | .97% | 1.04%H |
| Expenses net of all reductions | .96% | .96% | .97% | 1.02%H |
| Net investment income (loss) | 1.66% | 1.91% | 3.43%C | 1.51%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $68,119 | $56,395 | $61,175 | $1,603 |
| Portfolio turnover rateI | 58% | 58% | 75% | 94% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Net investment income 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%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total Emerging Markets, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, 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. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to 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 | $152,343,240 |
| Gross unrealized depreciation | (34,220,048) |
| Net unrealized appreciation (depreciation) | $118,123,192 |
| Tax Cost | $495,571,497 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $9,580,751 |
| Capital loss carryforward | $(16,896,716) |
| Net unrealized appreciation (depreciation) on securities and other investments | $118,071,607 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(16,896,716) |
| Total capital loss carryforward | $(16,896,716) |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $7,490,574 | $ 20,131,978 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Total Emerging Markets Fund | 351,274,057 | 379,566,090 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .78% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| | Distribution Fee | Service Fee | Total Fees | Retained by FDC |
| Class A | -% | .25% | $116,604 | $2,000 |
| Class M | .25% | .25% | 48,468 | – |
| Class C | .75% | .25% | 329,225 | 25,190 |
| | | | $494,297 | $27,190 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| | Retained by FDC |
| Class A | $29,776 |
| Class M | 2,874 |
| Class C(a) | 801 |
| | $33,451 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $91,388 | .20 |
| Class M | 23,583 | .24 |
| Class C | 64,306 | .20 |
| Total Emerging Markets | 467,413 | .19 |
| Class I | 406,309 | .17 |
| Class Z | 29,696 | .04 |
| | $1,082,695 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Total Emerging Markets Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Total Emerging Markets Fund | $1,861 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Total Emerging Markets Fund | 4,789,282 | 3,540,668 | 594,448 |
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 | $1,158 |
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 | $1,349 | $– | $– |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,935.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
October 31, 2021 | Year ended
October 31, 2020 |
| Fidelity Total Emerging Markets Fund | | |
| Distributions to shareholders | | |
| Class A | $422,903 | $968,671 |
| Class M | 63,392 | 200,302 |
| Class C | 106,573 | 654,398 |
| Total Emerging Markets | 2,785,749 | 5,659,796 |
| Class I | 3,208,654 | 10,669,748 |
| Class Z | 903,303 | 1,979,063 |
| Total | $7,490,574 | $20,131,978 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Fidelity Total Emerging Markets Fund | | | | |
| Class A | | | | |
| Shares sold | 834,490 | 621,407 | $13,192,973 | $7,737,045 |
| Reinvestment of distributions | 27,836 | 73,696 | 420,606 | 964,680 |
| Shares redeemed | (515,577) | (1,084,978) | (8,058,282) | (13,266,526) |
| Net increase (decrease) | 346,749 | (389,875) | $5,555,297 | $(4,564,801) |
| Class M | | | | |
| Shares sold | 121,390 | 63,854 | $1,929,827 | $805,331 |
| Reinvestment of distributions | 4,191 | 15,285 | 63,329 | 200,228 |
| Shares redeemed | (82,865) | (188,136) | (1,301,485) | (2,283,247) |
| Net increase (decrease) | 42,716 | (108,997) | $691,671 | $(1,277,688) |
| Class C | | | | |
| Shares sold | 359,452 | 199,246 | $5,590,331 | $2,511,029 |
| Reinvestment of distributions | 7,086 | 50,031 | 106,573 | 651,898 |
| Shares redeemed | (687,261) | (901,456) | (10,684,440) | (10,916,602) |
| Net increase (decrease) | (320,723) | (652,179) | $(4,987,536) | $(7,753,675) |
| Total Emerging Markets | | | | |
| Shares sold | 10,790,055 | 6,499,346 | $167,466,754 | $77,633,536 |
| Reinvestment of distributions | 142,523 | 403,626 | 2,154,942 | 5,287,504 |
| Shares redeemed | (9,079,050) | (7,375,256) | (141,937,844) | (88,118,251) |
| Net increase (decrease) | 1,853,528 | (472,284) | $27,683,852 | $(5,197,211) |
| Class I | | | | |
| Shares sold | 4,228,136 | 5,537,778 | $67,215,923 | $68,620,259 |
| Reinvestment of distributions | 209,572 | 800,008 | 3,164,533 | 10,456,099 |
| Shares redeemed | (7,854,786) | (18,251,819) | (124,620,710) | (213,415,616) |
| Net increase (decrease) | (3,417,078) | (11,914,033) | $(54,240,254) | $(134,339,258) |
| Class Z | | | | |
| Shares sold | 1,815,321 | 2,587,196 | $28,671,066 | $32,277,104 |
| Reinvestment of distributions | 42,495 | 92,127 | 639,553 | 1,201,333 |
| Shares redeemed | (1,556,785) | (3,296,206) | (24,723,859) | (38,693,071) |
| Net increase (decrease) | 301,031 | (616,883) | $4,586,760 | $(5,214,634) |
12. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund (two of the funds constituting Fidelity Investment Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Emerging Markets Discovery Fund | | | | |
| Class A | 1.46% | | | |
| Actual | | $1,000.00 | $1,011.60 | $7.40 |
| Hypothetical-C | | $1,000.00 | $1,017.85 | $7.43 |
| Class M | 1.72% | | | |
| Actual | | $1,000.00 | $1,009.90 | $8.71 |
| Hypothetical-C | | $1,000.00 | $1,016.53 | $8.74 |
| Class C | 2.21% | | | |
| Actual | | $1,000.00 | $1,007.40 | $11.18 |
| Hypothetical-C | | $1,000.00 | $1,014.06 | $11.22 |
| Emerging Markets Discovery | 1.16% | | | |
| Actual | | $1,000.00 | $1,013.20 | $5.89 |
| Hypothetical-C | | $1,000.00 | $1,019.36 | $5.90 |
| Class I | 1.15% | | | |
| Actual | | $1,000.00 | $1,013.10 | $5.84 |
| Hypothetical-C | | $1,000.00 | $1,019.41 | $5.85 |
| Class Z | 1.01% | | | |
| Actual | | $1,000.00 | $1,013.70 | $5.13 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.14 |
| Fidelity Total Emerging Markets Fund | | | | |
| Class A | 1.36% | | | |
| Actual | | $1,000.00 | $959.70 | $6.72 |
| Hypothetical-C | | $1,000.00 | $1,018.35 | $6.92 |
| Class M | 1.65% | | | |
| Actual | | $1,000.00 | $958.50 | $8.15 |
| Hypothetical-C | | $1,000.00 | $1,016.89 | $8.39 |
| Class C | 2.11% | | | |
| Actual | | $1,000.00 | $956.30 | $10.40 |
| Hypothetical-C | | $1,000.00 | $1,014.57 | $10.71 |
| Total Emerging Markets | 1.10% | | | |
| Actual | | $1,000.00 | $961.10 | $5.44 |
| Hypothetical-C | | $1,000.00 | $1,019.66 | $5.60 |
| Class I | 1.08% | | | |
| Actual | | $1,000.00 | $961.00 | $5.34 |
| Hypothetical-C | | $1,000.00 | $1,019.76 | $5.50 |
| Class Z | .96% | | | |
| Actual | | $1,000.00 | $961.60 | $4.75 |
| Hypothetical-C | | $1,000.00 | $1,020.37 | $4.89 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Emerging Markets Discovery Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.365 | $1.493 |
| Class M | 12/06/21 | 12/03/21 | $0.318 | $1.493 |
| Class C | 12/06/21 | 12/03/21 | $0.197 | $1.493 |
| Emerging Markets Discovery | 12/06/21 | 12/03/21 | $0.415 | $1.493 |
| Class I | 12/06/21 | 12/03/21 | $0.411 | $1.493 |
| Class Z | 12/06/21 | 12/03/21 | $0.439 | $1.493 |
| Fidelity Total Emerging Markets Fund | | | | |
| Class A | 12/06/21 | 12/03/21 | $0.258 | $0.000 |
| Class M | 12/06/21 | 12/03/21 | $0.210 | $0.000 |
| Class C | 12/06/21 | 12/03/21 | $0.122 | $0.000 |
| Total Emerging Markets | 12/06/21 | 12/03/21 | $0.301 | $0.000 |
| Class I | 12/06/21 | 12/03/21 | $0.299 | $0.000 |
| Class Z | 12/06/21 | 12/03/21 | $0.321 | $0.000 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year October 31, 2021, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Emerging Markets Discovery Fund | $29,617,272 |
|
The funds hereby designate the amounts noted below as distributions paid in the calendar year October 31, 2020 as qualifying to be taxed as section 163(j) interest dividends:
| Fidelity Total Emerging Markets Fund | $584,438 |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Class A | Class M | Class C | Retail Class | Class I | Class Z |
| Fidelity Total Emerging Markets Fund | | | | | | |
| December, 2020 | 1% | 1% | 1% | – | – | – |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code:
| | Class A | Class M | Class C | Retail Class | Class I | Class Z |
| Fidelity Emerging Markets Discovery Fund | | | | | | |
| December 4, 2020 | 100% | 100% | - | 100% | 100% | 100% |
| Fidelity Total Emerging Markets Fund | | | | | | |
| December 4, 2020 | 78% | 100% | 100% | 67% | 66% | 60% |
|
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Emerging Markets Discovery Fund | | | |
| Class A | 12/07/20 | $0.0821 | $0.0301 |
| Class M | 12/07/20 | $0.0381 | $0.0301 |
| Class C | 12/07/20 | $0.0000 | $0.0000 |
| Emerging Markets Discovery | 12/07/20 | $0.1291 | $0.0301 |
| Class I | 12/07/20 | $0.1221 | $0.0301 |
| Class Z | 12/07/20 | $0.1491 | $0.0301 |
| Fidelity Total Emerging Markets Fund | | | |
| Class A | 12/07/20 | $0.1865 | $0.0305 |
| Class M | 12/07/20 | $0.1405 | $0.0305 |
| Class C | 12/07/20 | $0.0785 | $0.0305 |
| Total Emerging Markets | 12/07/20 | $0.2185 | $0.0305 |
| Class I | 12/07/20 | $0.2215 | $0.0305 |
| Class Z | 12/07/20 | $0.2425 | $0.0305 |
|
The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Emerging Markets Discovery Fund
Fidelity Total Emerging Markets Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for Fidelity Total Emerging Markets Fund in June 2018, June 2019, July 2019, December 2019, June 2020, September 2020, October 2020, December 2020, and February 2021 and for Fidelity Emerging Markets Discovery Fund in May 2018, June 2018, September 2020, December 2020, and January 2021. The Board will continue to monitor closely each applicable fund's performance, taking into account the portfolio management changes.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and, for Fidelity Emerging Markets Discovery Fund, an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index and, in the case of Fidelity Emerging Markets Discovery Fund, peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. For Emerging Markets Discovery Fund, returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts. For Fidelity Total Emerging Markets Fund, a peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.
Fidelity Emerging Markets Discovery Fund
Fidelity Total Emerging Markets Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
Fidelity Emerging Markets Discovery Fund
Fidelity Total Emerging Markets Fund
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of each fund compared to competitive fund median expenses. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the total expense ratio of the retail class of each fund ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of Fidelity Emerging Markets Discovery Fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.60%, 1.85%, 2.35%, 1.35%, 1.20%, and 1.35% through February 28, 2022.
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of Fidelity Total Emerging Markets Fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.55%, 1.80%, 2.30%, 1.30%, 1.15%, and 1.30% through February 28, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed.
EMD-TEK-ANN-1221
1.931237.109
Fidelity® Global Equity Income Fund
Annual Report
October 31, 2021
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.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Life of fundA |
| Fidelity® Global Equity Income Fund | 35.09% | 13.61% | 11.23% |
A From May 2, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Global Equity Income Fund on May 2, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
| Period Ending Values |
| $27,493 | Fidelity® Global Equity Income Fund |
| $28,333 | MSCI ACWI (All Country World Index) Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) Index gained 37.70% for the 12 months ending October 31, 2021, with global equities rising amid improved global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. The period began with a shift in momentum. In November 2020, global stocks shrugged off a two-month retreat by gaining roughly 12%. As 2021 began, the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative and the index returned -4.10% for the month, due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. The index rebounded in October (+5.12%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, whereas emerging markets (+17%) lagged the most. Looking at sectors, energy (+87%) was the top performer by a wide margin, followed by financials (+60%). In contrast, notable “laggards” included the utilities (+14%) and consumer staples (+18%) sectors.
Comments from Portfolio Manager Ramona Persaud: For the fiscal year ending October 31, 2021, the fund gained 35.09%, trailing the 37.70% result of the benchmark MSCI All Country World Index (Net MA). From a regional standpoint, security selection in the U.K. and emerging markets hurt the fund's relative result. By sector, market selection was the primary detractor, especially in communication services. Stock selection in energy and an overweighting in consumer staples also hurt. Not owning Tesla, a benchmark component that gained 187%, was the largest individual relative detractor. Our second-largest relative detractor this period was avoiding Alphabet, a benchmark component that gained 83%. Also hindering performance was our outsized stake in Amgen, which returned -2%. In contrast, an underweighting in emerging markets, primarily driven by China, and stock picks in Canada contributed most to the fund's relative result. By sector, the top contributors to performance versus the benchmark were security selection and an underweighting in consumer discretionary, primarily driven by the retailing industry. Strong picks in the industrials sector, especially within the transportation industry, also helped. Also helping the fund's relative performance was an overweighting in energy. Not owning Alibaba Group Holding, a benchmark component that returned -45%, was the biggest individual relative contributor. Our second-largest relative contributor this period was avoiding Amazon.com, a benchmark component that gained 11%. Another notable relative contributor was an overweighting in Capital One Financial (+109%).
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | United States of America* | 50.8% |
| | United Kingdom | 7.3% |
| | Japan | 6.6% |
| | Canada | 4.6% |
| | France | 4.4% |
| | Switzerland | 3.6% |
| | Ireland | 2.4% |
| | Taiwan | 2.4% |
| | India | 2.2% |
| | Other | 15.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 95.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.4 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) | 4.4 |
| Microsoft Corp. (United States of America, Software) | 4.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.8 |
| Accenture PLC Class A (Ireland, IT Services) | 1.5 |
| Wells Fargo & Co. (United States of America, Banks) | 1.5 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.4 |
| Danaher Corp. (United States of America, Health Care Equipment & Supplies) | 1.4 |
| Sony Group Corp. (Japan, Household Durables) | 1.4 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 |
| JPMorgan Chase & Co. (United States of America, Banks) | 1.3 |
| | 20.3 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 21.0 |
| Health Care | 12.2 |
| Financials | 11.6 |
| Industrials | 10.4 |
| Consumer Staples | 8.8 |
| Consumer Discretionary | 8.6 |
| Communication Services | 8.1 |
| Energy | 5.1 |
| Materials | 4.4 |
| Utilities | 3.3 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 95.6% | | | |
| | | Shares | Value |
| Bailiwick of Guernsey - 0.5% | | | |
| Amdocs Ltd. | | 5,680 | $442,131 |
| Bailiwick of Jersey - 0.7% | | | |
| Experian PLC | | 3,300 | 151,158 |
| WPP PLC | | 35,891 | 518,796 |
|
| TOTAL BAILIWICK OF JERSEY | | | 669,954 |
|
| Belgium - 0.6% | | | |
| KBC Groep NV | | 4,329 | 403,148 |
| UCB SA | | 1,485 | 176,988 |
|
| TOTAL BELGIUM | | | 580,136 |
|
| Bermuda - 0.3% | | | |
| Hiscox Ltd. | | 23,574 | 268,744 |
| Brazil - 0.4% | | | |
| Equatorial Energia SA | | 98,301 | 398,513 |
| Canada - 4.6% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 13,266 | 497,582 |
| Canadian Natural Resources Ltd. | | 14,216 | 604,203 |
| Constellation Software, Inc. | | 314 | 551,832 |
| Imperial Oil Ltd. (a) | | 17,852 | 604,395 |
| Lundin Mining Corp. | | 25,243 | 219,673 |
| Nutrien Ltd. | | 4,453 | 311,235 |
| Open Text Corp. | | 9,481 | 477,574 |
| Shaw Communications, Inc. Class B | | 11,493 | 330,972 |
| Suncor Energy, Inc. | | 26,943 | 708,625 |
|
| TOTAL CANADA | | | 4,306,091 |
|
| Cayman Islands - 1.1% | | | |
| 51job, Inc. sponsored ADR (b) | | 3,400 | 202,504 |
| HKBN Ltd. | | 623,824 | 748,861 |
| SITC International Holdings Co. Ltd. | | 31,738 | 107,486 |
|
| TOTAL CAYMAN ISLANDS | | | 1,058,851 |
|
| China - 0.7% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 1,611 | 459,246 |
| TravelSky Technology Ltd. (H Shares) | | 98,291 | 183,936 |
|
| TOTAL CHINA | | | 643,182 |
|
| Denmark - 0.1% | | | |
| A.P. Moller - Maersk A/S Series B | | 45 | 130,408 |
| Finland - 1.0% | | | |
| Elisa Corp. (A Shares) | | 14,941 | 901,242 |
| France - 4.4% | | | |
| Capgemini SA | | 4,811 | 1,119,533 |
| Edenred SA | | 4,500 | 243,298 |
| Elior SA (b)(c) | | 22,000 | 173,446 |
| LVMH Moet Hennessy Louis Vuitton SE | | 1,136 | 890,762 |
| Sanofi SA | | 8,063 | 809,881 |
| Teleperformance | | 714 | 298,046 |
| Vicat SA | | 4,578 | 195,016 |
| VINCI SA | | 3,478 | 371,380 |
|
| TOTAL FRANCE | | | 4,101,362 |
|
| Germany - 2.2% | | | |
| Deutsche Post AG | | 7,853 | 485,858 |
| Deutsche Telekom AG | | 19,287 | 358,683 |
| DWS Group GmbH & Co. KGaA (c) | | 6,752 | 292,075 |
| Linde PLC | | 1,422 | 457,807 |
| Siemens AG | | 2,448 | 398,001 |
|
| TOTAL GERMANY | | | 1,992,424 |
|
| Hong Kong - 0.7% | | | |
| AIA Group Ltd. | | 53,820 | 603,161 |
| India - 2.2% | | | |
| HDFC Bank Ltd. sponsored ADR | | 3,242 | 233,132 |
| Petronet LNG Ltd. | | 85,812 | 262,800 |
| Redington (India) Ltd. | | 170,072 | 326,054 |
| Reliance Industries Ltd. | | 33,342 | 1,128,192 |
| Reliance Industries Ltd. | | 1,828 | 46,397 |
|
| TOTAL INDIA | | | 1,996,575 |
|
| Indonesia - 0.3% | | | |
| PT Bank Central Asia Tbk | | 512,720 | 270,519 |
| Ireland - 2.4% | | | |
| Accenture PLC Class A | | 3,773 | 1,353,715 |
| Johnson Controls International PLC | | 5,268 | 386,513 |
| Linde PLC | | 1,600 | 510,720 |
|
| TOTAL IRELAND | | | 2,250,948 |
|
| Japan - 6.6% | | | |
| Daiichikosho Co. Ltd. | | 11,042 | 400,929 |
| FUJIFILM Holdings Corp. | | 3,522 | 272,171 |
| Fujitsu Ltd. | | 1,600 | 276,528 |
| Hitachi Ltd. | | 10,881 | 627,013 |
| Hoya Corp. | | 7,115 | 1,047,389 |
| Inaba Denki Sangyo Co. Ltd. | | 18,858 | 452,358 |
| Jm Holdings Co. Ltd. | | 9,321 | 152,999 |
| Minebea Mitsumi, Inc. | | 16,756 | 424,212 |
| NSD Co. Ltd. | | 8,051 | 153,408 |
| Renesas Electronics Corp. (b) | | 24,600 | 302,615 |
| Roland Corp. | | 6,399 | 263,099 |
| Sony Group Corp. | | 10,943 | 1,267,160 |
| Toyota Motor Corp. | | 26,755 | 472,070 |
|
| TOTAL JAPAN | | | 6,111,951 |
|
| Kenya - 0.5% | | | |
| Safaricom Ltd. | | 1,181,225 | 454,236 |
| Korea (South) - 1.4% | | | |
| Samsung Electronics Co. Ltd. | | 21,873 | 1,302,893 |
| Luxembourg - 0.4% | | | |
| B&M European Value Retail SA | | 41,720 | 361,531 |
| Netherlands - 1.9% | | | |
| Airbus Group NV (b) | | 4,388 | 562,902 |
| Koninklijke Philips Electronics NV | | 9,011 | 425,096 |
| NXP Semiconductors NV | | 3,753 | 753,828 |
|
| TOTAL NETHERLANDS | | | 1,741,826 |
|
| New Zealand - 0.5% | | | |
| Auckland International Airport Ltd. (b) | | 86,158 | 493,309 |
| South Africa - 0.0% | | | |
| Thungela Resources Ltd. (b) | | 1,160 | 5,444 |
| Spain - 1.9% | | | |
| Aena SME SA (b)(c) | | 5,234 | 859,614 |
| Amadeus IT Holding SA Class A (b) | | 13,960 | 933,408 |
|
| TOTAL SPAIN | | | 1,793,022 |
|
| Sweden - 0.5% | | | |
| EQT AB | | 2,300 | 121,213 |
| HEXPOL AB (B Shares) | | 27,040 | 315,803 |
|
| TOTAL SWEDEN | | | 437,016 |
|
| Switzerland - 3.6% | | | |
| Barry Callebaut AG | | 57 | 131,855 |
| Chubb Ltd. | | 1,899 | 371,027 |
| Nestle SA (Reg. S) | | 6,621 | 873,358 |
| Roche Holding AG (participation certificate) | | 3,143 | 1,217,580 |
| Sika AG | | 2,334 | 790,236 |
|
| TOTAL SWITZERLAND | | | 3,384,056 |
|
| Taiwan - 2.4% | | | |
| International Games Systems Co. Ltd. | | 10,681 | 273,882 |
| MediaTek, Inc. | | 8,000 | 262,309 |
| Poya International Co. Ltd. | | 30 | 535 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 79,648 | 1,687,940 |
|
| TOTAL TAIWAN | | | 2,224,666 |
|
| United Kingdom - 7.3% | | | |
| Anglo American PLC (United Kingdom) | | 12,666 | 481,853 |
| AstraZeneca PLC sponsored ADR | | 16,357 | 1,020,350 |
| Compass Group PLC (b) | | 54,969 | 1,166,477 |
| Cranswick PLC | | 4,592 | 217,440 |
| Diageo PLC | | 17,335 | 862,446 |
| Informa PLC (b) | | 134,189 | 953,849 |
| JD Sports Fashion PLC | | 24,452 | 364,086 |
| Reckitt Benckiser Group PLC | | 7,055 | 572,745 |
| RELX PLC (London Stock Exchange) | | 25,520 | 790,711 |
| Starling Bank Ltd. Series D (b)(d)(e) | | 48,600 | 86,089 |
| WH Smith PLC (b) | | 13,575 | 290,189 |
|
| TOTAL UNITED KINGDOM | | | 6,806,235 |
|
| United States of America - 46.4% | | | |
| AbbVie, Inc. | | 6,296 | 721,962 |
| Ameren Corp. | | 5,853 | 493,349 |
| American Tower Corp. | | 3,032 | 854,933 |
| AMETEK, Inc. | | 1,998 | 264,535 |
| Amgen, Inc. | | 4,456 | 922,258 |
| Apple, Inc. | | 27,344 | 4,096,128 |
| Bank of America Corp. | | 21,768 | 1,040,075 |
| BJ's Wholesale Club Holdings, Inc. (b) | | 10,578 | 618,178 |
| BlackRock, Inc. Class A | | 737 | 695,330 |
| Bristol-Myers Squibb Co. | | 13,108 | 765,507 |
| Burlington Stores, Inc. (b) | | 600 | 165,774 |
| Capital One Financial Corp. | | 6,243 | 942,880 |
| Cisco Systems, Inc. | | 12,107 | 677,629 |
| Citigroup, Inc. | | 9,407 | 650,588 |
| Comcast Corp. Class A | | 13,958 | 717,860 |
| Costco Wholesale Corp. | | 1,264 | 621,307 |
| Crane Co. | | 2,317 | 239,300 |
| Crown Holdings, Inc. | | 3,175 | 330,168 |
| Danaher Corp. | | 4,152 | 1,294,469 |
| Digital Realty Trust, Inc. | | 2,407 | 379,849 |
| Dominion Energy, Inc. | | 5,868 | 445,557 |
| Eli Lilly & Co. | | 3,982 | 1,014,454 |
| Exxon Mobil Corp. | | 7,883 | 508,217 |
| Fortive Corp. | | 3,741 | 283,231 |
| General Electric Co. | | 5,074 | 532,110 |
| Gilead Sciences, Inc. | | 5,006 | 324,789 |
| Hartford Financial Services Group, Inc. | | 4,004 | 292,012 |
| Hess Corp. | | 3,761 | 310,546 |
| JPMorgan Chase & Co. | | 7,020 | 1,192,628 |
| Keurig Dr. Pepper, Inc. | | 9,979 | 360,142 |
| Kohl's Corp. | | 8,390 | 407,167 |
| Lamar Advertising Co. Class A | | 6,249 | 707,387 |
| Lowe's Companies, Inc. | | 3,298 | 771,138 |
| M&T Bank Corp. | | 3,386 | 498,148 |
| Merck & Co., Inc. | | 5,306 | 467,193 |
| Microsoft Corp. | | 12,115 | 4,017,576 |
| Mondelez International, Inc. | | 6,922 | 420,442 |
| MSCI, Inc. | | 475 | 315,818 |
| NextEra Energy, Inc. | | 8,666 | 739,470 |
| Northrop Grumman Corp. | | 947 | 338,287 |
| NRG Energy, Inc. | | 7,167 | 285,892 |
| Packaging Corp. of America | | 3,384 | 464,860 |
| PG&E Corp. (b) | | 7,669 | 88,960 |
| Phillips 66 Co. | | 3,858 | 288,501 |
| PNC Financial Services Group, Inc. | | 2,952 | 622,961 |
| Procter & Gamble Co. | | 6,595 | 943,019 |
| PVH Corp. | | 2,423 | 264,907 |
| Roper Technologies, Inc. | | 673 | 328,337 |
| T-Mobile U.S., Inc. (b) | | 5,539 | 637,151 |
| Tapestry, Inc. | | 10,512 | 409,758 |
| Target Corp. | | 1,948 | 505,740 |
| Tempur Sealy International, Inc. | | 6,004 | 266,998 |
| The Coca-Cola Co. | | 18,181 | 1,024,863 |
| The Travelers Companies, Inc. | | 3,285 | 528,491 |
| The Walt Disney Co. (b) | | 4,237 | 716,350 |
| United Parcel Service, Inc. Class B | | 3,582 | 764,650 |
| UnitedHealth Group, Inc. | | 2,461 | 1,133,217 |
| Valero Energy Corp. | | 4,922 | 380,618 |
| Verizon Communications, Inc. | | 9,615 | 509,499 |
| Vistra Corp. | | 17,536 | 343,530 |
| Walmart, Inc. | | 3,396 | 507,430 |
| Watsco, Inc. | | 310 | 89,770 |
| WEC Energy Group, Inc. | | 2,884 | 259,733 |
| Wells Fargo & Co. | | 26,362 | 1,348,680 |
|
| TOTAL UNITED STATES OF AMERICA | | | 43,152,306 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $59,894,259) | | | 88,882,732 |
|
| Money Market Funds - 5.0% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 3,965,385 | 3,966,178 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 659,632 | 659,698 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $4,625,872) | | | 4,625,876 |
| TOTAL INVESTMENT IN SECURITIES - 100.6% | | | |
| (Cost $64,520,131) | | | 93,508,608 |
| NET OTHER ASSETS (LIABILITIES) - (0.6)% | | | (590,537) |
| NET ASSETS - 100% | | | $92,918,071 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,325,135 or 1.4% 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 $86,089 or 0.1% of net assets.
(e) Level 3 security
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $943,944 | $19,911,887 | $16,889,654 | $2,090 | $1 | $-- | $3,966,178 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 4,094,673 | 3,434,975 | 779 | -- | -- | 659,698 | 0.0% |
| Total | $943,944 | $24,006,560 | $20,324,629 | $2,869 | $1 | $-- | $4,625,876 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $7,522,310 | $6,243,902 | $1,278,408 | $-- |
| Consumer Discretionary | 8,040,837 | 3,981,269 | 4,059,568 | -- |
| Consumer Staples | 8,263,052 | 5,801,504 | 2,461,548 | -- |
| Energy | 4,847,938 | 4,847,938 | -- | -- |
| Financials | 10,776,719 | 10,087,469 | 603,161 | 86,089 |
| Health Care | 11,341,133 | 7,841,187 | 3,499,946 | -- |
| Industrials | 9,581,693 | 6,127,185 | 3,454,508 | -- |
| Information Technology | 19,434,506 | 15,438,951 | 3,995,555 | -- |
| Materials | 4,077,371 | 3,595,518 | 481,853 | -- |
| Real Estate | 1,942,169 | 1,942,169 | -- | -- |
| Utilities | 3,055,004 | 3,055,004 | -- | -- |
| Money Market Funds | 4,625,876 | 4,625,876 | -- | -- |
| Total Investments in Securities: | $93,508,608 | $73,587,972 | $19,834,547 | $86,089 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $579,207) — See accompanying schedule:
Unaffiliated issuers (cost $59,894,259) | $88,882,732 | |
| Fidelity Central Funds (cost $4,625,872) | 4,625,876 | |
| Total Investment in Securities (cost $64,520,131) | | $93,508,608 |
| Cash | | 7,992 |
| Foreign currency held at value (cost $10,632) | | 10,611 |
| Receivable for fund shares sold | | 81,684 |
| Dividends receivable | | 99,628 |
| Reclaims receivable | | 103,205 |
| Distributions receivable from Fidelity Central Funds | | 250 |
| Prepaid expenses | | 115 |
| Other receivables | | 614 |
| Total assets | | 93,812,707 |
| Liabilities | | |
| Payable for fund shares redeemed | $16,286 | |
| Accrued management fee | 51,354 | |
| Other affiliated payables | 15,951 | |
| Other payables and accrued expenses | 151,347 | |
| Collateral on securities loaned | 659,698 | |
| Total liabilities | | 894,636 |
| Net Assets | | $92,918,071 |
| Net Assets consist of: | | |
| Paid in capital | | $54,614,204 |
| Total accumulated earnings (loss) | | 38,303,867 |
| Net Assets | | $92,918,071 |
| Net Asset Value, offering price and redemption price per share ($92,918,071 ÷ 4,693,642 shares) | | $19.80 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $1,684,258 |
| Income from Fidelity Central Funds (including $779 from security lending) | | 2,869 |
| Income before foreign taxes withheld | | 1,687,127 |
| Less foreign taxes withheld | | (111,381) |
| Total income | | 1,575,746 |
| Expenses | | |
| Management fee | $571,841 | |
| Transfer agent fees | 135,617 | |
| Accounting fees | 43,833 | |
| Custodian fees and expenses | 15,614 | |
| Independent trustees' fees and expenses | 324 | |
| Registration fees | 25,740 | |
| Audit | 73,272 | |
| Legal | 333 | |
| Miscellaneous | 412 | |
| Total expenses before reductions | 866,986 | |
| Expense reductions | (1,388) | |
| Total expenses after reductions | | 865,598 |
| Net investment income (loss) | | 710,148 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $18,331) | 10,989,936 | |
| Fidelity Central Funds | 1 | |
| Foreign currency transactions | 7,630 | |
| Total net realized gain (loss) | | 10,997,567 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $45,146) | 11,789,282 | |
| Assets and liabilities in foreign currencies | (2,624) | |
| Total change in net unrealized appreciation (depreciation) | | 11,786,658 |
| Net gain (loss) | | 22,784,225 |
| Net increase (decrease) in net assets resulting from operations | | $23,494,373 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $710,148 | $743,648 |
| Net realized gain (loss) | 10,997,567 | 2,078,460 |
| Change in net unrealized appreciation (depreciation) | 11,786,658 | (499,859) |
| Net increase (decrease) in net assets resulting from operations | 23,494,373 | 2,322,249 |
| Distributions to shareholders | (2,418,051) | (733,837) |
| Share transactions | | |
| Proceeds from sales of shares | 23,383,926 | 16,488,430 |
| Reinvestment of distributions | 2,268,914 | 686,957 |
| Cost of shares redeemed | (20,526,418) | (19,812,602) |
| Net increase (decrease) in net assets resulting from share transactions | 5,126,422 | (2,637,215) |
| Total increase (decrease) in net assets | 26,202,744 | (1,048,803) |
| Net Assets | | |
| Beginning of period | 66,715,327 | 67,764,130 |
| End of period | $92,918,071 | $66,715,327 |
| Other Information | | |
| Shares | | |
| Sold | 1,260,411 | 1,103,367 |
| Issued in reinvestment of distributions | 131,869 | 48,116 |
| Redeemed | (1,109,823) | (1,368,143) |
| Net increase (decrease) | 282,457 | (216,660) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Global Equity Income Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $15.12 | $14.64 | $13.53 | $14.21 | $12.06 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .15 | .16 | .23 | .25 | .17 |
| Net realized and unrealized gain (loss) | 5.07 | .48 | 1.63 | (.50) | 2.15 |
| Total from investment operations | 5.22 | .64 | 1.86 | (.25) | 2.32 |
| Distributions from net investment income | (.16) | (.15) | (.24) | (.25) | (.17) |
| Distributions from net realized gain | (.38) | (.01) | (.51) | (.18) | – |
| Total distributions | (.54) | (.16) | (.75) | (.43) | (.17) |
| Redemption fees added to paid in capitalA | – | – | – | –B | –B |
| Net asset value, end of period | $19.80 | $15.12 | $14.64 | $13.53 | $14.21 |
| Total ReturnC | 35.09% | 4.44% | 14.60% | (1.88)% | 19.31% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.02% | 1.09% | 1.09% | 1.06% | 1.13% |
| Expenses net of fee waivers, if any | 1.02% | 1.09% | 1.09% | 1.06% | 1.13% |
| Expenses net of all reductions | 1.02% | 1.09% | 1.08% | 1.05% | 1.13% |
| Net investment income (loss) | .84% | 1.08% | 1.72% | 1.75% | 1.29% |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $92,918 | $66,715 | $67,764 | $68,532 | $81,007 |
| Portfolio turnover rateF | 43% | 48% | 20%G | 34% | 37% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $30,427,547 |
| Gross unrealized depreciation | (1,598,410) |
| Net unrealized appreciation (depreciation) | $28,829,137 |
| Tax Cost | $64,679,471 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $25,694 |
| Undistributed long-term capital gain | $9,545,232 |
| Net unrealized appreciation (depreciation) on securities and other investments | $28,832,564 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $742,673 | $ 705,575 |
| Long-term Capital Gains | 1,675,378 | 28,262 |
| Total | $2,418,051 | $ 733,837 |
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 | 34,751,973 | 34,441,835 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged 0.23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Global Equity Income Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Global Equity Income Fund | $361 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Global Equity Income Fund | 1,437,589 | 2,364,323 | 1,198,239 |
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 Global Equity Income Fund | $148 |
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 | $68 | $– | $– |
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 $6.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,382.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Global Equity Income Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Global Equity Income Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 10, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Global Equity Income Fund | 1.01% | | | |
| Actual | | $1,000.00 | $1,064.80 | $5.26 |
| Hypothetical-C | | $1,000.00 | $1,020.11 | $5.14 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Global Equity Income Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $2.039 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.031 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $9,929,357, or, if subsequently determined to be different, the net capital gain of such year.
