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iso4217:USD xbrli:pure xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-04008


Fidelity Investment Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

April 30, 2025


This report on Form N-CSR relates solely to the Registrant’s Fidelity Diversified International K6 Fund, Fidelity Emerging Markets Discovery Fund, Fidelity International Value Fund, Fidelity Global Equity Income Fund, Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund, Fidelity Overseas Fund, Fidelity Worldwide Fund, Fidelity International Growth Fund, Fidelity International Discovery K6 Fund, Fidelity International Discovery Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Small Cap Fund, Fidelity International Capital Appreciation K6 Fund, Fidelity Total International Equity Fund, 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 Nordic Fund, and Fidelity Pacific Basin Fund (the “Funds”).


Item 1.

Reports to Stockholders




 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Fund
Fidelity Advisor® International Small Cap Fund Class C :  FICSX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 102 
2.00%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$4,896,590,377
 
Number of Holdings
199
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.4
 
Financials
15.8
 
Consumer Staples
10.8
 
Consumer Discretionary
10.0
 
Materials
8.2
 
Information Technology
7.6
 
Health Care
6.0
 
Real Estate
5.8
 
Communication Services
4.6
 
Energy
3.5
 
Utilities
0.6
 
 
Common Stocks
96.3
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
Japan
22.3
United Kingdom
13.4
United States
6.6
Canada
4.1
Australia
3.8
Spain
3.6
China
3.5
Mexico
3.5
Italy
3.1
Others
36.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 22.3                            
 
United Kingdom - 13.4                   
 
United States - 6.6                     
 
Canada - 4.1                            
 
Australia - 3.8                         
 
Spain - 3.6                             
 
China - 3.5                             
 
Mexico - 3.5                            
 
Italy - 3.1                             
 
Others - 36.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Logista Integral SA
1.1
 
BayCurrent Inc
1.1
 
Premier Foods PLC
1.1
 
Ashtead Technology Holdings plc
1.1
 
Metlen Energy & Metals SA
1.0
 
Grupo Catalana Occidente SA
1.0
 
Century Pacific Food Inc
1.0
 
Richter Gedeon Nyrt
0.9
 
Spar Nord Bank A/S
0.9
 
Qualitas Controladora SAB de CV
0.9
 
 
10.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915712.100    1260-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Opportunities Fund
Fidelity Advisor® International Small Cap Opportunities Fund Class C :  FOPCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 102 
1.99%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,340,297,691
 
Number of Holdings
115
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.2
 
Information Technology
21.0
 
Consumer Discretionary
11.2
 
Communication Services
7.8
 
Financials
6.0
 
Materials
4.5
 
Health Care
3.7
 
Consumer Staples
3.2
 
Real Estate
2.8
 
Energy
1.1
 
 
Common Stocks
91.5
International Equity Funds
4.9
Short-Term Investments and Net Other Assets (Liabilities)
3.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 91.5                    
 
International Equity Funds - 4.9        
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.6
 
Japan
26.5
United Kingdom
15.1
Sweden
14.1
United States
10.9
Germany
5.5
Netherlands
4.7
Canada
4.0
Belgium
2.6
France
2.5
Others
14.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 26.5                            
 
United Kingdom - 15.1                   
 
Sweden - 14.1                           
 
United States - 10.9                    
 
Germany - 5.5                           
 
Netherlands - 4.7                       
 
Canada - 4.0                            
 
Belgium - 2.6                           
 
France - 2.5                            
 
Others - 14.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Lagercrantz Group AB B Shares
5.2
 
iShares MSCI EAFE Small-Cap ETF
4.9
 
AddTech AB B Shares
4.7
 
Azbil Corp
3.5
 
CTS Eventim AG & Co KGaA
2.7
 
Games Workshop Group PLC
2.2
 
KBC Ancora
2.1
 
Interpump Group SpA
2.1
 
Spectris PLC
2.1
 
Howden Joinery Group PLC
2.0
 
 
31.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915732.100    1483-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery Fund
Fidelity® International Discovery Fund :  FIGRX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Discovery Fund 
$ 32 
0.62%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$10,296,192,153
 
Number of Holdings
135
 
Portfolio Turnover
52%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.7
 
Industrials
23.4
 
Consumer Discretionary
13.0
 
Information Technology
12.9
 
Health Care
7.3
 
Communication Services
6.7
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.1
 
 
Common Stocks
94.9
Preferred Stocks
0.9
Short-Term Investments and Net Other Assets (Liabilities)
4.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.9                    
 
Preferred Stocks - 0.9                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.2
 
United Kingdom
17.6
Japan
16.1
France
9.9
Germany
9.6
United States
9.0
Italy
5.7
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
19.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 17.6                   
 
Japan - 16.1                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.7                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 19.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.1
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd
1.9
 
 
24.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915642.100    305-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Diversified International K6 Fund
Fidelity® Diversified International K6 Fund :  FKIDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Diversified International K6 Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Diversified International K6 Fund 
$ 31 
0.60%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$4,524,523,977
 
Number of Holdings
139
 
Portfolio Turnover
37%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
26.8
 
Industrials
26.6
 
Information Technology
10.4
 
Health Care
9.0
 
Materials
8.3
 
Consumer Discretionary
7.8
 
Energy
3.0
 
Communication Services
2.3
 
Consumer Staples
0.7
 
 
Common Stocks
94.4
Preferred Stocks
0.5
Short-Term Investments and Net Other Assets (Liabilities)
5.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.4                    
 
Preferred Stocks - 0.5                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 5.1
 
Japan
17.3
United States
16.0
United Kingdom
15.5
Germany
11.6
France
9.1
Canada
4.8
Netherlands
4.2
Sweden
3.0
Italy
2.9
Others
15.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 17.3                            
 
United States - 16.0                    
 
United Kingdom - 15.5                   
 
Germany - 11.6                          
 
France - 9.1                            
 
Canada - 4.8                            
 
Netherlands - 4.2                       
 
Sweden - 3.0                            
 
Italy - 2.9                             
 
Others - 15.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
2.7
 
Hitachi Ltd
2.5
 
Allianz SE
2.1
 
RELX PLC (Netherlands)
1.9
 
UniCredit SpA
1.8
 
London Stock Exchange Group PLC
1.8
 
Rolls-Royce Holdings PLC
1.7
 
Mitsubishi Heavy Industries Ltd
1.6
 
Wolters Kluwer NV
1.5
 
Astrazeneca PLC
1.5
 
 
19.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915793.100    2947-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Japan Fund
Fidelity Advisor® Japan Fund Class Z :  FIQLX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Japan Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 30 
0.59%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$710,338,465
 
Number of Holdings
86
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
28.4
 
Information Technology
19.0
 
Financials
15.1
 
Consumer Discretionary
11.6
 
Communication Services
6.8
 
Materials
6.4
 
Health Care
5.5
 
Consumer Staples
2.5
 
Real Estate
1.1
 
Energy
1.0
 
 
Common Stocks
97.4
Short-Term Investments and Net Other Assets (Liabilities)
2.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.4                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.6
 
Japan
96.7
United States
3.1
China
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 96.7                            
 
United States - 3.1                     
 
China - 0.2                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Sumitomo Mitsui Financial Group Inc
6.4
 
Sony Group Corp
5.1
 
Hitachi Ltd
4.8
 
Fujitsu Ltd
3.0
 
Tokio Marine Holdings Inc
2.9
 
Hoya Corp
2.9
 
ORIX Corp
2.8
 
Nintendo Co Ltd
2.8
 
Shin-Etsu Chemical Co Ltd
2.7
 
FUJIFILM Holdings Corp
2.5
 
 
35.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915687.100    3270-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Canada Fund
Fidelity® Canada Fund :  FICDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Canada Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Canada Fund 
$ 48 
0.93%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$942,606,561
 
Number of Holdings
68
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
28.2
 
Energy
15.6
 
Industrials
12.5
 
Materials
12.2
 
Information Technology
11.7
 
Consumer Staples
8.6
 
Consumer Discretionary
7.5
 
Communication Services
2.2
 
Health Care
0.8
 
Utilities
0.2
 
 
Common Stocks
99.0
Preferred Stocks
0.3
Bonds
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.0                    
 
Preferred Stocks - 0.3                  
 
Bonds - 0.2                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
 
Canada
92.7
United States
3.7
Brazil
3.0
Chile
0.5
Zambia
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Canada - 92.7                           
 
United States - 3.7                     
 
Brazil - 3.0                            
 
Chile - 0.5                             
 
Zambia - 0.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Royal Bank of Canada
7.9
 
Constellation Software Inc/Canada
6.2
 
Canadian Pacific Kansas City Ltd
5.0
 
Alimentation Couche-Tard Inc
4.6
 
Franco-Nevada Corp
4.5
 
Toronto Dominion Bank
3.9
 
Shopify Inc Class A
3.8
 
Dollarama Inc
3.8
 
Canadian Natural Resources Ltd
3.7
 
PrairieSky Royalty Ltd
3.3
 
 
46.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915649.100    309-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Opportunities Fund
Fidelity Advisor® International Small Cap Opportunities Fund Class I :  FOPIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 51 
0.99%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,340,297,691
 
Number of Holdings
115
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.2
 
Information Technology
21.0
 
Consumer Discretionary
11.2
 
Communication Services
7.8
 
Financials
6.0
 
Materials
4.5
 
Health Care
3.7
 
Consumer Staples
3.2
 
Real Estate
2.8
 
Energy
1.1
 
 
Common Stocks
91.5
International Equity Funds
4.9
Short-Term Investments and Net Other Assets (Liabilities)
3.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 91.5                    
 
International Equity Funds - 4.9        
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.6
 
Japan
26.5
United Kingdom
15.1
Sweden
14.1
United States
10.9
Germany
5.5
Netherlands
4.7
Canada
4.0
Belgium
2.6
France
2.5
Others
14.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 26.5                            
 
United Kingdom - 15.1                   
 
Sweden - 14.1                           
 
United States - 10.9                    
 
Germany - 5.5                           
 
Netherlands - 4.7                       
 
Canada - 4.0                            
 
Belgium - 2.6                           
 
France - 2.5                            
 
Others - 14.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Lagercrantz Group AB B Shares
5.2
 
iShares MSCI EAFE Small-Cap ETF
4.9
 
AddTech AB B Shares
4.7
 
Azbil Corp
3.5
 
CTS Eventim AG & Co KGaA
2.7
 
Games Workshop Group PLC
2.2
 
KBC Ancora
2.1
 
Interpump Group SpA
2.1
 
Spectris PLC
2.1
 
Howden Joinery Group PLC
2.0
 
 
31.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915734.100    1485-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Opportunities Fund
Fidelity Advisor® International Small Cap Opportunities Fund Class A :  FOPAX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 64 
1.24%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,340,297,691
 
Number of Holdings
115
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.2
 
Information Technology
21.0
 
Consumer Discretionary
11.2
 
Communication Services
7.8
 
Financials
6.0
 
Materials
4.5
 
Health Care
3.7
 
Consumer Staples
3.2
 
Real Estate
2.8
 
Energy
1.1
 
 
Common Stocks
91.5
International Equity Funds
4.9
Short-Term Investments and Net Other Assets (Liabilities)
3.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 91.5                    
 
International Equity Funds - 4.9        
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.6
 
Japan
26.5
United Kingdom
15.1
Sweden
14.1
United States
10.9
Germany
5.5
Netherlands
4.7
Canada
4.0
Belgium
2.6
France
2.5
Others
14.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 26.5                            
 
United Kingdom - 15.1                   
 
Sweden - 14.1                           
 
United States - 10.9                    
 
Germany - 5.5                           
 
Netherlands - 4.7                       
 
Canada - 4.0                            
 
Belgium - 2.6                           
 
France - 2.5                            
 
Others - 14.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Lagercrantz Group AB B Shares
5.2
 
iShares MSCI EAFE Small-Cap ETF
4.9
 
AddTech AB B Shares
4.7
 
Azbil Corp
3.5
 
CTS Eventim AG & Co KGaA
2.7
 
Games Workshop Group PLC
2.2
 
KBC Ancora
2.1
 
Interpump Group SpA
2.1
 
Spectris PLC
2.1
 
Howden Joinery Group PLC
2.0
 
 
31.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915731.100    1481-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Discovery Fund
Fidelity Advisor® Emerging Markets Discovery Fund Class I :  FEDIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 51 
1.02%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,026,456,466
 
Number of Holdings
103
 
Portfolio Turnover
38%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
22.1
 
Financials
18.6
 
Consumer Discretionary
16.1
 
Consumer Staples
10.9
 
Information Technology
10.3
 
Health Care
4.7
 
Real Estate
4.3
 
Communication Services
3.6
 
Energy
2.9
 
Utilities
2.4
 
Materials
2.1
 
 
Common Stocks
98.0
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.0                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
 
Taiwan
17.8
China
17.5
Brazil
13.1
India
11.9
Korea (South)
7.6
Mexico
5.5
Indonesia
4.1
United States
3.3
Poland
2.7
Others
16.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Taiwan - 17.8                           
 
China - 17.5                            
 
Brazil - 13.1                           
 
India - 11.9                            
 
Korea (South) - 7.6                     
 
Mexico - 5.5                            
 
Indonesia - 4.1                         
 
United States - 3.3                     
 
Poland - 2.7                            
 
Others - 16.5                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
OPAP SA
1.7
 
Localiza Rent a Car SA
1.6
 
Lion Finance Group PLC
1.5
 
Dino Polska SA
1.5
 
Max Healthcare Institute Ltd
1.4
 
Qualitas Controladora SAB de CV
1.4
 
Eicher Motors Ltd
1.3
 
Equatorial Energia SA
1.3
 
Shriram Finance Ltd
1.3
 
Banco de Chile ADR
1.3
 
 
14.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915778.100    2378-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Global Equity Income Fund
Fidelity Advisor® Global Equity Income Fund Class C :  FGEHX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Global Equity Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 99 
1.94%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$292,744,990
 
Number of Holdings
151
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
18.1
 