A total of 0.05% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 80%, 100%, 100%, and 100% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Equity Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity Global Equity Income Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity Global Equity Income Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the fund's total expense ratio ranked equal to the SLTG competitive median and above the ASPG competitive median for the 12-month period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 1.10% through February 28, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
GED-ANN-1221
1.938162.109
Fidelity Flex® Funds
Fidelity Flex® International Fund
Annual Report
October 31, 2021
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 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity Flex® International Fund | 34.20% | 13.43% |
A From March 7, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Flex® International Fund on March 7, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $17,980 | Fidelity Flex® International Fund |
| $15,233 | MSCI ACWI (All Country World Index) ex USA Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Co-Managers Sam Polyak, Jed Weiss, and Alex Zavratsky: For the fiscal year ending October 31, 2021, the fund gained 34.20%, outperforming the 29.85% result of the benchmark MSCI All Country World ex U.S. (Net MA) Index. From a regional standpoint, security selection and an underweighting in emerging markets, primarily driven by China, along with investment choices in Japan, contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark was stock selection in materials. An underweighting and picks among consumer discretionary companies, as well as an overweighting in information technology, also boosted the portfolio's relative result. The fund's top individual relative contributor was an outsized stake in ASML Holding, which gained 124% the past 12 months and was among our largest holdings. Also lifting performance was the fund’s overweighting in Lasertec, which rose about 155%. Adding further value was our larger-than-benchmark holding in State Bank of India (+84%), a position we established this period. In contrast, stock picks in Canada and an underweighting in Europe ex U.K. hindered the fund's relative return. By sector, the largest detractor from performance versus the benchmark was security selection in communication services. An underweighting in energy and picks among utilities stocks also weighed on the portfolio's relative result. Lastly, the fund's position in cash also was a notable detractor this period. The biggest individual relative detractor was an outsized stake in Tencent Holdings, which returned -19% the past 12 months and was the fund's largest holding at the end of the period. Further hampering performance was untimely positioning in Baidu, which returned -50% and was not held at period end. Also hindering the portfolio’s relative return was our overweighting in China Life Insurance, which returned about -16%. Notable changes in positioning the past 12 months include increased exposure to France and a lower allocation to China on a geographic basis, while by sector, reduced exposure to consumer staples stocks and a higher allocation to financials were noteworthy.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 13.6% |
| | United States of America* | 7.4% |
| | Canada | 7.0% |
| | France | 6.9% |
| | Cayman Islands | 6.5% |
| | United Kingdom | 6.2% |
| | Germany | 5.7% |
| | Switzerland | 5.1% |
| | India | 4.2% |
| | Other | 37.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 98.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.8 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 2.8 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.6 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.2 |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.9 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 1.6 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.3 |
| Canadian Pacific Railway Ltd. (Canada, Road & Rail) | 1.3 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 1.3 |
| JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 1.2 |
| The Toronto-Dominion Bank (Canada, Banks) | 1.2 |
| | 17.4 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 21.7 |
| Industrials | 16.8 |
| Information Technology | 15.6 |
| Consumer Discretionary | 10.3 |
| Materials | 9.3 |
| Health Care | 7.9 |
| Communication Services | 5.3 |
| Consumer Staples | 4.8 |
| Energy | 4.7 |
| Real Estate | 1.2 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 96.5% | | | |
| | | Shares | Value |
| Australia - 1.5% | | | |
| CSL Ltd. | | 3,853 | $870,946 |
| Evolution Mining Ltd. | | 29,770 | 81,292 |
| Imdex Ltd. | | 10,204 | 22,030 |
| Macquarie Group Ltd. | | 4,398 | 650,244 |
| National Australia Bank Ltd. | | 29,154 | 633,866 |
|
| TOTAL AUSTRALIA | | | 2,258,378 |
|
| Austria - 0.3% | | | |
| Erste Group Bank AG | | 11,766 | 504,616 |
| Bailiwick of Jersey - 1.2% | | | |
| Experian PLC | | 18,130 | 830,451 |
| Ferguson PLC | | 2,814 | 423,428 |
| Glencore Xstrata PLC | | 107,558 | 537,852 |
| Integrated Diagnostics Holdings PLC (a) | | 38,160 | 47,223 |
|
| TOTAL BAILIWICK OF JERSEY | | | 1,838,954 |
|
| Belgium - 1.2% | | | |
| Anheuser-Busch InBev SA NV | | 8,084 | 494,476 |
| Azelis Group NV | | 5,300 | 171,550 |
| KBC Ancora | | 1,026 | 53,444 |
| KBC Groep NV | | 8,970 | 835,352 |
| UCB SA | | 2,694 | 321,081 |
|
| TOTAL BELGIUM | | | 1,875,903 |
|
| Bermuda - 0.6% | | | |
| Credicorp Ltd. (United States) | | 4,875 | 632,093 |
| Shangri-La Asia Ltd. (b) | | 348,533 | 284,005 |
|
| TOTAL BERMUDA | | | 916,098 |
|
| Brazil - 0.5% | | | |
| Natura & Co. Holding SA (b) | | 99,408 | 685,172 |
| Canada - 7.0% | | | |
| Barrick Gold Corp. | | 58,219 | 1,069,483 |
| CAE, Inc. (b) | | 30,575 | 927,181 |
| Canadian Pacific Railway Ltd. | | 25,795 | 1,996,528 |
| Constellation Software, Inc. | | 675 | 1,186,262 |
| Franco-Nevada Corp. | | 6,889 | 982,974 |
| McCoy Global, Inc. (b) | | 50 | 32 |
| Nutrien Ltd. | | 12,283 | 858,500 |
| Richelieu Hardware Ltd. | | 14,042 | 495,713 |
| Summit Industrial Income REIT | | 36,013 | 687,902 |
| Suncor Energy, Inc. | | 24,922 | 655,471 |
| The Toronto-Dominion Bank | | 24,550 | 1,782,136 |
|
| TOTAL CANADA | | | 10,642,182 |
|
| Cayman Islands - 6.5% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (b) | | 9,454 | 1,559,343 |
| Chlitina Holding Ltd. | | 4,800 | 41,113 |
| JD.com, Inc. sponsored ADR (b) | | 24,462 | 1,914,885 |
| Li Ning Co. Ltd. | | 35,166 | 390,959 |
| Meituan Class B (a)(b) | | 34,636 | 1,178,616 |
| Tencent Holdings Ltd. | | 69,303 | 4,215,682 |
| XP, Inc. Class A (b) | | 19,194 | 629,755 |
|
| TOTAL CAYMAN ISLANDS | | | 9,930,353 |
|
| China - 3.2% | | | |
| China Life Insurance Co. Ltd. (H Shares) | | 403,689 | 701,317 |
| China Merchants Bank Co. Ltd. (H Shares) | | 104,755 | 882,551 |
| Haier Smart Home Co. Ltd. (A Shares) | | 264,010 | 1,121,035 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 2,376,418 | 1,302,663 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 14,227 | 835,286 |
|
| TOTAL CHINA | | | 4,842,852 |
|
| Denmark - 0.7% | | | |
| A.P. Moller - Maersk A/S Series B | | 61 | 176,775 |
| Netcompany Group A/S (a) | | 669 | 75,997 |
| ORSTED A/S (a) | | 1,346 | 189,925 |
| SimCorp A/S | | 636 | 76,834 |
| Spar Nord Bank A/S | | 2,848 | 36,690 |
| Vestas Wind Systems A/S | | 12,550 | 542,761 |
|
| TOTAL DENMARK | | | 1,098,982 |
|
| Finland - 0.6% | | | |
| Admicom OYJ | | 170 | 18,080 |
| Kone OYJ (B Shares) | | 5,309 | 361,850 |
| Musti Group OYJ | | 1,272 | 49,965 |
| Sampo Oyj (A Shares) | | 10,259 | 545,533 |
|
| TOTAL FINLAND | | | 975,428 |
|
| France - 6.9% | | | |
| Air Liquide SA | | 4,072 | 679,852 |
| ALTEN | | 646 | 103,951 |
| AXA SA | | 29,063 | 845,530 |
| BNP Paribas SA | | 16,257 | 1,088,199 |
| Capgemini SA | | 1,471 | 342,306 |
| Edenred SA | | 7,053 | 381,328 |
| Laurent-Perrier Group SA | | 330 | 36,775 |
| Lectra | | 1,545 | 64,654 |
| Legrand SA | | 5,194 | 566,614 |
| LISI | | 1,400 | 38,923 |
| LVMH Moet Hennessy Louis Vuitton SE | | 2,236 | 1,753,296 |
| Safran SA | | 4,380 | 589,503 |
| Sanofi SA | | 11,991 | 1,204,426 |
| Teleperformance | | 1,060 | 442,478 |
| Total SA | | 28,971 | 1,450,722 |
| Vetoquinol SA | | 714 | 121,827 |
| VINCI SA | | 4,991 | 532,938 |
| Vivendi SA | | 17,419 | 224,218 |
| Worldline SA (a)(b) | | 2,197 | 127,952 |
|
| TOTAL FRANCE | | | 10,595,492 |
|
| Germany - 5.1% | | | |
| Bayer AG | | 6,469 | 364,578 |
| CompuGroup Medical AG | | 459 | 38,363 |
| CTS Eventim AG (b) | | 2,614 | 189,949 |
| Deutsche Borse AG | | 2,158 | 358,231 |
| Deutsche Post AG | | 9,982 | 617,578 |
| Hannover Reuck SE | | 2,678 | 489,131 |
| HeidelbergCement AG | | 3,811 | 286,987 |
| Linde PLC | | 5,374 | 1,730,138 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 1,180 | 349,477 |
| Nexus AG | | 419 | 36,521 |
| Rheinmetall AG | | 2,573 | 249,373 |
| RWE AG | | 9,688 | 372,602 |
| SAP SE | | 4,921 | 712,616 |
| Scout24 AG (a) | | 530 | 36,883 |
| Siemens AG | | 7,164 | 1,164,737 |
| Vonovia SE | | 11,923 | 723,056 |
|
| TOTAL GERMANY | | | 7,720,220 |
|
| Greece - 0.5% | | | |
| National Bank of Greece SA (b) | | 222,421 | 699,363 |
| Hong Kong - 1.9% | | | |
| AIA Group Ltd. | | 126,223 | 1,414,583 |
| China Resources Beer Holdings Co. Ltd. | | 110,136 | 913,023 |
| Hong Kong Exchanges and Clearing Ltd. | | 9,674 | 585,376 |
|
| TOTAL HONG KONG | | | 2,912,982 |
|
| Hungary - 0.7% | | | |
| Richter Gedeon PLC | | 38,830 | 1,087,773 |
| India - 4.2% | | | |
| Eicher Motors Ltd. | | 11,689 | 387,497 |
| Embassy Office Parks (REIT) | | 10,900 | 50,845 |
| Graphite India Ltd. | | 23,655 | 169,282 |
| Housing Development Finance Corp. Ltd. | | 29,509 | 1,119,929 |
| Indian Energy Exchange Ltd. (a) | | 6,413 | 60,601 |
| Kotak Mahindra Bank Ltd. (b) | | 8,200 | 222,206 |
| Larsen & Toubro Ltd. | | 45,636 | 1,075,617 |
| Reliance Industries Ltd. | | 2,700 | 91,360 |
| Reliance Industries Ltd. sponsored GDR (a) | | 8,165 | 555,220 |
| Shree Cement Ltd. | | 1,482 | 566,172 |
| Solar Industries India Ltd. | | 22,826 | 757,380 |
| State Bank of India | | 132,072 | 884,797 |
| Voltas Ltd. | | 32,022 | 514,603 |
|
| TOTAL INDIA | | | 6,455,509 |
|
| Indonesia - 0.9% | | | |
| PT Bank Mandiri (Persero) Tbk | | 1,530,272 | 773,663 |
| PT Bank Rakyat Indonesia Tbk | | 580,454 | 174,243 |
| PT United Tractors Tbk | | 286,404 | 476,077 |
|
| TOTAL INDONESIA | | | 1,423,983 |
|
| Ireland - 1.0% | | | |
| Cairn Homes PLC | | 19,000 | 24,650 |
| CRH PLC | | 12,077 | 577,931 |
| CRH PLC sponsored ADR | | 12,966 | 621,590 |
| Irish Residential Properties REIT PLC | | 14,000 | 26,380 |
| Ryanair Holdings PLC sponsored ADR (b) | | 2,639 | 299,553 |
|
| TOTAL IRELAND | | | 1,550,104 |
|
| Israel - 0.1% | | | |
| Ituran Location & Control Ltd. | | 2,200 | 57,222 |
| Maytronics Ltd. | | 1,944 | 45,867 |
| Strauss Group Ltd. | | 1,301 | 38,208 |
| Tel Aviv Stock Exchange Ltd. | | 9,900 | 54,125 |
|
| TOTAL ISRAEL | | | 195,422 |
|
| Italy - 1.6% | | | |
| Assicurazioni Generali SpA | | 17,287 | 376,694 |
| Enel SpA | | 78,364 | 656,047 |
| Interpump Group SpA | | 8,303 | 611,890 |
| Mediobanca SpA | | 38,525 | 459,378 |
| Prada SpA | | 46,000 | 288,516 |
|
| TOTAL ITALY | | | 2,392,525 |
|
| Japan - 13.6% | | | |
| Ai Holdings Corp. | | 1,400 | 26,424 |
| Aoki Super Co. Ltd. | | 1,272 | 32,386 |
| Artnature, Inc. | | 2,588 | 16,810 |
| Aucnet, Inc. | | 1,358 | 28,127 |
| Azbil Corp. | | 19,646 | 837,564 |
| Broadleaf Co. Ltd. | | 12,975 | 62,283 |
| Central Automotive Products Ltd. | | 500 | 13,032 |
| Curves Holdings Co. Ltd. | | 9,200 | 71,678 |
| Daiichikosho Co. Ltd. | | 2,008 | 72,909 |
| Daikokutenbussan Co. Ltd. | | 400 | 22,786 |
| DENSO Corp. | | 7,504 | 544,004 |
| Digital Hearts Holdings Co. Ltd. | | 1,908 | 30,360 |
| FANUC Corp. | | 3,944 | 779,418 |
| Fujitec Co. Ltd. | | 1,000 | 22,716 |
| Fujitsu Ltd. | | 2,212 | 382,299 |
| Funai Soken Holdings, Inc. | | 1,490 | 41,395 |
| Goldcrest Co. Ltd. | | 3,766 | 53,959 |
| Hitachi Ltd. | | 11,681 | 673,113 |
| Hoya Corp. | | 11,323 | 1,666,842 |
| Ibiden Co. Ltd. | | 3,304 | 198,524 |
| Idemitsu Kosan Co. Ltd. | | 7,498 | 204,788 |
| Itochu Corp. | | 17,421 | 496,862 |
| JEOL Ltd. | | 1,400 | 106,104 |
| Keyence Corp. | | 2,380 | 1,436,603 |
| Kobayashi Pharmaceutical Co. Ltd. | | 800 | 64,053 |
| Koshidaka Holdings Co. Ltd. | | 7,600 | 46,570 |
| Kusuri No Aoki Holdings Co. Ltd. | | 636 | 42,336 |
| Lasertec Corp. | | 3,344 | 725,366 |
| Medikit Co. Ltd. | | 1,527 | 38,041 |
| Minebea Mitsumi, Inc. | | 17,789 | 450,365 |
| Miroku Jyoho Service Co., Ltd. | | 1,654 | 26,114 |
| Misumi Group, Inc. | | 21,109 | 882,858 |
| Mitsubishi Estate Co. Ltd. | | 9,432 | 143,338 |
| Mitsubishi UFJ Financial Group, Inc. | | 122,281 | 670,528 |
| Mitsuboshi Belting Ltd. | | 1,408 | 25,026 |
| Mitsui Fudosan Co. Ltd. | | 6,894 | 157,623 |
| Nabtesco Corp. | | 1,611 | 52,283 |
| Nagaileben Co. Ltd. | | 3,243 | 66,655 |
| Nihon Parkerizing Co. Ltd. | | 8,896 | 88,758 |
| NS Tool Co. Ltd. | | 3,054 | 40,927 |
| NSD Co. Ltd. | | 1,900 | 36,204 |
| OBIC Co. Ltd. | | 2,204 | 407,572 |
| ORIX Corp. | | 27,467 | 545,943 |
| OSG Corp. | | 11,050 | 183,838 |
| Paramount Bed Holdings Co. Ltd. | | 2,000 | 37,318 |
| Poletowin Pitcrew Holdings, Inc. | | 2,523 | 22,749 |
| ProNexus, Inc. | | 2,187 | 20,392 |
| Recruit Holdings Co. Ltd. | | 29,302 | 1,949,140 |
| Renesas Electronics Corp. (b) | | 19,592 | 241,010 |
| San-Ai Oil Co. Ltd. | | 3,967 | 51,701 |
| Shin-Etsu Chemical Co. Ltd. | | 4,204 | 749,712 |
| Shiseido Co. Ltd. | | 2,925 | 195,176 |
| SHO-BOND Holdings Co. Ltd. | | 9,282 | 388,817 |
| Shoei Co. Ltd. | | 3,152 | 140,252 |
| SK Kaken Co. Ltd. | | 153 | 50,871 |
| SoftBank Group Corp. | | 6,196 | 335,435 |
| Software Service, Inc. | | 409 | 25,803 |
| Sony Group Corp. | | 5,314 | 615,342 |
| Sumitomo Mitsui Financial Group, Inc. | | 16,073 | 521,563 |
| Suzuki Motor Corp. | | 7,882 | 351,513 |
| The Monogatari Corp. | | 538 | 33,514 |
| Tocalo Co. Ltd. | | 3,158 | 38,726 |
| Tokio Marine Holdings, Inc. | | 10,393 | 547,400 |
| Tokyo Electron Ltd. | | 292 | 136,082 |
| Toyota Motor Corp. | | 77,551 | 1,368,323 |
| USS Co. Ltd. | | 15,707 | 253,170 |
| Welcia Holdings Co. Ltd. | | 1,142 | 42,632 |
| YAKUODO Holdings Co. Ltd. | | 1,200 | 25,357 |
| Yamada Consulting Group Co. Ltd. | | 2,000 | 20,401 |
|
| TOTAL JAPAN | | | 20,677,783 |
|
| Kenya - 0.2% | | | |
| Safaricom Ltd. | | 606,204 | 233,113 |
| Korea (South) - 3.8% | | | |
| BGF Retail Co. Ltd. | | 249 | 34,414 |
| Hyundai Motor Co. | | 2,397 | 426,519 |
| POSCO | | 2,271 | 573,046 |
| Samsung Electronics Co. Ltd. | | 67,818 | 4,039,665 |
| Shinhan Financial Group Co. Ltd. | | 24,008 | 779,770 |
|
| TOTAL KOREA (SOUTH) | | | 5,853,414 |
|
| Luxembourg - 0.3% | | | |
| ArcelorMittal SA (Netherlands) | | 12,075 | 409,339 |
| Stabilus SA | | 400 | 30,056 |
|
| TOTAL LUXEMBOURG | | | 439,395 |
|
| Mexico - 0.8% | | | |
| CEMEX S.A.B. de CV sponsored ADR (b) | | 62,798 | 403,791 |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 63,457 | 401,769 |
| Wal-Mart de Mexico SA de CV Series V | | 123,375 | 430,326 |
|
| TOTAL MEXICO | | | 1,235,886 |
|
| Netherlands - 4.1% | | | |
| Aalberts Industries NV | | 6,442 | 356,337 |
| AerCap Holdings NV (b) | | 3,360 | 198,374 |
| Airbus Group NV (b) | | 8,618 | 1,105,535 |
| ASML Holding NV (Netherlands) | | 3,625 | 2,946,763 |
| IMCD NV | | 1,370 | 304,153 |
| NN Group NV | | 9,644 | 516,397 |
| Universal Music Group NV | | 13,953 | 405,097 |
| Yandex NV Series A (b) | | 5,866 | 485,939 |
|
| TOTAL NETHERLANDS | | | 6,318,595 |
|
| New Zealand - 0.1% | | | |
| Auckland International Airport Ltd. (b) | | 22,341 | 127,916 |
| Norway - 0.5% | | | |
| Adevinta ASA Class B (b) | | 11,664 | 191,986 |
| Kongsberg Gruppen ASA | | 2,674 | 87,678 |
| Medistim ASA | | 1,018 | 45,791 |
| Sbanken ASA (a) | | 1,152 | 13,500 |
| Schibsted ASA (B Shares) | | 7,107 | 320,862 |
| Volue A/S | | 5,152 | 36,042 |
|
| TOTAL NORWAY | | | 695,859 |
|
| Russia - 1.1% | | | |
| Lukoil PJSC sponsored ADR | | 10,529 | 1,073,958 |
| Sberbank of Russia sponsored ADR | | 26,908 | 538,698 |
|
| TOTAL RUSSIA | | | 1,612,656 |
|
| Singapore - 0.3% | | | |
| United Overseas Bank Ltd. | | 25,069 | 497,290 |
| South Africa - 0.5% | | | |
| Clicks Group Ltd. | | 12,328 | 225,044 |
| Impala Platinum Holdings Ltd. | | 34,721 | 449,371 |
| Thungela Resources Ltd. (b) | | 2,007 | 9,418 |
|
| TOTAL SOUTH AFRICA | | | 683,833 |
|
| Spain - 1.6% | | | |
| Amadeus IT Holding SA Class A (b) | | 12,168 | 813,589 |
| Banco Santander SA (Spain) | | 226,507 | 857,926 |
| Cellnex Telecom SA (a) | | 10,348 | 636,154 |
| Fluidra SA | | 1,659 | 63,383 |
| Unicaja Banco SA (a) | | 85,694 | 91,633 |
|
| TOTAL SPAIN | | | 2,462,685 |
|
| Sweden - 2.8% | | | |
| Addlife AB | | 6,300 | 257,634 |
| AddTech AB (B Shares) | | 14,721 | 329,114 |
| ASSA ABLOY AB (B Shares) | | 33,026 | 969,071 |
| Atlas Copco AB (A Shares) | | 16,100 | 1,034,464 |
| BHG Group AB (b) | | 1,623 | 18,681 |
| Epiroc AB (A Shares) | | 20,992 | 522,356 |
| Ericsson (B Shares) | | 12,971 | 141,584 |
| Hemnet Group AB (b) | | 2,000 | 40,021 |
| Investor AB (B Shares) | | 28,672 | 660,711 |
| INVISIO AB | | 1,754 | 31,698 |
| John Mattson Fastighetsforetag (b) | | 1,727 | 35,393 |
| Lagercrantz Group AB (B Shares) | | 19,340 | 258,978 |
| Stillfront Group AB (b) | | 4,400 | 19,633 |
|
| TOTAL SWEDEN | | | 4,319,338 |
|
| Switzerland - 5.1% | | | |
| Nestle SA (Reg. S) | | 18,949 | 2,499,510 |
| Novartis AG | | 6,143 | 508,104 |
| Roche Holding AG (participation certificate) | | 5,307 | 2,055,901 |
| Schindler Holding AG: | | | |
| (participation certificate) | | 1,543 | 401,423 |
| (Reg.) | | 139 | 35,646 |
| Swiss Life Holding AG | | 466 | 255,801 |
| Tecan Group AG | | 154 | 94,190 |
| Temenos Group AG | | 2,044 | 312,203 |
| UBS Group AG | | 42,997 | 780,396 |
| Zurich Insurance Group Ltd. | | 1,884 | 835,028 |
|
| TOTAL SWITZERLAND | | | 7,778,202 |
|
| Taiwan - 3.7% | | | |
| Addcn Technology Co. Ltd. | | 4,798 | 43,595 |
| ECLAT Textile Co. Ltd. | | 28,241 | 615,633 |
| HIWIN Technologies Corp. | | 58,925 | 653,899 |
| Sporton International, Inc. | | 5,258 | 42,581 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 157,671 | 3,341,442 |
| Uni-President Enterprises Corp. | | 229,660 | 549,304 |
| Yageo Corp. | | 24,310 | 378,903 |
|
| TOTAL TAIWAN | | | 5,625,357 |
|
| United Kingdom - 6.2% | | | |
| Alliance Pharma PLC | | 45,433 | 63,918 |
| Anglo American PLC (United Kingdom) | | 16,865 | 641,595 |
| AstraZeneca PLC (United Kingdom) | | 4,267 | 533,807 |
| Avon Rubber PLC | | 3,632 | 96,678 |
| Barratt Developments PLC | | 32,239 | 292,520 |
| Beazley PLC (b) | | 18,748 | 100,065 |
| BHP Group PLC | | 47,613 | 1,257,534 |
| Bodycote PLC | | 5,926 | 64,840 |
| BP PLC | | 189,558 | 908,154 |
| Clarkson PLC | | 1,679 | 91,912 |
| Compass Group PLC (b) | | 27,500 | 583,567 |
| Dechra Pharmaceuticals PLC | | 7,091 | 496,865 |
| DP Poland PLC (b) | | 82,215 | 8,439 |
| Helios Towers PLC (b) | | 13,000 | 27,470 |
| Howden Joinery Group PLC | | 6,411 | 80,701 |
| Imperial Brands PLC | | 9,926 | 209,469 |
| InterContinental Hotel Group PLC ADR (b) | | 4,217 | 298,859 |
| Lloyds Banking Group PLC | | 958,784 | 656,173 |
| London Stock Exchange Group PLC | | 3,379 | 328,924 |
| Rightmove PLC | | 37,650 | 356,250 |
| Royal Dutch Shell PLC Class B sponsored ADR | | 21,248 | 974,008 |
| Spectris PLC | | 10,314 | 531,297 |
| Spirax-Sarco Engineering PLC | | 1,427 | 304,753 |
| Standard Chartered PLC (United Kingdom) | | 65,898 | 446,324 |
| Ultra Electronics Holdings PLC | | 1,879 | 83,368 |
|
| TOTAL UNITED KINGDOM | | | 9,437,490 |
|
| United States of America - 5.6% | | | |
| Alphabet, Inc. Class A (b) | | 172 | 509,278 |
| Autoliv, Inc. | | 2,883 | 279,219 |
| Black Knight, Inc. (b) | | 2,818 | 197,570 |
| Lam Research Corp. | | 1,295 | 729,823 |
| Marsh & McLennan Companies, Inc. | | 5,145 | 858,186 |
| MasterCard, Inc. Class A | | 2,165 | 726,401 |
| Moody's Corp. | | 1,937 | 782,839 |
| Morningstar, Inc. | | 349 | 110,546 |
| MSCI, Inc. | | 1,172 | 779,239 |
| NICE Systems Ltd. sponsored ADR (b) | | 2,033 | 575,380 |
| PriceSmart, Inc. | | 2,141 | 154,045 |
| ResMed, Inc. | | 3,310 | 870,232 |
| S&P Global, Inc. | | 1,642 | 778,571 |
| Sherwin-Williams Co. | | 1,762 | 557,867 |
| Visa, Inc. Class A | | 3,219 | 681,688 |
|
| TOTAL UNITED STATES OF AMERICA | | | 8,590,884 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $112,540,731) | | | 147,191,987 |
|
| Preferred Stocks - 1.7% | | | |
| Convertible Preferred Stocks - 0.0% | | | |
| China - 0.0% | | | |
| ByteDance Ltd. Series E1 (c)(d) | | 687 | 85,408 |
| Nonconvertible Preferred Stocks - 1.7% | | | |
| Brazil - 1.1% | | | |
| Ambev SA sponsored ADR | | 176,267 | 521,750 |
| Itau Unibanco Holding SA | | 108,663 | 448,799 |
| Petroleo Brasileiro SA - Petrobras sponsored ADR | | 78,363 | 769,525 |
| | | | 1,740,074 |
| Germany - 0.6% | | | |
| Porsche Automobil Holding SE (Germany) | | 6,770 | 704,598 |
| Sartorius AG (non-vtg.) | | 215 | 139,282 |
| | | | 843,880 |
|
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 2,583,954 |
|
| TOTAL PREFERRED STOCKS | | | |
| (Cost $2,241,821) | | | 2,669,362 |
|
| Money Market Funds - 1.7% | | | |
| Fidelity Cash Central Fund 0.06% (e) | | | |
| (Cost $2,577,481) | | 2,576,973 | 2,577,488 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $117,360,033) | | | 152,438,837 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 170,604 |
| NET ASSETS - 100% | | | $152,609,441 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,013,704 or 2.0% of net assets.
(b) Non-income producing
(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 $85,408 or 0.1% of net assets.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $75,277 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $2,079,438 | $63,240,978 | $62,742,930 | $1,952 | $1 | $1 | $2,577,488 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 1,815,109 | 1,815,109 | 31,612 | -- | -- | -- | 0.0% |
| Total | $2,079,438 | $65,056,087 | $64,558,039 | $33,564 | $1 | $1 | $2,577,488 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $8,344,474 | $3,720,448 | $4,624,026 | $-- |
| Consumer Discretionary | 15,692,194 | 7,580,073 | 8,112,121 | -- |
| Consumer Staples | 7,274,165 | 3,804,229 | 3,469,936 | -- |
| Energy | 7,220,434 | 4,605,069 | 2,615,365 | -- |
| Financials | 32,949,805 | 21,130,412 | 11,819,393 | -- |
| Health Care | 11,934,511 | 5,326,932 | 6,607,579 | -- |
| Industrials | 25,881,539 | 15,243,027 | 10,638,512 | -- |
| Information Technology | 23,513,092 | 7,676,460 | 15,751,224 | 85,408 |
| Materials | 13,954,065 | 8,060,556 | 5,893,509 | -- |
| Real Estate | 1,878,496 | 1,523,576 | 354,920 | -- |
| Utilities | 1,218,574 | 562,527 | 656,047 | -- |
| Money Market Funds | 2,577,488 | 2,577,488 | -- | -- |
| Total Investments in Securities: | $152,438,837 | $81,810,797 | $70,542,632 | $85,408 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $114,782,552) | $149,861,349 | |
| Fidelity Central Funds (cost $2,577,481) | 2,577,488 | |
| Total Investment in Securities (cost $117,360,033) | | $152,438,837 |
| Cash | | 268 |
| Foreign currency held at value (cost $34,901) | | 35,411 |
| Receivable for investments sold | | 174,109 |
| Receivable for fund shares sold | | 56,686 |
| Dividends receivable | | 198,100 |
| Reclaims receivable | | 134,549 |
| Distributions receivable from Fidelity Central Funds | | 137 |
| Other receivables | | 8,262 |
| Total assets | | 153,046,359 |
| Liabilities | | |
| Payable for investments purchased | $112,458 | |
| Payable for fund shares redeemed | 79,106 | |
| Other payables and accrued expenses | 245,354 | |
| Total liabilities | | 436,918 |
| Net Assets | | $152,609,441 |
| Net Assets consist of: | | |
| Paid in capital | | $115,295,085 |
| Total accumulated earnings (loss) | | 37,314,356 |
| Net Assets | | $152,609,441 |
| Net Asset Value, offering price and redemption price per share ($152,609,441 ÷ 9,065,198 shares) | | $16.83 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $2,976,670 |
| Non-Cash dividends | | 494,873 |
| Income from Fidelity Central Funds (including $31,612 from security lending) | | 33,564 |
| Income before foreign taxes withheld | | 3,505,107 |
| Less foreign taxes withheld | | (398,323) |
| Total income | | 3,106,784 |
| Expenses | | |
| Independent trustees' fees and expenses | $517 | |
| Total expenses before reductions | 517 | |
| Expense reductions | (12) | |
| Total expenses after reductions | | 505 |
| Net investment income (loss) | | 3,106,279 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $7,074) | 6,652,644 | |
| Fidelity Central Funds | 1 | |
| Foreign currency transactions | (16,252) | |
| Total net realized gain (loss) | | 6,636,393 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $238,272) | 26,350,470 | |
| Fidelity Central Funds | 1 | |
| Assets and liabilities in foreign currencies | (4,156) | |
| Total change in net unrealized appreciation (depreciation) | | 26,346,315 |
| Net gain (loss) | | 32,982,708 |
| Net increase (decrease) in net assets resulting from operations | | $36,088,987 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $3,106,279 | $1,688,859 |
| Net realized gain (loss) | 6,636,393 | (2,046,068) |
| Change in net unrealized appreciation (depreciation) | 26,346,315 | 3,656,166 |
| Net increase (decrease) in net assets resulting from operations | 36,088,987 | 3,298,957 |
| Distributions to shareholders | (1,616,095) | (1,400,835) |
| Share transactions | | |
| Proceeds from sales of shares | 47,496,165 | 54,680,643 |
| Reinvestment of distributions | 1,616,095 | 1,400,835 |
| Cost of shares redeemed | (32,298,510) | (27,154,153) |
| Net increase (decrease) in net assets resulting from share transactions | 16,813,750 | 28,927,325 |
| Total increase (decrease) in net assets | 51,286,642 | 30,825,447 |
| Net Assets | | |
| Beginning of period | 101,322,799 | 70,497,352 |
| End of period | $152,609,441 | $101,322,799 |
| Other Information | | |
| Shares | | |
| Sold | 3,011,539 | 4,418,298 |
| Issued in reinvestment of distributions | 110,919 | 112,246 |
| Redeemed | (2,027,719) | (2,265,293) |
| Net increase (decrease) | 1,094,739 | 2,265,251 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex International Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $12.71 | $12.36 | $10.90 | $11.95 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .36C | .24 | .35D | .30 | .16 |
| Net realized and unrealized gain (loss) | 3.96 | .33 | 1.39 | (1.24) | 1.79 |
| Total from investment operations | 4.32 | .57 | 1.74 | (.94) | 1.95 |
| Distributions from net investment income | (.20) | (.22) | (.28) | (.07) | – |
| Distributions from net realized gain | – | – | – | (.03) | – |
| Total distributions | (.20) | (.22) | (.28) | (.11)E | – |
| Net asset value, end of period | $16.83 | $12.71 | $12.36 | $10.90 | $11.95 |
| Total ReturnF,G | 34.20% | 4.64% | 16.45% | (7.98)% | 19.50% |
| Ratios to Average Net AssetsH,I | | | | | |
| Expenses before reductionsJ | -% | -% | -% | -% | - %K |
| Expenses net of fee waivers, if anyJ | -% | -% | -% | -% | - %K |
| Expenses net of all reductionsJ | -% | -% | -% | -% | - %K |
| Net investment income (loss) | 2.24%C | 1.98% | 3.01%D | 2.53% | 2.24%K |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $152,609 | $101,323 | $70,497 | $46,392 | $14,611 |
| Portfolio turnover rateL | 33% | 38% | 89% | 69% | 35%K |
A For the period March 7, 2017 (commencement of operations) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.96%.
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.65%.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
J Amount represents less than .005%.
K Annualized
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Flex International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, 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 | $38,266,038 |
| Gross unrealized depreciation | (4,585,294) |
| Net unrealized appreciation (depreciation) | $33,680,744 |
| Tax Cost | $118,758,093 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $3,537,164 |
| Undistributed long-term capital gain | $333,875 |
| Net unrealized appreciation (depreciation) on securities and other investments | $33,681,591 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $1,616,095 | $ 1,400,835 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Flex International Fund | 61,348,719 | 43,559,886 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Flex International Fund | $776 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Flex International Fund | 1,877,916 | 1,257,635 | 94,377 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
| | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity Flex International Fund | $– | $– |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $12.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Flex International Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Flex International Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from March 7, 2017 (commencement of operations) through October 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from March 7, 2017 (commencement of operations) through October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Flex International Fund | - %-C | | | |
| Actual | | $1,000.00 | $1,044.70 | $--D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Flex International Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $0.037 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.436 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $454,160, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 2% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 94% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2179 and $0.0219 for the dividend paid December 14, 2020.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex International Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs. The Board noted that there were portfolio management changes for the fund in April 2019 and October 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
ZNL-ANN-1221
1.9881587.104
Fidelity® Diversified International K6 Fund
Annual Report
October 31, 2021
Contents
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® Diversified International K6 Fund | 30.00% | 11.24% |
A From May 25, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International K6 Fund on May 25, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $16,045 | Fidelity® Diversified International K6 Fund |
| $13,919 | MSCI EAFE Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Bill Bower: For the fiscal year ending October 31, 2021, the fund gained 30.00%, underperforming the 34.45% result of the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks in emerging markets and stock choices and an underweighting in Europe ex U.K. detracted from the fund's relative result. By sector, the primary detractors from performance versus the benchmark were stock selection and an underweighting in financials. Weak picks in consumer discretionary also hampered the fund's relative result. Also hindering performance was security selection in consumer staples, especially within the food & staples retailing industry. Our largest individual relative detractor was an out-of-benchmark stake in Alibaba Group Holding (-46%). We reduced our position this period. Our position in Tencent Holdings (-15%) was a key detractor. We decreased our out-of-benchmark stake the past 12 months. Another notable relative detractor was an outsized stake in London Stock Exchange Group (-9%). This period we reduced our stake. Conversely, a non-benchmark allocation to the U.S. and an underweighting and stock picks in Japan contributed most to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our security selection in industrials. An overweighting and stock selection in information technology and stock picks in health care also helped the fund's relative result. The biggest individual relative contributor was an overweight position in ASML Holding (+126%). ASML Holding was among the fund's biggest holdings. Another top relative contributor was an out-of-benchmark stake in Rivian Automotive (+294%). Another notable relative contributor was an overweighting in Capgemini (+103%). Notable changes in positioning include increased exposure to France and a lower allocation to Germany. By sector, meaningful changes in positioning include increased exposure to financials and industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 18.5% |
| | United States of America* | 9.6% |
| | France | 9.3% |
| | United Kingdom | 8.4% |
| | Switzerland | 8.3% |
| | Germany | 7.2% |
| | Netherlands | 6.7% |
| | India | 4.0% |
| | Canada | 2.8% |
| | Other | 25.2% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 96.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.0 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment) | 2.9 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.6 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.1 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 2.0 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.9 |
| Keyence Corp. (Japan, Electronic Equipment & Components) | 1.6 |
| AIA Group Ltd. (Hong Kong, Insurance) | 1.6 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.5 |
| KBC Groep NV (Belgium, Banks) | 1.2 |
| Lonza Group AG (Switzerland, Life Sciences Tools & Services) | 1.2 |
| | 18.6 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 19.9 |
| Information Technology | 17.1 |
| Financials | 15.6 |
| Health Care | 13.0 |
| Consumer Discretionary | 11.1 |
| Consumer Staples | 6.4 |
| Materials | 4.9 |
| Communication Services | 4.4 |
| Energy | 3.1 |
| Real Estate | 0.5 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 95.1% | | | |
| | | Shares | Value |
| Australia - 0.7% | | | |
| Aristocrat Leisure Ltd. | | 650,174 | $22,830,879 |
| Lynas Rare Earths Ltd. (a) | | 1,250,431 | 6,894,867 |
|
| TOTAL AUSTRALIA | | | 29,725,746 |
|
| Austria - 0.2% | | | |
| Erste Group Bank AG | | 168,017 | 7,205,846 |
| Bailiwick of Jersey - 2.2% | | | |
| Experian PLC | | 491,179 | 22,498,635 |
| Ferguson PLC | | 226,748 | 34,119,241 |
| Glencore Xstrata PLC | | 2,580,514 | 12,904,066 |
| WPP PLC | | 1,282,688 | 18,540,956 |
|
| TOTAL BAILIWICK OF JERSEY | | | 88,062,898 |
|
| Belgium - 1.9% | | | |
| Azelis Group NV | | 181,694 | 5,881,071 |
| KBC Groep NV | | 522,490 | 48,658,115 |
| UCB SA | | 170,592 | 20,331,769 |
|
| TOTAL BELGIUM | | | 74,870,955 |
|
| Bermuda - 1.1% | | | |
| Hiscox Ltd. | | 1,120,504 | 12,773,770 |
| IHS Markit Ltd. | | 245,772 | 32,127,316 |
|
| TOTAL BERMUDA | | | 44,901,086 |
|
| Brazil - 0.0% | | | |
| Natura & Co. Holding SA (a) | | 295,552 | 2,037,098 |
| Canada - 2.8% | | | |
| Canadian Natural Resources Ltd. | | 750,838 | 31,911,828 |
| Constellation Software, Inc. | | 15,171 | 26,661,905 |
| Fairfax India Holdings Corp. (a)(b) | | 457,918 | 5,952,934 |
| First Quantum Minerals Ltd. | | 374,346 | 8,862,587 |
| Franco-Nevada Corp. | | 113,197 | 16,151,792 |
| Thomson Reuters Corp. | | 93,702 | 11,271,345 |
| Tourmaline Oil Corp. | | 242,316 | 8,757,914 |
|
| TOTAL CANADA | | | 109,570,305 |
|
| Cayman Islands - 2.2% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 70,599 | 11,644,599 |
| Anta Sports Products Ltd. | | 963,103 | 15,052,159 |
| GlobalFoundries, Inc. | | 222,150 | 10,827,591 |
| Li Ning Co. Ltd. | | 1,618,007 | 17,988,253 |
| Medlive Technology Co. Ltd. (b) | | 88,181 | 458,444 |
| Medlive Technology Co. Ltd. | | 264,500 | 1,306,352 |
| Sea Ltd. ADR (a) | | 21,596 | 7,419,738 |
| Tencent Holdings Ltd. | | 288,427 | 17,544,955 |
| Zai Lab Ltd. ADR (a) | | 53,527 | 5,588,219 |
|
| TOTAL CAYMAN ISLANDS | | | 87,830,310 |
|
| China - 0.7% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 77,994 | 22,233,662 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 67,848 | 3,983,445 |
| Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 419,800 | 2,146,267 |
|
| TOTAL CHINA | | | 28,363,374 |
|
| Curacao - 0.3% | | | |
| Schlumberger Ltd. | | 403,022 | 13,001,490 |
| Denmark - 1.7% | | | |
| DSV A/S | | 201,905 | 46,922,910 |
| GN Store Nord A/S | | 149,661 | 9,081,992 |
| Vestas Wind Systems A/S | | 285,752 | 12,358,163 |
|
| TOTAL DENMARK | | | 68,363,065 |
|
| France - 9.3% | | | |
| Amundi SA (b) | | 164,635 | 14,664,007 |
| BNP Paribas SA | | 600,186 | 40,174,790 |
| Capgemini SA | | 186,927 | 43,498,436 |
| Dassault Systemes SA | | 345,302 | 20,164,745 |
| Edenred SA | | 173,511 | 9,381,067 |
| Hermes International SCA | | 3,653 | 5,787,441 |
| Legrand SA | | 217,374 | 23,713,359 |
| LVMH Moet Hennessy Louis Vuitton SE | | 93,523 | 73,333,410 |
| Pernod Ricard SA | | 175,181 | 40,238,585 |
| Sanofi SA | | 78,152 | 7,849,913 |
| Sartorius Stedim Biotech | | 34,033 | 18,734,731 |
| Societe Generale Series A | | 497,121 | 16,605,807 |
| Teleperformance | | 85,429 | 35,660,764 |
| Worldline SA (a)(b) | | 289,366 | 16,852,468 |
|
| TOTAL FRANCE | | | 366,659,523 |
|
| Germany - 7.2% | | | |
| adidas AG | | 104,948 | 34,369,924 |
| Allianz SE | | 169,245 | 39,354,438 |
| Auto1 Group SE (b) | | 130,550 | 5,131,137 |
| Brenntag SE | | 109,375 | 10,398,220 |
| Deutsche Post AG | | 695,284 | 43,016,609 |
| Hannover Reuck SE | | 109,191 | 19,943,518 |
| Linde PLC | | 141,251 | 45,475,195 |
| Merck KGaA | | 97,835 | 23,094,461 |
| SAP SE | | 121,120 | 17,539,530 |
| Siemens Healthineers AG (b) | | 423,841 | 28,153,113 |
| SUSE SA (a) | | 147,885 | 6,381,752 |
| Symrise AG | | 91,551 | 12,652,330 |
|
| TOTAL GERMANY | | | 285,510,227 |
|
| Greece - 0.1% | | | |
| Piraeus Financial Holdings SA (a) | | 1,474,838 | 2,506,222 |
| Hong Kong - 2.5% | | | |
| AIA Group Ltd. | | 5,686,571 | 63,729,464 |
| Hong Kong Exchanges and Clearing Ltd. | | 184,540 | 11,166,562 |
| Techtronic Industries Co. Ltd. | | 1,089,799 | 22,424,885 |
|
| TOTAL HONG KONG | | | 97,320,911 |
|
| India - 4.0% | | | |
| Axis Bank Ltd. (a) | | 708,341 | 7,012,061 |
| HDFC Bank Ltd. | | 1,701,537 | 36,009,626 |
| Housing Development Finance Corp. Ltd. | | 770,248 | 29,232,533 |
| Kotak Mahindra Bank Ltd. (a) | | 945,398 | 25,618,640 |
| Reliance Industries Ltd. | | 122,713 | 3,114,607 |
| Reliance Industries Ltd. | | 1,708,706 | 57,817,432 |
|
| TOTAL INDIA | | | 158,804,899 |
|
| Indonesia - 0.6% | | | |
| PT Bank Central Asia Tbk | | 22,594,246 | 11,921,086 |
| PT Bank Rakyat Indonesia Tbk | | 44,153,950 | 13,254,301 |
|
| TOTAL INDONESIA | | | 25,175,387 |
|
| Ireland - 2.1% | | | |
| Aon PLC | | 79,579 | 25,458,914 |
| Flutter Entertainment PLC (a) | | 79,403 | 14,990,609 |
| Kingspan Group PLC (Ireland) | | 210,716 | 24,271,078 |
| Ryanair Holdings PLC sponsored ADR (a) | | 171,822 | 19,503,515 |
|
| TOTAL IRELAND | | | 84,224,116 |
|
| Isle of Man - 0.2% | | | |
| Entain PLC (a) | | 283,043 | 7,933,102 |
| Italy - 0.9% | | | |
| FinecoBank SpA | | 789,040 | 15,063,831 |
| GVS SpA (b) | | 125,568 | 1,865,262 |
| Recordati SpA | | 160,905 | 10,066,655 |
| Reply SpA | | 41,601 | 8,064,820 |
|
| TOTAL ITALY | | | 35,060,568 |
|
| Japan - 18.5% | | | |
| Daikin Industries Ltd. | | 81,499 | 17,849,490 |
| FUJIFILM Holdings Corp. | | 307,471 | 23,760,566 |
| Fujitsu Ltd. | | 70,612 | 12,203,855 |
| Hitachi Ltd. | | 724,598 | 41,754,642 |
| Hoya Corp. | | 546,654 | 80,472,146 |
| Itochu Corp. | | 982,420 | 28,019,471 |
| Keyence Corp. | | 106,261 | 64,140,711 |
| Minebea Mitsumi, Inc. | | 1,598,302 | 40,464,275 |
| Misumi Group, Inc. | | 414,728 | 17,345,486 |
| Money Forward, Inc. (a) | | 63,842 | 4,338,248 |
| Murata Manufacturing Co. Ltd. | | 219,960 | 16,316,322 |
| Nitori Holdings Co. Ltd. | | 55,789 | 10,249,026 |
| NOF Corp. | | 93,571 | 4,696,010 |
| ORIX Corp. | | 1,165,604 | 23,167,903 |
| Pan Pacific International Holdings Ltd. | | 533,421 | 11,200,185 |
| Persol Holdings Co. Ltd. | | 745,732 | 20,044,275 |
| Recruit Holdings Co. Ltd. | | 660,625 | 43,944,127 |
| Relo Group, Inc. | | 445,925 | 9,275,177 |
| Seven & i Holdings Co. Ltd. | | 197,443 | 8,289,600 |
| Shin-Etsu Chemical Co. Ltd. | | 268,518 | 47,885,639 |
| Shiseido Co. Ltd. | | 245,654 | 16,391,750 |
| SMC Corp. | | 50,865 | 30,354,463 |
| Sony Group Corp. | | 380,239 | 44,030,299 |
| Sugi Holdings Co. Ltd. | | 75,489 | 5,405,112 |
| TIS, Inc. | | 413,782 | 11,272,610 |
| Tokyo Electron Ltd. | | 74,710 | 34,817,332 |
| Tsuruha Holdings, Inc. | | 175,018 | 21,587,631 |
| Welcia Holdings Co. Ltd. | | 409,800 | 15,298,414 |
| Z Holdings Corp. | | 3,059,055 | 18,990,678 |
| ZOZO, Inc. | | 282,655 | 9,072,817 |
|
| TOTAL JAPAN | | | 732,638,260 |
|
| Korea (South) - 1.0% | | | |
| NAVER Corp. | | 35,636 | 12,326,518 |
| Samsung Electronics Co. Ltd. | | 442,228 | 26,341,871 |
|
| TOTAL KOREA (SOUTH) | | | 38,668,389 |
|
| Luxembourg - 1.0% | | | |
| B&M European Value Retail SA | | 2,872,384 | 24,891,099 |
| Eurofins Scientific SA | | 122,630 | 14,451,043 |
|
| TOTAL LUXEMBOURG | | | 39,342,142 |
|
| Netherlands - 6.7% | | | |
| Adyen BV (a)(b) | | 9,107 | 27,478,646 |
| Airbus Group NV (a) | | 207,657 | 26,638,663 |
| Argenx SE (a) | | 18,328 | 5,517,810 |
| ASML Holding NV | | 141,534 | 115,050,156 |
| Corbion NV | | 4,597 | 218,411 |
| IMCD NV | | 121,802 | 27,041,238 |
| NXP Semiconductors NV | | 133,915 | 26,898,167 |
| Wolters Kluwer NV | | 350,314 | 36,705,845 |
|
| TOTAL NETHERLANDS | | | 265,548,936 |
|
| New Zealand - 0.2% | | | |
| Ryman Healthcare Group Ltd. | | 611,139 | 6,328,265 |
| Norway - 0.8% | | | |
| Schibsted ASA (A Shares) | | 622,950 | 32,128,614 |
| Spain - 1.6% | | | |
| Cellnex Telecom SA (b) | | 564,933 | 34,729,866 |
| Industria de Diseno Textil SA (c) | | 805,958 | 29,105,916 |
|
| TOTAL SPAIN | | | 63,835,782 |
|
| Sweden - 2.2% | | | |
| EQT AB | | 150,418 | 7,927,246 |
| Hexagon AB (B Shares) | | 1,629,602 | 26,226,326 |
| Indutrade AB | | 990,623 | 28,825,884 |
| Investor AB (B Shares) | | 680,924 | 15,691,064 |
| Kry International AB (d) | | 663 | 274,098 |
| Nibe Industrier AB (B Shares) | | 119,822 | 1,783,796 |
| Nordnet AB | | 238,024 | 4,563,420 |
|
| TOTAL SWEDEN | | | 85,291,834 |
|
| Switzerland - 8.3% | | | |
| Dufry AG (a) | | 181,617 | 9,615,947 |
| Idorsia Ltd. (a) | | 63,427 | 1,305,117 |
| Julius Baer Group Ltd. | | 148,594 | 10,748,115 |
| Lonza Group AG | | 58,757 | 48,168,419 |
| Nestle SA (Reg. S) | | 637,362 | 84,072,654 |
| Roche Holding AG (participation certificate) | | 264,191 | 102,346,059 |
| Sika AG | | 135,906 | 46,014,482 |
| Sonova Holding AG | | 50,012 | 20,663,543 |
| Zur Rose Group AG (a) | | 15,188 | 5,391,110 |
|
| TOTAL SWITZERLAND | | | 328,325,446 |
|
| Taiwan - 1.0% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 332,803 | 37,839,701 |
| United Kingdom - 8.4% | | | |
| AstraZeneca PLC (United Kingdom) | | 366,844 | 45,892,676 |
| Big Yellow Group PLC | | 637,515 | 12,903,848 |
| Bridgepoint Group Holdings Ltd. (b) | | 1,386,186 | 9,409,442 |
| Compass Group PLC (a) | | 838,766 | 17,799,145 |
| Diageo PLC | | 650,545 | 32,365,712 |
| Harbour Energy PLC (a) | | 1,226,054 | 5,896,198 |
| JD Sports Fashion PLC | | 1,091,981 | 16,259,405 |
| Jet2 PLC (a) | | 208,708 | 3,483,225 |
| Lloyds Banking Group PLC | | 32,855,037 | 22,485,352 |
| London Stock Exchange Group PLC | | 126,372 | 12,301,520 |
| Ocado Group PLC (a) | | 238,348 | 5,881,227 |
| Prudential PLC (a) | | 366,416 | 7,440,875 |
| Prudential PLC (Hong Kong)(a) | | 1,572,130 | 32,154,743 |
| RELX PLC (Euronext N.V.) | | 1,546,188 | 47,955,763 |
| Rentokil Initial PLC | | 2,970,797 | 23,922,486 |
| S4 Capital PLC (a) | | 698,325 | 6,938,329 |
| Smith & Nephew PLC | | 1,365,182 | 23,576,794 |
| Starling Bank Ltd. Series D (a)(d)(e) | | 2,144,800 | 3,799,262 |
| WH Smith PLC (a) | | 75,980 | 1,624,206 |
|
| TOTAL UNITED KINGDOM | | | 332,090,208 |
|
| United States of America - 4.7% | | | |
| Alphabet, Inc. Class C (a) | | 8,504 | 25,217,847 |
| Booking Holdings, Inc. (a) | | 4,575 | 11,075,069 |
| Boston Scientific Corp. (a) | | 173,368 | 7,477,362 |
| Dlocal Ltd. (c) | | 91,733 | 4,449,968 |
| IQVIA Holdings, Inc. (a) | | 113,172 | 29,585,424 |
| Marsh & McLennan Companies, Inc. | | 152,314 | 25,405,975 |
| Marvell Technology, Inc. | | 365,078 | 25,007,843 |
| MasterCard, Inc. Class A | | 55,757 | 18,707,589 |
| NICE Systems Ltd. sponsored ADR (a) | | 75,596 | 21,395,180 |
| Visa, Inc. Class A | | 84,698 | 17,936,495 |
|
| TOTAL UNITED STATES OF AMERICA | | | 186,258,752 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $2,507,531,758) | | | 3,765,423,457 |
|
| Preferred Stocks - 0.9% | | | |
| Convertible Preferred Stocks - 0.9% | | | |
| United States of America - 0.9% | | | |
| Rivian Automotive, Inc.: | | | |
| Series E (a)(e) | | 305,451 | 21,442,660 |
| Series F (e) | | 69,602 | 4,886,060 |
| Wasabi Holdings, Inc. Series C (d)(e) | | 743,562 | 8,078,504 |
| | | | 34,407,224 |
| Nonconvertible Preferred Stocks - 0.0% | | | |
| Sweden - 0.0% | | | |
| Kry International AB Series E (d) | | 3,828 | 1,665,899 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $17,124,832) | | | 36,073,123 |
|
| Money Market Funds - 4.9% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 161,099,700 | 161,131,920 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 33,869,309 | 33,872,696 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $195,003,994) | | | 195,004,616 |
| TOTAL INVESTMENT IN SECURITIES - 100.9% | | | |
| (Cost $2,719,660,584) | | | 3,996,501,196 |
| NET OTHER ASSETS (LIABILITIES) - (0.9)% | | | (34,565,668) |
| NET ASSETS - 100% | | | $3,961,935,528 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $144,695,319 or 3.7% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Level 3 security
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $38,206,486 or 1.0% of net assets.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Rivian Automotive, Inc. Series E | 7/10/20 | $4,731,436 |
| Rivian Automotive, Inc. Series F | 1/19/21 | $2,564,834 |
| Starling Bank Ltd. Series D | 6/18/21 | $3,834,657 |
| Wasabi Holdings, Inc. Series C | 3/31/21 | $8,078,504 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $131,471,076 | $942,273,516 | $912,612,927 | $66,644 | $255 | $-- | $161,131,920 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 7,526,485 | 151,516,310 | 125,170,099 | 48,828 | -- | -- | 33,872,696 | 0.1% |
| Total | $138,997,561 | $1,093,789,826 | $1,037,783,026 | $115,472 | $255 | $-- | $195,004,616 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $173,837,501 | $106,434,394 | $67,403,107 | $-- |
| Consumer Discretionary | 428,391,851 | 218,683,798 | 201,629,549 | 8,078,504 |
| Consumer Staples | 259,192,555 | 75,781,682 | 183,410,873 | -- |
| Energy | 120,499,469 | 120,499,469 | -- | -- |
| Financials | 621,401,382 | 379,125,242 | 238,476,878 | 3,799,262 |
| Health Care | 516,299,014 | 249,337,264 | 266,961,750 | -- |
| Industrials | 780,300,240 | 490,171,989 | 290,128,251 | -- |
| Information Technology | 675,493,897 | 388,953,138 | 284,600,762 | 1,939,997 |
| Materials | 203,901,646 | 138,415,931 | 65,485,715 | -- |
| Real Estate | 22,179,025 | 12,903,848 | 9,275,177 | -- |
| Money Market Funds | 195,004,616 | 195,004,616 | -- | -- |
| Total Investments in Securities: | $3,996,501,196 | $2,375,311,371 | $1,607,372,062 | $13,817,763 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $32,036,521) — See accompanying schedule:
Unaffiliated issuers (cost $2,524,656,590) | $3,801,496,580 | |
| Fidelity Central Funds (cost $195,003,994) | 195,004,616 | |
| Total Investment in Securities (cost $2,719,660,584) | | $3,996,501,196 |
| Receivable for investments sold | | 5,042,780 |
| Receivable for fund shares sold | | 9,632,781 |
| Dividends receivable | | 4,506,967 |
| Reclaims receivable | | 5,206,319 |
| Distributions receivable from Fidelity Central Funds | | 14,624 |
| Other receivables | | 168,581 |
| Total assets | | 4,021,073,248 |
| Liabilities | | |
| Payable for investments purchased | $14,284,434 | |
| Payable for fund shares redeemed | 2,329,809 | |
| Accrued management fee | 1,930,839 | |
| Other payables and accrued expenses | 6,719,942 | |
| Collateral on securities loaned | 33,872,696 | |
| Total liabilities | | 59,137,720 |
| Net Assets | | $3,961,935,528 |
| Net Assets consist of: | | |
| Paid in capital | | $2,745,389,722 |
| Total accumulated earnings (loss) | | 1,216,545,806 |
| Net Assets | | $3,961,935,528 |
| Net Asset Value, offering price and redemption price per share ($3,961,935,528 ÷ 256,506,629 shares) | | $15.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $55,984,507 |
| Income from Fidelity Central Funds (including $48,828 from security lending) | | 115,472 |
| Income before foreign taxes withheld | | 56,099,979 |
| Less foreign taxes withheld | | (6,892,706) |
| Total income | | 49,207,273 |
| Expenses | | |
| Management fee | $22,217,975 | |
| Independent trustees' fees and expenses | 14,455 | |
| Total expenses before reductions | 22,232,430 | |
| Expense reductions | (14) | |
| Total expenses after reductions | | 22,232,416 |
| Net investment income (loss) | | 26,974,857 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 291,750,121 | |
| Fidelity Central Funds | 255 | |
| Foreign currency transactions | (80,839) | |
| Total net realized gain (loss) | | 291,669,537 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,016,865) | 603,074,090 | |
| Assets and liabilities in foreign currencies | (147,996) | |
| Total change in net unrealized appreciation (depreciation) | | 602,926,094 |
| Net gain (loss) | | 894,595,631 |
| Net increase (decrease) in net assets resulting from operations | | $921,570,488 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $26,974,857 | $22,622,118 |
| Net realized gain (loss) | 291,669,537 | (40,918,880) |
| Change in net unrealized appreciation (depreciation) | 602,926,094 | 312,657,068 |
| Net increase (decrease) in net assets resulting from operations | 921,570,488 | 294,360,306 |
| Distributions to shareholders | (22,064,152) | (49,306,224) |
| Share transactions | | |
| Proceeds from sales of shares | 1,357,060,441 | 880,189,889 |
| Reinvestment of distributions | 22,064,152 | 49,306,223 |
| Cost of shares redeemed | (1,418,989,092) | (1,049,644,657) |
| Net increase (decrease) in net assets resulting from share transactions | (39,864,499) | (120,148,545) |
| Total increase (decrease) in net assets | 859,641,837 | 124,905,537 |
| Net Assets | | |
| Beginning of period | 3,102,293,691 | 2,977,388,154 |
| End of period | $3,961,935,528 | $3,102,293,691 |
| Other Information | | |
| Shares | | |
| Sold | 93,633,650 | 77,942,373 |
| Issued in reinvestment of distributions | 1,661,457 | 4,402,341 |
| Redeemed | (98,214,817) | (91,540,941) |
| Net increase (decrease) | (2,919,710) | (9,196,227) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Diversified International K6 Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $11.96 | $11.08 | $9.69 | $10.65 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .10 | .08 | .16 | .18 | .03C |
| Net realized and unrealized gain (loss) | 3.47 | .98 | 1.36 | (1.12) | .62 |
| Total from investment operations | 3.57 | 1.06 | 1.52 | (.94) | .65 |
| Distributions from net investment income | (.08) | (.15) | (.13) | (.02) | – |
| Distributions from net realized gain | – | (.03) | – | (.01) | – |
| Total distributions | (.08) | (.18) | (.13) | (.02)D | – |
| Net asset value, end of period | $15.45 | $11.96 | $11.08 | $9.69 | $10.65 |
| Total ReturnE,F | 30.00% | 9.70% | 15.89% | (8.83)% | 6.50% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .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% | .59% | .59% | .58% | .60%I |
| Net investment income (loss) | .73% | .73% | 1.59% | 1.67% | .64%C,I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $3,961,936 | $3,102,294 | $2,977,388 | $2,207,355 | $296,146 |
| Portfolio turnover rateJ | 30%K | 34% | 48%K | 48%K | 27%K,L |
A For the period May 25, 2017 (commencement of operations) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .58%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
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 Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 | $1,295,121,682 |
| Gross unrealized depreciation | (36,062,574) |
| Net unrealized appreciation (depreciation) | $1,259,059,108 |
| Tax Cost | $2,737,442,088 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $38,573,033 |
| Capital loss carryforward | $(74,447,738) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,259,140,427 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(74,447,738) |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $22,064,152 | $ 49,306,223 |
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, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Diversified International K6 Fund | 1,045,703,560 | 1,408,401,715 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss
($) | Total Proceeds
($) |
| Fidelity Diversified International K6 Fund | 8,576,678 | 54,044,218 | 128,650,169 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds
($) |
| Fidelity Diversified International K6 Fund | 29,580,433 | 434,308,676 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Diversified International K6 Fund | $2,658 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Diversified International K6 Fund | 14,699,991 | 31,448,509 | 5,938,367 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity Diversified International K6 Fund | 30,810 |
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 | $4,253 | $– | $– |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $14.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International K6 Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) through October 31 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) through October 31 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Diversified International K6 Fund | .60% | | | |
| Actual | | $1,000.00 | $1,085.00 | $3.15 |
| Hypothetical-C | | $1,000.00 | $1,022.18 | $3.06 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The fund designates 4% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.0986 and $.0146 for the dividend paid December 7, 2020.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Diversified International K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, and three-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, and three-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity Diversified International K6 Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity Diversified International K6 Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
DIFK6-ANN-1221
1.9883987.104
Fidelity® International Capital Appreciation K6 Fund
Annual Report
October 31, 2021
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.