Industrials
15.2
 
Financials
14.2
 
Health Care
11.3
 
Consumer Discretionary
9.7
 
Consumer Staples
9.3
 
Communication Services
7.5
 
Energy
4.7
 
Utilities
4.1
 
Materials
3.6
 
Real Estate
1.1
 
 
Common Stocks
98.8
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
United States
58.7
United Kingdom
7.6
Germany
7.1
Japan
6.0
Canada
4.9
France
3.4
Taiwan
2.3
Netherlands
1.6
Ireland
1.5
Others
6.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 58.7                    
 
United Kingdom - 7.6                    
 
Germany - 7.1                           
 
Japan - 6.0                             
 
Canada - 4.9                            
 
France - 3.4                            
 
Taiwan - 2.3                            
 
Netherlands - 1.6                       
 
Ireland - 1.5                           
 
Others - 6.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Rheinmetall AG
5.2
 
Apple Inc
4.6
 
Microsoft Corp
4.2
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
JPMorgan Chase & Co
1.8
 
AbbVie Inc
1.6
 
NXP Semiconductors NV
1.6
 
T-Mobile US Inc
1.5
 
Eli Lilly & Co
1.4
 
Linde PLC
1.4
 
 
25.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918441.100    7768-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® China Region Fund
Fidelity Advisor® China Region Fund Class C :  FCHKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® China Region Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 94 
1.93%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,096,792,327
 
Number of Holdings
76
 
Portfolio Turnover
32%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
30.9
 
Consumer Discretionary
22.4
 
Communication Services
17.2
 
Financials
13.2
 
Health Care
4.3
 
Materials
3.2
 
Industrials
2.8
 
Consumer Staples
2.7
 
Real Estate
1.1
 
 
Common Stocks
95.8
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
2.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.2
 
China
60.2
Taiwan
29.1
Hong Kong
4.1
United States
3.2
Singapore
1.4
Korea (South)
1.1
South Africa
0.5
France
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 60.2                            
 
Taiwan - 29.1                           
 
Hong Kong - 4.1                         
 
United States - 3.2                     
 
Singapore - 1.4                         
 
Korea (South) - 1.1                     
 
South Africa - 0.5                      
 
France - 0.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
21.7
 
Tencent Holdings Ltd
13.4
 
Alibaba Group Holding Ltd
6.6
 
PDD Holdings Inc Class A ADR
4.0
 
China Construction Bank Corp H Shares
3.4
 
AIA Group Ltd
3.2
 
Zijin Mining Group Co Ltd H Shares
2.6
 
Industrial & Commercial Bank of China Ltd H Shares
1.7
 
MediaTek Inc
1.6
 
Meituan B Shares
1.5
 
 
59.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915691.100    2066-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Global Equity Income Fund
Fidelity Advisor® Global Equity Income Fund Class M :  FGEGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Global Equity Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 73 
1.44%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$292,744,990
 
Number of Holdings
151
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
18.1
 
Industrials
15.2
 
Financials
14.2
 
Health Care
11.3
 
Consumer Discretionary
9.7
 
Consumer Staples
9.3
 
Communication Services
7.5
 
Energy
4.7
 
Utilities
4.1
 
Materials
3.6
 
Real Estate
1.1
 
 
Common Stocks
98.8
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
United States
58.7
United Kingdom
7.6
Germany
7.1
Japan
6.0
Canada
4.9
France
3.4
Taiwan
2.3
Netherlands
1.6
Ireland
1.5
Others
6.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 58.7                    
 
United Kingdom - 7.6                    
 
Germany - 7.1                           
 
Japan - 6.0                             
 
Canada - 4.9                            
 
France - 3.4                            
 
Taiwan - 2.3                            
 
Netherlands - 1.6                       
 
Ireland - 1.5                           
 
Others - 6.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Rheinmetall AG
5.2
 
Apple Inc
4.6
 
Microsoft Corp
4.2
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
JPMorgan Chase & Co
1.8
 
AbbVie Inc
1.6
 
NXP Semiconductors NV
1.6
 
T-Mobile US Inc
1.5
 
Eli Lilly & Co
1.4
 
Linde PLC
1.4
 
 
25.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918443.100    7767-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Global Equity Income Fund
Fidelity® Global Equity Income Fund :  FGILX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Global Equity Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Global Equity Income Fund 
$ 46 
0.90%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$292,744,990
 
Number of Holdings
151
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
18.1
 
Industrials
15.2
 
Financials
14.2
 
Health Care
11.3
 
Consumer Discretionary
9.7
 
Consumer Staples
9.3
 
Communication Services
7.5
 
Energy
4.7
 
Utilities
4.1
 
Materials
3.6
 
Real Estate
1.1
 
 
Common Stocks
98.8
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
United States
58.7
United Kingdom
7.6
Germany
7.1
Japan
6.0
Canada
4.9
France
3.4
Taiwan
2.3
Netherlands
1.6
Ireland
1.5
Others
6.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 58.7                    
 
United Kingdom - 7.6                    
 
Germany - 7.1                           
 
Japan - 6.0                             
 
Canada - 4.9                            
 
France - 3.4                            
 
Taiwan - 2.3                            
 
Netherlands - 1.6                       
 
Ireland - 1.5                           
 
Others - 6.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Rheinmetall AG
5.2
 
Apple Inc
4.6
 
Microsoft Corp
4.2
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
JPMorgan Chase & Co
1.8
 
AbbVie Inc
1.6
 
NXP Semiconductors NV
1.6
 
T-Mobile US Inc
1.5
 
Eli Lilly & Co
1.4
 
Linde PLC
1.4
 
 
25.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915780.100    2406-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Fund
Fidelity Advisor® Emerging Markets Fund Class C :  FEMMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 92 
1.89%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,926,988,734
 
Number of Holdings
79
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.5
 
Financials
19.7
 
Consumer Discretionary
15.0
 
Communication Services
12.7
 
Industrials
8.9
 
Energy
6.0
 
Health Care
4.4
 
Consumer Staples
4.3
 
Utilities
1.8
 
Real Estate
0.6
 
Materials
0.5
 
 
Common Stocks
98.8
Bonds
0.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Bonds - 0.4                             
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
China
25.4
India
19.5
Taiwan
15.7
Korea (South)
6.0
Brazil
5.9
United States
4.8
Mexico
3.0
France
2.9
Indonesia
2.9
Others
13.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 25.4                            
 
India - 19.5                            
 
Taiwan - 15.7                           
 
Korea (South) - 6.0                     
 
Brazil - 5.9                            
 
United States - 4.8                     
 
Mexico - 3.0                            
 
France - 2.9                            
 
Indonesia - 2.9                         
 
Others - 13.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
13.2
 
Tencent Holdings Ltd
8.7
 
NVIDIA Corp
3.4
 
Alibaba Group Holding Ltd ADR
3.2
 
HDFC Bank Ltd
3.1
 
Bank Central Asia Tbk PT
2.9
 
PDD Holdings Inc Class A ADR
2.6
 
Samsung Electronics Co Ltd
2.5
 
Reliance Industries Ltd
2.1
 
SK Hynix Inc
2.1
 
 
43.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915662.100    6356-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Total International Equity Fund
Fidelity Advisor® Total International Equity Fund Class Z :  FIEZX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Total International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 41 
0.80%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$448,437,698
 
Number of Holdings
317
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
20.7
 
Information Technology
12.1
 
Materials
9.9
 
Consumer Discretionary
9.3
 
Communication Services
5.6
 
Health Care
4.8
 
Energy
3.9
 
Consumer Staples
3.4
 
Real Estate
0.2
 
Utilities
0.2
 
 
Common Stocks
97.2
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
2.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.2                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.7
 
United States
13.8
Japan
10.1
United Kingdom
9.8
China
9.7
Germany
7.3
Canada
7.2
France
7.1
Taiwan
3.7
Sweden
3.6
Others
27.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 13.8                    
 
Japan - 10.1                            
 
United Kingdom - 9.8                    
 
China - 9.7                             
 
Germany - 7.3                           
 
Canada - 7.2                            
 
France - 7.1                            
 
Taiwan - 3.7                            
 
Sweden - 3.6                            
 
Others - 27.7                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Tencent Holdings Ltd
2.9
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
SAP SE
2.1
 
Samsung Electronics Co Ltd
1.8
 
CRH PLC
1.8
 
Safran SA
1.5
 
Linde PLC
1.4
 
BAE Systems PLC
1.3
 
Alibaba Group Holding Ltd ADR
1.1
 
Wal-Mart de Mexico SAB de CV Series V
1.1
 
 
17.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915748.100    2892-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Value Fund
Fidelity Advisor® International Value Fund Class M :  FIVPX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 71 
1.35%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,052,754,816
 
Number of Holdings
107
 
Portfolio Turnover
34%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
38.8
 
Industrials
15.4
 
Materials
10.2
 
Energy
6.2
 
Health Care
5.9
 
Consumer Discretionary
5.1
 
Consumer Staples
3.8
 
Communication Services
3.3
 
Information Technology
2.7
 
Utilities
0.7
 
Real Estate
0.5
 
 
Common Stocks
92.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
7.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 92.4                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.4
 
Japan
20.3
United States
17.1
United Kingdom
13.7
Germany
13.4
France
9.8
Italy
4.9
Switzerland
3.7
Australia
3.4
Spain
3.1
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 20.3                            
 
United States - 17.1                    
 
United Kingdom - 13.7                   
 
Germany - 13.4                          
 
France - 9.8                            
 
Italy - 4.9                             
 
Switzerland - 3.7                       
 
Australia - 3.4                         
 
Spain - 3.1                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Shell PLC ADR
2.9
 
AXA SA
2.6
 
Banco Santander SA
2.5
 
Rheinmetall AG
2.4
 
Zurich Insurance Group AG
2.3
 
Mitsubishi UFJ Financial Group Inc
2.2
 
Sumitomo Mitsui Financial Group Inc
2.1
 
Roche Holding AG
2.1
 
BAE Systems PLC
2.0
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915740.100    1615-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Worldwide Fund
Fidelity Advisor® Worldwide Fund Class I :  FWIFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Worldwide Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 37 
0.78%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,906,574,043
 
Number of Holdings
165
 
Portfolio Turnover
163%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
19.3
 
Consumer Discretionary
16.3
 
Financials
15.4
 
Communication Services
12.9
 
Health Care
8.6
 
Industrials
7.1
 
Consumer Staples
5.6
 
Real Estate
3.8
 
Energy
3.2
 
Materials
2.1
 
Utilities
2.0
 
 
Common Stocks
96.1
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
United States
65.2
United Kingdom
5.0
Japan
3.8
Canada
3.6
Sweden
3.2
Spain
2.0
Netherlands
1.7
Italy
1.7
France
1.5
Others
12.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 65.2                    
 
United Kingdom - 5.0                    
 
Japan - 3.8                             
 
Canada - 3.6                            
 
Sweden - 3.2                            
 
Spain - 2.0                             
 
Netherlands - 1.7                       
 
Italy - 1.7                             
 
France - 1.5                            
 
Others - 12.3                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Amazon.com Inc
4.1
 
NVIDIA Corp
4.0
 
Meta Platforms Inc Class A
3.5
 
Microsoft Corp
3.1
 
Robinhood Markets Inc Class A
2.9
 
Apple Inc
2.6
 
Alphabet Inc Class A
2.6
 
Kyndryl Holdings Inc
2.5
 
Prologis Inc
2.1
 
DraftKings Inc Class A
2.0
 
 
29.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915656.100    2147-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Worldwide Fund
Fidelity® Worldwide Fund :  FWWFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Worldwide Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Worldwide Fund 
$ 36 
0.74%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,906,574,043
 
Number of Holdings
165
 
Portfolio Turnover
163%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
19.3
 
Consumer Discretionary
16.3
 
Financials
15.4
 
Communication Services
12.9
 
Health Care
8.6
 
Industrials
7.1
 
Consumer Staples
5.6
 
Real Estate
3.8
 
Energy
3.2
 
Materials
2.1
 
Utilities
2.0
 
 
Common Stocks
96.1
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
United States
65.2
United Kingdom
5.0
Japan
3.8
Canada
3.6
Sweden
3.2
Spain
2.0
Netherlands
1.7
Italy
1.7
France
1.5
Others
12.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 65.2                    
 
United Kingdom - 5.0                    
 
Japan - 3.8                             
 
Canada - 3.6                            
 
Sweden - 3.2                            
 
Spain - 2.0                             
 
Netherlands - 1.7                       
 
Italy - 1.7                             
 
France - 1.5                            
 
Others - 12.3                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Amazon.com Inc
4.1
 
NVIDIA Corp
4.0
 
Meta Platforms Inc Class A
3.5
 
Microsoft Corp
3.1
 
Robinhood Markets Inc Class A
2.9
 
Apple Inc
2.6
 
Alphabet Inc Class A
2.6
 
Kyndryl Holdings Inc
2.5
 
Prologis Inc
2.1
 
DraftKings Inc Class A
2.0
 
 
29.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915657.100    318-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Global Equity Income Fund
Fidelity Advisor® Global Equity Income Fund Class A :  FGEEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Global Equity Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 61 
1.20%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$292,744,990
 
Number of Holdings
151
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
18.1
 
Industrials
15.2
 
Financials
14.2
 
Health Care
11.3
 
Consumer Discretionary
9.7
 
Consumer Staples
9.3
 
Communication Services
7.5
 
Energy
4.7
 
Utilities
4.1
 
Materials
3.6
 
Real Estate
1.1
 
 
Common Stocks
98.8
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
United States
58.7
United Kingdom
7.6
Germany
7.1
Japan
6.0
Canada
4.9
France
3.4
Taiwan
2.3
Netherlands
1.6
Ireland
1.5
Others
6.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 58.7                    
 
United Kingdom - 7.6                    
 
Germany - 7.1                           
 
Japan - 6.0                             
 
Canada - 4.9                            
 
France - 3.4                            
 
Taiwan - 2.3                            
 
Netherlands - 1.6                       
 
Ireland - 1.5                           
 
Others - 6.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Rheinmetall AG
5.2
 
Apple Inc
4.6
 
Microsoft Corp
4.2
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
JPMorgan Chase & Co
1.8
 
AbbVie Inc
1.6
 
NXP Semiconductors NV
1.6
 
T-Mobile US Inc
1.5
 
Eli Lilly & Co
1.4
 
Linde PLC
1.4
 
 
25.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918439.100    7766-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery Fund
Fidelity Advisor® International Discovery Fund Class Z :  FZAIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 28 
0.55%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$10,296,192,153
 
Number of Holdings
135
 
Portfolio Turnover
52%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.7
 
Industrials
23.4
 
Consumer Discretionary
13.0
 
Information Technology
12.9
 
Health Care
7.3
 
Communication Services
6.7
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.1
 
 
Common Stocks
94.9
Preferred Stocks
0.9
Short-Term Investments and Net Other Assets (Liabilities)
4.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.9                    
 
Preferred Stocks - 0.9                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.2
 
United Kingdom
17.6
Japan
16.1
France
9.9
Germany
9.6
United States
9.0
Italy
5.7
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
19.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 17.6                   
 
Japan - 16.1                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.7                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 19.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.1
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd
1.9
 
 
24.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915641.100    2534-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Pacific Basin Fund
Fidelity® Pacific Basin Fund :  FPBFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Pacific Basin Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Pacific Basin Fund 
$ 45 
0.90%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$702,376,362
 
Number of Holdings
101
 
Portfolio Turnover
53%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
24.6
 
Communication Services
17.1
 
Financials
16.2
 
Consumer Discretionary
15.2
 
Industrials
11.9
 
Health Care
8.9
 
Materials
2.4
 
Consumer Staples
1.3
 
Utilities
0.5
 
Energy
0.4
 
Real Estate
0.4
 
 
Common Stocks
95.5
Preferred Stocks
3.4
Short-Term Investments and Net Other Assets (Liabilities)
1.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.5                    
 
Preferred Stocks - 3.4                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
 
Japan
37.3
China
22.5
Korea (South)
10.8
Taiwan
9.6
Australia
7.7
United States
5.0
Hong Kong
3.2
Indonesia
1.4
Singapore
1.4
Others
1.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 37.3                            
 
China - 22.5                            
 
Korea (South) - 10.8                    
 
Taiwan - 9.6                            
 
Australia - 7.7                         
 
United States - 5.0                     
 
Hong Kong - 3.2                         
 
Indonesia - 1.4                         
 
Singapore - 1.4                         
 
Others - 1.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
8.9
 
Tencent Holdings Ltd
5.2
 
Sony Group Corp
3.2
 
Nintendo Co Ltd
3.0
 
PDD Holdings Inc Class A ADR
2.8
 
Hitachi Ltd
2.7
 
Samsung Electronics Co Ltd
2.4
 
AIA Group Ltd
2.4
 
ORIX Corp
2.1
 
KT Corp ADR
2.0
 
 
34.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915635.100    302-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Europe Fund
Fidelity Advisor® Europe Fund Class C :  FHJTX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Europe Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 92 
1.75%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$738,937,264
 
Number of Holdings
103
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
23.8
 
Industrials
17.3
 
Consumer Discretionary
11.5
 
Health Care
10.1
 
Information Technology
10.1
 
Consumer Staples
8.1
 
Communication Services
7.1
 
Materials
3.7
 
Energy
3.6
 
Real Estate
0.8
 
Utilities
0.8
 
 
Common Stocks
96.8
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
3.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.1
 
United Kingdom
23.6
Germany
18.4
France
14.9
United States
10.7
Italy
6.5
Sweden
5.4
Netherlands
4.1
Switzerland
3.3
Spain
2.5
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 23.6                   
 
Germany - 18.4                          
 
France - 14.9                           
 
United States - 10.7                    
 
Italy - 6.5                             
 
Sweden - 5.4                            
 
Netherlands - 4.1                       
 
Switzerland - 3.3                       
 
Spain - 2.5                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
4.3
 
Astrazeneca PLC
3.1
 
RELX PLC
2.6
 
ASML Holding NV
2.4
 
Shell PLC
2.3
 
Rheinmetall AG
2.3
 
Rolls-Royce Holdings PLC
2.1
 
UniCredit SpA
1.9
 
Siemens AG
1.8
 
Air Liquide SA
1.8
 
 
24.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915630.100    2634-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Japan Smaller Companies Fund
Fidelity® Japan Smaller Companies Fund :  FJSCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Japan Smaller Companies Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Japan Smaller Companies Fund 
$ 44 
0.85%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$425,878,188
 
Number of Holdings
87
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.7
 
Information Technology
17.8
 
Consumer Discretionary
12.3
 
Financials
11.4
 
Materials
10.4
 
Consumer Staples
8.6
 
Communication Services
3.3
 
Energy
2.6
 
Utilities
2.6
 
Real Estate
2.0
 
Health Care
1.7
 
 
Common Stocks
96.4
Short-Term Investments and Net Other Assets (Liabilities)
3.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.4                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.6
 
Japan
96.4
United States
3.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 96.4                            
 
United States - 3.6                     
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SWCC Corp
2.6
 
Yamato Kogyo Co Ltd
2.6
 
Sompo Holdings Inc
2.5
 
Money Forward Inc
2.4
 
Argo Graphics Inc
2.2
 
Visional Inc
2.1
 
Capcom Co Ltd
2.0
 
Hokuhoku Financial Group Inc
2.0
 
Asahi Group Holdings Ltd
1.9
 
IHI Corp
1.9
 
 
22.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915696.100    360-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Value Fund
Fidelity Advisor® International Value Fund Class A :  FIVMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 58 
1.10%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,052,754,816
 
Number of Holdings
107
 
Portfolio Turnover
34%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
38.8
 
Industrials
15.4
 
Materials
10.2
 
Energy
6.2
 
Health Care
5.9
 
Consumer Discretionary
5.1
 
Consumer Staples
3.8
 
Communication Services
3.3
 
Information Technology
2.7
 
Utilities
0.7
 
Real Estate
0.5
 
 
Common Stocks
92.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
7.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 92.4                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.4
 
Japan
20.3
United States
17.1
United Kingdom
13.7
Germany
13.4
France
9.8
Italy
4.9
Switzerland
3.7
Australia
3.4
Spain
3.1
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 20.3                            
 
United States - 17.1                    
 
United Kingdom - 13.7                   
 
Germany - 13.4                          
 
France - 9.8                            
 
Italy - 4.9                             
 
Switzerland - 3.7                       
 
Australia - 3.4                         
 
Spain - 3.1                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Shell PLC ADR
2.9
 
AXA SA
2.6
 
Banco Santander SA
2.5
 
Rheinmetall AG
2.4
 
Zurich Insurance Group AG
2.3
 
Mitsubishi UFJ Financial Group Inc
2.2
 
Sumitomo Mitsui Financial Group Inc
2.1
 
Roche Holding AG
2.1
 
BAE Systems PLC
2.0
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915738.100    1612-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Canada Fund
Fidelity Advisor® Canada Fund Class Z :  FIQEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Canada Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 43 
0.84%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$942,606,561
 
Number of Holdings
68
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
28.2
 
Energy
15.6
 
Industrials
12.5
 
Materials
12.2
 
Information Technology
11.7
 
Consumer Staples
8.6
 
Consumer Discretionary
7.5
 
Communication Services
2.2
 
Health Care
0.8
 
Utilities
0.2
 
 
Common Stocks
99.0
Preferred Stocks
0.3
Bonds
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.0                    
 
Preferred Stocks - 0.3                  
 
Bonds - 0.2                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
 
Canada
92.7
United States
3.7
Brazil
3.0
Chile
0.5
Zambia
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Canada - 92.7                           
 
United States - 3.7                     
 
Brazil - 3.0                            
 
Chile - 0.5                             
 
Zambia - 0.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Royal Bank of Canada
7.9
 
Constellation Software Inc/Canada
6.2
 
Canadian Pacific Kansas City Ltd
5.0
 
Alimentation Couche-Tard Inc
4.6
 
Franco-Nevada Corp
4.5
 
Toronto Dominion Bank
3.9
 
Shopify Inc Class A
3.8
 
Dollarama Inc
3.8
 
Canadian Natural Resources Ltd
3.7
 
PrairieSky Royalty Ltd
3.3
 
 
46.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915650.100    3263-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Fund
Fidelity® Emerging Markets Fund :  FEMKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Emerging Markets Fund 
$ 42 
0.87%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,926,988,734
 
Number of Holdings
79
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.5
 
Financials
19.7
 
Consumer Discretionary
15.0
 
Communication Services
12.7
 
Industrials
8.9
 
Energy
6.0
 
Health Care
4.4
 
Consumer Staples
4.3
 
Utilities
1.8
 
Real Estate
0.6
 
Materials
0.5
 
 
Common Stocks
98.8
Bonds
0.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Bonds - 0.4                             
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
China
25.4
India
19.5
Taiwan
15.7
Korea (South)
6.0
Brazil
5.9
United States
4.8
Mexico
3.0
France
2.9
Indonesia
2.9
Others
13.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 25.4                            
 
India - 19.5                            
 
Taiwan - 15.7                           
 
Korea (South) - 6.0                     
 
Brazil - 5.9                            
 
United States - 4.8                     
 
Mexico - 3.0                            
 
France - 2.9                            
 
Indonesia - 2.9                         
 
Others - 13.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
13.2
 
Tencent Holdings Ltd
8.7
 
NVIDIA Corp
3.4
 
Alibaba Group Holding Ltd ADR
3.2
 
HDFC Bank Ltd
3.1
 
Bank Central Asia Tbk PT
2.9
 
PDD Holdings Inc Class A ADR
2.6
 
Samsung Electronics Co Ltd
2.5
 
Reliance Industries Ltd
2.1
 
SK Hynix Inc
2.1
 
 
43.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915660.100    322-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Total International Equity Fund
Fidelity Advisor® Total International Equity Fund Class A :  FTAEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Total International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 61 
1.20%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$448,437,698
 
Number of Holdings
317
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
20.7
 
Information Technology
12.1
 
Materials
9.9
 
Consumer Discretionary
9.3
 
Communication Services
5.6
 
Health Care
4.8
 
Energy
3.9
 
Consumer Staples
3.4
 
Real Estate
0.2
 
Utilities
0.2
 
 
Common Stocks
97.2
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
2.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.2                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.7
 
United States
13.8
Japan
10.1
United Kingdom
9.8
China
9.7
Germany
7.3
Canada
7.2
France
7.1
Taiwan
3.7
Sweden
3.6
Others
27.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 13.8                    
 
Japan - 10.1                            
 
United Kingdom - 9.8                    
 
China - 9.7                             
 
Germany - 7.3                           
 
Canada - 7.2                            
 
France - 7.1                            
 
Taiwan - 3.7                            
 
Sweden - 3.6                            
 
Others - 27.7                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Tencent Holdings Ltd
2.9
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
SAP SE
2.1
 
Samsung Electronics Co Ltd
1.8
 
CRH PLC
1.8
 
Safran SA
1.5
 
Linde PLC
1.4
 
BAE Systems PLC
1.3
 
Alibaba Group Holding Ltd ADR
1.1
 
Wal-Mart de Mexico SAB de CV Series V
1.1
 
 
17.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915744.100    1980-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Canada Fund
Fidelity Advisor® Canada Fund Class A :  FACNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Canada Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 62 
1.22%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$942,606,561
 
Number of Holdings
68
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
28.2
 
Energy
15.6
 
Industrials
12.5
 
Materials
12.2
 
Information Technology
11.7
 
Consumer Staples
8.6
 
Consumer Discretionary
7.5
 
Communication Services
2.2
 
Health Care
0.8
 
Utilities
0.2
 
 
Common Stocks
99.0
Preferred Stocks
0.3
Bonds
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.0                    
 
Preferred Stocks - 0.3                  
 
Bonds - 0.2                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
 
Canada
92.7
United States
3.7
Brazil
3.0
Chile
0.5
Zambia
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Canada - 92.7                           
 
United States - 3.7                     
 
Brazil - 3.0                            
 
Chile - 0.5                             
 
Zambia - 0.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Royal Bank of Canada
7.9
 
Constellation Software Inc/Canada
6.2
 
Canadian Pacific Kansas City Ltd
5.0
 
Alimentation Couche-Tard Inc
4.6
 
Franco-Nevada Corp
4.5
 
Toronto Dominion Bank
3.9
 
Shopify Inc Class A
3.8
 
Dollarama Inc
3.8
 
Canadian Natural Resources Ltd
3.7
 
PrairieSky Royalty Ltd
3.3
 
 
46.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915645.100    1856-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Growth Fund
Fidelity Advisor® International Growth Fund Class Z :  FZAJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Growth Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 39 
0.78%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,458,338,721
 
Number of Holdings
71
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
34.2
 
Financials
17.9
 
Information Technology
17.2
 
Consumer Discretionary
10.0
 
Materials
9.5
 
Health Care
4.1
 
Communication Services
2.4
 
Energy
0.4
 
Consumer Staples
0.3
 
 
Common Stocks
95.8
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
4.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
 
United States
28.4
United Kingdom
14.4
France
12.5
Germany
9.1
Japan
8.8
Sweden
8.1
Netherlands
4.7
Switzerland
3.1
Canada
2.4
Others
8.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 28.4                    
 
United Kingdom - 14.4                   
 
France - 12.5                           
 
Germany - 9.1                           
 
Japan - 8.8                             
 
Sweden - 8.1                            
 
Netherlands - 4.7                       
 
Switzerland - 3.1                       
 
Canada - 2.4                            
 
Others - 8.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
6.8
 
Safran SA
4.6
 
CRH PLC
3.9
 
ASML Holding NV
3.5
 
Atlas Copco AB A Shares
3.5
 
Linde PLC
3.4
 
Compass Group PLC
3.1
 
Recruit Holdings Co Ltd
2.8
 
LVMH Moet Hennessy Louis Vuitton SE
2.6
 
Experian PLC
2.5
 
 
36.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915754.100    2535-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Diversified International Fund
Fidelity® Diversified International Fund :  FDIVX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Diversified International Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Diversified International Fund 
$ 33 
0.64%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$11,737,421,933
 