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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.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® International Capital Appreciation K6 Fund | 27.93% | 14.52% |
A From May 25, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® International Capital Appreciation K6 Fund on May 25, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
| Period Ending Values |
| $18,252 | Fidelity® International Capital Appreciation K6 Fund |
| $14,042 | MSCI ACWI (All Country World Index) ex USA Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Sammy Simnegar: For the fiscal year ending October 31, 2021, the fund gained 27.93%, underperforming the 29.85% result of the benchmark MSCI All Country World ex U.S. (Net MA) Index. From a regional standpoint, stock picks in emerging markets and Europe ex U.K. hurt the fund's relative result most. By sector, the primary detractors from performance versus the benchmark were an underweighting and security selection in financials, especially among banks. Stock picks and an overweighting in consumer discretionary, along with investment choices in communication services, also hampered the portfolio’s relative return. The biggest individual relative detractor was an overweight position in Tencent Holdings (-24%), which was among the fund's largest holdings the past 12 months. Another notable relative detractor was an outsized stake in Cellnex Telecom (-22%). The fund's non-benchmark holding in SolarEdge Technologies, a position not held at period end, returned about -32%. Conversely, an underweighting in emerging markets and an overweighting in Europe ex U.K. contributed to the fund's relative result. By sector, the primary contributors to performance versus the benchmark were security selection and an underweighting in health care, especially within the pharmaceuticals, biotechnology & life sciences industry. Also bolstering the fund's relative performance were strong stock picks and an overweighting in information technology and industrials. The biggest individual relative contributor was an overweight position in Sea Limited (+124%). Adding further value was an out-of-benchmark stake in Nvidia (+103%). Another notable relative contributor was an outsized stake in Ashtead Group (+132%). Notable changes in positioning this period include increased exposure to Canada and France. By sector, meaningful shifts include increased exposure to industrials stocks and a lower allocation to consumer discretionary.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | France | 13.2% |
| | United States of America* | 13.2% |
| | Canada | 9.1% |
| | Netherlands | 8.6% |
| | Switzerland | 7.6% |
| | Japan | 7.1% |
| | Sweden | 6.3% |
| | United Kingdom | 6.3% |
| | India | 5.3% |
| | Other | 23.3% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 99.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.0 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.5 |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.4 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.9 |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.9 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.7 |
| Diageo PLC (United Kingdom, Beverages) | 1.6 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 1.5 |
| Canadian National Railway Co. (Canada, Road & Rail) | 1.5 |
| AIA Group Ltd. (Hong Kong, Insurance) | 1.5 |
| | 19.5 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 28.4 |
| Industrials | 25.4 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.2 |
| Financials | 8.9 |
| Consumer Staples | 6.6 |
| Materials | 6.3 |
| Communication Services | 2.4 |
| Energy | 1.7 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 99.3% | | | |
| | | Shares | Value |
| Australia - 1.2% | | | |
| Aristocrat Leisure Ltd. | | 319,221 | $11,209,455 |
| Bailiwick of Jersey - 1.2% | | | |
| Ferguson PLC | | 75,500 | 11,360,641 |
| Bermuda - 1.1% | | | |
| IHS Markit Ltd. | | 78,580 | 10,271,978 |
| Canada - 9.1% | | | |
| Brookfield Asset Management, Inc. Class A | | 214,900 | 12,977,811 |
| Canadian National Railway Co. | | 106,539 | 14,159,288 |
| Canadian Pacific Railway Ltd. | | 174,480 | 13,504,718 |
| CGI, Inc. Class A (sub. vtg.) (a) | | 119,130 | 10,642,383 |
| Constellation Software, Inc. | | 6,369 | 11,193,044 |
| Thomson Reuters Corp. | | 93,000 | 11,186,902 |
| Waste Connections, Inc. (Canada) | | 74,920 | 10,194,350 |
|
| TOTAL CANADA | | | 83,858,496 |
|
| Cayman Islands - 2.2% | | | |
| Sea Ltd. ADR (a) | | 29,900 | 10,272,743 |
| Shenzhou International Group Holdings Ltd. | | 483,800 | 10,423,085 |
|
| TOTAL CAYMAN ISLANDS | | | 20,695,828 |
|
| Denmark - 3.2% | | | |
| DSV A/S | | 50,320 | 11,694,415 |
| Novo Nordisk A/S Series B | | 159,200 | 17,457,062 |
|
| TOTAL DENMARK | | | 29,151,477 |
|
| France - 13.2% | | | |
| Air Liquide SA | | 74,190 | 12,386,603 |
| Compagnie de St. Gobain | | 171,000 | 11,801,148 |
| Dassault Systemes SA | | 195,830 | 11,435,966 |
| Edenred SA | | 152,893 | 8,266,331 |
| EssilorLuxottica SA | | 58,920 | 12,185,151 |
| Hermes International SCA | | 7,391 | 11,709,547 |
| LVMH Moet Hennessy Louis Vuitton SE | | 22,563 | 17,692,137 |
| Pernod Ricard SA | | 51,880 | 11,916,691 |
| Schneider Electric SA | | 78,680 | 13,565,862 |
| Teleperformance | | 26,001 | 10,853,639 |
|
| TOTAL FRANCE | | | 121,813,075 |
|
| Germany - 3.8% | | | |
| Brenntag SE | | 109,000 | 10,362,569 |
| Infineon Technologies AG | | 277,000 | 12,972,286 |
| Merck KGaA | | 49,220 | 11,618,637 |
|
| TOTAL GERMANY | | | 34,953,492 |
|
| Hong Kong - 2.7% | | | |
| AIA Group Ltd. | | 1,258,000 | 14,098,420 |
| Techtronic Industries Co. Ltd. | | 536,500 | 11,039,605 |
|
| TOTAL HONG KONG | | | 25,138,025 |
|
| India - 5.3% | | | |
| HDFC Bank Ltd. | | 502,514 | 10,634,703 |
| Kotak Mahindra Bank Ltd. (a) | | 404,000 | 10,947,697 |
| Reliance Industries Ltd. | | 454,000 | 15,361,984 |
| Tata Consultancy Services Ltd. | | 258,300 | 11,708,876 |
|
| TOTAL INDIA | | | 48,653,260 |
|
| Ireland - 3.6% | | | |
| Accenture PLC Class A | | 29,600 | 10,620,184 |
| Kingspan Group PLC (Ireland) | | 103,480 | 11,919,224 |
| Linde PLC | | 32,960 | 10,520,832 |
|
| TOTAL IRELAND | | | 33,060,240 |
|
| Japan - 7.1% | | | |
| Hoya Corp. | | 79,290 | 11,672,166 |
| Keyence Corp. | | 23,124 | 13,957,988 |
| Recruit Holdings Co. Ltd. | | 215,200 | 14,314,893 |
| Shin-Etsu Chemical Co. Ltd. | | 70,940 | 12,650,948 |
| Tokyo Electron Ltd. | | 28,100 | 13,095,530 |
|
| TOTAL JAPAN | | | 65,691,525 |
|
| Netherlands - 8.6% | | | |
| Adyen BV (a)(b) | | 4,210 | 12,702,877 |
| Akzo Nobel NV | | 94,620 | 10,874,631 |
| ASM International NV (Netherlands) | | 26,350 | 11,922,279 |
| ASML Holding NV (Netherlands) | | 27,020 | 21,964,565 |
| Ferrari NV | | 47,460 | 11,247,071 |
| Wolters Kluwer NV | | 106,030 | 11,109,806 |
|
| TOTAL NETHERLANDS | | | 79,821,229 |
|
| Spain - 1.3% | | | |
| Cellnex Telecom SA (b) | | 187,400 | 11,520,617 |
| Sweden - 6.3% | | | |
| ASSA ABLOY AB (B Shares) | | 421,900 | 12,379,671 |
| Atlas Copco AB (A Shares) | | 192,000 | 12,336,469 |
| Evolution AB (b) | | 72,520 | 11,730,878 |
| Hexagon AB (B Shares) | | 702,113 | 11,299,596 |
| Swedish Match Co. AB | | 1,215,200 | 10,694,552 |
|
| TOTAL SWEDEN | | | 58,441,166 |
|
| Switzerland - 7.6% | | | |
| Lonza Group AG | | 14,642 | 12,003,370 |
| Nestle SA (Reg. S) | | 175,960 | 23,210,396 |
| Partners Group Holding AG | | 7,288 | 12,715,793 |
| Sika AG | | 34,760 | 11,768,895 |
| TE Connectivity Ltd. | | 70,112 | 10,236,352 |
|
| TOTAL SWITZERLAND | | | 69,934,806 |
|
| Taiwan - 3.0% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 1,305,200 | 27,660,445 |
| United Kingdom - 6.3% | | | |
| Ashtead Group PLC | | 136,700 | 11,456,827 |
| Diageo PLC | | 286,600 | 14,258,834 |
| London Stock Exchange Group PLC | | 101,900 | 9,919,325 |
| RELX PLC (London Stock Exchange) | | 393,700 | 12,198,390 |
| Rentokil Initial PLC | | 1,290,600 | 10,392,619 |
|
| TOTAL UNITED KINGDOM | | | 58,225,995 |
|
| United States of America - 12.5% | | | |
| Adobe, Inc. (a) | | 16,290 | 10,594,364 |
| Autodesk, Inc. (a) | | 34,400 | 10,925,784 |
| Danaher Corp. | | 33,440 | 10,425,589 |
| MasterCard, Inc. Class A | | 29,069 | 9,753,231 |
| MercadoLibre, Inc. (a) | | 6,796 | 10,065,012 |
| Moody's Corp. | | 26,500 | 10,709,975 |
| NICE Systems Ltd. sponsored ADR (a) | | 38,895 | 11,008,063 |
| NVIDIA Corp. | | 45,940 | 11,745,480 |
| Thermo Fisher Scientific, Inc. | | 17,048 | 10,792,577 |
| Visa, Inc. Class A | | 44,981 | 9,525,626 |
| Zoetis, Inc. Class A | | 47,620 | 10,295,444 |
|
| TOTAL UNITED STATES OF AMERICA | | | 115,841,145 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $645,824,892) | | | 917,302,895 |
|
| Money Market Funds - 1.9% | | | |
| Fidelity Cash Central Fund 0.06% (c) | | | |
| (Cost $17,246,777) | | 17,243,328 | 17,246,777 |
| TOTAL INVESTMENT IN SECURITIES - 101.2% | | | |
| (Cost $663,071,669) | | | 934,549,672 |
| NET OTHER ASSETS (LIABILITIES) - (1.2)% | | | (11,316,704) |
| NET ASSETS - 100% | | | $923,232,968 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $35,954,372 or 3.9% of net assets.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $14,003,831 | $477,439,384 | $474,195,721 | $5,866 | $(717) | $-- | $17,246,777 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 1,018,225 | 45,966,558 | 46,984,783 | 6,337 | -- | -- | -- | 0.0% |
| Total | $15,022,056 | $523,405,942 | $521,180,504 | $12,203 | $(717) | $-- | $17,246,777 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $21,793,360 | $21,793,360 | $-- | $-- |
| Consumer Discretionary | 96,262,336 | 68,147,114 | 28,115,222 | -- |
| Consumer Staples | 60,080,473 | 22,611,243 | 37,469,230 | -- |
| Energy | 15,361,984 | 15,361,984 | -- | -- |
| Financials | 82,003,724 | 47,351,276 | 34,652,448 | -- |
| Health Care | 84,264,845 | 55,135,617 | 29,129,228 | -- |
| Industrials | 236,103,014 | 184,041,440 | 52,061,574 | -- |
| Information Technology | 263,231,250 | 138,141,997 | 125,089,253 | -- |
| Materials | 58,201,909 | 33,164,358 | 25,037,551 | -- |
| Money Market Funds | 17,246,777 | 17,246,777 | -- | -- |
| Total Investments in Securities: | $934,549,672 | $602,995,166 | $331,554,506 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $645,824,892) | $917,302,895 | |
| Fidelity Central Funds (cost $17,246,777) | 17,246,777 | |
| Total Investment in Securities (cost $663,071,669) | | $934,549,672 |
| Foreign currency held at value (cost $278,301) | | 278,220 |
| Receivable for investments sold | | 1,335,571 |
| Receivable for fund shares sold | | 546,082 |
| Dividends receivable | | 533,098 |
| Reclaims receivable | | 679,609 |
| Distributions receivable from Fidelity Central Funds | | 716 |
| Other receivables | | 159,861 |
| Total assets | | 938,082,829 |
| Liabilities | | |
| Payable to custodian bank | $104,883 | |
| Payable for investments purchased | 11,944,426 | |
| Payable for fund shares redeemed | 1,283,501 | |
| Accrued management fee | 488,032 | |
| Other payables and accrued expenses | 1,029,019 | |
| Total liabilities | | 14,849,861 |
| Net Assets | | $923,232,968 |
| Net Assets consist of: | | |
| Paid in capital | | $578,914,251 |
| Total accumulated earnings (loss) | | 344,318,717 |
| Net Assets | | $923,232,968 |
| Net Asset Value, offering price and redemption price per share ($923,232,968 ÷ 51,815,330 shares) | | $17.82 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $9,444,617 |
| Non-Cash dividends | | 575,182 |
| Income from Fidelity Central Funds (including $6,337 from security lending) | | 12,203 |
| Income before foreign taxes withheld | | 10,032,002 |
| Less foreign taxes withheld | | (1,245,919) |
| Total income | | 8,786,083 |
| Expenses | | |
| Management fee | $6,050,720 | |
| Independent trustees' fees and expenses | 3,608 | |
| Interest | 1,483 | |
| Total expenses before reductions | 6,055,811 | |
| Expense reductions | (52) | |
| Total expenses after reductions | | 6,055,759 |
| Net investment income (loss) | | 2,730,324 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $4,260) | 88,247,815 | |
| Fidelity Central Funds | (717) | |
| Foreign currency transactions | (444,571) | |
| Total net realized gain (loss) | | 87,802,527 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $815,146) | 124,236,995 | |
| Assets and liabilities in foreign currencies | (11,666) | |
| Total change in net unrealized appreciation (depreciation) | | 124,225,329 |
| Net gain (loss) | | 212,027,856 |
| Net increase (decrease) in net assets resulting from operations | | $214,758,180 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,730,324 | $4,030,646 |
| Net realized gain (loss) | 87,802,527 | (1,668,090) |
| Change in net unrealized appreciation (depreciation) | 124,225,329 | 77,792,728 |
| Net increase (decrease) in net assets resulting from operations | 214,758,180 | 80,155,284 |
| Distributions to shareholders | (3,677,736) | (5,098,696) |
| Share transactions | | |
| Proceeds from sales of shares | 357,797,473 | 369,557,628 |
| Reinvestment of distributions | 3,677,736 | 5,098,696 |
| Cost of shares redeemed | (410,282,639) | (213,105,501) |
| Net increase (decrease) in net assets resulting from share transactions | (48,807,430) | 161,550,823 |
| Total increase (decrease) in net assets | 162,273,014 | 236,607,411 |
| Net Assets | | |
| Beginning of period | 760,959,954 | 524,352,543 |
| End of period | $923,232,968 | $760,959,954 |
| Other Information | | |
| Shares | | |
| Sold | 22,114,523 | 28,359,441 |
| Issued in reinvestment of distributions | 240,061 | 398,647 |
| Redeemed | (24,934,580) | (16,664,986) |
| Net increase (decrease) | (2,579,996) | 12,093,102 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Capital Appreciation K6 Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $13.99 | $12.40 | $10.17 | $11.01 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .05 | .08 | .13C | .11 | .02 |
| Net realized and unrealized gain (loss) | 3.85 | 1.62 | 2.18 | (.92) | .99 |
| Total from investment operations | 3.90 | 1.70 | 2.31 | (.81) | 1.01 |
| Distributions from net investment income | (.07) | (.11) | (.08) | (.02) | – |
| Distributions from net realized gain | – | – | – | (.01) | – |
| Total distributions | (.07) | (.11) | (.08) | (.03) | – |
| Net asset value, end of period | $17.82 | $13.99 | $12.40 | $10.17 | $11.01 |
| Total ReturnD,E | 27.93% | 13.82% | 22.90% | (7.36)% | 10.10% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .65% | .65% | .65% | .65% | .65%H |
| Expenses net of fee waivers, if any | .65% | .65% | .65% | .65% | .65%H |
| Expenses net of all reductions | .65% | .61% | .63% | .58% | .65%H |
| Net investment income (loss) | .29% | .62% | 1.16%C | .99% | .51%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $923,233 | $760,960 | $524,353 | $360,963 | $175,404 |
| Portfolio turnover rateI | 149% | 138% | 144%J | 158%J | 81%J,K |
A For the period May 25, 2017 (commencement of operations) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .75%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity International Capital Appreciation K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends and foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $274,640,509 |
| Gross unrealized depreciation | (4,958,462) |
| Net unrealized appreciation (depreciation) | $269,682,047 |
| Tax Cost | $664,867,625 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $25,238,342 |
| Undistributed long-term capital gain | $50,400,579 |
| Net unrealized appreciation (depreciation) on securities and other investments | $269,708,815 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31. 2020 |
| Ordinary Income | $3,677,736 | $ 5,098,696 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity International Capital Appreciation K6 Fund | 1,360,660,148 | 1,417,308,251 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee 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 | $3,716 |
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 | $6,085,071 | .31% | $1,483 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Capital Appreciation K6 Fund | 45,893,010 | 52,396,389 | 2,512,304 |
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 | $682 | $– | $– |
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 $52.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Capital Appreciation K6 Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Capital Appreciation K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) through October 31 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from May 25, 2017 (commencement of operations) through October 31 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity International Capital Appreciation K6 Fund | .65% | | | |
| Actual | | $1,000.00 | $1,080.00 | $3.41 |
| Hypothetical-C | | $1,000.00 | $1,021.93 | $3.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity International Capital Appreciation K6 Fund voted to pay on December 6, 2021, to shareholders of record at the opening of business on December 3, 2021, a distribution of $1.405 per share derived from capital gains realized from sales of portfolio securities and a dividend of $.043 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $50,400,579, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 5% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.0820 and $.0160 for the dividend paid December 7, 2020.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Capital Appreciation K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one- and three-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity International Capital Appreciation K6 Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity International Capital Appreciation K6 Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
IVFK6-ANN-1221
1.9883991.104
Fidelity® Series Canada Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® Series Canada Fund | 54.40% | 11.76% |
A From August 15, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Canada Fund on August 15, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI Canada Index performed over the same period.
| Period Ending Values |
| $15,974 | Fidelity® Series Canada Fund |
| $15,773 | MSCI Canada Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Ryan Oldham: For the fiscal year ending October 31, 2021, the fund gained 54.40%, outperforming the 49.47% result of the benchmark, the MSCI Canada Index (Net MA). From a regional standpoint, stock picks in Canada and a non-benchmark allocation stocks in the Netherlands contributed to the fund's relative result. Versus the benchmark, security selection added value, especially picks in the materials sector. Stock choices in energy and an underweighting in utilities also helped on a relative basis. Looking at individual stocks, not owning benchmark component Barrick Gold (-29%), a mining company, contributed to the fund’s relative performance, as did an outsized stake in Canadian National Resources, which gained roughly 178%. Canadian National Resources was among our largest holdings. Conversely, by sector, overweighting consumer staples, especially within the food & staples retailing industry, detracted versus the benchmark. Unhelpful picks in consumer discretionary also hampered the fund's relative result, as did stock selection in information technology. The biggest individual relative detractor was an overweight position in Wheaton Precious Metals (-11%). Notable changes in fund positioning for the 12 months included reduced exposure to the materials sector and added exposure to energy and industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Canada | 98.5% |
| | United States of America* | 1.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 98.2 |
| Bonds | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.5 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| The Toronto-Dominion Bank (Banks) | 9.1 |
| Canadian Pacific Railway Ltd. (Road & Rail) | 6.4 |
| Canadian National Railway Co. (Road & Rail) | 5.0 |
| Bank of Montreal (Banks) | 5.0 |
| Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 4.8 |
| Brookfield Asset Management, Inc. (Canada) Class A (Capital Markets) | 4.8 |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) (Food & Staples Retailing) | 4.8 |
| Royal Bank of Canada (Banks) | 4.7 |
| Sun Life Financial, Inc. (Insurance) | 3.8 |
| Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 3.4 |
| | 51.8 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 31.6 |
| Industrials | 15.8 |
| Energy | 14.4 |
| Materials | 11.0 |
| Information Technology | 10.1 |
| Consumer Staples | 6.8 |
| Consumer Discretionary | 4.1 |
| Communication Services | 3.6 |
| Health Care | 0.7 |
| Real Estate | 0.4 |
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2021, the Fund did not have more than 25% of its total assets invested in any one industry.
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 98.1% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 3.3% | | | |
| Diversified Telecommunication Services - 1.5% | | | |
| TELUS Corp. | | 3,960,300 | $90,847,541 |
| Interactive Media & Services - 0.2% | | | |
| VerticalScope Holdings, Inc. | | 516,000 | 11,048,804 |
| Wireless Telecommunication Services - 1.6% | | | |
| Rogers Communications, Inc. Class B (non-vtg.) | | 2,033,600 | 94,581,461 |
|
| TOTAL COMMUNICATION SERVICES | | | 196,477,806 |
|
| CONSUMER DISCRETIONARY - 4.1% | | | |
| Hotels, Restaurants & Leisure - 1.7% | | | |
| Restaurant Brands International, Inc. | | 1,830,700 | 103,649,926 |
| Multiline Retail - 2.1% | | | |
| Dollarama, Inc. | | 2,838,000 | 128,278,701 |
| Specialty Retail - 0.0% | | | |
| Diversified Royalty Corp. (a) | | 1,091,400 | 2,469,231 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| Canada Goose Holdings, Inc. (a)(b) | | 436,883 | 16,203,078 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 250,600,936 |
|
| CONSUMER STAPLES - 6.8% | | | |
| Beverages - 0.4% | | | |
| GURU Organic Energy Corp. (b)(c) | | 1,231,500 | 15,921,138 |
| GURU Organic Energy Corp. (c) | | 660,496 | 7,685,151 |
| | | | 23,606,289 |
| Food & Staples Retailing - 6.2% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 7,726,500 | 289,806,181 |
| George Weston Ltd. | | 434,100 | 46,903,565 |
| Neighbourly Pharmacy, Inc. | | 237,375 | 5,859,572 |
| North West Co., Inc. | | 1,197,500 | 32,540,340 |
| | | | 375,109,658 |
| Personal Products - 0.2% | | | |
| Jamieson Wellness, Inc. (d) | | 410,500 | 12,640,720 |
|
| TOTAL CONSUMER STAPLES | | | 411,356,667 |
|
| ENERGY - 14.4% | | | |
| Energy Equipment & Services - 0.3% | | | |
| Computer Modelling Group Ltd. | | 2,492,800 | 10,917,078 |
| Pason Systems, Inc. | | 823,700 | 6,123,174 |
| | | | 17,040,252 |
| Oil, Gas & Consumable Fuels - 14.1% | | | |
| Canadian Natural Resources Ltd. | | 6,946,300 | 295,228,975 |
| Enbridge, Inc. (a) | | 4,892,400 | 204,930,524 |
| Parkland Corp. (a) | | 1,814,300 | 52,790,032 |
| PrairieSky Royalty Ltd. (a) | | 9,392,700 | 115,587,283 |
| Suncor Energy, Inc. | | 7,227,400 | 190,087,161 |
| | | | 858,623,975 |
|
| TOTAL ENERGY | | | 875,664,227 |
|
| FINANCIALS - 31.6% | | | |
| Banks - 20.9% | | | |
| Bank of Montreal (a) | | 2,764,400 | 300,139,325 |
| Bank of Nova Scotia | | 1,971,800 | 129,275,899 |
| Royal Bank of Canada (a) | | 2,754,900 | 286,753,570 |
| The Toronto-Dominion Bank | | 7,628,930 | 553,800,150 |
| | | | 1,269,968,944 |
| Capital Markets - 4.8% | | | |
| Brookfield Asset Management, Inc. (Canada) Class A | | 4,843,588 | 292,431,234 |
| Insurance - 5.9% | | | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | | 23,500 | 9,517,918 |
| Intact Financial Corp. | | 860,600 | 115,370,189 |
| Sun Life Financial, Inc. | | 4,034,200 | 229,906,372 |
| | | | 354,794,479 |
|
| TOTAL FINANCIALS | | | 1,917,194,657 |
|
| HEALTH CARE - 0.7% | | | |
| Health Care Providers & Services - 0.7% | | | |
| Andlauer Healthcare Group, Inc. | | 747,170 | 29,111,617 |
| dentalcorp Holdings Ltd. (b) | | 1,122,300 | 15,053,474 |
| | | | 44,165,091 |
| INDUSTRIALS - 15.8% | | | |
| Commercial Services & Supplies - 2.1% | | | |
| GFL Environmental, Inc. (a) | | 3,183,214 | 130,893,472 |
| Professional Services - 2.3% | | | |
| Thomson Reuters Corp. | | 1,150,500 | 138,392,805 |
| Road & Rail - 11.4% | | | |
| Canadian National Railway Co. | | 2,259,300 | 300,266,374 |
| Canadian Pacific Railway Ltd. (a) | | 5,024,725 | 388,912,741 |
| | | | 689,179,115 |
|
| TOTAL INDUSTRIALS | | | 958,465,392 |
|
| INFORMATION TECHNOLOGY - 10.0% | | | |
| IT Services - 5.1% | | | |
| CGI, Inc. Class A (sub. vtg.) (b) | | 1,277,200 | 114,097,634 |
| Shopify, Inc. Class A (b) | | 134,200 | 195,945,446 |
| | | | 310,043,080 |
| Software - 4.9% | | | |
| ApplyBoard, Inc. (e)(f) | | 10,248 | 1,105,952 |
| ApplyBoard, Inc. (non-vtg.) (e)(f) | | 2,527 | 272,711 |
| Constellation Software, Inc. | | 83,800 | 147,272,271 |
| Copperleaf Technologies, Inc. | | 108,200 | 2,263,492 |
| Dye & Durham Ltd. | | 1,494,700 | 45,737,144 |
| Open Text Corp. | | 1,955,700 | 98,511,909 |
| | | | 295,163,479 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 605,206,559 |
|
| MATERIALS - 11.0% | | | |
| Chemicals - 3.0% | | | |
| Nutrien Ltd. | | 2,594,178 | 181,315,770 |
| Containers & Packaging - 1.3% | | | |
| CCL Industries, Inc. Class B | | 1,454,200 | 79,489,843 |
| Metals & Mining - 6.5% | | | |
| Franco-Nevada Corp. | | 1,216,470 | 173,575,014 |
| Lundin Mining Corp. | | 5,101,000 | 44,390,570 |
| Wheaton Precious Metals Corp. | | 4,298,900 | 173,539,952 |
| | | | 391,505,536 |
| Paper & Forest Products - 0.2% | | | |
| Stella-Jones, Inc. | | 83,600 | 3,001,251 |
| Western Forest Products, Inc. | | 5,926,600 | 10,247,999 |
| | | | 13,249,250 |
|
| TOTAL MATERIALS | | | 665,560,399 |
|
| REAL ESTATE - 0.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.4% | | | |
| Allied Properties (REIT) (a) | | 691,900 | 23,911,250 |
| Real Estate Management & Development - 0.0% | | | |
| Information Services Corp. | | 82,200 | 1,829,840 |
|
| TOTAL REAL ESTATE | | | 25,741,090 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $4,236,268,506) | | | 5,950,432,824 |
|
| Nonconvertible Preferred Stocks - 0.1% | | | |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Software - 0.1% | | | |
| ApplyBoard, Inc.: | | | |
| Series A1 (e)(f) | | 12,606 | 1,360,424 |
| Series A2 (e)(f) | | 9,868 | 1,064,943 |
| Series A3 (e)(f) | | 563 | 60,758 |
| Series D (e)(f) | | 27,521 | 2,970,033 |
| Series Seed (e)(f) | | 3,768 | 406,638 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | |
| (Cost $4,705,692) | | | 5,862,796 |
| | | Principal Amount(g) | Value |
|
| Convertible Bonds - 0.3% | | | |
| COMMUNICATION SERVICES - 0.3% | | | |
| Entertainment - 0.3% | | | |
Cineplex, Inc. 5.75% 9/30/25
(Cost $10,436,065)(d) | CAD | 15,848,000 | 16,967,195 |
| | | Shares | Value |
|
| Money Market Funds - 16.8% | | | |
| Fidelity Cash Central Fund 0.06% (h) | | 3,421,250 | 3,421,935 |
| Fidelity Securities Lending Cash Central Fund 0.06% (h)(i) | | 1,018,136,380 | 1,018,238,194 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $1,021,660,129) | | | 1,021,660,129 |
| TOTAL INVESTMENT IN SECURITIES - 115.3% | | | |
| (Cost $5,273,070,392) | | | 6,994,922,944 |
| NET OTHER ASSETS (LIABILITIES) - (15.3)% | | | (929,777,778) |
| NET ASSETS - 100% | | | $6,065,145,166 |
Currency Abbreviations
CAD – Canadian dollar
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Affiliated company
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $29,607,915 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 $7,241,459 or 0.1% of net assets.
(f) Level 3 security
(g) Amount is stated in United States dollars unless otherwise noted.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(i) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ApplyBoard, Inc. | 6/4/21 - 6/30/21 | $524,312 |
| ApplyBoard, Inc. (non-vtg.) | 6/30/21 | $269,861 |
| ApplyBoard, Inc. Series A1 | 6/4/21 | $816,255 |
| ApplyBoard, Inc. Series A2 | 6/4/21 | $638,966 |
| ApplyBoard, Inc. Series A3 | 6/4/21 | $36,455 |
| ApplyBoard, Inc. Series D | 6/4/21 | $2,970,033 |
| ApplyBoard, Inc. Series Seed | 6/4/21 | $243,983 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $15,257,946 | $1,011,651,454 | $1,023,487,724 | $18,580 | $259 | $-- | $3,421,935 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | 186,793,155 | 6,882,323,704 | 6,050,878,665 | 859,602 | -- | -- | 1,018,238,194 | 2.7% |
| Total | $202,051,101 | $7,893,975,158 | $7,074,366,389 | $878,182 | $259 | $-- | $1,021,660,129 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| GURU Organic Energy Corp. | $-- | $100,390 | $225,931 | $-- | $95,195 | $10,897,226 | $15,921,138 |
| GURU Organic Energy Corp. | -- | 8,702,545 | -- | -- | -- | (1,017,394) | 7,685,151 |
| Total | $-- | $8,802,935 | $225,931 | $-- | $95,195 | $9,879,832 | $23,606,289 |
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $196,477,806 | $196,477,806 | $-- | $-- |
| Consumer Discretionary | 250,600,936 | 250,600,936 | -- | -- |
| Consumer Staples | 411,356,667 | 403,671,516 | 7,685,151 | -- |
| Energy | 875,664,227 | 875,664,227 | -- | -- |
| Financials | 1,917,194,657 | 1,917,194,657 | -- | -- |
| Health Care | 44,165,091 | 44,165,091 | -- | -- |
| Industrials | 958,465,392 | 958,465,392 | -- | -- |
| Information Technology | 611,069,355 | 603,827,896 | -- | 7,241,459 |
| Materials | 665,560,399 | 665,560,399 | -- | -- |
| Real Estate | 25,741,090 | 25,741,090 | -- | -- |
| Corporate Bonds | 16,967,195 | -- | 16,967,195 | -- |
| Money Market Funds | 1,021,660,129 | 1,021,660,129 | -- | -- |
| Total Investments in Securities: | $6,994,922,944 | $6,963,029,139 | $24,652,346 | $7,241,459 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $952,334,126) — See accompanying schedule:
Unaffiliated issuers (cost $4,237,683,806) | $5,949,656,526 | |
| Fidelity Central Funds (cost $1,021,660,129) | 1,021,660,129 | |
| Other affiliated issuers (cost $13,726,457) | 23,606,289 | |
| Total Investment in Securities (cost $5,273,070,392) | | $6,994,922,944 |
| Cash | | 122,086 |
| Foreign currency held at value (cost $14,620,863) | | 14,597,312 |
| Receivable for investments sold | | 5,759,043 |
| Receivable for fund shares sold | | 66,183,197 |
| Dividends receivable | | 9,309,306 |
| Interest receivable | | 64,553 |
| Distributions receivable from Fidelity Central Funds | | 113,611 |
| Total assets | | 7,091,072,052 |
| Liabilities | | |
| Payable for investments purchased | $3,093,572 | |
| Payable for fund shares redeemed | 4,573,744 | |
| Other payables and accrued expenses | 23,147 | |
| Collateral on securities loaned | 1,018,236,423 | |
| Total liabilities | | 1,025,926,886 |
| Net Assets | | $6,065,145,166 |
| Net Assets consist of: | | |
| Paid in capital | | $4,297,451,329 |
| Total accumulated earnings (loss) | | 1,767,693,837 |
| Net Assets | | $6,065,145,166 |
| Net Asset Value, offering price and redemption price per share ($6,065,145,166 ÷ 410,615,100 shares) | | $14.77 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $125,869,415 |
| Interest | | 1,059,254 |
| Income from Fidelity Central Funds (including $859,602 from security lending) | | 878,182 |
| Income before foreign taxes withheld | | 127,806,851 |
| Less foreign taxes withheld | | (19,030,097) |
| Total income | | 108,776,754 |
| Expenses | | |
| Custodian fees and expenses | $43,051 | |
| Independent trustees' fees and expenses | 19,231 | |
| Interest | 5,060 | |
| Total expenses | | 67,342 |
| Net investment income (loss) | | 108,709,412 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 21,366,806 | |
| Fidelity Central Funds | 259 | |
| Other affiliated issuers | 95,195 | |
| Foreign currency transactions | 981,709 | |
| Total net realized gain (loss) | | 22,443,969 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 1,906,083,690 | |
| Affiliated issuers | 9,879,832 | |
| Assets and liabilities in foreign currencies | (7,128) | |
| Total change in net unrealized appreciation (depreciation) | | 1,915,956,394 |
| Net gain (loss) | | 1,938,400,363 |
| Net increase (decrease) in net assets resulting from operations | | $2,047,109,775 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $108,709,412 | $86,913,211 |
| Net realized gain (loss) | 22,443,969 | (55,339,667) |
| Change in net unrealized appreciation (depreciation) | 1,915,956,394 | (267,469,789) |
| Net increase (decrease) in net assets resulting from operations | 2,047,109,775 | (235,896,245) |
| Distributions to shareholders | (93,451,768) | (44,416,051) |
| Share transactions | | |
| Proceeds from sales of shares | 1,111,955,563 | 2,526,093,509 |
| Reinvestment of distributions | 93,451,768 | 44,268,692 |
| Cost of shares redeemed | (1,008,336,876) | (292,042,287) |
| Net increase (decrease) in net assets resulting from share transactions | 197,070,455 | 2,278,319,914 |
| Total increase (decrease) in net assets | 2,150,728,462 | 1,998,007,618 |
| Net Assets | | |
| Beginning of period | 3,914,416,704 | 1,916,409,086 |
| End of period | $6,065,145,166 | $3,914,416,704 |
| Other Information | | |
| Shares | | |
| Sold | 82,470,040 | 248,580,533 |
| Issued in reinvestment of distributions | 8,063,138 | 4,017,123 |
| Redeemed | (80,373,626) | (28,144,989) |
| Net increase (decrease) | 10,159,552 | 224,452,667 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Canada Fund
| | | | | | |
| Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.77 | $10.89 | $9.99 | $10.66 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .28 | .27 | .27 | .26 | .06 |
| Net realized and unrealized gain (loss) | 4.97 | (1.14) | .86 | (.81) | .60 |
| Total from investment operations | 5.25 | (.87) | 1.13 | (.55) | .66 |
| Distributions from net investment income | (.25) | (.25) | (.23) | (.10) | – |
| Distributions from net realized gain | – | – | – | (.02) | – |
| Total distributions | (.25) | (.25) | (.23) | (.12) | – |
| Net asset value, end of period | $14.77 | $9.77 | $10.89 | $9.99 | $10.66 |
| Total ReturnC,D | 54.40% | (8.22)% | 11.62% | (5.26)% | 6.60% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductionsG | -% | -% | -% | -% | - %H |
| Expenses net of fee waivers, if anyG | -% | -% | -% | -% | - %H |
| Expenses net of all reductionsG | -% | -% | -% | -% | - %H |
| Net investment income (loss) | 2.13% | 2.70% | 2.63% | 2.42% | 2.62%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $6,065,145 | $3,914,417 | $1,916,409 | $1,385,499 | $1,476,967 |
| Portfolio turnover rateI | 19% | 14% | 12%J | 36% | 3%K |
A For the period August 15, 2017 (commencement of operations) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount represents less than .005%.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
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 and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,755,024,582 |
| Gross unrealized depreciation | (55,317,540) |
| Net unrealized appreciation (depreciation) | $1,699,707,042 |
| Tax Cost | $5,295,215,902 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $109,125,277 |
| Capital loss carryforward | $(41,101,081) |
| Net unrealized appreciation (depreciation) on securities and other investments | $1,699,669,641 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(3,963,807) |
| Long-term | (37,137,274) |
| Total capital loss carryforward | $(41,101,081) |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $93,451,768 | $ 44,416,051 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Canada Fund | 1,099,744,972 | 930,580,282 |
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 Canada Fund | $157 |
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 | $36,682,438 | .31% | $5,060 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Canada Fund | 33,213,910 | 6,428,397 | 345,201 |
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-rate 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 | $72,834 | $– | $– |
8. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series Canada Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Canada Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2021 and for the period August 15, 2017 (commencement of operations) to October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the four years in the period ended October 31, 2021 and for the period August 15, 2017 (commencement of operations) to October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Series Canada Fund | - %-C | | | |
| Actual | | $1,000.00 | $1,111.40 | $--D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The fund designates 65% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Canada Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 29, 2024.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
SAD-ANN-1221
1.9883882.104
Fidelity® SAI International SMA Completion Fund
Offered exclusively to certain clients of the Adviser or its affiliates - 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 LLC.