Number of Holdings
138
 
Portfolio Turnover
41%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
27.0
 
Information Technology
10.7
 
Health Care
9.1
 
Materials
8.4
 
Consumer Discretionary
7.9
 
Energy
3.0
 
Communication Services
2.5
 
Consumer Staples
0.8
 
 
Common Stocks
96.1
Preferred Stocks
0.5
Short-Term Investments and Net Other Assets (Liabilities)
3.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.5                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.4
 
Japan
17.6
United Kingdom
15.8
United States
14.5
Germany
11.9
France
9.3
Canada
4.9
Netherlands
4.3
Sweden
3.1
Italy
3.0
Others
15.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 17.6                            
 
United Kingdom - 15.8                   
 
United States - 14.5                    
 
Germany - 11.9                          
 
France - 9.3                            
 
Canada - 4.9                            
 
Netherlands - 4.3                       
 
Sweden - 3.1                            
 
Italy - 3.0                             
 
Others - 15.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
2.7
 
Hitachi Ltd
2.6
 
Allianz SE
2.0
 
RELX PLC (Netherlands)
1.9
 
UniCredit SpA
1.9
 
London Stock Exchange Group PLC
1.8
 
Rolls-Royce Holdings PLC
1.7
 
Wolters Kluwer NV
1.6
 
Astrazeneca PLC
1.6
 
Mitsubishi Heavy Industries Ltd
1.6
 
 
19.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915667.100    325-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® China Region Fund
Fidelity Advisor® China Region Fund Class M :  FHKTX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® China Region Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 70 
1.43%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,096,792,327
 
Number of Holdings
76
 
Portfolio Turnover
32%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
30.9
 
Consumer Discretionary
22.4
 
Communication Services
17.2
 
Financials
13.2
 
Health Care
4.3
 
Materials
3.2
 
Industrials
2.8
 
Consumer Staples
2.7
 
Real Estate
1.1
 
 
Common Stocks
95.8
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
2.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.2
 
China
60.2
Taiwan
29.1
Hong Kong
4.1
United States
3.2
Singapore
1.4
Korea (South)
1.1
South Africa
0.5
France
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 60.2                            
 
Taiwan - 29.1                           
 
Hong Kong - 4.1                         
 
United States - 3.2                     
 
Singapore - 1.4                         
 
Korea (South) - 1.1                     
 
South Africa - 0.5                      
 
France - 0.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
21.7
 
Tencent Holdings Ltd
13.4
 
Alibaba Group Holding Ltd
6.6
 
PDD Holdings Inc Class A ADR
4.0
 
China Construction Bank Corp H Shares
3.4
 
AIA Group Ltd
3.2
 
Zijin Mining Group Co Ltd H Shares
2.6
 
Industrial & Commercial Bank of China Ltd H Shares
1.7
 
MediaTek Inc
1.6
 
Meituan B Shares
1.5
 
 
59.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915692.100    2067-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Fund
Fidelity Advisor® International Small Cap Fund Class A :  FIASX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 64 
1.25%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$4,896,590,377
 
Number of Holdings
199
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.4
 
Financials
15.8
 
Consumer Staples
10.8
 
Consumer Discretionary
10.0
 
Materials
8.2
 
Information Technology
7.6
 
Health Care
6.0
 
Real Estate
5.8
 
Communication Services
4.6
 
Energy
3.5
 
Utilities
0.6
 
 
Common Stocks
96.3
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
Japan
22.3
United Kingdom
13.4
United States
6.6
Canada
4.1
Australia
3.8
Spain
3.6
China
3.5
Mexico
3.5
Italy
3.1
Others
36.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 22.3                            
 
United Kingdom - 13.4                   
 
United States - 6.6                     
 
Canada - 4.1                            
 
Australia - 3.8                         
 
Spain - 3.6                             
 
China - 3.5                             
 
Mexico - 3.5                            
 
Italy - 3.1                             
 
Others - 36.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Logista Integral SA
1.1
 
BayCurrent Inc
1.1
 
Premier Foods PLC
1.1
 
Ashtead Technology Holdings plc
1.1
 
Metlen Energy & Metals SA
1.0
 
Grupo Catalana Occidente SA
1.0
 
Century Pacific Food Inc
1.0
 
Richter Gedeon Nyrt
0.9
 
Spar Nord Bank A/S
0.9
 
Qualitas Controladora SAB de CV
0.9
 
 
10.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915711.100    1258-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Europe Fund
Fidelity Advisor® Europe Fund Class Z :  FIQHX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Europe Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 32 
0.61%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$738,937,264
 
Number of Holdings
103
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
23.8
 
Industrials
17.3
 
Consumer Discretionary
11.5
 
Health Care
10.1
 
Information Technology
10.1
 
Consumer Staples
8.1
 
Communication Services
7.1
 
Materials
3.7
 
Energy
3.6
 
Real Estate
0.8
 
Utilities
0.8
 
 
Common Stocks
96.8
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
3.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.1
 
United Kingdom
23.6
Germany
18.4
France
14.9
United States
10.7
Italy
6.5
Sweden
5.4
Netherlands
4.1
Switzerland
3.3
Spain
2.5
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 23.6                   
 
Germany - 18.4                          
 
France - 14.9                           
 
United States - 10.7                    
 
Italy - 6.5                             
 
Sweden - 5.4                            
 
Netherlands - 4.1                       
 
Switzerland - 3.3                       
 
Spain - 2.5                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
4.3
 
Astrazeneca PLC
3.1
 
RELX PLC
2.6
 
ASML Holding NV
2.4
 
Shell PLC
2.3
 
Rheinmetall AG
2.3
 
Rolls-Royce Holdings PLC
2.1
 
UniCredit SpA
1.9
 
Siemens AG
1.8
 
Air Liquide SA
1.8
 
 
24.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915634.100    3266-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Value Fund
Fidelity Advisor® International Value Fund Class Z :  FIQKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 39 
0.73%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,052,754,816
 
Number of Holdings
107
 
Portfolio Turnover
34%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
38.8
 
Industrials
15.4
 
Materials
10.2
 
Energy
6.2
 
Health Care
5.9
 
Consumer Discretionary
5.1
 
Consumer Staples
3.8
 
Communication Services
3.3
 
Information Technology
2.7
 
Utilities
0.7
 
Real Estate
0.5
 
 
Common Stocks
92.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
7.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 92.4                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.4
 
Japan
20.3
United States
17.1
United Kingdom
13.7
Germany
13.4
France
9.8
Italy
4.9
Switzerland
3.7
Australia
3.4
Spain
3.1
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 20.3                            
 
United States - 17.1                    
 
United Kingdom - 13.7                   
 
Germany - 13.4                          
 
France - 9.8                            
 
Italy - 4.9                             
 
Switzerland - 3.7                       
 
Australia - 3.4                         
 
Spain - 3.1                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Shell PLC ADR
2.9
 
AXA SA
2.6
 
Banco Santander SA
2.5
 
Rheinmetall AG
2.4
 
Zurich Insurance Group AG
2.3
 
Mitsubishi UFJ Financial Group Inc
2.2
 
Sumitomo Mitsui Financial Group Inc
2.1
 
Roche Holding AG
2.1
 
BAE Systems PLC
2.0
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915742.100    3269-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Fund
Fidelity Advisor® Emerging Markets Fund Class A :  FEDMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 55 
1.14%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,926,988,734
 
Number of Holdings
79
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.5
 
Financials
19.7
 
Consumer Discretionary
15.0
 
Communication Services
12.7
 
Industrials
8.9
 
Energy
6.0
 
Health Care
4.4
 
Consumer Staples
4.3
 
Utilities
1.8
 
Real Estate
0.6
 
Materials
0.5
 
 
Common Stocks
98.8
Bonds
0.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Bonds - 0.4                             
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
China
25.4
India
19.5
Taiwan
15.7
Korea (South)
6.0
Brazil
5.9
United States
4.8
Mexico
3.0
France
2.9
Indonesia
2.9
Others
13.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 25.4                            
 
India - 19.5                            
 
Taiwan - 15.7                           
 
Korea (South) - 6.0                     
 
Brazil - 5.9                            
 
United States - 4.8                     
 
Mexico - 3.0                            
 
France - 2.9                            
 
Indonesia - 2.9                         
 
Others - 13.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
13.2
 
Tencent Holdings Ltd
8.7
 
NVIDIA Corp
3.4
 
Alibaba Group Holding Ltd ADR
3.2
 
HDFC Bank Ltd
3.1
 
Bank Central Asia Tbk PT
2.9
 
PDD Holdings Inc Class A ADR
2.6
 
Samsung Electronics Co Ltd
2.5
 
Reliance Industries Ltd
2.1
 
SK Hynix Inc
2.1
 
 
43.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915661.100    6355-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Worldwide Fund
Fidelity Advisor® Worldwide Fund Class Z :  FIQOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Worldwide Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 31 
0.65%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,906,574,043
 
Number of Holdings
165
 
Portfolio Turnover
163%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
19.3
 
Consumer Discretionary
16.3
 
Financials
15.4
 
Communication Services
12.9
 
Health Care
8.6
 
Industrials
7.1
 
Consumer Staples
5.6
 
Real Estate
3.8
 
Energy
3.2
 
Materials
2.1
 
Utilities
2.0
 
 
Common Stocks
96.1
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
United States
65.2
United Kingdom
5.0
Japan
3.8
Canada
3.6
Sweden
3.2
Spain
2.0
Netherlands
1.7
Italy
1.7
France
1.5
Others
12.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 65.2                    
 
United Kingdom - 5.0                    
 
Japan - 3.8                             
 
Canada - 3.6                            
 
Sweden - 3.2                            
 
Spain - 2.0                             
 
Netherlands - 1.7                       
 
Italy - 1.7                             
 
France - 1.5                            
 
Others - 12.3                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Amazon.com Inc
4.1
 
NVIDIA Corp
4.0
 
Meta Platforms Inc Class A
3.5
 
Microsoft Corp
3.1
 
Robinhood Markets Inc Class A
2.9
 
Apple Inc
2.6
 
Alphabet Inc Class A
2.6
 
Kyndryl Holdings Inc
2.5
 
Prologis Inc
2.1
 
DraftKings Inc Class A
2.0
 
 
29.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915658.100    3273-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Fund
Fidelity® International Small Cap Fund :  FISMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Small Cap Fund 
$ 49 
0.95%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$4,896,590,377
 
Number of Holdings
199
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.4
 
Financials
15.8
 
Consumer Staples
10.8
 
Consumer Discretionary
10.0
 
Materials
8.2
 
Information Technology
7.6
 
Health Care
6.0
 
Real Estate
5.8
 
Communication Services
4.6
 
Energy
3.5
 
Utilities
0.6
 
 
Common Stocks
96.3
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
Japan
22.3
United Kingdom
13.4
United States
6.6
Canada
4.1
Australia
3.8
Spain
3.6
China
3.5
Mexico
3.5
Italy
3.1
Others
36.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 22.3                            
 
United Kingdom - 13.4                   
 
United States - 6.6                     
 
Canada - 4.1                            
 
Australia - 3.8                         
 
Spain - 3.6                             
 
China - 3.5                             
 
Mexico - 3.5                            
 
Italy - 3.1                             
 
Others - 36.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Logista Integral SA
1.1
 
BayCurrent Inc
1.1
 
Premier Foods PLC
1.1
 
Ashtead Technology Holdings plc
1.1
 
Metlen Energy & Metals SA
1.0
 
Grupo Catalana Occidente SA
1.0
 
Century Pacific Food Inc
1.0
 
Richter Gedeon Nyrt
0.9
 
Spar Nord Bank A/S
0.9
 
Qualitas Controladora SAB de CV
0.9
 
 
10.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915716.100    818-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Fund
Fidelity Advisor® Emerging Markets Fund Class M :  FEQMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 67 
1.39%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,926,988,734
 
Number of Holdings
79
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.5
 
Financials
19.7
 
Consumer Discretionary
15.0
 
Communication Services
12.7
 
Industrials
8.9
 
Energy
6.0
 
Health Care
4.4
 
Consumer Staples
4.3
 
Utilities
1.8
 
Real Estate
0.6
 
Materials
0.5
 
 
Common Stocks
98.8
Bonds
0.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Bonds - 0.4                             
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
China
25.4
India
19.5
Taiwan
15.7
Korea (South)
6.0
Brazil
5.9
United States
4.8
Mexico
3.0
France
2.9
Indonesia
2.9
Others
13.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 25.4                            
 
India - 19.5                            
 
Taiwan - 15.7                           
 
Korea (South) - 6.0                     
 
Brazil - 5.9                            
 
United States - 4.8                     
 
Mexico - 3.0                            
 
France - 2.9                            
 
Indonesia - 2.9                         
 
Others - 13.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
13.2
 
Tencent Holdings Ltd
8.7
 
NVIDIA Corp
3.4
 
Alibaba Group Holding Ltd ADR
3.2
 
HDFC Bank Ltd
3.1
 
Bank Central Asia Tbk PT
2.9
 
PDD Holdings Inc Class A ADR
2.6
 
Samsung Electronics Co Ltd
2.5
 
Reliance Industries Ltd
2.1
 
SK Hynix Inc
2.1
 
 
43.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915663.100    6357-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Fund
Fidelity Advisor® International Small Cap Fund Class M :  FTISX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 77 
1.50%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$4,896,590,377
 
Number of Holdings
199
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.4
 
Financials
15.8
 
Consumer Staples
10.8
 
Consumer Discretionary
10.0
 
Materials
8.2
 
Information Technology
7.6
 
Health Care
6.0
 
Real Estate
5.8
 
Communication Services
4.6
 
Energy
3.5
 
Utilities
0.6
 
 
Common Stocks
96.3
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
Japan
22.3
United Kingdom
13.4
United States
6.6
Canada
4.1
Australia
3.8
Spain
3.6
China
3.5
Mexico
3.5
Italy
3.1
Others
36.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 22.3                            
 