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® SAI International SMA Completion Fund | 26.03% | 19.12% |
A From April 11, 2019
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International SMA Completion Fund on April 11, 2019, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $15,646 | Fidelity® SAI International SMA Completion Fund |
| $13,094 | MSCI EAFE Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Co-Portfolio Managers Bill Bower and Tim Gannon: For the fiscal year ending October 31, 2021, the fund gained 26.03%, trailing the 34.45% result of the benchmark MSCI EAFE Index (Net MA). Security selection in Europe ex U.K. and emerging markets, primarily driven by Korea (South), detracted from the fund's relative result. Versus the benchmark, security selection was the primary detractor, especially in the financials sector. Weak stock picks in information technology and consumer staples also hampered the fund's relative result. The fund's largest individual relative detractor was an overweighting in Nitori Holdings, which returned -11% the past 12 months. The company was among the fund's biggest holdings this period. The fund's non-benchmark stake in Samsung Electronics, one of our largest holdings at period end, returned -21% and also notably detracted. Also hurting performance was our overweighting in Orsted, which gained 0%. Orsted was not held at period end. In contrast, an underweighting and stock picks in Asia Pacific ex Japan and security selection in Japan contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark was security selection in industrials. Also boosting the fund's relative result was an underweighting in health care and an overweighting in information technology. Our non-benchmark stake in IMCD Group, a position we established this period, was the fund's biggest individual relative contributor, driven by an increase of approximately 38%. The fund's non-benchmark stake in Indutrade, one of our biggest holdings the past 12 months, gained 73%. Another notable relative contributor was an outsized stake in Recruit Holdings (+75%), which was one of our largest holdings as of October 31.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 31.3% |
| | France | 8.7% |
| | India | 7.4% |
| | Germany | 6.4% |
| | United States of America* | 4.9% |
| | Norway | 4.7% |
| | Luxembourg | 4.4% |
| | Cayman Islands | 4.3% |
| | Korea (South) | 3.8% |
| | Other | 24.1% |
* Includes Short-Term Investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks and Equity Futures | 97.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| Keyence Corp. (Japan, Electronic Equipment & Components) | 6.8 |
| Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 5.4 |
| Schibsted ASA (A Shares) (Norway, Media) | 4.7 |
| Minebea Mitsumi, Inc. (Japan, Machinery) | 4.7 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 4.0 |
| Teleperformance (France, Professional Services) | 3.9 |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.8 |
| Z Holdings Corp. (Japan, Interactive Media & Services) | 3.7 |
| Hannover Reuck SE (Germany, Insurance) | 3.4 |
| B&M European Value Retail SA (Luxembourg, Multiline Retail) | 3.1 |
| | 43.5 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 25.9 |
| Information Technology | 14.5 |
| Consumer Discretionary | 13.8 |
| Financials | 13.7 |
| Communication Services | 10.7 |
| Health Care | 5.5 |
| Energy | 5.4 |
| Consumer Staples | 4.6 |
| Materials | 1.0 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 95.1% | | | |
| | | Shares | Value |
| Australia - 2.0% | | | |
| Aristocrat Leisure Ltd. | | 334,280 | $11,738,252 |
| Belgium - 1.8% | | | |
| UCB SA | | 90,194 | 10,749,646 |
| Canada - 2.4% | | | |
| Constellation Software, Inc. | | 7,998 | 14,055,890 |
| Cayman Islands - 4.3% | | | |
| Anta Sports Products Ltd. | | 668,720 | 10,451,302 |
| Li Ning Co. Ltd. | | 1,342,020 | 14,919,958 |
|
| TOTAL CAYMAN ISLANDS | | | 25,371,260 |
|
| France - 8.7% | | | |
| Amundi SA (a) | | 136,677 | 12,173,793 |
| Capgemini SA | | 38,890 | 9,049,812 |
| Sartorius Stedim Biotech | | 13,300 | 7,321,480 |
| Teleperformance | | 54,033 | 22,555,082 |
|
| TOTAL FRANCE | | | 51,100,167 |
|
| Germany - 6.4% | | | |
| Allianz SE | | 76,427 | 17,771,525 |
| Hannover Reuck SE | | 108,013 | 19,728,359 |
|
| TOTAL GERMANY | | | 37,499,884 |
|
| India - 7.4% | | | |
| Kotak Mahindra Bank Ltd. (b) | | 436,653 | 11,832,536 |
| Reliance Industries Ltd. | | 927,048 | 31,368,494 |
|
| TOTAL INDIA | | | 43,201,030 |
|
| Indonesia - 3.2% | | | |
| PT Bank Central Asia Tbk | | 19,230,360 | 10,146,246 |
| PT Bank Rakyat Indonesia Tbk | | 27,573,932 | 8,277,248 |
|
| TOTAL INDONESIA | | | 18,423,494 |
|
| Ireland - 2.5% | | | |
| Kingspan Group PLC (Ireland) | | 124,986 | 14,396,367 |
| Italy - 1.2% | | | |
| Recordati SpA | | 108,339 | 6,777,983 |
| Japan - 31.3% | | | |
| Itochu Corp. | | 581,117 | 16,573,961 |
| Keyence Corp. | | 65,916 | 39,787,871 |
| Minebea Mitsumi, Inc. | | 1,074,158 | 27,194,500 |
| Misumi Group, Inc. | | 250,139 | 10,461,754 |
| Nitori Holdings Co. Ltd. | | 93,788 | 17,229,841 |
| Recruit Holdings Co. Ltd. | | 349,217 | 23,229,572 |
| Tsuruha Holdings, Inc. | | 110,025 | 13,571,056 |
| Welcia Holdings Co. Ltd. | | 352,526 | 13,160,295 |
| Z Holdings Corp. | | 3,459,282 | 21,475,296 |
|
| TOTAL JAPAN | | | 182,684,146 |
|
| Korea (South) - 3.8% | | | |
| Samsung Electronics Co. Ltd. | | 368,030 | 21,922,173 |
| Luxembourg - 4.4% | | | |
| B&M European Value Retail SA | | 2,106,066 | 18,250,449 |
| Eurofins Scientific SA | | 62,292 | 7,340,654 |
|
| TOTAL LUXEMBOURG | | | 25,591,103 |
|
| Netherlands - 3.1% | | | |
| IMCD NV | | 80,511 | 17,874,231 |
| Norway - 4.7% | | | |
| Schibsted ASA (A Shares) | | 533,313 | 27,505,590 |
| Spain - 2.3% | | | |
| Cellnex Telecom SA (a) | | 219,657 | 13,503,651 |
| Sweden - 3.1% | | | |
| Indutrade AB | | 612,909 | 17,834,881 |
| Switzerland - 1.0% | | | |
| Sika AG | | 17,667 | 5,981,619 |
| United Kingdom - 1.5% | | | |
| JD Sports Fashion PLC | | 603,350 | 8,983,775 |
| TOTAL COMMON STOCKS | | | |
| (Cost $437,561,882) | | | 555,195,142 |
|
| Money Market Funds - 4.7% | | | |
| Fidelity Cash Central Fund 0.06% (c) | | | |
| (Cost $27,138,764) | | 27,133,337 | 27,138,764 |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | | | |
| (Cost $464,700,646) | | | 582,333,906 |
| NET OTHER ASSETS (LIABILITIES) - 0.2% | | | 1,376,531 |
| NET ASSETS - 100% | | | $583,710,437 |
| 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) | 95 | Dec. 2021 | $11,113,100 | $(168,516) | $(168,516) |
The notional amount of futures purchased as a percentage of Net Assets is 1.9%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $25,677,444 or 4.4% of net assets.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $10,400,222 | $216,490,998 | $199,752,373 | $12,487 | $(83) | $-- | $27,138,764 | 0.0% |
| Total | $10,400,222 | $216,490,998 | $199,752,373 | $12,487 | $(83) | $-- | $27,138,764 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $62,484,537 | $41,009,241 | $21,475,296 | $-- |
| Consumer Discretionary | 81,573,577 | 64,343,736 | 17,229,841 | -- |
| Consumer Staples | 26,731,351 | -- | 26,731,351 | -- |
| Energy | 31,368,494 | 31,368,494 | -- | -- |
| Financials | 79,929,707 | 71,652,459 | 8,277,248 | -- |
| Health Care | 32,189,763 | 32,189,763 | -- | -- |
| Industrials | 150,120,348 | 72,660,561 | 77,459,787 | -- |
| Information Technology | 84,815,746 | 23,105,702 | 61,710,044 | -- |
| Materials | 5,981,619 | 5,981,619 | -- | -- |
| Money Market Funds | 27,138,764 | 27,138,764 | -- | -- |
| Total Investments in Securities: | $582,333,906 | $369,450,339 | $212,883,567 | $-- |
| Derivative Instruments: | | | | |
| Liabilities | | | | |
| Futures Contracts | $(168,516) | $(168,516) | $-- | $-- |
| Total Liabilities | $(168,516) | $(168,516) | $-- | $-- |
| Total Derivative Instruments: | $(168,516) | $(168,516) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. 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 | $(168,516) |
| Total Equity Risk | 0 | (168,516) |
| Total Value of Derivatives | $0 | $(168,516) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $437,561,882) | $555,195,142 | |
| Fidelity Central Funds (cost $27,138,764) | 27,138,764 | |
| Total Investment in Securities (cost $464,700,646) | | $582,333,906 |
| Segregated cash with brokers for derivative instruments | | 633,166 |
| Foreign currency held at value (cost $226) | | 238 |
| Receivable for fund shares sold | | 815,233 |
| Dividends receivable | | 586,192 |
| Reclaims receivable | | 363,121 |
| Distributions receivable from Fidelity Central Funds | | 1,301 |
| Other receivables | | 46,704 |
| Total assets | | 584,779,861 |
| Liabilities | | |
| Payable for fund shares redeemed | $300,598 | |
| Payable for daily variation margin on futures contracts | 66,025 | |
| Other payables and accrued expenses | 702,801 | |
| Total liabilities | | 1,069,424 |
| Net Assets | | $583,710,437 |
| Net Assets consist of: | | |
| Paid in capital | | $434,617,703 |
| Total accumulated earnings (loss) | | 149,092,734 |
| Net Assets | | $583,710,437 |
| Net Asset Value, offering price and redemption price per share ($583,710,437 ÷ 37,751,609 shares) | | $15.46 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $6,977,123 |
| Income from Fidelity Central Funds | | 12,487 |
| Income before foreign taxes withheld | | 6,989,610 |
| Less foreign taxes withheld | | (1,093,010) |
| Total income | | 5,896,600 |
| Expenses | | |
| Independent trustees' fees and expenses | $1,634 | |
| Total expenses | | 1,634 |
| Net investment income (loss) | | 5,894,966 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 30,646,115 | |
| Fidelity Central Funds | (83) | |
| Foreign currency transactions | (147,642) | |
| Futures contracts | 949,750 | |
| Total net realized gain (loss) | | 31,448,140 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $702,802) | 59,148,914 | |
| Assets and liabilities in foreign currencies | (26,327) | |
| Futures contracts | (168,516) | |
| Total change in net unrealized appreciation (depreciation) | | 58,954,071 |
| Net gain (loss) | | 90,402,211 |
| Net increase (decrease) in net assets resulting from operations | | $96,297,177 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,894,966 | $2,731,492 |
| Net realized gain (loss) | 31,448,140 | (2,867,338) |
| Change in net unrealized appreciation (depreciation) | 58,954,071 | 56,128,596 |
| Net increase (decrease) in net assets resulting from operations | 96,297,177 | 55,992,750 |
| Distributions to shareholders | (3,364,042) | (161,972) |
| Share transactions | | |
| Proceeds from sales of shares | 227,915,926 | 253,879,930 |
| Reinvestment of distributions | 919,885 | 81,661 |
| Cost of shares redeemed | (56,420,352) | (38,266,771) |
| Net increase (decrease) in net assets resulting from share transactions | 172,415,459 | 215,694,820 |
| Total increase (decrease) in net assets | 265,348,594 | 271,525,598 |
| Net Assets | | |
| Beginning of period | 318,361,843 | 46,836,245 |
| End of period | $583,710,437 | $318,361,843 |
| Other Information | | |
| Shares | | |
| Sold | 15,944,652 | 24,908,068 |
| Issued in reinvestment of distributions | 68,140 | 7,357 |
| Redeemed | (3,970,533) | (3,680,692) |
| Net increase (decrease) | 12,042,259 | 21,234,733 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity SAI International SMA Completion Fund
| | | | |
| Years ended October 31, | 2021 | 2020 | 2019 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $12.38 | $10.47 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .19 | .17C | .08 |
| Net realized and unrealized gain (loss) | 3.01 | 1.77 | .39 |
| Total from investment operations | 3.20 | 1.94 | .47 |
| Distributions from net investment income | (.12) | (.03) | – |
| Total distributions | (.12) | (.03) | – |
| Net asset value, end of period | $15.46 | $12.38 | $10.47 |
| Total ReturnD | 26.03% | 18.57% | 4.70% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductionsG | -% | -% | - %H |
| Expenses net of fee waivers, if anyG | -% | -% | - %H |
| Expenses net of all reductionsG | -% | -% | - %H |
| Net investment income (loss) | 1.30% | 1.45%C | 1.41%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $583,710 | $318,362 | $46,836 |
| Portfolio turnover rateI | 37% | 17% | 24%H |
A For the period April 11, 2019 (commencement of operations) through October 31, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income 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%.
D Total returns for periods of less than one year are not annualized.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount represents less than .005%.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity SAI International SMA Completion Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, 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 | $131,272,100 |
| Gross unrealized depreciation | (14,077,335) |
| Net unrealized appreciation (depreciation) | $117,194,765 |
| Tax Cost | $465,139,141 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $15,484,663 |
| Undistributed long-term capital gain | $17,132,708 |
| Net unrealized appreciation (depreciation) on securities and other investments | $117,178,165 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $3,364,042 | $ 161,972 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity SAI International SMA Completion Fund | 317,017,478 | 160,477,978 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
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 | $86 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity SAI International SMA Completion Fund | 7,683,947 | – | – |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity SAI International SMA Completion Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI International SMA Completion Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from April 11, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from April 11, 2019 (commencement of operations) through October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity SAI International SMA Completion Fund | - %C | | | |
| Actual | | $1,000.00 | $1,105.10 | $-D |
| Hypothetical-E | | $1,000.00 | $1,025.21 | $-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity SAI International SMA Completion Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $0.709 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.164 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $17,132,708, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 97% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 1% of the dividend distributed during the fiscal year as a section 199A dividend.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1115 and $0.0131 for the dividend paid December 14, 2020.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International SMA Completion Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also considered that the fund is available through fee-based programs and products offered by Fidelity and that FMR is compensated for its services out of such fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with limited exceptions.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
ISM-ANN-1221
1.9893098.102
Fidelity® International Discovery K6 Fund
Annual Report
October 31, 2021
Contents
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® International Discovery K6 Fund | 33.43% | 19.14% |
A From June 13, 2019
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® International Discovery K6 Fund on June 13, 2019, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $15,188 | Fidelity® International Discovery K6 Fund |
| $13,170 | MSCI EAFE Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager William Kennedy: For the fiscal year ending October 31, 2021, the fund gained 33.43%, underperforming the 34.45% result of the benchmark MSCI EAFE (Net MA) Index. From a regional standpoint, an overweighting and stock picks in emerging markets, specifically China, along with investment choices in the U.K., detracted from the fund's relative result. Versus the benchmark, security selection was the primary detractor, especially in the consumer discretionary and communication services sector. Stock picks and an underweighting in energy also hindered the fund's relative result. Alibaba Group Holding, the fund's largest individual detractor, returned -39% this period and was sold in the past 12 months. Our second-largest detractor was Tencent Holdings (-24%), which also was no longer held at the end of the period. Another notable detractor was Stillfront Group, which returned approximately -62% the past 12 months. We increased our stake in the company over the period. All of these detractors were non-benchmark positions. Conversely, stock picks and underweightings in Japan and Asia Pacific Ex Japan contributed most to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our overweighting and investment choices in information technology. Also boosting the portfolio's relative result was our underweighting in consumer staples, positioning in the financials sector, and security selection in health care. The biggest individual relative contributor was an overweighting in Capgemini (+103%), a position we added to during the period. Also bolstering performance was our outsized stake in ASML Holding, which gained about 123% and was our top holding at period end. Another notable relative contributor was an overweighting in KBC Groupe (+90%), another holding that we increased the past 12 months. Notable changes to positioning include increased exposure to Japan and France. By sector, meaningful changes include increased exposure to energy, materials, and financials stocks and reduced allocations to the communication services, consumer staples and real estate sectors.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | Japan | 19.0% |
| | United Kingdom | 10.0% |
| | Germany | 8.8% |
| | Switzerland | 8.5% |
| | France | 7.8% |
| | Netherlands | 7.0% |
| | Sweden | 4.6% |
| | United States of America* | 4.4% |
| | India | 4.0% |
| | Other | 25.9% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 96.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.6 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.9 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.8 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.2 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.0 |
| Recruit Holdings Co. Ltd. (Japan, Professional Services) | 1.9 |
| Daimler AG (Germany) (Germany, Automobiles) | 1.9 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.5 |
| Sony Group Corp. (Japan, Household Durables) | 1.5 |
| HDFC Bank Ltd. sponsored ADR (India, Banks) | 1.5 |
| Equinor ASA (Norway, Oil, Gas & Consumable Fuels) | 1.4 |
| | 19.6 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Financials | 19.8 |
| Industrials | 18.0 |
| Information Technology | 14.7 |
| Consumer Discretionary | 13.7 |
| Health Care | 11.8 |
| Materials | 5.6 |
| Consumer Staples | 4.4 |
| Communication Services | 3.5 |
| Energy | 2.7 |
| Real Estate | 1.5 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 96.3% | | | |
| | | Shares | Value |
| Australia - 1.9% | | | |
| Bapcor Ltd. | | 225,081 | $1,346,072 |
| Hyperion Metals Ltd. (a) | | 386,958 | 291,089 |
| Lynas Rare Earths Ltd. (a) | | 453,960 | 2,503,132 |
| National Storage REIT unit | | 1,630,978 | 2,932,299 |
| Rio Tinto Ltd. | | 9 | 611 |
| Technology One Ltd. | | 102,210 | 938,796 |
|
| TOTAL AUSTRALIA | | | 8,011,999 |
|
| Austria - 1.2% | | | |
| Erste Group Bank AG | | 69,965 | 3,000,631 |
| Wienerberger AG | | 63,581 | 2,250,559 |
|
| TOTAL AUSTRIA | | | 5,251,190 |
|
| Bailiwick of Jersey - 0.6% | | | |
| Experian PLC | | 51,813 | 2,373,314 |
| Belgium - 2.0% | | | |
| Azelis Group NV | | 20,300 | 657,070 |
| KBC Groep NV | | 60,244 | 5,610,365 |
| UCB SA | | 19,478 | 2,321,458 |
|
| TOTAL BELGIUM | | | 8,588,893 |
|
| Bermuda - 0.1% | | | |
| AutoStore Holdings Ltd. | | 105,400 | 415,404 |
| Brazil - 0.3% | | | |
| CM Hospitalar SA | | 143,600 | 510,149 |
| Rede D'Oregon Sao Luiz SA (b) | | 61,862 | 646,702 |
|
| TOTAL BRAZIL | | | 1,156,851 |
|
| British Virgin Islands - 0.1% | | | |
| Fix Price Group Ltd. GDR (Reg. S) | | 46,708 | 406,827 |
| Canada - 1.0% | | | |
| Constellation Software, Inc. | | 2,290 | 4,024,505 |
| Topicus.Com, Inc. | | 4,257 | 475,060 |
|
| TOTAL CANADA | | | 4,499,565 |
|
| Cayman Islands - 1.2% | | | |
| Akeso, Inc. (a)(b) | | 112,371 | 629,699 |
| Medlive Technology Co. Ltd. (b) | | 56,042 | 291,356 |
| Medlive Technology Co. Ltd. | | 20,000 | 98,779 |
| Sea Ltd. ADR (a) | | 9,216 | 3,166,341 |
| Zai Lab Ltd. (a) | | 9,757 | 1,012,201 |
|
| TOTAL CAYMAN ISLANDS | | | 5,198,376 |
|
| China - 0.4% | | | |
| Kweichow Moutai Co. Ltd. (A Shares) | | 2,828 | 806,175 |
| WuXi AppTec Co. Ltd. (H Shares) (b) | | 38,404 | 820,845 |
|
| TOTAL CHINA | | | 1,627,020 |
|
| Denmark - 1.0% | | | |
| A.P. Moller - Maersk A/S Series B | | 510 | 1,477,954 |
| ORSTED A/S (b) | | 20,769 | 2,930,575 |
|
| TOTAL DENMARK | | | 4,408,529 |
|
| Finland - 0.8% | | | |
| Musti Group OYJ | | 23,636 | 928,443 |
| Neste Oyj | | 45,105 | 2,512,693 |
|
| TOTAL FINLAND | | | 3,441,136 |
|
| France - 7.8% | | | |
| Antin Infrastructure Partners SA | | 8,512 | 323,732 |
| AXA SA | | 106,415 | 3,095,931 |
| BNP Paribas SA | | 60,912 | 4,077,281 |
| Capgemini SA | | 24,906 | 5,795,696 |
| Elior SA (a)(b) | | 58,209 | 458,915 |
| Exclusive Networks SA | | 58,372 | 1,373,178 |
| Hydrogen Refueling Solutions | | 8,370 | 310,107 |
| LVMH Moet Hennessy Louis Vuitton SE | | 10,818 | 8,482,628 |
| Societe Generale Series A | | 85,817 | 2,866,627 |
| Teleperformance | | 7,088 | 2,958,755 |
| VINCI SA | | 27,840 | 2,972,747 |
| Worldline SA (a)(b) | | 18,322 | 1,067,060 |
|
| TOTAL FRANCE | | | 33,782,657 |
|
| Germany - 8.8% | | | |
| adidas AG | | 9,138 | 2,992,647 |
| Allianz SE | | 18,367 | 4,270,868 |
| Brenntag SE | | 25,291 | 2,404,401 |
| Daimler AG (Germany) | | 81,072 | 8,035,487 |
| Deutsche Post AG | | 94,913 | 5,872,184 |
| Exasol AG (a) | | 5,167 | 52,443 |
| Instone Real Estate Group BV (b) | | 49,345 | 1,300,576 |
| Linde PLC | | 6,414 | 2,064,962 |
| Merck KGaA | | 6,279 | 1,482,191 |
| Nexus AG | | 14,722 | 1,283,205 |
| Shop Apotheke Europe NV (a)(b) | | 8,617 | 1,304,924 |
| Siemens AG | | 30,738 | 4,997,445 |
| Siemens Healthineers AG (b) | | 20,335 | 1,350,727 |
| SUSE SA (a) | | 14,857 | 641,131 |
| Talanx AG | | 82 | 3,943 |
|
| TOTAL GERMANY | | | 38,057,134 |
|
| Greece - 0.1% | | | |
| Alpha Bank SA (a) | | 323,447 | 410,734 |
| Piraeus Financial Holdings SA (a) | | 137,068 | 232,922 |
|
| TOTAL GREECE | | | 643,656 |
|
| Hong Kong - 2.7% | | | |
| AIA Group Ltd. | | 524,423 | 5,877,214 |
| Antengene Corp. (b) | | 242,378 | 321,488 |
| Hong Kong Exchanges and Clearing Ltd. | | 46,007 | 2,783,895 |
| Techtronic Industries Co. Ltd. | | 138,037 | 2,840,399 |
|
| TOTAL HONG KONG | | | 11,822,996 |
|
| Hungary - 1.0% | | | |
| OTP Bank PLC (a) | | 52,932 | 3,179,056 |
| Richter Gedeon PLC | | 35,489 | 994,179 |
|
| TOTAL HUNGARY | | | 4,173,235 |
|
| India - 4.0% | | | |
| Avenue Supermarts Ltd. (a)(b) | | 14,157 | 875,513 |
| Axis Bank Ltd. (a) | | 82,305 | 814,760 |
| Eicher Motors Ltd. | | 16,769 | 555,902 |
| HDFC Bank Ltd. sponsored ADR | | 88,511 | 6,364,826 |
| Housing Development Finance Corp. Ltd. | | 125,598 | 4,766,708 |
| PVR Ltd. (a) | | 23,193 | 519,108 |
| Reliance Industries Ltd. | | 1,000 | 25,381 |
| Reliance Industries Ltd. | | 29,132 | 985,739 |
| Reliance Industries Ltd. sponsored GDR (b) | | 16,395 | 1,114,860 |
| Sunteck Realty Ltd. | | 80,664 | 495,521 |
| Vijaya Diagnostic Centre Pvt Ltd. | | 72,230 | 543,978 |
| Zomato Ltd. (c) | | 140,700 | 209,896 |
|
| TOTAL INDIA | | | 17,272,192 |
|
| Ireland - 2.8% | | | |
| Cairn Homes PLC | | 1,187,276 | 1,540,355 |
| CRH PLC | | 93,152 | 4,457,680 |
| Dalata Hotel Group PLC (a) | | 526,185 | 2,250,598 |
| DCC PLC (United Kingdom) | | 253 | 21,142 |
| Flutter Entertainment PLC (a) | | 9,174 | 1,731,973 |
| Ryanair Holdings PLC (a) | | 3,200 | 62,801 |
| Ryanair Holdings PLC sponsored ADR (a) | | 16,290 | 1,849,078 |
|
| TOTAL IRELAND | | | 11,913,627 |
|
| Isle of Man - 0.2% | | | |
| Entain PLC (a) | | 34,182 | 958,050 |
| Italy - 1.0% | | | |
| BFF Bank SpA (b) | | 135,004 | 1,207,940 |
| Intesa Sanpaolo SpA | | 817,857 | 2,324,496 |
| Reply SpA | | 5,032 | 975,510 |
|
| TOTAL ITALY | | | 4,507,946 |
|
| Japan - 19.0% | | | |
| Daiichi Sankyo Kabushiki Kaisha | | 96,809 | 2,442,722 |
| FUJIFILM Holdings Corp. | | 47,545 | 3,674,155 |
| Fujitsu Ltd. | | 11,350 | 1,961,618 |
| Hitachi Ltd. | | 88,283 | 5,087,269 |
| Hoya Corp. | | 45,452 | 6,690,923 |
| Itochu Corp. | | 101,320 | 2,889,734 |
| JEOL Ltd. | | 41,922 | 3,177,199 |
| Keyence Corp. | | 9,663 | 5,832,730 |
| Lifenet Insurance Co. (a) | | 44,257 | 440,871 |
| Minebea Mitsumi, Inc. | | 175,290 | 4,437,824 |
| Misumi Group, Inc. | | 38,206 | 1,597,919 |
| Mitsubishi UFJ Financial Group, Inc. | | 242,955 | 1,332,243 |
| Money Forward, Inc. (a) | | 7,459 | 506,861 |
| ORIX Corp. | | 293,910 | 5,841,845 |
| Persol Holdings Co. Ltd. | | 93,833 | 2,522,105 |
| Recruit Holdings Co. Ltd. | | 121,457 | 8,079,200 |
| Renesas Electronics Corp. (a) | | 283,507 | 3,487,541 |
| SHIFT, Inc. (a) | | 4,111 | 948,076 |
| Shin-Etsu Chemical Co. Ltd. | | 24,511 | 4,371,122 |
| Shiseido Co. Ltd. | | 19,716 | 1,315,589 |
| SMC Corp. | | 3,005 | 1,793,280 |
| Sony Group Corp. | | 55,798 | 6,461,206 |
| THK Co. Ltd. | | 29,271 | 629,433 |
| TIS, Inc. | | 59,225 | 1,613,459 |
| Z Holdings Corp. | | 491,026 | 3,048,300 |
| ZOZO, Inc. | | 56,478 | 1,812,862 |
|
| TOTAL JAPAN | | | 81,996,086 |
|
| Korea (South) - 0.3% | | | |
| Samsung SDI Co. Ltd. | | 1,727 | 1,084,028 |
| Luxembourg - 0.8% | | | |
| B&M European Value Retail SA | | 132,931 | 1,151,935 |
| Eurofins Scientific SA | | 18,777 | 2,212,731 |
|
| TOTAL LUXEMBOURG | | | 3,364,666 |
|
| Netherlands - 7.0% | | | |
| AerCap Holdings NV (a) | | 43,342 | 2,558,912 |
| Airbus Group NV (a) | | 36,936 | 4,738,225 |
| ASML Holding NV (Netherlands) | | 15,404 | 12,521,910 |
| IMCD NV | | 5,735 | 1,273,226 |
| ING Groep NV (Certificaten Van Aandelen) | | 205,467 | 3,116,710 |
| NXP Semiconductors NV | | 19,897 | 3,996,511 |
| RHI Magnesita NV | | 17,628 | 810,111 |
| Universal Music Group NV | | 37,542 | 1,089,955 |
|
| TOTAL NETHERLANDS | | | 30,105,560 |
|
| New Zealand - 0.9% | | | |
| EBOS Group Ltd. | | 60,272 | 1,565,671 |
| Ryman Healthcare Group Ltd. | | 229,328 | 2,374,662 |
|
| TOTAL NEW ZEALAND | | | 3,940,333 |
|
| Norway - 2.1% | | | |
| Equinor ASA | | 243,232 | 6,154,292 |
| Schibsted ASA (A Shares) | | 47,430 | 2,446,200 |
| Volue A/S | | 48,498 | 339,283 |
|
| TOTAL NORWAY | | | 8,939,775 |
|
| Spain - 1.9% | | | |
| Aena SME SA (a)(b) | | 5,446 | 894,432 |
| Amadeus IT Holding SA Class A (a) | | 53,194 | 3,556,713 |
| Cellnex Telecom SA (b) | | 61,008 | 3,750,533 |
|
| TOTAL SPAIN | | | 8,201,678 |
|
| Sweden - 4.6% | | | |
| ASSA ABLOY AB (B Shares) | | 92,958 | 2,727,636 |
| EQT AB | | 49,817 | 2,625,428 |
| Evolution AB (b) | | 15,518 | 2,510,201 |
| HEXPOL AB (B Shares) | | 81,569 | 952,651 |
| Industrivarden AB (A Shares) | | 3,028 | 99,852 |
| Indutrade AB | | 130,326 | 3,792,323 |
| Kry International AB (d) | | 71 | 29,353 |
| Lagercrantz Group AB (B Shares) | | 33,278 | 445,618 |
| Nibe Industrier AB (B Shares) | | 125,548 | 1,869,040 |
| Nordnet AB | | 79,055 | 1,515,650 |
| Stillfront Group AB (a) | | 200,830 | 896,112 |
| Svenska Handelsbanken AB (A Shares) | | 196,863 | 2,256,511 |
|
| TOTAL SWEDEN | | | 19,720,375 |
|
| Switzerland - 8.5% | | | |
| Dufry AG (a) | | 11,659 | 617,301 |
| Lonza Group AG | | 5,082 | 4,166,174 |
| Nestle SA (Reg. S) | | 71,216 | 9,393,905 |
| Partners Group Holding AG | | 2,961 | 5,166,227 |
| Roche Holding AG (participation certificate) | | 31,180 | 12,078,951 |
| Schindler Holding AG (participation certificate) | | 1,280 | 333,001 |
| Sika AG | | 8,345 | 2,825,415 |
| SKAN Group AG | | 2,600 | 205,081 |
| Zur Rose Group AG (a) | | 4,673 | 1,658,721 |
|
| TOTAL SWITZERLAND | | | 36,444,776 |
|
| Taiwan - 1.4% | | | |
| MediaTek, Inc. | | 43,305 | 1,419,913 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 214,647 | 4,548,905 |
|
| TOTAL TAIWAN | | | 5,968,818 |
|
| United Kingdom - 10.0% | | | |
| Anglo American PLC (United Kingdom) | | 78,099 | 2,971,121 |
| AstraZeneca PLC (United Kingdom) | | 18,179 | 2,274,217 |
| Big Yellow Group PLC | | 88,983 | 1,801,092 |
| Bytes Technology Group PLC | | 98,538 | 720,121 |
| Compass Group PLC (a) | | 221,027 | 4,690,333 |
| Dechra Pharmaceuticals PLC | | 33,701 | 2,361,421 |
| Deliveroo PLC Class A (a)(b)(e) | | 199,062 | 736,368 |
| Diageo PLC | | 92,818 | 4,617,852 |
| Dr. Martens Ltd. (a) | | 174,046 | 878,447 |
| Harbour Energy PLC (a) | | 135,342 | 650,871 |