United Kingdom - 13.4                   
 
United States - 6.6                     
 
Canada - 4.1                            
 
Australia - 3.8                         
 
Spain - 3.6                             
 
China - 3.5                             
 
Mexico - 3.5                            
 
Italy - 3.1                             
 
Others - 36.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Logista Integral SA
1.1
 
BayCurrent Inc
1.1
 
Premier Foods PLC
1.1
 
Ashtead Technology Holdings plc
1.1
 
Metlen Energy & Metals SA
1.0
 
Grupo Catalana Occidente SA
1.0
 
Century Pacific Food Inc
1.0
 
Richter Gedeon Nyrt
0.9
 
Spar Nord Bank A/S
0.9
 
Qualitas Controladora SAB de CV
0.9
 
 
10.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915713.100    1261-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® China Region Fund
Fidelity Advisor® China Region Fund Class I :  FHKIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® China Region Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 44 
0.90%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,096,792,327
 
Number of Holdings
76
 
Portfolio Turnover
32%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
30.9
 
Consumer Discretionary
22.4
 
Communication Services
17.2
 
Financials
13.2
 
Health Care
4.3
 
Materials
3.2
 
Industrials
2.8
 
Consumer Staples
2.7
 
Real Estate
1.1
 
 
Common Stocks
95.8
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
2.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.2
 
China
60.2
Taiwan
29.1
Hong Kong
4.1
United States
3.2
Singapore
1.4
Korea (South)
1.1
South Africa
0.5
France
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 60.2                            
 
Taiwan - 29.1                           
 
Hong Kong - 4.1                         
 
United States - 3.2                     
 
Singapore - 1.4                         
 
Korea (South) - 1.1                     
 
South Africa - 0.5                      
 
France - 0.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
21.7
 
Tencent Holdings Ltd
13.4
 
Alibaba Group Holding Ltd
6.6
 
PDD Holdings Inc Class A ADR
4.0
 
China Construction Bank Corp H Shares
3.4
 
AIA Group Ltd
3.2
 
Zijin Mining Group Co Ltd H Shares
2.6
 
Industrial & Commercial Bank of China Ltd H Shares
1.7
 
MediaTek Inc
1.6
 
Meituan B Shares
1.5
 
 
59.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915693.100    2068-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Japan Fund
Fidelity Advisor® Japan Fund Class C :  FJPCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Japan Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 87 
1.73%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$710,338,465
 
Number of Holdings
86
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
28.4
 
Information Technology
19.0
 
Financials
15.1
 
Consumer Discretionary
11.6
 
Communication Services
6.8
 
Materials
6.4
 
Health Care
5.5
 
Consumer Staples
2.5
 
Real Estate
1.1
 
Energy
1.0
 
 
Common Stocks
97.4
Short-Term Investments and Net Other Assets (Liabilities)
2.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.4                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.6
 
Japan
96.7
United States
3.1
China
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 96.7                            
 
United States - 3.1                     
 
China - 0.2                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Sumitomo Mitsui Financial Group Inc
6.4
 
Sony Group Corp
5.1
 
Hitachi Ltd
4.8
 
Fujitsu Ltd
3.0
 
Tokio Marine Holdings Inc
2.9
 
Hoya Corp
2.9
 
ORIX Corp
2.8
 
Nintendo Co Ltd
2.8
 
Shin-Etsu Chemical Co Ltd
2.7
 
FUJIFILM Holdings Corp
2.5
 
 
35.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915684.100    2258-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Fund
Fidelity® Emerging Markets Fund Class K :  FKEMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 36 
0.74%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,926,988,734
 
Number of Holdings
79
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.5
 
Financials
19.7
 
Consumer Discretionary
15.0
 
Communication Services
12.7
 
Industrials
8.9
 
Energy
6.0
 
Health Care
4.4
 
Consumer Staples
4.3
 
Utilities
1.8
 
Real Estate
0.6
 
Materials
0.5
 
 
Common Stocks
98.8
Bonds
0.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Bonds - 0.4                             
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
China
25.4
India
19.5
Taiwan
15.7
Korea (South)
6.0
Brazil
5.9
United States
4.8
Mexico
3.0
France
2.9
Indonesia
2.9
Others
13.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 25.4                            
 
India - 19.5                            
 
Taiwan - 15.7                           
 
Korea (South) - 6.0                     
 
Brazil - 5.9                            
 
United States - 4.8                     
 
Mexico - 3.0                            
 
France - 2.9                            
 
Indonesia - 2.9                         
 
Others - 13.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
13.2
 
Tencent Holdings Ltd
8.7
 
NVIDIA Corp
3.4
 
Alibaba Group Holding Ltd ADR
3.2
 
HDFC Bank Ltd
3.1
 
Bank Central Asia Tbk PT
2.9
 
PDD Holdings Inc Class A ADR
2.6
 
Samsung Electronics Co Ltd
2.5
 
Reliance Industries Ltd
2.1
 
SK Hynix Inc
2.1
 
 
43.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915659.100    2084-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Fund
Fidelity Advisor® Emerging Markets Fund Class I :  FECMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 43 
0.88%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,926,988,734
 
Number of Holdings
79
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.5
 
Financials
19.7
 
Consumer Discretionary
15.0
 
Communication Services
12.7
 
Industrials
8.9
 
Energy
6.0
 
Health Care
4.4
 
Consumer Staples
4.3
 
Utilities
1.8
 
Real Estate
0.6
 
Materials
0.5
 
 
Common Stocks
98.8
Bonds
0.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Bonds - 0.4                             
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
China
25.4
India
19.5
Taiwan
15.7
Korea (South)
6.0
Brazil
5.9
United States
4.8
Mexico
3.0
France
2.9
Indonesia
2.9
Others
13.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 25.4                            
 
India - 19.5                            
 
Taiwan - 15.7                           
 
Korea (South) - 6.0                     
 
Brazil - 5.9                            
 
United States - 4.8                     
 
Mexico - 3.0                            
 
France - 2.9                            
 
Indonesia - 2.9                         
 
Others - 13.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
13.2
 
Tencent Holdings Ltd
8.7
 
NVIDIA Corp
3.4
 
Alibaba Group Holding Ltd ADR
3.2
 
HDFC Bank Ltd
3.1
 
Bank Central Asia Tbk PT
2.9
 
PDD Holdings Inc Class A ADR
2.6
 
Samsung Electronics Co Ltd
2.5
 
Reliance Industries Ltd
2.1
 
SK Hynix Inc
2.1
 
 
43.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915664.100    6358-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Discovery Fund
Fidelity Advisor® Emerging Markets Discovery Fund Class Z :  FIQGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 45 
0.90%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,026,456,466
 
Number of Holdings
103
 
Portfolio Turnover
38%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
22.1
 
Financials
18.6
 
Consumer Discretionary
16.1
 
Consumer Staples
10.9
 
Information Technology
10.3
 
Health Care
4.7
 
Real Estate
4.3
 
Communication Services
3.6
 
Energy
2.9
 
Utilities
2.4
 
Materials
2.1
 
 
Common Stocks
98.0
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.0                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
 
Taiwan
17.8
China
17.5
Brazil
13.1
India
11.9
Korea (South)
7.6
Mexico
5.5
Indonesia
4.1
United States
3.3
Poland
2.7
Others
16.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Taiwan - 17.8                           
 
China - 17.5                            
 
Brazil - 13.1                           
 
India - 11.9                            
 
Korea (South) - 7.6                     
 
Mexico - 5.5                            
 
Indonesia - 4.1                         
 
United States - 3.3                     
 
Poland - 2.7                            
 
Others - 16.5                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
OPAP SA
1.7
 
Localiza Rent a Car SA
1.6
 
Lion Finance Group PLC
1.5
 
Dino Polska SA
1.5
 
Max Healthcare Institute Ltd
1.4
 
Qualitas Controladora SAB de CV
1.4
 
Eicher Motors Ltd
1.3
 
Equatorial Energia SA
1.3
 
Shriram Finance Ltd
1.3
 
Banco de Chile ADR
1.3
 
 
14.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915779.100    3265-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Worldwide Fund
Fidelity Advisor® Worldwide Fund Class A :  FWAFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Worldwide Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 49 
1.03%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,906,574,043
 
Number of Holdings
165
 
Portfolio Turnover
163%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
19.3
 
Consumer Discretionary
16.3
 
Financials
15.4
 
Communication Services
12.9
 
Health Care
8.6
 
Industrials
7.1
 
Consumer Staples
5.6
 
Real Estate
3.8
 
Energy
3.2
 
Materials
2.1
 
Utilities
2.0
 
 
Common Stocks
96.1
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
United States
65.2
United Kingdom
5.0
Japan
3.8
Canada
3.6
Sweden
3.2
Spain
2.0
Netherlands
1.7
Italy
1.7
France
1.5
Others
12.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 65.2                    
 
United Kingdom - 5.0                    
 
Japan - 3.8                             
 
Canada - 3.6                            
 
Sweden - 3.2                            
 
Spain - 2.0                             
 
Netherlands - 1.7                       
 
Italy - 1.7                             
 
France - 1.5                            
 
Others - 12.3                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Amazon.com Inc
4.1
 
NVIDIA Corp
4.0
 
Meta Platforms Inc Class A
3.5
 
Microsoft Corp
3.1
 
Robinhood Markets Inc Class A
2.9
 
Apple Inc
2.6
 
Alphabet Inc Class A
2.6
 
Kyndryl Holdings Inc
2.5
 
Prologis Inc
2.1
 
DraftKings Inc Class A
2.0
 
 
29.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915653.100    2143-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Discovery Fund
Fidelity Advisor® Emerging Markets Discovery Fund Class M :  FEDTX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 76 
1.52%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,026,456,466
 
Number of Holdings
103
 
Portfolio Turnover
38%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
22.1
 
Financials
18.6
 
Consumer Discretionary
16.1
 
Consumer Staples
10.9
 
Information Technology
10.3
 
Health Care
4.7
 
Real Estate
4.3
 
Communication Services
3.6
 
Energy
2.9
 
Utilities
2.4
 
Materials
2.1
 
 
Common Stocks
98.0
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.0                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
 
Taiwan
17.8
China
17.5
Brazil
13.1
India
11.9
Korea (South)
7.6
Mexico
5.5
Indonesia
4.1
United States
3.3
Poland
2.7
Others
16.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Taiwan - 17.8                           
 
China - 17.5                            
 
Brazil - 13.1                           
 
India - 11.9                            
 
Korea (South) - 7.6                     
 
Mexico - 5.5                            
 
Indonesia - 4.1                         
 
United States - 3.3                     
 
Poland - 2.7                            
 
Others - 16.5                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
OPAP SA
1.7
 
Localiza Rent a Car SA
1.6
 
Lion Finance Group PLC
1.5
 
Dino Polska SA
1.5
 
Max Healthcare Institute Ltd
1.4
 
Qualitas Controladora SAB de CV
1.4
 
Eicher Motors Ltd
1.3
 
Equatorial Energia SA
1.3
 
Shriram Finance Ltd
1.3
 
Banco de Chile ADR
1.3
 
 
14.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915777.100    2377-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Global Equity Income Fund
Fidelity Advisor® Global Equity Income Fund Class I :  FGEJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Global Equity Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 47 
0.93%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$292,744,990
 
Number of Holdings
151
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
18.1
 
Industrials
15.2
 
Financials
14.2
 
Health Care
11.3
 
Consumer Discretionary
9.7
 
Consumer Staples
9.3
 
Communication Services
7.5
 
Energy
4.7
 
Utilities
4.1
 
Materials
3.6
 
Real Estate
1.1
 
 
Common Stocks
98.8
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
United States
58.7
United Kingdom
7.6
Germany
7.1
Japan
6.0
Canada
4.9
France
3.4
Taiwan
2.3
Netherlands
1.6
Ireland
1.5
Others
6.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 58.7                    
 
United Kingdom - 7.6                    
 
Germany - 7.1                           
 
Japan - 6.0                             
 
Canada - 4.9                            
 
France - 3.4                            
 
Taiwan - 2.3                            
 
Netherlands - 1.6                       
 
Ireland - 1.5                           
 
Others - 6.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Rheinmetall AG
5.2
 
Apple Inc
4.6
 
Microsoft Corp
4.2
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
JPMorgan Chase & Co
1.8
 
AbbVie Inc
1.6
 
NXP Semiconductors NV
1.6
 
T-Mobile US Inc
1.5
 
Eli Lilly & Co
1.4
 
Linde PLC
1.4
 
 
25.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918445.100    7769-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Opportunities Fund
Fidelity® International Small Cap Opportunities Fund :  FSCOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Small Cap Opportunities Fund 
$ 49 
0.94%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,340,297,691
 
Number of Holdings
115
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.2
 
Information Technology
21.0
 
Consumer Discretionary
11.2
 
Communication Services
7.8
 
Financials
6.0
 
Materials
4.5
 
Health Care
3.7
 
Consumer Staples
3.2
 
Real Estate
2.8
 
Energy
1.1
 
 
Common Stocks
91.5
International Equity Funds
4.9
Short-Term Investments and Net Other Assets (Liabilities)
3.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 91.5                    
 
International Equity Funds - 4.9        
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.6
 
Japan
26.5
United Kingdom
15.1
Sweden
14.1
United States
10.9
Germany
5.5
Netherlands
4.7
Canada
4.0
Belgium
2.6
France
2.5
Others
14.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 26.5                            
 
United Kingdom - 15.1                   
 
Sweden - 14.1                           
 
United States - 10.9                    
 
Germany - 5.5                           
 
Netherlands - 4.7                       
 
Canada - 4.0                            
 
Belgium - 2.6                           
 
France - 2.5                            
 
Others - 14.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Lagercrantz Group AB B Shares
5.2
 
iShares MSCI EAFE Small-Cap ETF
4.9
 
AddTech AB B Shares
4.7
 
Azbil Corp
3.5
 
CTS Eventim AG & Co KGaA
2.7
 
Games Workshop Group PLC
2.2
 
KBC Ancora
2.1
 
Interpump Group SpA
2.1
 
Spectris PLC
2.1
 
Howden Joinery Group PLC
2.0
 
 
31.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915735.100    1504-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® China Region Fund
Fidelity® China Region Fund :  FHKCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® China Region Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® China Region Fund 
$ 45 
0.91%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,096,792,327
 
Number of Holdings
76
 
Portfolio Turnover
32%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
30.9
 
Consumer Discretionary
22.4
 
Communication Services
17.2
 
Financials
13.2
 
Health Care
4.3
 
Materials
3.2
 
Industrials
2.8
 
Consumer Staples
2.7
 
Real Estate
1.1
 
 
Common Stocks
95.8
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
2.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.2
 
China
60.2
Taiwan
29.1
Hong Kong
4.1
United States
3.2
Singapore
1.4
Korea (South)
1.1
South Africa
0.5
France
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 60.2                            
 
Taiwan - 29.1                           
 
Hong Kong - 4.1                         
 
United States - 3.2                     
 
Singapore - 1.4                         
 
Korea (South) - 1.1                     
 
South Africa - 0.5                      
 
France - 0.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
21.7
 
Tencent Holdings Ltd
13.4
 
Alibaba Group Holding Ltd
6.6
 
PDD Holdings Inc Class A ADR
4.0
 
China Construction Bank Corp H Shares
3.4
 
AIA Group Ltd
3.2
 
Zijin Mining Group Co Ltd H Shares
2.6
 
Industrial & Commercial Bank of China Ltd H Shares
1.7
 
MediaTek Inc
1.6
 
Meituan B Shares
1.5
 
 
59.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915695.100    352-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery Fund
Fidelity Advisor® International Discovery Fund Class I :  FIADX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 34 
0.66%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$10,296,192,153
 
Number of Holdings
135
 
Portfolio Turnover
52%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.7
 
Industrials
23.4
 
Consumer Discretionary
13.0
 
Information Technology
12.9
 
Health Care
7.3
 
Communication Services
6.7
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.1
 
 
Common Stocks
94.9
Preferred Stocks
0.9
Short-Term Investments and Net Other Assets (Liabilities)
4.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.9                    
 
Preferred Stocks - 0.9                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.2
 
United Kingdom
17.6
Japan
16.1
France
9.9
Germany
9.6
United States
9.0
Italy
5.7
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
19.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 17.6                   
 
Japan - 16.1                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.7                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 19.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.1
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd
1.9
 
 
24.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915639.100    1402-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery Fund
Fidelity Advisor® International Discovery Fund Class M :  FTADX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 60 
1.16%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$10,296,192,153
 
Number of Holdings
135
 
Portfolio Turnover
52%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.7
 
Industrials
23.4
 
Consumer Discretionary
13.0
 
Information Technology
12.9
 
Health Care
7.3
 
Communication Services
6.7
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.1
 
 
Common Stocks
94.9
Preferred Stocks
0.9
Short-Term Investments and Net Other Assets (Liabilities)
4.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.9                    
 
Preferred Stocks - 0.9                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.2
 
United Kingdom
17.6
Japan
16.1
France
9.9
Germany
9.6
United States
9.0
Italy
5.7
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
19.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 17.6                   
 
Japan - 16.1                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.7                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 19.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.1
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd
1.9
 
 
24.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915638.100    1401-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Opportunities Fund
Fidelity Advisor® International Small Cap Opportunities Fund Class Z :  FIQJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 45 
0.86%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,340,297,691
 
Number of Holdings
115
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.2
 
Information Technology
21.0
 
Consumer Discretionary
11.2
 
Communication Services
7.8
 
Financials
6.0
 
Materials
4.5
 
Health Care
3.7
 
Consumer Staples
3.2
 
Real Estate
2.8
 
Energy
1.1
 
 
Common Stocks
91.5
International Equity Funds
4.9
Short-Term Investments and Net Other Assets (Liabilities)
3.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 91.5                    
 
International Equity Funds - 4.9        
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.6
 
Japan
26.5
United Kingdom
15.1
Sweden
14.1
United States
10.9
Germany
5.5
Netherlands
4.7
Canada
4.0
Belgium
2.6
France
2.5
Others
14.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 26.5                            
 
United Kingdom - 15.1                   
 
Sweden - 14.1                           
 
United States - 10.9                    
 
Germany - 5.5                           
 
Netherlands - 4.7                       
 
Canada - 4.0                            
 
Belgium - 2.6                           
 
France - 2.5                            
 
Others - 14.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Lagercrantz Group AB B Shares
5.2
 
iShares MSCI EAFE Small-Cap ETF
4.9
 
AddTech AB B Shares
4.7
 
Azbil Corp
3.5
 
CTS Eventim AG & Co KGaA
2.7
 
Games Workshop Group PLC
2.2
 
KBC Ancora
2.1
 
Interpump Group SpA
2.1
 
Spectris PLC
2.1
 
Howden Joinery Group PLC
2.0
 
 
31.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915736.100    3268-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Growth Fund
Fidelity Advisor® International Growth Fund Class A :  FIAGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Growth Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 58 
1.15%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,458,338,721
 
Number of Holdings
71
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
34.2
 
Financials
17.9
 
Information Technology
17.2
 
Consumer Discretionary
10.0
 
Materials
9.5
 
Health Care
4.1
 
Communication Services
2.4
 
Energy
0.4
 
Consumer Staples
0.3
 
 
Common Stocks
95.8
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
4.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
 
United States
28.4
United Kingdom
14.4
France
12.5
Germany
9.1
Japan
8.8
Sweden
8.1
Netherlands
4.7
Switzerland
3.1
Canada
2.4
Others
8.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 28.4                    
 
United Kingdom - 14.4                   
 
France - 12.5                           
 
Germany - 9.1                           
 
Japan - 8.8                             
 
Sweden - 8.1                            
 
Netherlands - 4.7                       
 
Switzerland - 3.1                       
 
Canada - 2.4                            
 
Others - 8.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
6.8
 
Safran SA
4.6
 
CRH PLC
3.9
 
ASML Holding NV
3.5
 
Atlas Copco AB A Shares
3.5
 
Linde PLC
3.4
 
Compass Group PLC
3.1
 
Recruit Holdings Co Ltd
2.8
 
LVMH Moet Hennessy Louis Vuitton SE
2.6
 
Experian PLC
2.5
 
 
36.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915750.100    1985-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Diversified International Fund
Fidelity® Diversified International Fund Class K :  FDIKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Diversified International Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 29 
0.56%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$11,737,421,933
 
Number of Holdings
138
 
Portfolio Turnover
41%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
27.0
 
Information Technology
10.7
 
Health Care
9.1
 
Materials
8.4
 
Consumer Discretionary
7.9
 
Energy
3.0
 
Communication Services
2.5
 
Consumer Staples
0.8
 
 
Common Stocks
96.1
Preferred Stocks
0.5
Short-Term Investments and Net Other Assets (Liabilities)
3.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.5                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.4
 
Japan
17.6
United Kingdom
15.8
United States
14.5
Germany
11.9
France
9.3
Canada
4.9
Netherlands
4.3
Sweden
3.1
Italy
3.0
Others
15.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 17.6                            
 
United Kingdom - 15.8                   
 
United States - 14.5                    
 
Germany - 11.9                          
 
France - 9.3                            
 
Canada - 4.9                            
 
Netherlands - 4.3                       
 
Sweden - 3.1                            
 
Italy - 3.0                             
 
Others - 15.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
2.7
 
Hitachi Ltd
2.6
 
Allianz SE
2.0
 
RELX PLC (Netherlands)
1.9
 
UniCredit SpA
1.9
 
London Stock Exchange Group PLC
1.8
 
Rolls-Royce Holdings PLC
1.7
 
Wolters Kluwer NV
1.6
 
Astrazeneca PLC
1.6
 
Mitsubishi Heavy Industries Ltd
1.6
 
 
19.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915666.100    2082-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Value Fund
Fidelity® International Value Fund :  FIVLX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Value Fund 
$ 43 
0.81%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,052,754,816
 
Number of Holdings
107
 
Portfolio Turnover
34%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
38.8
 
Industrials
15.4
 
Materials
10.2
 
Energy
6.2
 
Health Care
5.9
 
Consumer Discretionary
5.1
 
Consumer Staples
3.8
 
Communication Services
3.3
 
Information Technology
2.7
 
Utilities
0.7
 
Real Estate
0.5
 
 
Common Stocks
92.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
7.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 92.4                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.4
 
Japan
20.3
United States
17.1
United Kingdom
13.7
Germany
13.4
France
9.8
Italy
4.9
Switzerland
3.7
Australia
3.4
Spain
3.1
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 20.3                            
 
United States - 17.1                    
 
United Kingdom - 13.7                   
 
Germany - 13.4                          
 
France - 9.8                            
 
Italy - 4.9                             
 
Switzerland - 3.7                       
 
Australia - 3.4                         
 
Spain - 3.1                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Shell PLC ADR
2.9
 
AXA SA
2.6
 
Banco Santander SA
2.5
 
Rheinmetall AG
2.4
 
Zurich Insurance Group AG
2.3
 
Mitsubishi UFJ Financial Group Inc
2.2
 
Sumitomo Mitsui Financial Group Inc
2.1
 
Roche Holding AG
2.1
 
BAE Systems PLC
2.0
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915737.100    1597-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Canada Fund
Fidelity Advisor® Canada Fund Class C :  FCCNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Canada Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 101 
1.97%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$942,606,561
 
Number of Holdings
68
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
28.2
 
Energy
15.6
 
Industrials
12.5
 
Materials
12.2
 
Information Technology
11.7
 
Consumer Staples
8.6
 
Consumer Discretionary
7.5
 
Communication Services
2.2
 
Health Care
0.8
 
Utilities
0.2
 
 
Common Stocks
99.0
Preferred Stocks
0.3
Bonds
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.0                    
 
Preferred Stocks - 0.3                  
 
Bonds - 0.2                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
 
Canada
92.7
United States
3.7
Brazil
3.0
Chile
0.5
Zambia
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Canada - 92.7                           
 
United States - 3.7                     
 
Brazil - 3.0                            
 
Chile - 0.5                             
 
Zambia - 0.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Royal Bank of Canada
7.9
 
Constellation Software Inc/Canada
6.2
 
Canadian Pacific Kansas City Ltd
5.0
 
Alimentation Couche-Tard Inc
4.6
 
Franco-Nevada Corp
4.5
 
Toronto Dominion Bank
3.9
 
Shopify Inc Class A
3.8
 
Dollarama Inc
3.8
 
Canadian Natural Resources Ltd
3.7
 
PrairieSky Royalty Ltd
3.3
 
 
46.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915646.100    1858-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Overseas Fund
Fidelity® Overseas Fund :  FOSFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Overseas Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Overseas Fund 
$ 33 
0.63%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,788,264,008
 
Number of Holdings
85
 
Portfolio Turnover
51%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
29.2
 
Industrials
26.6
 
Information Technology
12.7
 
Health Care
8.0
 
Materials
6.7
 
Communication Services
6.6
 
Consumer Discretionary
5.7
 
Consumer Staples
1.3
 
 
Common Stocks
96.8
Short-Term Investments and Net Other Assets (Liabilities)
3.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.2
 
United States
18.5
United Kingdom
16.9
Japan
13.7
Germany
12.3
France
11.3
Netherlands
6.1
Italy
3.8
Spain
3.2
Denmark
2.8
Others
11.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 18.5                    
 
United Kingdom - 16.9                   
 
Japan - 13.7                            
 
Germany - 12.3                          
 
France - 11.3                           
 
Netherlands - 6.1                       
 
Italy - 3.8                             
 
Spain - 3.2                             
 
Denmark - 2.8                           
 
Others - 11.4                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
3.4
 
RELX PLC
2.4
 
Hitachi Ltd
2.4
 
Allianz SE
2.3
 
Tokio Marine Holdings Inc
2.2
 
Safran SA
2.2
 
London Stock Exchange Group PLC
2.2
 
Deutsche Boerse AG
2.0
 
Wolters Kluwer NV
2.0
 
3i Group PLC
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915607.100    94-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Japan Fund
Fidelity Advisor® Japan Fund Class M :  FJPTX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Japan Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 62 
1.23%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$710,338,465
 
Number of Holdings
86
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
28.4
 
Information Technology
19.0
 
Financials
15.1
 
Consumer Discretionary
11.6
 
Communication Services
6.8
 
Materials
6.4
 
Health Care
5.5
 
Consumer Staples
2.5
 
Real Estate
1.1
 
Energy
1.0
 
 
Common Stocks
97.4
Short-Term Investments and Net Other Assets (Liabilities)
2.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.4                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.6
 
Japan
96.7
United States
3.1
China
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 96.7                            
 
United States - 3.1                     
 
China - 0.2                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Sumitomo Mitsui Financial Group Inc
6.4
 
Sony Group Corp
5.1
 
Hitachi Ltd
4.8
 
Fujitsu Ltd
3.0
 
Tokio Marine Holdings Inc
2.9
 
Hoya Corp
2.9
 
ORIX Corp
2.8
 
Nintendo Co Ltd
2.8
 
Shin-Etsu Chemical Co Ltd
2.7
 
FUJIFILM Holdings Corp
2.5
 
 
35.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915685.100    2259-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Fund
Fidelity Advisor® International Small Cap Fund Class I :  FIXIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 51 
1.00%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$4,896,590,377
 
Number of Holdings
199
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.4
 
Financials
15.8
 
Consumer Staples
10.8
 
Consumer Discretionary
10.0
 
Materials
8.2
 
Information Technology
7.6
 
Health Care
6.0
 
Real Estate
5.8
 
Communication Services
4.6
 
Energy
3.5
 
Utilities
0.6
 
 
Common Stocks
96.3
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
Japan
22.3
United Kingdom
13.4
United States
6.6
Canada
4.1
Australia
3.8
Spain
3.6
China
3.5
Mexico
3.5
Italy
3.1
Others
36.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 22.3                            
 