| JD Sports Fashion PLC | | 247,991 | 3,692,542 |
| Jet2 PLC (a) | | 73,236 | 1,222,270 |
| JTC PLC (b) | | 169,894 | 1,806,591 |
| Lloyds Banking Group PLC | | 2,767,284 | 1,893,876 |
| M&G PLC | | 1,401,861 | 3,833,197 |
| Prudential PLC (a) | | 219,458 | 4,488,570 |
| Smart Metering Systems PLC | | 117,112 | 1,307,833 |
| Starling Bank Ltd. Series D (a)(d) | | 106,300 | 188,298 |
| Vistry Group PLC | | 109,474 | 1,827,812 |
| WH Smith PLC (a) | | 58,777 | 1,256,461 |
| Zegona Communications PLC | | 11,706 | 17,142 |
|
| TOTAL UNITED KINGDOM | | | 43,236,435 |
|
| United States of America - 0.8% | | | |
| Dlocal Ltd. | | 10,106 | 490,242 |
| MercadoLibre, Inc. (a) | | 1,031 | 1,526,932 |
| NICE Systems Ltd. sponsored ADR (a) | | 4,825 | 1,365,572 |
|
| TOTAL UNITED STATES OF AMERICA | | | 3,382,746 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $362,437,258) | | | 414,895,873 |
|
| Preferred Stocks - 0.1% | | | |
| Convertible Preferred Stocks - 0.1% | | | |
| China - 0.1% | | | |
| ByteDance Ltd. Series E1 (c)(d) | | 1,533 | 190,583 |
| dMed Biopharmaceutical Co. Ltd. Series C (c)(d) | | 8,434 | 116,642 |
| | | | 307,225 |
| India - 0.0% | | | |
| Delhivery Private Ltd. Series H (c)(d) | | 173 | 82,294 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 389,519 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| Sweden - 0.0% | | | |
| Kry International AB Series E (d) | | 413 | 179,733 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $561,023) | | | 569,252 |
|
| Money Market Funds - 3.0% | | | |
| Fidelity Cash Central Fund 0.06% (f) | | 12,921,598 | 12,924,183 |
| Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) | | 56,842 | 56,848 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $12,981,031) | | | 12,981,031 |
| TOTAL INVESTMENT IN SECURITIES - 99.4% | | | |
| (Cost $375,979,312) | | | 428,446,156 |
| NET OTHER ASSETS (LIABILITIES) - 0.6% | | | 2,446,058 |
| NET ASSETS - 100% | | | $430,892,214 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $24,019,305 or 5.6% 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 $599,415 or 0.1% of net assets.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| ByteDance Ltd. Series E1 | 11/18/20 | $167,977 |
| Delhivery Private Ltd. Series H | 5/20/21 | $84,445 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $119,789 |
| Zomato Ltd. | 12/9/20 - 2/10/21 | $98,598 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $2,542,177 | $120,388,796 | $110,006,748 | $2,623 | $(42) | $-- | $12,924,183 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 8,694,721 | 8,637,873 | 13,698 | -- | -- | 56,848 | 0.0% |
| Total | $2,542,177 | $129,083,517 | $118,644,621 | $16,321 | $(42) | $-- | $12,981,031 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $14,933,691 | $11,885,391 | $3,048,300 | $-- |
| Consumer Discretionary | 58,365,117 | 36,090,891 | 22,274,226 | -- |
| Consumer Staples | 18,667,755 | 3,340,409 | 15,327,346 | -- |
| Energy | 11,443,836 | 11,443,836 | -- | -- |
| Financials | 86,022,879 | 52,710,976 | 33,123,605 | 188,298 |
| Health Care | 51,768,270 | 23,876,636 | 27,774,992 | 116,642 |
| Industrials | 77,048,757 | 35,031,206 | 41,935,257 | 82,294 |
| Information Technology | 64,256,304 | 27,677,352 | 36,179,283 | 399,669 |
| Materials | 23,498,453 | 11,698,530 | 11,799,923 | -- |
| Real Estate | 6,529,488 | 6,529,488 | -- | -- |
| Utilities | 2,930,575 | 2,930,575 | -- | -- |
| Money Market Funds | 12,981,031 | 12,981,031 | -- | -- |
| Total Investments in Securities: | $428,446,156 | $236,196,321 | $191,462,932 | $786,903 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $52,657) — See accompanying schedule:
Unaffiliated issuers (cost $362,998,281) | $415,465,125 | |
| Fidelity Central Funds (cost $12,981,031) | 12,981,031 | |
| Total Investment in Securities (cost $375,979,312) | | $428,446,156 |
| Foreign currency held at value (cost $999,245) | | 999,198 |
| Receivable for investments sold | | 4,038,080 |
| Receivable for fund shares sold | | 284,899 |
| Dividends receivable | | 421,127 |
| Reclaims receivable | | 217,598 |
| Distributions receivable from Fidelity Central Funds | | 1,274 |
| Other receivables | | 447 |
| Total assets | | 434,408,779 |
| Liabilities | | |
| Payable for investments purchased | $2,176,392 | |
| Payable for fund shares redeemed | 745,091 | |
| Accrued management fee | 207,963 | |
| Other payables and accrued expenses | 330,271 | |
| Collateral on securities loaned | 56,848 | |
| Total liabilities | | 3,516,565 |
| Net Assets | | $430,892,214 |
| Net Assets consist of: | | |
| Paid in capital | | $377,828,412 |
| Total accumulated earnings (loss) | | 53,063,802 |
| Net Assets | | $430,892,214 |
| Net Asset Value, offering price and redemption price per share ($430,892,214 ÷ 28,777,182 shares) | | $14.97 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $4,453,349 |
| Non-Cash dividends | | 230,866 |
| Income from Fidelity Central Funds (including $13,698 from security lending) | | 16,321 |
| Income before foreign taxes withheld | | 4,700,536 |
| Less foreign taxes withheld | | (510,076) |
| Total income | | 4,190,460 |
| Expenses | | |
| Management fee | $1,461,824 | |
| Independent trustees' fees and expenses | 771 | |
| Interest | 52 | |
| Total expenses before reductions | 1,462,647 | |
| Expense reductions | (3) | |
| Total expenses after reductions | | 1,462,644 |
| Net investment income (loss) | | 2,727,816 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $28) | (609,545) | |
| Fidelity Central Funds | (42) | |
| Foreign currency transactions | (54,882) | |
| Total net realized gain (loss) | | (664,469) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $251,697) | 43,693,717 | |
| Assets and liabilities in foreign currencies | (8,551) | |
| Total change in net unrealized appreciation (depreciation) | | 43,685,166 |
| Net gain (loss) | | 43,020,697 |
| Net increase (decrease) in net assets resulting from operations | | $45,748,513 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,727,816 | $887,469 |
| Net realized gain (loss) | (664,469) | (1,075,104) |
| Change in net unrealized appreciation (depreciation) | 43,685,166 | 5,303,840 |
| Net increase (decrease) in net assets resulting from operations | 45,748,513 | 5,116,205 |
| Distributions to shareholders | (779,078) | (520,387) |
| Share transactions | | |
| Proceeds from sales of shares | 350,979,730 | 51,382,624 |
| Reinvestment of distributions | 779,078 | 520,387 |
| Cost of shares redeemed | (69,009,150) | (14,746,418) |
| Net increase (decrease) in net assets resulting from share transactions | 282,749,658 | 37,156,593 |
| Total increase (decrease) in net assets | 327,719,093 | 41,752,411 |
| Net Assets | | |
| Beginning of period | 103,173,121 | 61,420,710 |
| End of period | $430,892,214 | $103,173,121 |
| Other Information | | |
| Shares | | |
| Sold | 24,312,789 | 4,646,585 |
| Issued in reinvestment of distributions | 60,865 | 47,918 |
| Redeemed | (4,731,209) | (1,412,960) |
| Net increase (decrease) | 19,642,445 | 3,281,543 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Discovery K6 Fund
| | | | |
| Years ended October 31, | 2021 | 2020 | 2019 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.29 | $10.49 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .12 | .06C |
| Net realized and unrealized gain (loss) | 3.60 | .77 | .43 |
| Total from investment operations | 3.76 | .89 | .49 |
| Distributions from net investment income | (.08) | (.04) | – |
| Distributions from net realized gain | – | (.05) | – |
| Total distributions | (.08) | (.09) | – |
| Net asset value, end of period | $14.97 | $11.29 | $10.49 |
| Total ReturnD,E | 33.43% | 8.51% | 4.90% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .60% | .60% | .60%H |
| Expenses net of fee waivers, if any | .60% | .60% | .60%H |
| Expenses net of all reductions | .60% | .60% | .60%H |
| Net investment income (loss) | 1.11% | 1.16% | 1.67%C,H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $430,892 | $103,173 | $61,421 |
| Portfolio turnover rateI | 58%J | 42%J | 59%J,K |
A For the period June 13, 2019 (commencement of operations) through October 31, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .43%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity International Discovery K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $59,061,362 |
| Gross unrealized depreciation | (9,595,253) |
| Net unrealized appreciation (depreciation) | $49,466,109 |
| Tax Cost | $378,980,047 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $5,412,388 |
| Capital loss carryforward | $(1,479,997) |
| Net unrealized appreciation (depreciation) on securities and other investments | $49,461,680 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(1,479,997) |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $779,078 | $ 520,387 |
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 | 129,589,411 | 125,508,482 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds
($) |
| Fidelity International Discovery K6 Fund | 18,759,599 | 272,598,908 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds
($) |
| Fidelity International Discovery K6 Fund | 1,597,329 | 17,620,976 |
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 | $144 |
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 K6 Fund | Borrower | $2,063,667 | .30% | $52 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity International Discovery K6 Fund | 2,441,786 | 3,407,300 | (247,139) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| | Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End |
| Fidelity International Discovery K6 Fund | $1,450 | $– | $– |
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 $3.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Discovery K6 Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Discovery K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from June 13, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from June 13, 2019 (commencement of operations) through October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity International Discovery K6 Fund | .60% | | | |
| Actual | | $1,000.00 | $1,048.30 | $3.10 |
| Hypothetical-C | | $1,000.00 | $1,022.18 | $3.06 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.0943 and $0.0133 for the dividend paid December 14, 2020.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Discovery K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions.
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA,"
i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity International Discovery K6 Fund
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations ended September 30 (June 30 for the period ended 2019) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked is also included in the chart and was considered by the Board.
Fidelity International Discovery K6 Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
IGI-K6-ANN-1221
1.9893917.102
Fidelity® Series Overseas Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® Series Overseas Fund | 38.89% | 18.05% |
A From June 21, 2019
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Overseas Fund on June 21, 2019, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
| Period Ending Values |
| $14,805 | Fidelity® Series Overseas Fund |
| $12,947 | MSCI EAFE Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.
Comments from Portfolio Manager Vincent Montemaggiore: For the fiscal year ending October 31, 2021, the fund gained 38.89%, outperforming the 34.45% result of the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, the fund received notable boosts to performance versus the benchmark from its positioning in both Japan and Europe ex U.K. A non-benchmark allocation to the U.S. also contributed to the fund's relative result. By sector, the top contributor to performance versus the benchmark was security selection in industrials. Stock selection and an overweighting in information technology and security selection in health care also boosted the fund's relative result. The fund's biggest individual relative contributor was an outsized stake in ASM International, which gained 218% the past 12 months. Also bolstering performance was our overweighting in ASML Holding, which gained 124%. The company was the fund's largest holding. Additionally, the fund's non-benchmark stake in IMCD Group, one of our biggest holdings at period end, gained 93%. In contrast, stock picks in the U.K. and an overweighting and security selection in emerging markets, primarily driven by China, detracted from the fund's relative result. By sector, the largest detractor from performance versus the benchmark was stock selection in consumer discretionary. An underweighting and stock selection in energy and stock picks in financials also hampered the fund's relative result. Our non-benchmark stake in Alibaba Group Holding was the fund's largest individual relative detractor, due to its approximately -32% result. We exited this position by period end. Iberdrola, another position that was sold during the period, returned -11% while we held it and detracted from relative performance. Also holding back performance was our outsized stake in London Stock Exchange Group, which returned about -9%. Notable changes in positioning include a higher allocation to France and the Netherlands. By sector, meaningful changes in positioning include reduced exposure to consumer staples and a higher allocation to industrials.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
| As of October 31, 2021 |
| | France | 14.9% |
| | Japan | 14.1% |
| | Switzerland | 10.7% |
| | Netherlands | 9.5% |
| | United Kingdom | 8.5% |
| | United States of America* | 7.9% |
| | Germany | 6.8% |
| | Sweden | 6.5% |
| | Italy | 2.5% |
| | Other | 18.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of October 31, 2021
| | % of fund's net assets |
| Stocks | 97.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |
Top Ten Stocks as of October 31, 2021
| | % of fund's net assets |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.2 |
| Nestle SA (Reg. S) (Switzerland, Food Products) | 2.8 |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.2 |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.2 |
| Capgemini SA (France, IT Services) | 1.6 |
| DSV A/S (Denmark, Air Freight & Logistics) | 1.6 |
| IMCD NV (Netherlands, Trading Companies & Distributors) | 1.5 |
| Diageo PLC (United Kingdom, Beverages) | 1.5 |
| Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.5 |
| Sony Group Corp. (Japan, Household Durables) | 1.5 |
| | 19.6 |
Top Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 23.7 |
| Information Technology | 19.0 |
| Financials | 17.5 |
| Health Care | 12.3 |
| Consumer Discretionary | 8.3 |
| Consumer Staples | 7.3 |
| Materials | 4.7 |
| Energy | 2.1 |
| Communication Services | 2.0 |
| Real Estate | 1.0 |
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 97.8% | | | |
| | | Shares | Value |
| Australia - 0.2% | | | |
| Lynas Rare Earths Ltd. (a) | | 4,704,743 | $25,941,918 |
| Austria - 0.4% | | | |
| Erste Group Bank AG | | 1,609,207 | 69,015,026 |
| Bailiwick of Jersey - 0.9% | | | |
| Ferguson PLC | | 901,500 | 135,650,573 |
| Belgium - 1.1% | | | |
| Azelis Group NV | | 721,300 | 23,347,038 |
| KBC Groep NV | | 1,629,565 | 151,757,087 |
|
| TOTAL BELGIUM | | | 175,104,125 |
|
| Bermuda - 2.0% | | | |
| Genpact Ltd. | | 1,740,472 | 85,892,293 |
| Hiscox Ltd. | | 4,555,872 | 51,937,038 |
| IHS Markit Ltd. | | 1,335,700 | 174,602,704 |
|
| TOTAL BERMUDA | | | 312,432,035 |
|
| Canada - 1.4% | | | |
| Constellation Software, Inc. | | 109,570 | 192,561,130 |
| Topicus.Com, Inc. | | 211,777 | 23,633,259 |
|
| TOTAL CANADA | | | 216,194,389 |
|
| Cayman Islands - 0.6% | | | |
| Parade Technologies Ltd. | | 1,440,000 | 92,311,007 |
| Denmark - 2.0% | | | |
| DSV A/S | | 1,024,431 | 238,078,720 |
| GN Store Nord A/S | | 1,031,300 | 62,583,162 |
|
| TOTAL DENMARK | | | 300,661,882 |
|
| Finland - 0.8% | | | |
| Nordea Bank ABP | | 10,573,900 | 129,354,208 |
| France - 14.9% | | | |
| Air Liquide SA | | 865,500 | 144,502,023 |
| ALTEN | | 787,894 | 126,784,121 |
| Antin Infrastructure Partners SA | | 302,100 | 11,489,588 |
| BNP Paribas SA | | 2,519,500 | 168,648,358 |
| Capgemini SA | | 1,033,262 | 240,442,961 |
| Compagnie de St. Gobain | | 1,621,000 | 111,869,363 |
| Dassault Systemes SA | | 2,866,900 | 167,419,556 |
| Edenred SA | | 2,367,727 | 128,013,813 |
| Legrand SA | | 1,576,200 | 171,947,870 |
| LVMH Moet Hennessy Louis Vuitton SE | | 437,539 | 343,083,809 |
| Pernod Ricard SA | | 673,100 | 154,609,186 |
| Safran SA | | 916,200 | 123,311,168 |
| Teleperformance | | 492,728 | 205,680,238 |
| Total SA | | 4,052,379 | 202,922,739 |
|
| TOTAL FRANCE | | | 2,300,724,793 |
|
| Germany - 6.8% | | | |
| adidas AG | | 393,232 | 128,781,436 |
| Allianz SE | | 759,600 | 176,629,333 |
| Auto1 Group SE (b) | | 158,300 | 6,221,823 |
| Brenntag SE | | 1,048,600 | 99,689,815 |
| Deutsche Borse AG | | 697,402 | 115,769,848 |
| Hannover Reuck SE | | 726,516 | 132,696,695 |
| Merck KGaA | | 711,500 | 167,953,275 |
| SAP SE | | 438,376 | 63,481,744 |
| Siemens Healthineers AG (b) | | 1,847,800 | 122,737,824 |
| SUSE SA (a) | | 796,163 | 34,357,204 |
|
| TOTAL GERMANY | | | 1,048,318,997 |
|
| Hong Kong - 1.5% | | | |
| AIA Group Ltd. | | 20,187,788 | 226,244,765 |
| India - 1.5% | | | |
| HDFC Bank Ltd. | | 4,967,900 | 105,135,663 |
| Reliance Industries Ltd. | | 3,581,000 | 121,170,185 |
| Reliance Industries Ltd. | | 278,686 | 7,073,393 |
|
| TOTAL INDIA | | | 233,379,241 |
|
| Ireland - 2.0% | | | |
| Flutter Entertainment PLC (a) | | 357,602 | 67,512,208 |
| Kingspan Group PLC (Ireland) | | 1,176,400 | 135,502,270 |
| Linde PLC | | 314,900 | 100,516,080 |
|
| TOTAL IRELAND | | | 303,530,558 |
|
| Italy - 2.5% | | | |
| FinecoBank SpA | | 6,203,085 | 118,425,205 |
| GVS SpA (b) | | 887,538 | 13,184,022 |
| Moncler SpA | | 1,492,500 | 107,177,500 |
| Recordati SpA | | 2,449,139 | 153,224,798 |
|
| TOTAL ITALY | | | 392,011,525 |
|
| Japan - 14.1% | | | |
| Advantest Corp. | | 771,200 | 63,229,092 |
| Capcom Co. Ltd. | | 1,363,200 | 36,691,114 |
| FUJIFILM Holdings Corp. | | 1,498,600 | 115,807,943 |
| Hoya Corp. | | 1,553,407 | 228,674,802 |
| Kao Corp. | | 1,315,468 | 74,413,485 |
| Keyence Corp. | | 281,994 | 170,215,748 |
| Misumi Group, Inc. | | 940,737 | 39,345,162 |
| Nitori Holdings Co. Ltd. | | 424,034 | 77,899,502 |
| Olympus Corp. | | 3,902,292 | 84,535,528 |
| Persol Holdings Co. Ltd. | | 3,693,253 | 99,269,684 |
| Recruit Holdings Co. Ltd. | | 3,361,046 | 223,573,481 |
| Relo Group, Inc. | | 2,658,328 | 55,292,849 |
| Shin-Etsu Chemical Co. Ltd. | | 736,400 | 131,324,473 |
| SMC Corp. | | 216,421 | 129,152,528 |
| Sony Group Corp. | | 1,962,000 | 227,192,494 |
| Suzuki Motor Corp. | | 1,535,345 | 68,471,628 |
| TIS, Inc. | | 2,292,300 | 62,448,838 |
| Tokyo Electron Ltd. | | 437,000 | 203,656,458 |
| Tsuruha Holdings, Inc. | | 711,832 | 87,801,065 |
|
| TOTAL JAPAN | | | 2,178,995,874 |
|
| Korea (South) - 0.2% | | | |
| Samsung Electronics Co. Ltd. | | 407,250 | 24,258,362 |
| Netherlands - 9.5% | | | |
| Akzo Nobel NV | | 877,400 | 100,839,161 |
| ASM International NV (Netherlands) | | 303,300 | 137,230,633 |
| ASML Holding NV (Netherlands) | | 607,528 | 493,859,669 |
| Corbion NV | | 33,017 | 1,568,691 |
| Euronext NV (b) | | 920,660 | 103,661,161 |
| IMCD NV | | 1,067,751 | 237,051,187 |
| Koninklijke Philips Electronics NV | | 2,274,623 | 107,305,739 |
| Prosus NV | | 1,154,300 | 101,692,399 |
| Prosus NV rights (a)(c) | | 1,171,500 | 189,596 |
| Wolters Kluwer NV | | 1,793,151 | 187,886,076 |
|
| TOTAL NETHERLANDS | | | 1,471,284,312 |
|
| Norway - 0.7% | | | |
| Equinor ASA | | 400 | 10,121 |
| Schibsted ASA (A Shares) | | 2,199,589 | 113,443,687 |
|
| TOTAL NORWAY | | | 113,453,808 |
|
| Spain - 2.4% | | | |
| Aena SME SA (a)(b) | | 504,000 | 82,775,211 |
| Amadeus IT Holding SA Class A (a) | | 2,114,370 | 141,373,206 |
| Cellnex Telecom SA (b) | | 2,301,425 | 141,482,588 |
|
| TOTAL SPAIN | | | 365,631,005 |
|
| Sweden - 6.4% | | | |
| AddTech AB (B Shares) | | 4,714,819 | 105,408,157 |
| ASSA ABLOY AB (B Shares) | | 4,561,448 | 133,845,051 |
| Atlas Copco AB (A Shares) | | 2,300,700 | 147,825,601 |
| Hexagon AB (B Shares) | | 12,161,716 | 195,727,014 |
| Indutrade AB | | 7,366,075 | 214,343,519 |
| Kry International AB (d) | | 4,451 | 1,840,134 |
| Nordnet AB | | 2,683,840 | 51,454,850 |
| Swedish Match Co. AB | | 14,920,400 | 131,309,249 |
|
| TOTAL SWEDEN | | | 981,753,575 |
|
| Switzerland - 10.7% | | | |
| Julius Baer Group Ltd. | | 2,108,972 | 152,546,362 |
| Lonza Group AG | | 247,215 | 202,664,459 |
| Nestle SA (Reg. S) | | 3,203,701 | 422,591,317 |
| Roche Holding AG (participation certificate) | | 877,412 | 339,904,314 |
| Sika AG | | 589,221 | 199,495,970 |
| Sonova Holding AG | | 423,433 | 174,950,529 |
| Zurich Insurance Group Ltd. | | 358,050 | 158,695,196 |
|
| TOTAL SWITZERLAND | | | 1,650,848,147 |
|
| Taiwan - 0.9% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 6,228,684 | 132,001,341 |
| United Kingdom - 8.5% | | | |
| Beazley PLC (a) | | 10,782,256 | 57,548,620 |
| Bridgepoint Group Holdings Ltd. (b) | | 5,502,031 | 37,347,830 |
| Compass Group PLC (a) | | 7,629,687 | 161,906,783 |
| Cranswick PLC | | 248,128 | 11,749,315 |
| Dechra Pharmaceuticals PLC | | 1,368,763 | 95,908,894 |
| Diageo PLC | | 4,727,747 | 235,213,397 |
| Diploma PLC | | 1,539,631 | 63,296,142 |
| Dr. Martens Ltd. (a) | | 1,251,700 | 6,317,596 |
| Future PLC | | 608,400 | 29,375,039 |
| London Stock Exchange Group PLC | | 885,654 | 86,212,854 |
| RELX PLC (London Stock Exchange) | | 6,155,455 | 190,720,444 |
| Rentokil Initial PLC | | 19,433,022 | 156,485,346 |
| Smith & Nephew PLC | | 4,352,000 | 75,159,362 |
| St. James's Place Capital PLC | | 4,817,000 | 104,125,462 |
|
| TOTAL UNITED KINGDOM | | | 1,311,367,084 |
|
| United States of America - 5.8% | | | |
| Ares Management Corp. | | 1,456,300 | 123,406,862 |
| Boston Scientific Corp. (a) | | 1,610,346 | 69,454,223 |
| CBRE Group, Inc. (a) | | 922,200 | 95,982,576 |
| Equifax, Inc. | | 341,800 | 94,825,574 |
| Intercontinental Exchange, Inc. | | 873,000 | 120,875,580 |
| Marsh & McLennan Companies, Inc. | | 970,828 | 161,934,110 |
| Moody's Corp. | | 242,600 | 98,046,790 |
| Roper Technologies, Inc. | | 268,736 | 131,108,232 |
|
| TOTAL UNITED STATES OF AMERICA | | | 895,633,947 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $10,501,963,622) | | | 15,086,102,497 |
|
| Nonconvertible Preferred Stocks - 0.1% | | | |
| Sweden - 0.1% | | | |
| Kry International AB Series E (d) | | | |
| (Cost $11,754,376) | | 25,711 | 11,189,113 |
|
| Money Market Funds - 2.2% | | | |
| Fidelity Cash Central Fund 0.06% (e) | | | |
| (Cost $344,150,559) | | 344,081,742 | 344,150,559 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $10,857,868,557) | | | 15,441,442,169 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (22,242,294) |
| NET ASSETS - 100% | | | $15,419,199,875 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $507,410,459 or 3.3% of net assets.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $60,601,341 | $3,531,687,111 | $3,248,138,368 | $93,036 | $475 | $-- | $344,150,559 | 0.6% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 846,845,805 | 846,845,805 | 431,848 | -- | -- | -- | 0.0% |
| Total | $60,601,341 | $4,378,532,916 | $4,094,984,173 | $524,884 | $475 | $-- | $344,150,559 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $320,992,428 | $284,301,314 | $36,691,114 | $-- |
| Consumer Discretionary | 1,296,446,774 | 417,702,962 | 878,743,812 | -- |
| Consumer Staples | 1,117,687,014 | 297,667,750 | 820,019,264 | -- |
| Energy | 331,176,438 | 128,253,699 | 202,922,739 | -- |
| Financials | 2,712,958,491 | 1,815,475,293 | 897,483,198 | -- |
| Health Care | 1,898,240,931 | 1,062,661,186 | 835,579,745 | -- |
| Industrials | 3,656,591,154 | 2,541,501,636 | 1,115,089,518 | -- |
| Information Technology | 2,907,734,639 | 1,202,599,627 | 1,692,105,765 | 13,029,247 |
| Materials | 704,188,316 | 428,361,820 | 275,826,496 | -- |
| Real Estate | 151,275,425 | 95,982,576 | 55,292,849 | -- |
| Money Market Funds | 344,150,559 | 344,150,559 | -- | -- |
| Total Investments in Securities: | $15,441,442,169 | $8,618,658,422 | $6,809,754,500 | $13,029,247 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $10,513,717,998) | $15,097,291,610 | |
| Fidelity Central Funds (cost $344,150,559) | 344,150,559 | |
| Total Investment in Securities (cost $10,857,868,557) | | $15,441,442,169 |
| Foreign currency held at value (cost $945,059) | | 938,089 |
| Receivable for investments sold | | 295,971,613 |
| Receivable for fund shares sold | | 413,079 |
| Dividends receivable | | 10,624,206 |
| Reclaims receivable | | 17,994,258 |
| Distributions receivable from Fidelity Central Funds | | 32,218 |
| Total assets | | 15,767,415,632 |
| Liabilities | | |
| Payable for investments purchased | | |
| Regular delivery | $102,809,865 | |
| Delayed delivery | 189,596 | |
| Payable for fund shares redeemed | 232,478,170 | |
| Other payables and accrued expenses | 12,738,126 | |
| Total liabilities | | 348,215,757 |
| Net Assets | | $15,419,199,875 |
| Net Assets consist of: | | |
| Paid in capital | | $10,430,059,337 |
| Total accumulated earnings (loss) | | 4,989,140,538 |
| Net Assets | | $15,419,199,875 |
| Net Asset Value, offering price and redemption price per share ($15,419,199,875 ÷ 1,057,206,661 shares) | | $14.58 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $202,689,882 |
| Non-Cash dividends | | 9,275,272 |
| Income from Fidelity Central Funds (including $431,848 from security lending) | | 524,884 |
| Income before foreign taxes withheld | | 212,490,038 |
| Less foreign taxes withheld | | (28,075,720) |
| Total income | | 184,414,318 |
| Expenses | | |
| Custodian fees and expenses | $1,049,466 | |
| Independent trustees' fees and expenses | 54,684 | |
| Interest | 9,758 | |
| Total expenses | | 1,113,908 |
| Net investment income (loss) | | 183,300,410 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $942,020) | 622,624,806 | |
| Fidelity Central Funds | 475 | |
| Foreign currency transactions | 270,927 | |
| Total net realized gain (loss) | | 622,896,208 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,840,486) | 3,620,492,286 | |
| Assets and liabilities in foreign currencies | (583,669) | |
| Total change in net unrealized appreciation (depreciation) | | 3,619,908,617 |
| Net gain (loss) | | 4,242,804,825 |
| Net increase (decrease) in net assets resulting from operations | | $4,426,105,235 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | Year ended October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $183,300,410 | $142,986,794 |
| Net realized gain (loss) | 622,896,208 | (356,863,971) |
| Change in net unrealized appreciation (depreciation) | 3,619,908,617 | 772,138,201 |
| Net increase (decrease) in net assets resulting from operations | 4,426,105,235 | 558,261,024 |
| Distributions to shareholders | (148,790,299) | (30,070,456) |
| Share transactions | | |
| Proceeds from sales of shares | 2,149,702,200 | 7,066,900,589 |
| Reinvestment of distributions | 148,790,299 | 30,070,456 |
| Cost of shares redeemed | (2,664,983,793) | (2,343,591,546) |
| Net increase (decrease) in net assets resulting from share transactions | (366,491,294) | 4,753,379,499 |
| Total increase (decrease) in net assets | 3,910,823,642 | 5,281,570,067 |
| Net Assets | | |
| Beginning of period | 11,508,376,233 | 6,226,806,166 |
| End of period | $15,419,199,875 | $11,508,376,233 |
| Other Information | | |
| Shares | | |
| Sold | 162,065,989 | 695,966,665 |
| Issued in reinvestment of distributions | 12,451,071 | 2,847,581 |
| Redeemed | (201,460,713) | (225,265,842) |
| Net increase (decrease) | (26,943,653) | 473,548,404 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Overseas Fund
| | | | |
| Years ended October 31, | 2021 | 2020 | 2019 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.62 | $10.20 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .17 | .14 | .06C |
| Net realized and unrealized gain (loss) | 3.93 | .32 | .14 |
| Total from investment operations | 4.10 | .46 | .20 |
| Distributions from net investment income | (.14) | (.04) | – |
| Total distributions | (.14) | (.04) | – |
| Net asset value, end of period | $14.58 | $10.62 | $10.20 |
| Total ReturnD | 38.89% | 4.51% | 2.00% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .01% | .01% | .01%G |
| Expenses net of fee waivers, if any | .01% | .01% | .01%G |
| Expenses net of all reductions | .01% | .01% | .01%G |
| Net investment income (loss) | 1.29% | 1.35% | 1.69%C,G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $15,419,200 | $11,508,376 | $6,226,806 |
| Portfolio turnover rateH | 33% | 50% | 12%I,J |
A For the period June 21, 2019 (commencement of operations) through October 31, 2019.