United Kingdom - 13.4                   
 
United States - 6.6                     
 
Canada - 4.1                            
 
Australia - 3.8                         
 
Spain - 3.6                             
 
China - 3.5                             
 
Mexico - 3.5                            
 
Italy - 3.1                             
 
Others - 36.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Logista Integral SA
1.1
 
BayCurrent Inc
1.1
 
Premier Foods PLC
1.1
 
Ashtead Technology Holdings plc
1.1
 
Metlen Energy & Metals SA
1.0
 
Grupo Catalana Occidente SA
1.0
 
Century Pacific Food Inc
1.0
 
Richter Gedeon Nyrt
0.9
 
Spar Nord Bank A/S
0.9
 
Qualitas Controladora SAB de CV
0.9
 
 
10.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915714.100    1262-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Growth Fund
Fidelity Advisor® International Growth Fund Class M :  FITGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Growth Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 70 
1.40%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,458,338,721
 
Number of Holdings
71
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
34.2
 
Financials
17.9
 
Information Technology
17.2
 
Consumer Discretionary
10.0
 
Materials
9.5
 
Health Care
4.1
 
Communication Services
2.4
 
Energy
0.4
 
Consumer Staples
0.3
 
 
Common Stocks
95.8
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
4.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
 
United States
28.4
United Kingdom
14.4
France
12.5
Germany
9.1
Japan
8.8
Sweden
8.1
Netherlands
4.7
Switzerland
3.1
Canada
2.4
Others
8.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 28.4                    
 
United Kingdom - 14.4                   
 
France - 12.5                           
 
Germany - 9.1                           
 
Japan - 8.8                             
 
Sweden - 8.1                            
 
Netherlands - 4.7                       
 
Switzerland - 3.1                       
 
Canada - 2.4                            
 
Others - 8.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
6.8
 
Safran SA
4.6
 
CRH PLC
3.9
 
ASML Holding NV
3.5
 
Atlas Copco AB A Shares
3.5
 
Linde PLC
3.4
 
Compass Group PLC
3.1
 
Recruit Holdings Co Ltd
2.8
 
LVMH Moet Hennessy Louis Vuitton SE
2.6
 
Experian PLC
2.5
 
 
36.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915752.100    1988-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Capital Appreciation Fund
Fidelity® International Capital Appreciation Fund :  FIVFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Capital Appreciation Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Capital Appreciation Fund 
$ 44 
0.87%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$3,800,821,658
 
Number of Holdings
63
 
Portfolio Turnover
96%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.1
 
Financials
26.0
 
Information Technology
17.6
 
Communication Services
8.5
 
Consumer Discretionary
8.0
 
Materials
6.6
 
Health Care
1.4
 
Utilities
0.1
 
 
Common Stocks
98.3
Short-Term Investments and Net Other Assets (Liabilities)
1.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.7
 
United States
25.7
Germany
12.3
France
8.6
United Kingdom
8.5
India
7.0
Canada
7.0
Japan
6.0
Netherlands
5.4
Switzerland
4.9
Others
14.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 25.7                    
 
Germany - 12.3                          
 
France - 8.6                            
 
United Kingdom - 8.5                    
 
India - 7.0                             
 
Canada - 7.0                            
 
Japan - 6.0                             
 
Netherlands - 5.4                       
 
Switzerland - 4.9                       
 
Others - 14.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
4.2
 
Tencent Holdings Ltd
2.9
 
SAP SE
2.5
 
ASML Holding NV
2.2
 
Shopify Inc Class A (United States)
2.2
 
Hitachi Ltd
2.1
 
Rolls-Royce Holdings PLC
2.1
 
Schneider Electric SE
2.1
 
Mitsubishi Heavy Industries Ltd
2.0
 
Sony Group Corp
1.9
 
 
24.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915669.100    335-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Fund
Fidelity Advisor® Emerging Markets Fund Class Z :  FZEMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 36 
0.73%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,926,988,734
 
Number of Holdings
79
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.5
 
Financials
19.7
 
Consumer Discretionary
15.0
 
Communication Services
12.7
 
Industrials
8.9
 
Energy
6.0
 
Health Care
4.4
 
Consumer Staples
4.3
 
Utilities
1.8
 
Real Estate
0.6
 
Materials
0.5
 
 
Common Stocks
98.8
Bonds
0.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Bonds - 0.4                             
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
 
China
25.4
India
19.5
Taiwan
15.7
Korea (South)
6.0
Brazil
5.9
United States
4.8
Mexico
3.0
France
2.9
Indonesia
2.9
Others
13.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 25.4                            
 
India - 19.5                            
 
Taiwan - 15.7                           
 
Korea (South) - 6.0                     
 
Brazil - 5.9                            
 
United States - 4.8                     
 
Mexico - 3.0                            
 
France - 2.9                            
 
Indonesia - 2.9                         
 
Others - 13.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
13.2
 
Tencent Holdings Ltd
8.7
 
NVIDIA Corp
3.4
 
Alibaba Group Holding Ltd ADR
3.2
 
HDFC Bank Ltd
3.1
 
Bank Central Asia Tbk PT
2.9
 
PDD Holdings Inc Class A ADR
2.6
 
Samsung Electronics Co Ltd
2.5
 
Reliance Industries Ltd
2.1
 
SK Hynix Inc
2.1
 
 
43.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915665.100    6359-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Growth Fund
Fidelity Advisor® International Growth Fund Class I :  FIIIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Growth Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 45 
0.90%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,458,338,721
 
Number of Holdings
71
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
34.2
 
Financials
17.9
 
Information Technology
17.2
 
Consumer Discretionary
10.0
 
Materials
9.5
 
Health Care
4.1
 
Communication Services
2.4
 
Energy
0.4
 
Consumer Staples
0.3
 
 
Common Stocks
95.8
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
4.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
 
United States
28.4
United Kingdom
14.4
France
12.5
Germany
9.1
Japan
8.8
Sweden
8.1
Netherlands
4.7
Switzerland
3.1
Canada
2.4
Others
8.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 28.4                    
 
United Kingdom - 14.4                   
 
France - 12.5                           
 
Germany - 9.1                           
 
Japan - 8.8                             
 
Sweden - 8.1                            
 
Netherlands - 4.7                       
 
Switzerland - 3.1                       
 
Canada - 2.4                            
 
Others - 8.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
6.8
 
Safran SA
4.6
 
CRH PLC
3.9
 
ASML Holding NV
3.5
 
Atlas Copco AB A Shares
3.5
 
Linde PLC
3.4
 
Compass Group PLC
3.1
 
Recruit Holdings Co Ltd
2.8
 
LVMH Moet Hennessy Louis Vuitton SE
2.6
 
Experian PLC
2.5
 
 
36.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915753.100    1989-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Discovery Fund
Fidelity® Emerging Markets Discovery Fund :  FEDDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Emerging Markets Discovery Fund 
$ 49 
0.98%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,026,456,466
 
Number of Holdings
103
 
Portfolio Turnover
38%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
22.1
 
Financials
18.6
 
Consumer Discretionary
16.1
 
Consumer Staples
10.9
 
Information Technology
10.3
 
Health Care
4.7
 
Real Estate
4.3
 
Communication Services
3.6
 
Energy
2.9
 
Utilities
2.4
 
Materials
2.1
 
 
Common Stocks
98.0
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.0                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
 
Taiwan
17.8
China
17.5
Brazil
13.1
India
11.9
Korea (South)
7.6
Mexico
5.5
Indonesia
4.1
United States
3.3
Poland
2.7
Others
16.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Taiwan - 17.8                           
 
China - 17.5                            
 
Brazil - 13.1                           
 
India - 11.9                            
 
Korea (South) - 7.6                     
 
Mexico - 5.5                            
 
Indonesia - 4.1                         
 
United States - 3.3                     
 
Poland - 2.7                            
 
Others - 16.5                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
OPAP SA
1.7
 
Localiza Rent a Car SA
1.6
 
Lion Finance Group PLC
1.5
 
Dino Polska SA
1.5
 
Max Healthcare Institute Ltd
1.4
 
Qualitas Controladora SAB de CV
1.4
 
Eicher Motors Ltd
1.3
 
Equatorial Energia SA
1.3
 
Shriram Finance Ltd
1.3
 
Banco de Chile ADR
1.3
 
 
14.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915774.100    2374-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® China Region Fund
Fidelity Advisor® China Region Fund Class A :  FHKAX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® China Region Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 58 
1.18%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,096,792,327
 
Number of Holdings
76
 
Portfolio Turnover
32%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
30.9
 
Consumer Discretionary
22.4
 
Communication Services
17.2
 
Financials
13.2
 
Health Care
4.3
 
Materials
3.2
 
Industrials
2.8
 
Consumer Staples
2.7
 
Real Estate
1.1
 
 
Common Stocks
95.8
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
2.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.2
 
China
60.2
Taiwan
29.1
Hong Kong
4.1
United States
3.2
Singapore
1.4
Korea (South)
1.1
South Africa
0.5
France
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 60.2                            
 
Taiwan - 29.1                           
 
Hong Kong - 4.1                         
 
United States - 3.2                     
 
Singapore - 1.4                         
 
Korea (South) - 1.1                     
 
South Africa - 0.5                      
 
France - 0.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
21.7
 
Tencent Holdings Ltd
13.4
 
Alibaba Group Holding Ltd
6.6
 
PDD Holdings Inc Class A ADR
4.0
 
China Construction Bank Corp H Shares
3.4
 
AIA Group Ltd
3.2
 
Zijin Mining Group Co Ltd H Shares
2.6
 
Industrial & Commercial Bank of China Ltd H Shares
1.7
 
MediaTek Inc
1.6
 
Meituan B Shares
1.5
 
 
59.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915690.100    2064-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Worldwide Fund
Fidelity Advisor® Worldwide Fund Class M :  FWTFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Worldwide Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 61 
1.28%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,906,574,043
 
Number of Holdings
165
 
Portfolio Turnover
163%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
19.3
 
Consumer Discretionary
16.3
 
Financials
15.4
 
Communication Services
12.9
 
Health Care
8.6
 
Industrials
7.1
 
Consumer Staples
5.6
 
Real Estate
3.8
 
Energy
3.2
 
Materials
2.1
 
Utilities
2.0
 
 
Common Stocks
96.1
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
United States
65.2
United Kingdom
5.0
Japan
3.8
Canada
3.6
Sweden
3.2
Spain
2.0
Netherlands
1.7
Italy
1.7
France
1.5
Others
12.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 65.2                    
 
United Kingdom - 5.0                    
 
Japan - 3.8                             
 
Canada - 3.6                            
 
Sweden - 3.2                            
 
Spain - 2.0                             
 
Netherlands - 1.7                       
 
Italy - 1.7                             
 
France - 1.5                            
 
Others - 12.3                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Amazon.com Inc
4.1
 
NVIDIA Corp
4.0
 
Meta Platforms Inc Class A
3.5
 
Microsoft Corp
3.1
 
Robinhood Markets Inc Class A
2.9
 
Apple Inc
2.6
 
Alphabet Inc Class A
2.6
 
Kyndryl Holdings Inc
2.5
 
Prologis Inc
2.1
 
DraftKings Inc Class A
2.0
 
 
29.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915655.100    2146-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® China Region Fund
Fidelity Advisor® China Region Fund Class Z :  FIQFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® China Region Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 38 
0.77%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,096,792,327
 
Number of Holdings
76
 
Portfolio Turnover
32%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
30.9
 
Consumer Discretionary
22.4
 
Communication Services
17.2
 
Financials
13.2
 
Health Care
4.3
 
Materials
3.2
 
Industrials
2.8
 
Consumer Staples
2.7
 
Real Estate
1.1
 
 
Common Stocks
95.8
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
2.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.2
 
China
60.2
Taiwan
29.1
Hong Kong
4.1
United States
3.2
Singapore
1.4
Korea (South)
1.1
South Africa
0.5
France
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 60.2                            
 
Taiwan - 29.1                           
 
Hong Kong - 4.1                         
 
United States - 3.2                     
 
Singapore - 1.4                         
 
Korea (South) - 1.1                     
 
South Africa - 0.5                      
 
France - 0.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
21.7
 
Tencent Holdings Ltd
13.4
 
Alibaba Group Holding Ltd
6.6
 
PDD Holdings Inc Class A ADR
4.0
 
China Construction Bank Corp H Shares
3.4
 
AIA Group Ltd
3.2
 
Zijin Mining Group Co Ltd H Shares
2.6
 
Industrial & Commercial Bank of China Ltd H Shares
1.7
 
MediaTek Inc
1.6
 
Meituan B Shares
1.5
 
 
59.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915694.100    3264-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Japan Fund
Fidelity® Japan Fund :  FJPNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Japan Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Japan Fund 
$ 35 
0.69%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$710,338,465
 
Number of Holdings
86
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
28.4
 
Information Technology
19.0
 
Financials
15.1
 
Consumer Discretionary
11.6
 
Communication Services
6.8
 
Materials
6.4
 
Health Care
5.5
 
Consumer Staples
2.5
 
Real Estate
1.1
 
Energy
1.0
 
 
Common Stocks
97.4
Short-Term Investments and Net Other Assets (Liabilities)
2.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.4                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.6
 
Japan
96.7
United States
3.1
China
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 96.7                            
 
United States - 3.1                     
 
China - 0.2                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Sumitomo Mitsui Financial Group Inc
6.4
 
Sony Group Corp
5.1
 
Hitachi Ltd
4.8
 
Fujitsu Ltd
3.0
 
Tokio Marine Holdings Inc
2.9
 
Hoya Corp
2.9
 
ORIX Corp
2.8
 
Nintendo Co Ltd
2.8
 
Shin-Etsu Chemical Co Ltd
2.7
 
FUJIFILM Holdings Corp
2.5
 
 
35.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915688.100    350-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Fund
Fidelity Advisor® International Small Cap Fund Class Z :  FIQIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 45 
0.88%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$4,896,590,377
 