B Calculated based on average shares outstanding during the period.
C Net investment income 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%.
D Total returns for periods of less than one year are not annualized.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Portfolio turnover rate excludes securities received or delivered in-kind.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
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 and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005%. |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $4,789,091,319 |
| Gross unrealized depreciation | (221,501,695) |
| Net unrealized appreciation (depreciation) | $4,567,589,624 |
| Tax Cost | $10,873,852,545 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $165,467,079 |
| Undistributed long-term capital gain | $268,396,168 |
| Net unrealized appreciation (depreciation) on securities and other investments | $4,567,478,849 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $148,790,299 | $ 30,070,456 |
| Total | $148,790,299 | $ 30,070,456 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Overseas Fund | 4,548,274,086 | 5,055,503,002 |
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 | $7,165 |
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 | $32,831,471 | .31% | $9,758 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Overseas Fund | 276,075,694 | 263,879,944 | 35,993,656 |
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 | $40,799 | $– | $– |
8. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series Overseas Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Overseas Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from June 21, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from June 21, 2019 (commencement of operations) through October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Series Overseas Fund | .01% | | | |
| Actual | | $1,000.00 | $1,106.20 | $.05 |
| Hypothetical-C | | $1,000.00 | $1,025.16 | $.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Series Overseas Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $0.248 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.172 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $268,396,168, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 4% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 84% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Overseas Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 29, 2024.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
SOV-ANN-1221
1.9894003.102
Fidelity® Infrastructure Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® Infrastructure Fund | 21.96% | 13.12% |
A From November 5, 2019
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Infrastructure Fund on November 5, 2019, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
| Period Ending Values |
| $12,780 | Fidelity® Infrastructure Fund |
| $14,305 | MSCI ACWI (All Country World Index) Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) Index gained 37.70% for the 12 months ending October 31, 2021, with global equities rising amid improved global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. The period began with a shift in momentum. In November 2020, global stocks shrugged off a two-month retreat by gaining roughly 12%. As 2021 began, the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative and the index returned -4.10% for the month, due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. The index rebounded in October (+5.12%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, whereas emerging markets (+17%) lagged the most. Looking at sectors, energy (+87%) was the top performer by a wide margin, followed by financials (+60%). In contrast, notable “laggards” included the utilities (+14%) and consumer staples (+18%) sectors.
Comments from Portfolio Manager Pranay Kirpalani: For the fiscal year ending October 31, 2021, the fund gained 21.96%, underperforming the 28.88% gain of the S&P Global Infrastructure Index, as well as the broad-based MSCI All Country World Index (Net MA). From a regional standpoint, an overweighting and stock picks in Europe and security selection in emerging markets detracted from the fund's relative result, whereas stock picks in Asia Pacific ex Japan contributed. Positioning among several segments detracted from the fund’s performance versus the benchmark, especially underweighting energy and transportation stocks and our non-benchmark positioning in real estate. Conversely, underweighting utilities stocks and our picks among providers of commercial & professional services added value versus the benchmark. Looking at individual stocks, underweighting midstream energy company ONEOK (+136%), a position we established this period, hurt more than any other fund holding the past 12 months. The fund's non-benchmark stake in Cellnex Telecom, one of our biggest holdings as of October 31, gained just 2% and detracted as well. The fund's top individual relative contributor was an outsized stake in Cheniere Energy, which gained 116% the past 12 months. This company was among the fund’s largest holdings at period end. The fund's non-benchmark stake in GFL Environmental also contributed. We added to our stake in GFL Environmental the past year. Notable changes in positioning by period end included increased exposure to energy firms and a lower allocation to electric utilities.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2021
| | % of fund's net assets |
| Aena SME SA | 7.1 |
| NextEra Energy, Inc. | 6.4 |
| Enbridge, Inc. | 5.3 |
| Cheniere Energy, Inc. | 5.0 |
| The Williams Companies, Inc. | 4.6 |
| | 28.4 |
Top Five Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Industrials | 42.2 |
| Energy | 22.8 |
| Utilities | 14.4 |
| Real Estate | 9.4 |
| Communication Services | 5.4 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2021* |
| | Stocks | 94.2% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 5.8% |
* Foreign investments - 57.1%
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 94.2% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 5.4% | | | |
| Diversified Telecommunication Services - 5.4% | | | |
| Cellnex Telecom SA (a) | | 27,289 | $1,677,621 |
| Helios Towers PLC (b) | | 377,897 | 798,512 |
| | | | 2,476,133 |
| ENERGY - 22.8% | | | |
| Oil, Gas & Consumable Fuels - 22.8% | | | |
| Cheniere Energy, Inc. | | 22,094 | 2,284,520 |
| DT Midstream, Inc. | | 7,700 | 369,292 |
| Enbridge, Inc. | | 58,144 | 2,435,508 |
| Enterprise Products Partners LP | | 22,924 | 519,916 |
| Equitrans Midstream Corp. | | 33,600 | 346,416 |
| ONEOK, Inc. | | 14,300 | 909,766 |
| Targa Resources Corp. | | 27,900 | 1,525,293 |
| The Williams Companies, Inc. | | 76,054 | 2,136,357 |
| | | | 10,527,068 |
| INDUSTRIALS - 42.2% | | | |
| Commercial Services & Supplies - 5.3% | | | |
| GFL Environmental, Inc. (c) | | 35,584 | 1,464,282 |
| Waste Connections, Inc. (United States) | | 7,350 | 999,674 |
| | | | 2,463,956 |
| Construction & Engineering - 4.9% | | | |
| Ferrovial SA | | 48,531 | 1,529,336 |
| VINCI SA | | 6,820 | 728,238 |
| | | | 2,257,574 |
| Transportation Infrastructure - 32.0% | | | |
| Aena SME SA (a)(b) | | 19,988 | 3,282,760 |
| Aeroports de Paris SA (b) | | 11,547 | 1,533,723 |
| Atlantia SpA (b) | | 90,778 | 1,753,012 |
| Auckland International Airport Ltd. (b) | | 264,581 | 1,514,894 |
| Flughafen Zuerich AG (b) | | 8,090 | 1,457,896 |
| Fraport AG Frankfurt Airport Services Worldwide (b) | | 13,828 | 986,285 |
| Getlink SE | | 98,115 | 1,506,797 |
| Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR | | 7,400 | 934,472 |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | | 5,458 | 1,100,606 |
| Grupo Aeroportuario Norte S.A.B. de CV ADR (b)(c) | | 13,613 | 658,733 |
| | | | 14,729,178 |
|
| TOTAL INDUSTRIALS | | | 19,450,708 |
|
| REAL ESTATE - 9.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 9.4% | | | |
| American Tower Corp. | | 3,235 | 912,173 |
| CoreSite Realty Corp. | | 1,632 | 232,495 |
| Crown Castle International Corp. | | 1,924 | 346,897 |
| Digital Realty Trust, Inc. | | 3,080 | 486,055 |
| Equinix, Inc. | | 706 | 590,971 |
| Prologis (REIT), Inc. | | 5,119 | 742,050 |
| SBA Communications Corp. Class A | | 1,206 | 416,468 |
| Warehouses de Pauw | | 13,113 | 597,250 |
| | | | 4,324,359 |
| UTILITIES - 14.4% | | | |
| Electric Utilities - 9.3% | | | |
| Energias de Portugal SA | | 40,700 | 229,788 |
| NextEra Energy, Inc. | | 34,597 | 2,952,162 |
| ORSTED A/S (a) | | 5,567 | 785,522 |
| SSE PLC | | 14,167 | 319,035 |
| | | | 4,286,507 |
| Independent Power and Renewable Electricity Producers - 2.2% | | | |
| NextEra Energy Partners LP | | 6,794 | 586,322 |
| The AES Corp. | | 17,690 | 444,550 |
| | | | 1,030,872 |
| Multi-Utilities - 2.9% | | | |
| Dominion Energy, Inc. | | 17,228 | 1,308,122 |
|
| TOTAL UTILITIES | | | 6,625,501 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $37,804,864) | | | 43,403,769 |
|
| Money Market Funds - 7.8% | | | |
| Fidelity Cash Central Fund 0.06% (d) | | 2,707,410 | 2,707,951 |
| Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) | | 870,713 | 870,800 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $3,578,751) | | | 3,578,751 |
| TOTAL INVESTMENT IN SECURITIES - 102.0% | | | |
| (Cost $41,383,615) | | | 46,982,520 |
| NET OTHER ASSETS (LIABILITIES) - (2.0)% | | | (936,280) |
| NET ASSETS - 100% | | | $46,046,240 |
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 $5,745,903 or 12.5% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $690,924 | $31,270,697 | $29,253,699 | $1,193 | $29 | $-- | $2,707,951 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 0.06% | -- | 4,282,743 | 3,411,943 | 344 | -- | -- | 870,800 | 0.0% |
| Total | $690,924 | $35,553,440 | $32,665,642 | $1,537 | $29 | $-- | $3,578,751 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $2,476,133 | $2,476,133 | $-- | $-- |
| Energy | 10,527,068 | 10,527,068 | -- | -- |
| Industrials | 19,450,708 | 16,167,948 | 3,282,760 | -- |
| Real Estate | 4,324,359 | 4,324,359 | -- | -- |
| Utilities | 6,625,501 | 6,306,466 | 319,035 | -- |
| Money Market Funds | 3,578,751 | 3,578,751 | -- | -- |
| Total Investments in Securities: | $46,982,520 | $43,380,725 | $3,601,795 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 42.9% |
| Spain | 14.1% |
| Canada | 10.6% |
| France | 8.2% |
| Mexico | 5.8% |
| Italy | 3.8% |
| New Zealand | 3.3% |
| Switzerland | 3.2% |
| United Kingdom | 2.4% |
| Germany | 2.2% |
| Denmark | 1.7% |
| Belgium | 1.3% |
| Others (Individually Less Than 1%) | 0.5% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value (including securities loaned of $858,092) — See accompanying schedule:
Unaffiliated issuers (cost $37,804,864) | $43,403,769 | |
| Fidelity Central Funds (cost $3,578,751) | 3,578,751 | |
| Total Investment in Securities (cost $41,383,615) | | $46,982,520 |
| Receivable for investments sold | | 1,159 |
| Receivable for fund shares sold | | 225,861 |
| Dividends receivable | | 36,363 |
| Distributions receivable from Fidelity Central Funds | | 169 |
| Prepaid expenses | | 59 |
| Receivable from investment adviser for expense reductions | | 18,196 |
| Other receivables | | 838 |
| Total assets | | 47,265,165 |
| Liabilities | | |
| Payable for investments purchased | $228,757 | |
| Payable for fund shares redeemed | 42,813 | |
| Accrued management fee | 25,341 | |
| Other affiliated payables | 10,987 | |
| Other payables and accrued expenses | 40,227 | |
| Collateral on securities loaned | 870,800 | |
| Total liabilities | | 1,218,925 |
| Net Assets | | $46,046,240 |
| Net Assets consist of: | | |
| Paid in capital | | $41,821,599 |
| Total accumulated earnings (loss) | | 4,224,641 |
| Net Assets | | $46,046,240 |
| Net Asset Value, offering price and redemption price per share ($46,046,240 ÷ 3,646,580 shares) | | $12.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $576,060 |
| Non-Cash dividends | | 69,807 |
| Income from Fidelity Central Funds (including $344 from security lending) | | 1,537 |
| Income before foreign taxes withheld | | 647,404 |
| Less foreign taxes withheld | | (48,215) |
| Total income | | 599,189 |
| Expenses | | |
| Management fee | $250,890 | |
| Transfer agent fees | 93,428 | |
| Accounting fees | 14,446 | |
| Custodian fees and expenses | 10,830 | |
| Independent trustees' fees and expenses | 124 | |
| Registration fees | 28,759 | |
| Audit | 61,935 | |
| Legal | 35 | |
| Miscellaneous | 201 | |
| Total expenses before reductions | 460,648 | |
| Expense reductions | (89,498) | |
| Total expenses after reductions | | 371,150 |
| Net investment income (loss) | | 228,039 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (634,048) | |
| Fidelity Central Funds | 29 | |
| Foreign currency transactions | (8,065) | |
| Total net realized gain (loss) | | (642,084) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 5,174,858 | |
| Assets and liabilities in foreign currencies | (287) | |
| Total change in net unrealized appreciation (depreciation) | | 5,174,571 |
| Net gain (loss) | | 4,532,487 |
| Net increase (decrease) in net assets resulting from operations | | $4,760,526 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | For the period
November 5, 2019 (commencement of operations) through October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $228,039 | $149,640 |
| Net realized gain (loss) | (642,084) | (920,854) |
| Change in net unrealized appreciation (depreciation) | 5,174,571 | 424,186 |
| Net increase (decrease) in net assets resulting from operations | 4,760,526 | (347,028) |
| Distributions to shareholders | (149,403) | (9,940) |
| Share transactions | | |
| Proceeds from sales of shares | 55,669,179 | 20,982,960 |
| Reinvestment of distributions | 140,331 | 9,617 |
| Cost of shares redeemed | (27,136,405) | (7,873,597) |
| Net increase (decrease) in net assets resulting from share transactions | 28,673,105 | 13,118,980 |
| Total increase (decrease) in net assets | 33,284,228 | 12,762,012 |
| Net Assets | | |
| Beginning of period | 12,762,012 | – |
| End of period | $46,046,240 | $12,762,012 |
| Other Information | | |
| Shares | | |
| Sold | 4,660,061 | 2,024,005 |
| Issued in reinvestment of distributions | 12,118 | 941 |
| Redeemed | (2,248,442) | (802,103) |
| Net increase (decrease) | 2,423,737 | 1,222,843 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Infrastructure Fund
| | | |
| Years ended October 31, | 2021 | 2020 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.44 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .07 | .17 |
| Net realized and unrealized gain (loss) | 2.21 | .31C |
| Total from investment operations | 2.28 | .48 |
| Distributions from net investment income | (.09) | (.04) |
| Total distributions | (.09) | (.04) |
| Net asset value, end of period | $12.63 | $10.44 |
| Total ReturnD,E | 21.96% | 4.79% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | 1.24% | 2.24%H |
| Expenses net of fee waivers, if any | 1.00% | 1.00%H |
| Expenses net of all reductions | 1.00% | .98%H |
| Net investment income (loss) | .61% | 1.67%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $46,046 | $12,762 |
| Portfolio turnover rateI | 46% | 50%H |
A For the period November 5, 2019 (commencement of operations) through October 31, 2020.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Infrastructure Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $6,121,293 |
| Gross unrealized depreciation | (552,224) |
| Net unrealized appreciation (depreciation) | $5,569,069 |
| Tax Cost | $41,413,451 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $193,177 |
| Capital loss carryforward | $(1,500,853) |
| Net unrealized appreciation (depreciation) on securities and other investments | $5,532,316 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |
| Short-term | $(1,500,853) |
| Total capital loss carryforward | $(1,500,853) |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020(a) |
| Ordinary Income | $149,403 | $ 9,940 |
(a) For the period November 5, 2019 (commencement of operations) through October 31, 2020.
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 | 42,933,339 | 15,923,540 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .25% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity 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 | $384 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Infrastructure Fund | 349,362 | 36,018 | (6,024) |
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 | $61 |
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 | $30 | $– | $– |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.00% of average net assets. This reimbursement will remain in place through February 28, 2022. 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 $88,865.
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 $6.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $627.
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Infrastructure Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Infrastructure Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2021 and for the period November 5, 2019 (commencement of operations) through October 31, 2020, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year ended October 31, 2021, and the changes in its net assets and financial highlights for the year ended October 31, 2021 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Infrastructure Fund | 1.00% | | | |
| Actual | | $1,000.00 | $1,036.10 | $5.13 |
| Hypothetical-C | | $1,000.00 | $1,020.16 | $5.09 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The fund designates 30% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 100% of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.0936 and $.0109 for the dividend paid December 14, 2020.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Infrastructure Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity Infrastructure Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratio of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the fund's total expense ratio ranked equal to the SLTG competitive median and below the ASPG competitive median for the period ended September 30, 2020.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (with certain exceptions), as a percentage of its average net assets, exceed 1.00% through February 28, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the Fidelity funds and servicing the Fidelity funds' shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the Fidelity funds. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the Fidelity funds, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
ISF-ANN-1221
1.9896235.101
Fidelity® Enduring Opportunities Fund
Annual Report
October 31, 2021
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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended October 31, 2021 | Past 1 year | Life of fundA |
| Fidelity® Enduring Opportunities Fund | 40.13% | 29.44% |
A From November 5, 2019
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Enduring Opportunities Fund on November 5, 2019, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
| Period Ending Values |
| $16,706 | Fidelity® Enduring Opportunities Fund |
| $14,305 | MSCI ACWI (All Country World Index) Index |
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) Index gained 37.70% for the 12 months ending October 31, 2021, with global equities rising amid improved global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. The period began with a shift in momentum. In November 2020, global stocks shrugged off a two-month retreat by gaining roughly 12%. As 2021 began, the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative and the index returned -4.10% for the month, due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. The index rebounded in October (+5.12%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, whereas emerging markets (+17%) lagged the most. Looking at sectors, energy (+87%) was the top performer by a wide margin, followed by financials (+60%). In contrast, notable “laggards” included the utilities (+14%) and consumer staples (+18%) sectors.
Comments from Co-Managers Niamh Brodie-Machura, Camille Carlstrom, and Tim Codrington: For the fiscal year ending October 31, 2021, the fund gained 40.13%, outperforming the 37.70% result of the benchmark, the MSCI All Country World Index (Net MA). From a regional standpoint, stock choices in the U.S. and Europe ex U.K. contributed to the fund's relative result. Security selection added value overall, especially picks in the information technology, industrials and communication services sectors. Looking at individual stocks, owning a non-benchmark stake in Taiwan-based logic non-volatile memory company eMemory Technology (+279%) added more value than any other fund position. This company generated strong recurring revenue for the period. It also helped to own mobile advertising software company Digital Turbine (+144%), which reported a series of healthy quarterly revenue gains. We sold Digital Turbine from the fund in October. In contrast, stock picks in the U.K. and an overweighting and security selection in Japan slightly hurt the fund's relative result. By sector, underweighting energy and financials detracted on a relative basis, as did an overweighting in consumer discretionary. Not owning graphics chipmaker Nvidia, a benchmark component that gained 104%, hurt the fund’s relative performance. Underweighting electric vehicle maker Tesla, on average, which gained 187% for the 12 months, also detracted versus the benchmark. Notable changes in fund positioning for the 12 months included increased stakes in the consumer discretionary and information technology sectors and a decreased weighting in consumer staples.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five Stocks as of October 31, 2021
| | % of fund's net assets |
| Microsoft Corp. | 3.6 |
| Amazon.com, Inc. | 2.4 |
| Tesla, Inc. | 1.6 |
| Alphabet, Inc. Class A | 1.4 |
| Alphabet, Inc. Class C | 1.4 |
| | 10.4 |
Top Five Market Sectors as of October 31, 2021
| | % of fund's net assets |
| Information Technology | 22.7 |
| Consumer Discretionary | 19.5 |
| Industrials | 14.7 |
| Financials | 10.7 |
| Communication Services | 9.0 |
Asset Allocation (% of fund's net assets)
| As of October 31, 2021 * |
| | Stocks | 99.3% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 0.7% |
* Foreign investments - 40.8%
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
| Common Stocks - 99.1% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 9.0% | | | |
| Diversified Telecommunication Services - 0.2% | | | |
| Elisa Corp. (A Shares) | | 527 | $31,789 |
| Entertainment - 2.0% | | | |
| Live Nation Entertainment, Inc. (a) | | 656 | 66,354 |
| Netflix, Inc. (a) | | 217 | 149,797 |
| Sea Ltd. ADR (a) | | 143 | 49,131 |
| The Walt Disney Co. (a) | | 794 | 134,242 |
| Universal Music Group NV | | 1,290 | 37,452 |
| | | | 436,976 |
| Interactive Media & Services - 6.2% | | | |
| Adevinta ASA Class B (a) | | 1,686 | 27,751 |
| Alphabet, Inc.: | | | |
| Class A (a) | | 102 | 302,014 |
| Class C (a) | | 100 | 296,541 |
| Hemnet Group AB (a) | | 1,471 | 29,435 |
| Kakao Corp. | | 472 | 50,520 |
| Match Group, Inc. (a) | | 469 | 70,716 |
| Meta Platforms, Inc. Class A (a) | | 845 | 273,417 |
| NAVER Corp. | | 121 | 41,854 |
| Rightmove PLC | | 2,609 | 24,687 |
| Tencent Holdings Ltd. | | 2,181 | 132,670 |
| Yandex NV Series A (a) | | 472 | 39,100 |
| Z Holdings Corp. | | 6,321 | 39,241 |
| | | | 1,327,946 |
| Media - 0.6% | | | |
| Cable One, Inc. | | 24 | 41,069 |
| Schibsted ASA (A Shares) | | 627 | 32,337 |
| The New York Times Co. Class A | | 1,023 | 55,846 |
| | | | 129,252 |
|
| TOTAL COMMUNICATION SERVICES | | | 1,925,963 |
|
| CONSUMER DISCRETIONARY - 19.5% | | | |
| Auto Components - 0.6% | | | |
| Aptiv PLC (a) | | 449 | 77,628 |
| DENSO Corp. | | 712 | 51,617 |
| | | | 129,245 |
| Automobiles - 2.4% | | | |
| Ferrari NV | | 178 | 42,182 |
| Maruti Suzuki India Ltd. | | 370 | 36,935 |
| Tesla, Inc. (a) | | 308 | 343,112 |
| Toyota Motor Corp. | | 5,608 | 98,948 |
| | | | 521,177 |
| Diversified Consumer Services - 0.3% | | | |
| Arco Platform Ltd. Class A (a) | | 1,098 | 18,721 |
| Grand Canyon Education, Inc. (a) | | 526 | 41,922 |
| | | | 60,643 |
| Hotels, Restaurants & Leisure - 3.9% | | | |
| Airbnb, Inc. Class A | | 342 | 58,366 |
| Burger King India Ltd. | | 14,645 | 29,825 |
| Churchill Downs, Inc. | | 284 | 65,320 |
| Compass Group PLC (a) | | 2,092 | 44,394 |
| Domino's Pizza, Inc. | | 123 | 60,143 |
| Evolution AB (b) | | 222 | 35,911 |
| Hilton Worldwide Holdings, Inc. (a) | | 533 | 76,725 |
| Jollibee Food Corp. | | 8,947 | 41,662 |
| Jubilant Foodworks Ltd. | | 612 | 30,123 |
| Marriott International, Inc. Class A (a) | | 471 | 75,369 |
| Oriental Land Co. Ltd. | | 237 | 37,432 |
| PointsBet Holdings Ltd. (a) | | 4,078 | 25,308 |
| Starbucks Corp. | | 799 | 84,750 |
| Vail Resorts, Inc. | | 167 | 57,567 |
| Wingstop, Inc. | | 326 | 56,225 |
| Yum! Brands, Inc. | | 489 | 61,096 |
| | | | 840,216 |
| Household Durables - 0.4% | | | |
| Maytronics Ltd. | | 1,407 | 33,197 |
| NVR, Inc. (a) | | 11 | 53,843 |
| | | | 87,040 |
| Internet & Direct Marketing Retail - 4.9% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 706 | 116,448 |
| Amazon.com, Inc. (a) | | 154 | 519,354 |
| Deliveroo PLC Class A (a)(b) | | 7,655 | 28,317 |
| Delivery Hero AG (a)(b) | | 286 | 35,558 |
| Doordash, Inc. | | 321 | 62,531 |
| Meituan Class B (a)(b) | | 2,678 | 91,129 |
| MercadoLibre, Inc. (a) | | 37 | 54,798 |
| Prosus NV | | 683 | 59,701 |
| Wayfair LLC Class A (a) | | 233 | 58,040 |
| Zomato Ltd. (a) | | 17,301 | 30,364 |
| | | | 1,056,240 |
| Leisure Products - 0.2% | | | |
| Roland Corp. | | 825 | 33,920 |
| Multiline Retail - 0.5% | | | |
| B&M European Value Retail SA | | 5,153 | 44,654 |
| Dollarama, Inc. | | 746 | 33,719 |
| Next PLC | | 328 | 35,758 |
| | | | 114,131 |
| Specialty Retail - 3.9% | | | |
| Carvana Co. Class A (a) | | 218 | 66,093 |
| Fast Retailing Co. Ltd. | | 55 | 36,510 |
| Five Below, Inc. (a) | | 295 | 58,204 |
| Floor & Decor Holdings, Inc. Class A (a) | | 546 | 74,212 |
| JD Sports Fashion PLC | | 2,418 | 36,004 |
| Lowe's Companies, Inc. | | 461 | 107,791 |
| National Vision Holdings, Inc. (a) | | 912 | 56,216 |
| Nitori Holdings Co. Ltd. | | 238 | 43,723 |
| The Home Depot, Inc. | | 480 | 178,435 |
| TJX Companies, Inc. | | 960 | 62,870 |
| Ulta Beauty, Inc. (a) | | 173 | 63,553 |
| WH Smith PLC (a) | | 1,394 | 29,799 |
| Workman Co. Ltd. | | 394 | 20,949 |
| | | | 834,359 |
| Textiles, Apparel & Luxury Goods - 2.4% | | | |
| adidas AG | | 130 | 42,574 |
| Hermes International SCA | | 29 | 45,945 |
| lululemon athletica, Inc. (a) | | 156 | 72,698 |
| LVMH Moet Hennessy Louis Vuitton SE | | 126 | 98,799 |
| Moncler SpA | | 697 | 50,052 |
| NIKE, Inc. Class B | | 732 | 122,456 |
| PVH Corp. | | 442 | 48,324 |
| Shenzhou International Group Holdings Ltd. | | 1,932 | 41,623 |
| | | | 522,471 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 4,199,442 |
|
| CONSUMER STAPLES - 5.2% | | | |
| Beverages - 1.2% | | | |
| Ambev SA | | 11,986 | 36,082 |
| China Resources Beer Holdings Co. Ltd. | | 4,060 | 33,657 |
| Davide Campari Milano NV | | 3,170 | 45,000 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 135 | 38,484 |
| Monster Beverage Corp. (a) | | 607 | 51,595 |
| Pernod Ricard SA | | 211 | 48,466 |
| | | | 253,284 |
| Food & Staples Retailing - 2.5% | | | |
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | | 992 | 37,208 |
| Avenue Supermarts Ltd. (a)(b) | | 594 | 36,735 |
| Casey's General Stores, Inc. | | 234 | 44,820 |
| Clicks Group Ltd. | | 1,946 | 35,524 |
| Cosmos Pharmaceutical Corp. | | 183 | 27,966 |
| Costco Wholesale Corp. | | 245 | 120,427 |
| Ocado Group PLC (a) | | 1,349 | 33,287 |
| Wal-Mart de Mexico SA de CV Series V | | 11,892 | 41,479 |
| Walmart, Inc. | | 850 | 127,007 |
| Welcia Holdings Co. Ltd. | | 941 | 35,129 |
| | | | 539,582 |
| Food Products - 0.5% | | | |
| Barry Callebaut AG | | 13 | 30,072 |
| Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | | 2,392 | 43,697 |
| Vietnam Dairy Products Corp. | | 8,104 | 32,307 |
| | | | 106,076 |
| Household Products - 0.3% | | | |
| Hindustan Unilever Ltd. | | 1,106 | 35,312 |
| Unicharm Corp. | | 828 | 33,487 |
| | | | 68,799 |
| Personal Products - 0.7% | | | |
| Kao Corp. | | 658 | 37,222 |
| L'Oreal SA | | 138 | 63,129 |
| Shiseido Co. Ltd. | | 604 | 40,303 |
| | | | 140,654 |
|
| TOTAL CONSUMER STAPLES | | | 1,108,395 |
|
| ENERGY - 1.3% | | | |
| Oil, Gas & Consumable Fuels - 1.3% | | | |
| Cheniere Energy, Inc. | | 770 | 79,618 |
| Hess Corp. | | 877 | 72,414 |
| Parkland Corp. | | 979 | 28,486 |
| PrairieSky Royalty Ltd. | | 3,064 | 37,706 |
| Reliance Industries Ltd. | | 1,962 | 66,388 |
| | | | 284,612 |
| FINANCIALS - 10.7% | | | |
| Banks - 3.9% | | | |
| Bank of America Corp. | | 3,450 | 164,841 |
| Credicorp Ltd. (United States) | | 340 | 44,084 |
| FinecoBank SpA | | 1,942 | 37,075 |
| First Republic Bank | | 375 | 81,124 |
| HDFC Bank Ltd. | | 1,632 | 34,538 |
| JPMorgan Chase & Co. | | 1,272 | 216,100 |
| KBC Groep NV | | 510 | 47,495 |
| PNC Financial Services Group, Inc. | | 396 | 83,568 |
| PT Bank Central Asia Tbk | | 93,809 | 49,495 |
| SVB Financial Group (a) | | 114 | 81,784 |
| | | | 840,104 |
| Capital Markets - 4.7% | | | |
| Amundi SA (b) | | 348 | 30,996 |
| Avanza Bank Holding AB | | 836 | 33,185 |
| Bolsa Mexicana de Valores S.A.B. de CV | | 15,648 | 29,977 |
| Brookfield Asset Management, Inc. (Canada) Class A | | 1,106 | 66,775 |
| Charles Schwab Corp. | | 1,308 | 107,295 |
| CME Group, Inc. | | 328 | 72,340 |
| HDFC Asset Management Co. Ltd. (b) | | 855 | 30,196 |
| Houlihan Lokey | | 645 | 72,292 |
| HUB24 Ltd. | | 1,366 | 32,554 |
| Moody's Corp. | | 196 | 79,213 |
| Morningstar, Inc. | | 250 | 79,188 |
| MSCI, Inc. | | 122 | 81,115 |
| Netwealth Group Ltd. | | 2,295 | 29,867 |
| Partners Group Holding AG | | 21 | 36,640 |
| Raymond James Financial, Inc. | | 576 | 56,788 |
| S&P Global, Inc. | | 175 | 82,978 |
| St. James's Place Capital PLC | | 1,621 | 35,040 |
| Value Partners Group Ltd. | | 55,561 | 28,564 |
| VZ Holding AG | | 309 | 31,420 |
| | | | 1,016,423 |
| Consumer Finance - 0.2% | | | |
| Bajaj Finance Ltd. | | 405 | 39,985 |
| Insurance - 1.6% | | | |
| Arthur J. Gallagher & Co. | | 430 | 72,098 |
| Assurant, Inc. | | 342 | 55,168 |
| Chubb Ltd. | | 397 | 77,566 |
| Hannover Reuck SE | | 177 | 32,329 |
| HDFC Standard Life Insurance Co. Ltd. (b) | | 3,754 | 34,079 |
| Lifenet Insurance Co. (a) | | 2,445 | 24,356 |
| Linea Directa Aseguradora SA Compania de Seguros y Reaseguros | | 12,768 | 25,682 |
| Qualitas Controladora S.A.B. de CV | | 6,030 | 27,933 |
| | | | 349,211 |
| Thrifts & Mortgage Finance - 0.3% | | | |
| Housing Development Finance Corp. Ltd. | | 1,459 | 55,372 |
|
| TOTAL FINANCIALS | | | 2,301,095 |
|
| HEALTH CARE - 7.6% | | | |
| Biotechnology - 0.5% | | | |
| Abcam PLC (a) | | 1,484 | 33,592 |
| Xencor, Inc. (a) | | 1,640 | 64,878 |
| Zai Lab Ltd. (a) | | 176 | 18,258 |
| | | | 116,728 |
| Health Care Equipment & Supplies - 3.7% | | | |
| Align Technology, Inc. (a) | | 100 | 62,437 |
| Boston Scientific Corp. (a) | | 1,635 | 70,518 |
| Coloplast A/S Series B | | 210 | 34,233 |
| Danaher Corp. | | 349 | 108,808 |
| Fisher & Paykel Healthcare Corp. | | 1,534 | 34,308 |
| Hoya Corp. | | 341 | 50,198 |
| IDEXX Laboratories, Inc. (a) | | 108 | 71,943 |
| Intuitive Surgical, Inc. (a) | | 264 | 95,338 |
| Masimo Corp. (a) | | 194 | 55,007 |
| ResMed, Inc. | | 252 | 66,253 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 575 | 33,759 |
| Straumann Holding AG | | 23 | 47,779 |
| The Cooper Companies, Inc. | | 138 | 57,535 |
| | | | 788,116 |
| Health Care Providers & Services - 1.5% | | | |
| Apollo Hospitals Enterprise Ltd. | | 519 | 29,511 |
| Chemed Corp. | | 104 | 50,154 |
| Humana, Inc. | | 159 | 73,642 |
| UnitedHealth Group, Inc. | | 388 | 178,662 |
| | | | 331,969 |
| Health Care Technology - 0.3% | | | |
| Veeva Systems, Inc. Class A (a) | | 187 | 59,281 |
| Life Sciences Tools & Services - 1.4% | | | |
| 10X Genomics, Inc. (a) | | 309 | 49,832 |
| Lonza Group AG | | 56 | 45,908 |
| Maravai LifeSciences Holdings, Inc. | | 1,276 | 53,962 |
| Mettler-Toledo International, Inc. (a) | | 41 | 60,716 |
| Sartorius Stedim Biotech | | 75 | 41,287 |
| Wuxi Biologics (Cayman), Inc. (a)(b) | | 3,826 | 57,952 |
| | | | 309,657 |
| Pharmaceuticals - 0.2% | | | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | | 4,682 | 35,990 |
|
| TOTAL HEALTH CARE | | | 1,641,741 |
|
| INDUSTRIALS - 14.7% | | | |
| Aerospace & Defense - 0.6% | | | |
| Axon Enterprise, Inc. (a) | | 232 | 41,751 |
| INVISIO AB | | 1,488 | 26,891 |
| Northrop Grumman Corp. | | 188 | 67,157 |
| | | | 135,799 |
| Air Freight & Logistics - 1.2% | | | |
| C.H. Robinson Worldwide, Inc. | | 677 | 65,662 |
| Deutsche Post AG | | 919 | 56,858 |
| DSV A/S | | 184 | 42,762 |
| Expeditors International of Washington, Inc. | | 514 | 63,356 |
| ZTO Express, Inc. sponsored ADR | | 1,152 | 33,788 |
| | | | 262,426 |
| Airlines - 0.1% | | | |
| Ryanair Holdings PLC sponsored ADR (a) | | 249 | 28,264 |
| Building Products - 1.6% | | | |
| Allegion PLC | | 413 | 52,988 |
| Armstrong World Industries, Inc. | | 577 | 60,960 |
| ASSA ABLOY AB (B Shares) | | 1,529 | 44,865 |
| Belimo Holding AG (Reg.) | | 59 | 34,281 |
| Kingspan Group PLC (Ireland) | | 400 | 46,074 |
| The AZEK Co., Inc. (a) | | 1,113 | 40,836 |
| Trex Co., Inc. (a) | | 574 | 61,074 |
| | | | 341,078 |
| Commercial Services & Supplies - 1.4% | | | |
| Casella Waste Systems, Inc. Class A (a) | | 699 | 60,617 |
| Cintas Corp. | | 149 | 64,532 |
| Copart, Inc. (a) | | 461 | 71,589 |
| GFL Environmental, Inc. | | 804 | 33,060 |
| Prosegur Compania de Seguridad SA (Reg.) | | 10,044 | 28,447 |
| Waste Connections, Inc. (Canada) | | 281 | 38,236 |
| | | | 296,481 |
| Construction & Engineering - 0.1% | | | |
| Sweco AB (B Shares) | | 1,932 | 30,753 |
| Electrical Equipment - 1.2% | | | |
| AMETEK, Inc. | | 422 | 55,873 |
| Generac Holdings, Inc. (a) | | 139 | 69,300 |
| Nidec Corp. | | 393 | 43,528 |
| Somfy SA | | 210 | 41,269 |
| Sungrow Power Supply Co. Ltd. (A Shares) | | 1,581 | 40,501 |
| | | | 250,471 |
| Industrial Conglomerates - 0.7% | | | |
| Honeywell International, Inc. | | 432 | 94,444 |
| Roper Technologies, Inc. | | 128 | 62,447 |
| | | | 156,891 |
| Machinery - 3.1% | | | |
| Atlas Copco AB (A Shares) | | 705 | 45,298 |
| ESCO Technologies, Inc. | | 601 | 50,821 |
| Fortive Corp. | | 814 | 61,628 |
| Haitian International Holdings Ltd. | | 9,789 | 28,686 |
| IDEX Corp. | | 251 | 55,865 |
| Indutrade AB | | 1,207 | 35,122 |
| Kone OYJ (B Shares) | | 449 | 30,603 |
| Kornit Digital Ltd. (a) | | 290 | 48,511 |
| Metawater Co. Ltd. | | 1,826 | 30,897 |
| Minebea Mitsumi, Inc. | | 1,141 | 28,887 |
| Miura Co. Ltd. | | 682 | 26,233 |
| Rational AG | | 25 | 24,842 |
| Schindler Holding AG (participation certificate) | | 106 | 27,577 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 3,926 | 39,979 |
| SMC Corp. | | 58 | 34,612 |
| Spirax-Sarco Engineering PLC | | 164 | 35,024 |
| Tocalo Co. Ltd. | | 1,809 | 22,183 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 9,796 | 36,274 |
| | | | 663,042 |
| Marine - 0.2% | | | |
| SITC International Holdings Co. Ltd. | | 11,098 | 37,585 |
| Professional Services - 3.0% | | | |
| BayCurrent Consulting, Inc. | | 61 | 25,316 |
| Centre Testing International Group Co. Ltd. (A Shares) | | 5,000 | 21,567 |
| CoStar Group, Inc. (a) | | 754 | 64,882 |
| Equifax, Inc. | | 294 | 81,564 |
| Experian PLC | | 1,056 | 48,370 |
| Funai Soken Holdings, Inc. | | 1,032 | 28,671 |
| Headhunter Group PLC ADR | | 622 | 32,879 |
| IR Japan Holdings Ltd. | | 288 | 26,560 |
| Recruit Holdings Co. Ltd. | | 1,061 | 70,577 |
| RELX PLC (London Stock Exchange) | | 1,706 | 52,859 |
| SaraminHR Co. Ltd. | | 823 | 32,221 |
| Sporton International, Inc. | | 3,788 | 30,677 |
| TriNet Group, Inc. (a) | | 579 | 58,624 |
| Verisk Analytics, Inc. | | 316 | 66,445 |
| | | | 641,212 |
| Road & Rail - 0.4% | | | |
| Old Dominion Freight Lines, Inc. | | 239 | 81,583 |
| Trading Companies & Distributors - 1.1% | | | |
| AddTech AB (B Shares) | | 1,854 | 41,449 |
| Ashtead Group PLC | | 591 | 49,532 |
| IMCD NV | | 158 | 35,078 |
| MonotaRO Co. Ltd. | | 1,424 | 32,455 |
| SiteOne Landscape Supply, Inc. (a) | | 280 | 65,789 |
| | | | 224,303 |
|
| TOTAL INDUSTRIALS | | | 3,149,888 |
|
| INFORMATION TECHNOLOGY - 22.7% | | | |
| Communications Equipment - 0.2% | | | |
| Lumentum Holdings, Inc. (a) | | 607 | 50,126 |
| Electronic Equipment & Components - 2.5% | | | |
| Amphenol Corp. Class A | | 860 | 66,022 |
| Azbil Corp. | | 666 | 28,393 |
| CDW Corp. | | 352 | 65,701 |
| Cognex Corp. | | 732 | 64,116 |
| Keyence Corp. | | 103 | 62,172 |
| Lagercrantz Group AB (B Shares) | | 2,445 | 32,740 |
| Murata Manufacturing Co. Ltd. | | 564 | 41,837 |
| Renishaw PLC | | 354 | 24,344 |
| Sunny Optical Technology Group Co. Ltd. | | 1,440 | 38,903 |
| Teledyne Technologies, Inc. (a) | | 129 | 57,949 |
| Zebra Technologies Corp. Class A (a) | | 126 | 67,278 |
| | | | 549,455 |
| IT Services - 3.9% | | | |
| Adyen BV (a)(b) | | 17 | 51,294 |
| Afterpay Ltd. (a) | | 440 | 40,761 |
| Amadeus IT Holding SA Class A (a) | | 585 | 39,115 |
| Capgemini SA | | 209 | 48,635 |
| Cloudflare, Inc. (a) | | 489 | 95,218 |
| Edenred SA | | 512 | 27,682 |
| EPAM Systems, Inc. (a) | | 122 | 82,135 |
| FDM Group Holdings PLC | | 1,978 | 32,538 |
| GMO Internet, Inc. | | 1,207 | 33,330 |
| Kainos Group PLC | | 1,105 | 29,943 |
| Keywords Studios PLC | | 1,020 | 39,588 |
| Maximus, Inc. | | 620 | 52,433 |
| Reply SpA | | 149 | 28,885 |
| SHIFT, Inc. (a) | | 133 | 30,672 |
| Shopify, Inc. Class A (a) | | 22 | 32,268 |
| Softcat PLC | | 1,155 | 30,713 |
| StoneCo Ltd. Class A (a) | | 594 | 20,113 |
| Toast, Inc. | | 1,012 | 53,859 |
| VeriSign, Inc. (a) | | 285 | 63,461 |
| | | | 832,643 |
| Semiconductors & Semiconductor Equipment - 4.5% | | | |
| ASM International NV (Netherlands) | | 111 | 50,223 |
| ASML Holding NV (Netherlands) | | 163 | 132,503 |
| BE Semiconductor Industries NV | | 311 | 28,387 |
| Disco Corp. | | 126 | 33,969 |
| eMemory Technology, Inc. | | 626 | 51,708 |
| Entegris, Inc. | | 458 | 64,477 |
| Lam Research Corp. | | 135 | 76,082 |
| Monolithic Power Systems, Inc. | | 125 | 65,683 |
| Silergy Corp. | | 262 | 43,094 |
| Silicon Laboratories, Inc. (a) | | 339 | 63,990 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 8,779 | 186,049 |
| Teradyne, Inc. | | 514 | 71,055 |
| Tokyo Electron Ltd. | | 111 | 51,730 |
| Universal Display Corp. | | 243 | 44,518 |
| | | | 963,468 |
| Software - 11.6% | | | |
| Adobe, Inc. (a) | | 225 | 146,331 |
| Altium Ltd. | | 1,369 | 37,815 |
| ANSYS, Inc. (a) | | 161 | 61,112 |
| Atlassian Corp. PLC (a) | | 86 | 39,399 |
| ATOSS Software AG | | 178 | 40,248 |
| Black Knight, Inc. (a) | | 756 | 53,003 |
| Cadence Design Systems, Inc. (a) | | 441 | 76,342 |
| Ceridian HCM Holding, Inc. (a) | | 457 | 57,239 |
| Constellation Software, Inc. | | 26 | 45,693 |
| Coupa Software, Inc. (a) | | 224 | 51,005 |
| CyberArk Software Ltd. (a) | | 236 | 42,506 |
| Dassault Systemes SA | | 931 | 54,368 |
| Fortnox AB | | 638 | 45,168 |
| Manhattan Associates, Inc. (a) | | 432 | 78,425 |
| Microsoft Corp. | | 2,364 | 783,950 |
| Ming Yuan Cloud Group Holdings Ltd. | | 8,326 | 27,288 |
| Money Forward, Inc. (a) | | 393 | 26,705 |
| Nemetschek Se | | 357 | 40,939 |
| Netcompany Group A/S (b) | | 232 | 26,355 |
| Paycom Software, Inc. (a) | | 158 | 86,560 |
| Salesforce.com, Inc. (a) | | 460 | 137,857 |
| SAP SE | | 522 | 75,591 |
| ServiceNow, Inc. (a) | | 134 | 93,500 |
| SimCorp A/S | | 231 | 27,907 |
| Synopsys, Inc. (a) | | 227 | 75,632 |
| TeamViewer AG (a)(b) | | 1,013 | 15,119 |
| Temenos Group AG | | 213 | 32,534 |
| Topicus.Com, Inc. | | 323 | 36,045 |
| Tyler Technologies, Inc. (a) | | 112 | 60,841 |
| Workday, Inc. Class A (a) | | 236 | 68,435 |
| Xero Ltd. (a) | | 365 | 41,051 |
| | | | 2,484,963 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 4,880,655 |
|
| MATERIALS - 3.3% | | | |
| Chemicals - 3.1% | | | |
| Air Products & Chemicals, Inc. | | 234 | 70,156 |
| Albemarle Corp. U.S. | | 348 | 87,164 |
| Asian Paints Ltd. | | 790 | 32,674 |
| Ecolab, Inc. | | 318 | 70,666 |
| Givaudan SA | | 9 | 42,356 |
| Linde PLC | | 250 | 79,800 |
| NOF Corp. | | 522 | 26,197 |
| Quaker Chemical Corp. | | 207 | 50,889 |
| Sherwin-Williams Co. | | 249 | 78,836 |
| Shin-Etsu Chemical Co. Ltd. | | 267 | 47,615 |
| Sika AG | | 172 | 58,235 |
| Symrise AG | | 237 | 32,753 |
| | | | 677,341 |
| Metals & Mining - 0.2% | | | |
| Lynas Rare Earths Ltd. (a) | | 6,835 | 37,688 |
|
| TOTAL MATERIALS | | | 715,029 |
|
| REAL ESTATE - 4.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.1% | | | |
| American Tower Corp. | | 293 | 82,617 |
| ARGAN SA | | 201 | 25,234 |
| Big Yellow Group PLC | | 1,256 | 25,423 |
| Embassy Office Parks (REIT) | | 7,714 | 35,983 |
| Equinix, Inc. | | 86 | 71,988 |
| Equity Lifestyle Properties, Inc. | | 805 | 68,031 |
| Extra Space Storage, Inc. | | 427 | 84,277 |
| Irish Residential Properties REIT PLC | | 16,250 | 30,620 |
| National Storage REIT unit | | 19,266 | 34,638 |
| Prologis (REIT), Inc. | | 606 | 87,846 |
| Safestore Holdings PLC | | 1,880 | 30,926 |
| Sun Communities, Inc. | | 341 | 66,829 |
| Warehouses de Pauw | | 632 | 28,785 |
| | | | 673,197 |
| Real Estate Management & Development - 1.1% | | | |
| Amasten Fastighets AB (a) | | 19,350 | 24,109 |
| Ayala Land, Inc. | | 46,348 | 32,208 |
| CBRE Group, Inc. (a) | | 630 | 65,570 |
| Colliers International Group, Inc. | | 226 | 32,786 |
| Longfor Properties Co. Ltd. (b) | | 6,255 | 30,389 |
| Oberoi Realty Ltd. (a) | | 3,313 | 40,014 |
| | | | 225,076 |
|
| TOTAL REAL ESTATE | | | 898,273 |
|
| UTILITIES - 0.9% | | | |
| Electric Utilities - 0.6% | | | |
| Equatorial Energia SA | | 7,515 | 30,466 |
| NextEra Energy, Inc. | | 1,234 | 105,297 |
| | | | 135,763 |
| Water Utilities - 0.3% | | | |
| American Water Works Co., Inc. | | 321 | 55,912 |
|
| TOTAL UTILITIES | | | 191,675 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $15,481,079) | | | 21,296,768 |
|
| Nonconvertible Preferred Stocks - 0.2% | | | |
| HEALTH CARE - 0.2% | | | |
| Health Care Equipment & Supplies - 0.2% | | | |
| Sartorius AG (non-vtg.) | | | |
| (Cost $18,252) | | 71 | 45,995 |
|
| Money Market Funds - 0.5% | | | |
| Fidelity Cash Central Fund 0.06% (c) | | | |
| (Cost $97,273) | | 97,253 | 97,273 |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | | | |
| (Cost $15,596,604) | | | 21,440,036 |
| NET OTHER ASSETS (LIABILITIES) - 0.2% | | | 52,034 |
| NET ASSETS - 100% | | | $21,492,070 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $504,030 or 2.3% of net assets.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.06% | $165,944 | $6,689,298 | $6,757,962 | $179 | $(7) | $-- | $97,273 | 0.0% |
| Total | $165,944 | $6,689,298 | $6,757,962 | $179 | $(7) | $-- | $97,273 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, 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 | $1,925,963 | $1,661,678 | $264,285 | $-- |
| Consumer Discretionary | 4,199,442 | 3,600,398 | 599,044 | -- |
| Consumer Staples | 1,108,395 | 871,159 | 237,236 | -- |
| Energy | 284,612 | 284,612 | -- | -- |
| Financials | 2,301,095 | 2,242,201 | 58,894 | -- |
| Health Care | 1,687,736 | 1,561,328 | 126,408 | -- |
| Industrials | 3,149,888 | 2,702,883 | 447,005 | -- |
| Information Technology | 4,880,655 | 4,016,162 | 864,493 | -- |
| Materials | 715,029 | 641,217 | 73,812 | -- |
| Real Estate | 898,273 | 898,273 | -- | -- |
| Utilities | 191,675 | 191,675 | -- | -- |
| Money Market Funds | 97,273 | 97,273 | -- | -- |
| Total Investments in Securities: | $21,440,036 | $18,768,859 | $2,671,177 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 59.2% |
| Japan | 6.3% |
| Cayman Islands | 3.5% |
| United Kingdom | 3.2% |
| India | 2.7% |
| France | 2.4% |
| Netherlands | 2.4% |
| Germany | 2.2% |
| Switzerland | 2.1% |
| Canada | 2.1% |
| Sweden | 2.0% |
| China | 1.5% |
| Taiwan | 1.2% |
| Australia | 1.2% |
| Ireland | 1.0% |
| Others (Individually Less Than 1%) | 7.0% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | October 31, 2021 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $15,499,331) | $21,342,763 | |
| Fidelity Central Funds (cost $97,273) | 97,273 | |
| Total Investment in Securities (cost $15,596,604) | | $21,440,036 |
| Cash | | 49,684 |
| Foreign currency held at value (cost $605) | | 602 |
| Receivable for fund shares sold | | 38,009 |
| Dividends receivable | | 9,885 |
| Distributions receivable from Fidelity Central Funds | | 5 |
| Prepaid expenses | | 23 |
| Receivable from investment adviser for expense reductions | | 19,168 |
| Other receivables | | 430 |
| Total assets | | 21,557,842 |
| Liabilities | | |
| Payable for fund shares redeemed | 2 | |
| Accrued management fee | 13,683 | |
| Audit Fee payable | 30,732 | |
| Transfer agent fee payable | 3,732 | |
| Other affiliated payables | 673 | |
| Other payables and accrued expenses | 16,950 | |
| Total liabilities | | 65,772 |
| Net Assets | | $21,492,070 |
| Net Assets consist of: | | |
| Paid in capital | | $15,212,431 |
| Total accumulated earnings (loss) | | 6,279,639 |
| Net Assets | | $21,492,070 |
| Net Asset Value, offering price and redemption price per share ($21,492,070 ÷ 1,287,967 shares) | | $16.69 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended October 31, 2021 |
| Investment Income | | |
| Dividends | | $151,712 |
| Income from Fidelity Central Funds | | 179 |
| Income before foreign taxes withheld | | 151,891 |
| Less foreign taxes withheld | | (10,632) |
| Total income | | 141,259 |
| Expenses | | |
| Management fee | | |
| Basic fee | $114,475 | |
| Performance adjustment | 19,519 | |
| Transfer agent fees | 38,246 | |
| Accounting fees and expenses | 6,591 | |
| Custodian fees and expenses | 24,183 | |
| Independent trustees' fees and expenses | 60 | |
| Registration fees | 21,776 | |
| Audit | 63,104 | |
| Legal | 19 | |
| Miscellaneous | 326 | |
| Total expenses before reductions | 288,299 | |
| Expense reductions | (104,473) | |
| Total expenses after reductions | | 183,826 |
| Net investment income (loss) | | (42,567) |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of foreign taxes of $5,316) | 612,015 | |
| Fidelity Central Funds | (7) | |
| Foreign currency transactions | (699) | |
| Total net realized gain (loss) | | 611,309 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $5,734) | 4,480,653 | |
| Assets and liabilities in foreign currencies | 70 | |
| Total change in net unrealized appreciation (depreciation) | | 4,480,723 |
| Net gain (loss) | | 5,092,032 |
| Net increase (decrease) in net assets resulting from operations | | $5,049,465 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended October 31, 2021 | For the period
November 5, 2019 (commencement of operations) through October 31, 2020 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $(42,567) | $(6,444) |
| Net realized gain (loss) | 611,309 | (47,147) |
| Change in net unrealized appreciation (depreciation) | 4,480,723 | 1,347,524 |
| Net increase (decrease) in net assets resulting from operations | 5,049,465 | 1,293,933 |
| Distributions to shareholders | – | (1,356) |
| Distributions to shareholders from tax return of capital | – | (2,732) |
| Total distributions | – | (4,088) |
| Share transactions | | |
| Proceeds from sales of shares | 11,858,773 | 10,792,557 |
| Reinvestment of distributions | – | 3,945 |
| Cost of shares redeemed | (5,470,813) | (2,031,702) |
| Net increase (decrease) in net assets resulting from share transactions | 6,387,960 | 8,764,800 |
| Total increase (decrease) in net assets | 11,437,425 | 10,054,645 |
| Net Assets | | |
| Beginning of period | 10,054,645 | – |
| End of period | $21,492,070 | $10,054,645 |
| Other Information | | |
| Shares | | |
| Sold | 815,088 | 1,035,277 |
| Issued in reinvestment of distributions | – | 381 |
| Redeemed | (371,566) | (191,213) |
| Net increase (decrease) | 443,522 | 844,445 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Enduring Opportunities Fund
| | | |
| Years ended October 31, | 2021 | 2020 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $11.91 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | (.04) | (.01) |
| Net realized and unrealized gain (loss) | 4.82 | 1.93 |
| Total from investment operations | 4.78 | 1.92 |
| Distributions from net investment income | – | –C |
| Tax Return of capital | – | (.01) |
| Total distributions | – | (.01) |
| Net asset value, end of period | $16.69 | $11.91 |
| Total ReturnD,E | 40.13% | 19.22% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | 1.70% | 2.63%H |
| Expenses net of fee waivers, if any | 1.08% | 1.10%H |
| Expenses net of all reductions | 1.08% | 1.09%H |
| Net investment income (loss) | (.25)% | (.10)%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $21,492 | $10,055 |
| Portfolio turnover rateI | 23% | 17%H |
A For the period November 5, 2019 (commencement of operations) through October 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Enduring Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 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. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, 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 | $6,139,219 |
| Gross unrealized depreciation | (391,098) |
| Net unrealized appreciation (depreciation) | $5,748,121 |
| Tax Cost | $15,691,915 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $137,254 |
| Undistributed long-term capital gain | $409,451 |
| Net unrealized appreciation (depreciation) on securities and other investments | $5,732,936 |
The tax character of distributions paid was as follows:
| | October 31, 2021 | October 31, 2020 |
| Ordinary Income | $– | $ 1,356 |
| Tax Return of Capital | – | 2,732 |
| Total | $– | $ 4,088 |
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 | 10,067,500 | 3,741,810 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI ACWI (All Country World Index) Index, over the same 36 month performance period. The Fund's performance adjustment took effect in November 1, 2020. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annual management fee rate, including the performance adjustment, was .79% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .23% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| | % of Average Net Assets |
| Fidelity Enduring Opportunities Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Enduring Opportunities Fund | $25 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Enduring Opportunities Fund | 287,852 | 41,487 | 12,458 |
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 | $28 |
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.05% of average net assets (1.10% for the period November 1, 2020 through May 31, 2021). This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $104,179.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $7.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $287.
8. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:
| Fund | Affiliated % |
| Fidelity Enduring Opportunities Fund | 20% |
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Enduring Opportunities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Enduring Opportunities Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2021 and for the period November 5, 2019 (commencement of operations) through October 31, 2020, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year ended October 31, 2021, and the changes in its net assets and financial highlights for the year ended October 31, 2021 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
May 1, 2021 | Ending
Account Value
October 31, 2021 | Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 |
| Fidelity Enduring Opportunities Fund | 1.07% | | | |
| Actual | | $1,000.00 | $1,111.90 | $5.70 |
| Hypothetical-C | | $1,000.00 | $1,019.81 | $5.45 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Enduring Opportunities Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $0.411 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.011 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $409,450, or, if subsequently determined to be different, the net capital gain of such year.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Enduring Opportunities Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.
The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance. The Board noted that there were portfolio management changes for the fund in July 2020 and November 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (
e.g., flat rate charged for advisory services, all-inclusive fee rate,
etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
Fidelity Enduring Opportunities Fund
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund. The Board also considered that, because the performance adjustment is based on a rolling 36-month measurement period and that the fund commenced operations in 2019, the performance adjustment will take effect after the period shown in the chart above.
The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The Board noted that the fund's total expense ratio ranked above the SLTG competitive median and above the ASPG competitive median for the period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios. The Board also noted that the fund's total expense ratio was above its SLTG median primarily as a result of higher fixed other expenses (e.g., registration, audit, pricing and bookkeeping, and custody fees) due to lower asset levels. The Board considered that the fund is a new fund with low asset levels that is operating at its expense cap level.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (with certain exceptions), as a percentage of its average net assets, exceed 1.10% through February 28, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the Fidelity funds and servicing the Fidelity funds' shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the Fidelity funds. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
IDF-ANN-1221
1.9896221.101
Item 2.
Code of Ethics
As of the end of the period, October 31, 2021, Fidelity Investment Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Diversified International Fund, Fidelity Diversified International K6 Fund, Fidelity Flex International Fund, Fidelity Global Equity Income Fund, Fidelity International Capital Appreciation Fund, Fidelity International Capital Appreciation K6 Fund, Fidelity International Discovery K6 Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity SAI International SMA Completion Fund, Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund, Fidelity Series Overseas Fund, Fidelity Total International Equity Fund and Fidelity Worldwide Fund (the “Fund(s)”):
Services Billed by Deloitte Entities
October 31, 2021 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Diversified International Fund | $52,300 | $- | $11,600 | $1,300 |
Fidelity Diversified International K6 Fund | $48,600 | $- | $11,100 | $1,200 |
Fidelity Flex International Fund | $48,900 | $- | $10,400 | $1,200 |
Fidelity Global Equity Income Fund | $42,800 | $- | $9,000 | $1,100 |
Fidelity International Capital Appreciation Fund | $47,600 | $- | $11,100 | $1,200 |
Fidelity International Capital Appreciation K6 Fund | $47,600 | $- | $11,000 | $1,200 |
Fidelity International Discovery K6 Fund | $47,100 | $- | $11,100 | $1,200 |
Fidelity International Small Cap Fund | $53,900 | $- | $11,100 | $1,400 |
Fidelity International Small Cap Opportunities Fund | $48,300 | $- | $8,700 | $1,200 |
Fidelity International Value Fund | $46,500 | $- | $8,700 | $1,200 |
Fidelity SAI International SMA Completion Fund | $44,600 | $- | $11,100 | $1,200 |
Fidelity Series Emerging Markets Fund | $45,400 | $- | $11,200 | $1,100 |
Fidelity Series Emerging Markets Opportunities Fund | $43,800 | $- | $11,200 | $1,100 |
Fidelity Series International Small Cap Fund | $43,100 | $- | $8,700 | $1,000 |
Fidelity Series International Value Fund | $43,000 | $- | $8,700 | $1,000 |
Fidelity Series Overseas Fund | $42,800 | $- | $9,000 | $1,100 |
Fidelity Total International Equity Fund | $50,500 | $- | $10,600 | $1,300 |
Fidelity Worldwide Fund | $48,000 | $- | $9,000 | $1,200 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Diversified International Fund | $58,600 | $- | $11,400 | $1,200 |
Fidelity Diversified International K6 Fund | $56,600 | $- | $11,100 | $1,200 |
Fidelity Flex International Fund | $50,100 | $- | $10,400 | $1,200 |
Fidelity Global Equity Income Fund | $47,100 | $- | $9,700 | $1,100 |
Fidelity International Capital Appreciation Fund | $52,200 | $- | $11,100 | $1,200 |
Fidelity International Capital Appreciation K6 Fund | $52,200 | $- | $11,300 | $1,200 |
Fidelity International Discovery K6 Fund | $49,000 | $- | $10,900 | $1,100 |
Fidelity International Small Cap Fund | $55,100 | $- | $11,100 | $1,300 |
Fidelity International Small Cap Opportunities Fund | $49,500 | $- | $8,800 | $1,200 |
Fidelity International Value Fund | $47,600 | $- | $8,800 | $1,100 |
Fidelity SAI International SMA Completion Fund | $45,700 | $- | $11,300 | $1,100 |
Fidelity Series Emerging Markets Fund | $44,000 | $- | $11,200 | $1,100 |
Fidelity Series Emerging Markets Opportunities Fund | $42,400 | $- | $11,400 | $1,100 |
Fidelity Series International Small Cap Fund | $41,700 | $- | $8,800 | $1,000 |
Fidelity Series International Value Fund | $41,500 | $- | $8,800 | $1,000 |
Fidelity Series Overseas Fund | $47,200 | $- | $9,000 | $1,000 |
Fidelity Total International Equity Fund | $51,600 | $- | $10,600 | $1,200 |
Fidelity Worldwide Fund | $49,200 | $- | $9,100 | $1,200 |
A Amounts may reflect rounding
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Emerging Markets Discovery Fund, Fidelity Emerging Markets Fund, Fidelity Enduring Opportunities Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity Infrastructure Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Series Canada Fund, Fidelity Series International Growth Fund and Fidelity Total Emerging Markets Fund (the “Fund(s)”):
Services Billed by PwC
October 31, 2021 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Canada Fund | $47,600 | $4,800 | $10,600 | $1,600 |
Fidelity China Region Fund | $58,700 | $5,700 | $10,600 | $1,900 |
Fidelity Emerging Asia Fund | $51,400 | $5,100 | $11,400 | $1,700 |
Fidelity Emerging Markets Discovery Fund | $45,000 | $4,600 | $10,600 | $1,500 |
Fidelity Emerging Markets Fund | $72,400 | $5,800 | $10,900 | $2,000 |
Fidelity Enduring Opportunities Fund | $27,700 | $2,700 | $10,300 | $900 |
Fidelity Europe Fund | $54,600 | $5,300 | $10,600 | $1,800 |
Fidelity Global Commodity Stock Fund | $35,100 | $3,300 | $5,800 | $1,100 |
Fidelity Infrastructure Fund | $35,700 | $3,400 | $9,000 | $1,200 |
Fidelity International Discovery Fund | $67,300 | $5,900 | $20,500 | $2,000 |
Fidelity International Growth Fund | $46,500 | $4,700 | $10,600 | $1,600 |
Fidelity Japan Fund | $50,600 | $5,200 | $10,600 | $1,700 |
Fidelity Japan Smaller Companies Fund | $42,100 | $4,300 | $10,600 | $1,500 |
Fidelity Latin America Fund | $52,500 | $5,200 | $10,600 | $1,700 |
Fidelity Nordic Fund | $41,600 | $4,300 | $10,600 | $1,400 |
Fidelity Overseas Fund | $53,000 | $5,300 | $13,200 | $1,800 |
Fidelity Pacific Basin Fund | $51,100 | $5,200 | $12,300 | $1,700 |
Fidelity Series Canada Fund | $42,200 | $4,300 | $10,700 | $1,500 |
Fidelity Series International Growth Fund | $40,300 | $3,900 | $10,900 | $1,300 |
Fidelity Total Emerging Markets Fund | $51,800 | $5,000 | $9,800 | $1,700 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Canada Fund | $52,000 | $4,600 | $10,600 | $1,900 |
Fidelity China Region Fund | $59,500 | $5,500 | $10,600 | $2,200 |
Fidelity Emerging Asia Fund | $55,800 | $4,900 | $10,600 | $2,000 |
Fidelity Emerging Markets Discovery Fund | $45,700 | $4,400 | $10,600 | $1,800 |
Fidelity Emerging Markets Fund | $66,100 | $5,700 | $10,900 | $2,300 |
Fidelity Enduring Opportunities Fund | $24,400 | $2,300 | $6,300 | $900 |
Fidelity Europe Fund | $55,400 | $5,200 | $10,600 | $2,100 |
Fidelity Global Commodity Stock Fund | $35,700 | $3,300 | $5,800 | $1,300 |
Fidelity Infrastructure Fund | $31,600 | $2,800 | $7,200 | $1,100 |
Fidelity International Discovery Fund | $90,400 | $5,700 | $13,100 | $2,300 |
Fidelity International Growth Fund | $47,300 | $4,500 | $10,600 | $1,800 |
Fidelity Japan Fund | $54,200 | $5,000 | $10,600 | $2,000 |
Fidelity Japan Smaller Companies Fund | $42,800 | $4,200 | $10,600 | $1,700 |
Fidelity Latin America Fund | $53,200 | $5,000 | $10,600 | $2,000 |
Fidelity Nordic Fund | $42,300 | $4,200 | $10,600 | $1,700 |
Fidelity Overseas Fund | $58,700 | $5,200 | $13,100 | $2,100 |
Fidelity Pacific Basin Fund | $51,900 | $5,000 | $12,300 | $2,000 |
Fidelity Series Canada Fund | $44,100 | $4,200 | $10,700 | $1,700 |
Fidelity Series International Growth Fund | $38,400 | $3,800 | $9,900 | $1,500 |
Fidelity Total Emerging Markets Fund | $52,500 | $4,900 | $9,800 | $2,000 |
A Amounts may reflect rounding.
B Fidelity Enduring Opportunities Fund and Fidelity Infrastructure Fund commenced operations on November 5, 2019.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another
investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
| | |
| October 31, 2021A | October 31, 2020A |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
| | |
| October 31, 2021A | October 31, 2020A,B |
Audit-Related Fees | $8,830,600 | $9,069,400 |
Tax Fees | $354,200 | $30,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Enduring Opportunities Fund and Fidelity Infrastructure Funds’ commencement of operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
| | |
Billed By | October 31, 2021A | October 31, 2020A,B |
Deloitte Entities | $736,200 | $717,700 |
PwC | $14,833,300 | $14,506,200 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Enduring Opportunities Fund and Fidelity Infrastructure Funds’ commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other
member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Investment Trust
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
|
Date: | December 21, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
|
Date: | December 21, 2021 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | December 21, 2021 |