Number of Holdings
199
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.4
 
Financials
15.8
 
Consumer Staples
10.8
 
Consumer Discretionary
10.0
 
Materials
8.2
 
Information Technology
7.6
 
Health Care
6.0
 
Real Estate
5.8
 
Communication Services
4.6
 
Energy
3.5
 
Utilities
0.6
 
 
Common Stocks
96.3
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
Japan
22.3
United Kingdom
13.4
United States
6.6
Canada
4.1
Australia
3.8
Spain
3.6
China
3.5
Mexico
3.5
Italy
3.1
Others
36.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 22.3                            
 
United Kingdom - 13.4                   
 
United States - 6.6                     
 
Canada - 4.1                            
 
Australia - 3.8                         
 
Spain - 3.6                             
 
China - 3.5                             
 
Mexico - 3.5                            
 
Italy - 3.1                             
 
Others - 36.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Logista Integral SA
1.1
 
BayCurrent Inc
1.1
 
Premier Foods PLC
1.1
 
Ashtead Technology Holdings plc
1.1
 
Metlen Energy & Metals SA
1.0
 
Grupo Catalana Occidente SA
1.0
 
Century Pacific Food Inc
1.0
 
Richter Gedeon Nyrt
0.9
 
Spar Nord Bank A/S
0.9
 
Qualitas Controladora SAB de CV
0.9
 
 
10.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915715.100    3267-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery K6 Fund
Fidelity® International Discovery K6 Fund :  FDKFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery K6 Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Discovery K6 Fund 
$ 31 
0.60%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$542,425,322
 
Number of Holdings
127
 
Portfolio Turnover
50%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.6
 
Industrials
23.5
 
Consumer Discretionary
12.8
 
Information Technology
12.6
 
Health Care
7.4
 
Communication Services
7.1
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.0
 
 
Common Stocks
95.2
Preferred Stocks
0.5
Short-Term Investments and Net Other Assets (Liabilities)
4.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.2                    
 
Preferred Stocks - 0.5                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.3
 
United Kingdom
18.2
Japan
16.0
France
9.9
Germany
9.6
United States
9.0
Italy
5.9
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
18.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 18.2                   
 
Japan - 16.0                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.9                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 18.4                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Zegona Communications plc
2.6
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.0
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
 
25.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915810.100    3461-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Growth Fund
Fidelity® International Growth Fund :  FIGFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Growth Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Growth Fund 
$ 43 
0.86%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,458,338,721
 
Number of Holdings
71
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
34.2
 
Financials
17.9
 
Information Technology
17.2
 
Consumer Discretionary
10.0
 
Materials
9.5
 
Health Care
4.1
 
Communication Services
2.4
 
Energy
0.4
 
Consumer Staples
0.3
 
 
Common Stocks
95.8
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
4.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
 
United States
28.4
United Kingdom
14.4
France
12.5
Germany
9.1
Japan
8.8
Sweden
8.1
Netherlands
4.7
Switzerland
3.1
Canada
2.4
Others
8.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 28.4                    
 
United Kingdom - 14.4                   
 
France - 12.5                           
 
Germany - 9.1                           
 
Japan - 8.8                             
 
Sweden - 8.1                            
 
Netherlands - 4.7                       
 
Switzerland - 3.1                       
 
Canada - 2.4                            
 
Others - 8.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
6.8
 
Safran SA
4.6
 
CRH PLC
3.9
 
ASML Holding NV
3.5
 
Atlas Copco AB A Shares
3.5
 
Linde PLC
3.4
 
Compass Group PLC
3.1
 
Recruit Holdings Co Ltd
2.8
 
LVMH Moet Hennessy Louis Vuitton SE
2.6
 
Experian PLC
2.5
 
 
36.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915749.100    1979-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Japan Fund
Fidelity Advisor® Japan Fund Class I :  FJPIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Japan Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 37 
0.73%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$710,338,465
 
Number of Holdings
86
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
28.4
 
Information Technology
19.0
 
Financials
15.1
 
Consumer Discretionary
11.6
 
Communication Services
6.8
 
Materials
6.4
 
Health Care
5.5
 
Consumer Staples
2.5
 
Real Estate
1.1
 
Energy
1.0
 
 
Common Stocks
97.4
Short-Term Investments and Net Other Assets (Liabilities)
2.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.4                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.6
 
Japan
96.7
United States
3.1
China
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 96.7                            
 
United States - 3.1                     
 
China - 0.2                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Sumitomo Mitsui Financial Group Inc
6.4
 
Sony Group Corp
5.1
 
Hitachi Ltd
4.8
 
Fujitsu Ltd
3.0
 
Tokio Marine Holdings Inc
2.9
 
Hoya Corp
2.9
 
ORIX Corp
2.8
 
Nintendo Co Ltd
2.8
 
Shin-Etsu Chemical Co Ltd
2.7
 
FUJIFILM Holdings Corp
2.5
 
 
35.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915686.100    2260-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Global Equity Income Fund
Fidelity Advisor® Global Equity Income Fund Class Z :  FGEKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Global Equity Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 41 
0.80%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$292,744,990
 
Number of Holdings
151
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
18.1
 
Industrials
15.2
 
Financials
14.2
 
Health Care
11.3
 
Consumer Discretionary
9.7
 
Consumer Staples
9.3
 
Communication Services
7.5
 
Energy
4.7
 
Utilities
4.1
 
Materials
3.6
 
Real Estate
1.1
 
 
Common Stocks
98.8
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
United States
58.7
United Kingdom
7.6
Germany
7.1
Japan
6.0
Canada
4.9
France
3.4
Taiwan
2.3
Netherlands
1.6
Ireland
1.5
Others
6.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 58.7                    
 
United Kingdom - 7.6                    
 
Germany - 7.1                           
 
Japan - 6.0                             
 
Canada - 4.9                            
 
France - 3.4                            
 
Taiwan - 2.3                            
 
Netherlands - 1.6                       
 
Ireland - 1.5                           
 
Others - 6.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Rheinmetall AG
5.2
 
Apple Inc
4.6
 
Microsoft Corp
4.2
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
JPMorgan Chase & Co
1.8
 
AbbVie Inc
1.6
 
NXP Semiconductors NV
1.6
 
T-Mobile US Inc
1.5
 
Eli Lilly & Co
1.4
 
Linde PLC
1.4
 
 
25.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918447.100    7770-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Worldwide Fund
Fidelity Advisor® Worldwide Fund Class C :  FWCFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Worldwide Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 85 
1.78%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,906,574,043
 
Number of Holdings
165
 
Portfolio Turnover
163%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
19.3
 
Consumer Discretionary
16.3
 
Financials
15.4
 
Communication Services
12.9
 
Health Care
8.6
 
Industrials
7.1
 
Consumer Staples
5.6
 
Real Estate
3.8
 
Energy
3.2
 
Materials
2.1
 
Utilities
2.0
 
 
Common Stocks
96.1
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.1                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.7
 
United States
65.2
United Kingdom
5.0
Japan
3.8
Canada
3.6
Sweden
3.2
Spain
2.0
Netherlands
1.7
Italy
1.7
France
1.5
Others
12.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 65.2                    
 
United Kingdom - 5.0                    
 
Japan - 3.8                             
 
Canada - 3.6                            
 
Sweden - 3.2                            
 
Spain - 2.0                             
 
Netherlands - 1.7                       
 
Italy - 1.7                             
 
France - 1.5                            
 
Others - 12.3                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Amazon.com Inc
4.1
 
NVIDIA Corp
4.0
 
Meta Platforms Inc Class A
3.5
 
Microsoft Corp
3.1
 
Robinhood Markets Inc Class A
2.9
 
Apple Inc
2.6
 
Alphabet Inc Class A
2.6
 
Kyndryl Holdings Inc
2.5
 
Prologis Inc
2.1
 
DraftKings Inc Class A
2.0
 
 
29.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915654.100    2145-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Capital Appreciation K6 Fund
Fidelity® International Capital Appreciation K6 Fund :  FAPCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Capital Appreciation K6 Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® International Capital Appreciation K6 Fund 
$ 33 
0.65%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,671,811,761
 
Number of Holdings
63
 
Portfolio Turnover
96%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.2
 
Financials
26.0
 
Information Technology
17.6
 
Communication Services
8.5
 
Consumer Discretionary
7.9
 
Materials
6.6
 
Health Care
1.4
 
Utilities
0.1
 
 
Common Stocks
98.3
Short-Term Investments and Net Other Assets (Liabilities)
1.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.7
 
United States
25.7
Germany
12.3
France
8.6
United Kingdom
8.5
Canada
7.0
India
7.0
Japan
6.0
Netherlands
5.4
Switzerland
4.9
Others
14.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 25.7                    
 
Germany - 12.3                          
 
France - 8.6                            
 
United Kingdom - 8.5                    
 
Canada - 7.0                            
 
India - 7.0                             
 
Japan - 6.0                             
 
Netherlands - 5.4                       
 
Switzerland - 4.9                       
 
Others - 14.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
4.2
 
Tencent Holdings Ltd
3.0
 
SAP SE
2.5
 
ASML Holding NV
2.2
 
Shopify Inc Class A (United States)
2.2
 
Hitachi Ltd
2.1
 
Rolls-Royce Holdings PLC
2.1
 
Schneider Electric SE
2.1
 
Mitsubishi Heavy Industries Ltd
2.0
 
Sony Group Corp
1.9
 
 
24.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915794.100    2953-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Discovery Fund
Fidelity Advisor® Emerging Markets Discovery Fund Class C :  FEDGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 100 
2.02%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,026,456,466
 
Number of Holdings
103
 
Portfolio Turnover
38%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
22.1
 
Financials
18.6
 
Consumer Discretionary
16.1
 
Consumer Staples
10.9
 
Information Technology
10.3
 
Health Care
4.7
 
Real Estate
4.3
 
Communication Services
3.6
 
Energy
2.9
 
Utilities
2.4
 
Materials
2.1
 
 
Common Stocks
98.0
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.0                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
 
Taiwan
17.8
China
17.5
Brazil
13.1
India
11.9
Korea (South)
7.6
Mexico
5.5
Indonesia
4.1
United States
3.3
Poland
2.7
Others
16.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Taiwan - 17.8                           
 
China - 17.5                            
 
Brazil - 13.1                           
 
India - 11.9                            
 
Korea (South) - 7.6                     
 
Mexico - 5.5                            
 
Indonesia - 4.1                         
 
United States - 3.3                     
 
Poland - 2.7                            
 
Others - 16.5                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
OPAP SA
1.7
 
Localiza Rent a Car SA
1.6
 
Lion Finance Group PLC
1.5
 
Dino Polska SA
1.5
 
Max Healthcare Institute Ltd
1.4
 
Qualitas Controladora SAB de CV
1.4
 
Eicher Motors Ltd
1.3
 
Equatorial Energia SA
1.3
 
Shriram Finance Ltd
1.3
 
Banco de Chile ADR
1.3
 
 
14.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915776.100    2376-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Overseas Fund
Fidelity® Overseas Fund Class K :  FOSKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Overseas Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 29 
0.55%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,788,264,008
 
Number of Holdings
85
 
Portfolio Turnover
51%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
29.2
 
Industrials
26.6
 
Information Technology
12.7
 
Health Care
8.0
 
Materials
6.7
 
Communication Services
6.6
 
Consumer Discretionary
5.7
 
Consumer Staples
1.3
 
 
Common Stocks
96.8
Short-Term Investments and Net Other Assets (Liabilities)
3.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.2
 
United States
18.5
United Kingdom
16.9
Japan
13.7
Germany
12.3
France
11.3
Netherlands
6.1
Italy
3.8
Spain
3.2
Denmark
2.8
Others
11.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 18.5                    
 
United Kingdom - 16.9                   
 
Japan - 13.7                            
 
Germany - 12.3                          
 
France - 11.3                           
 
Netherlands - 6.1                       
 
Italy - 3.8                             
 
Spain - 3.2                             
 
Denmark - 2.8                           
 
Others - 11.4                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
3.4
 
RELX PLC
2.4
 
Hitachi Ltd
2.4
 
Allianz SE
2.3
 
Tokio Marine Holdings Inc
2.2
 
Safran SA
2.2
 
London Stock Exchange Group PLC
2.2
 
Deutsche Boerse AG
2.0
 
Wolters Kluwer NV
2.0
 
3i Group PLC
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915606.100    2099-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Nordic Fund
Fidelity® Nordic Fund :  FNORX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Nordic Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Nordic Fund 
$ 44 
0.88%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$317,298,761
 
Number of Holdings
50
 
Portfolio Turnover
29%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
26.8
 
Financials
24.5
 
Health Care
13.7
 
Information Technology
9.5
 
Materials
5.9
 
Communication Services
4.8
 
Consumer Staples
3.5
 
Consumer Discretionary
2.7
 
Energy
2.4
 
Utilities
1.2
 
Real Estate
0.5
 
 
Common Stocks
95.5
Short-Term Investments and Net Other Assets (Liabilities)
4.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.5                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.5
 
Sweden
44.2
Denmark
24.6
Finland
14.5
Norway
11.9
United States
4.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Sweden - 44.2                           
 
Denmark - 24.6                          
 
Finland - 14.5                          
 
Norway - 11.9                           
 
United States - 4.8                     
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Novo Nordisk A/S Series B
11.2
 
Investor AB B Shares
5.7
 
Nordea Bank Abp (Sweden)
5.3
 
DSV A/S
4.6
 
Atlas Copco AB B Shares
4.5
 
Saab AB B Shares
4.2
 
Sandvik AB
3.2
 
Assa Abloy AB B Shares
2.9
 
Nokia Oyj
2.9
 
Lagercrantz Group AB B Shares
2.8
 
 
47.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915676.100    342-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery Fund
Fidelity Advisor® International Discovery Fund Class C :  FCADX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 85 
1.66%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$10,296,192,153
 
Number of Holdings
135
 
Portfolio Turnover
52%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.7
 
Industrials
23.4
 
Consumer Discretionary
13.0
 
Information Technology
12.9
 
Health Care
7.3
 
Communication Services
6.7
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.1
 
 
Common Stocks
94.9
Preferred Stocks
0.9
Short-Term Investments and Net Other Assets (Liabilities)
4.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.9                    
 
Preferred Stocks - 0.9                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.2
 
United Kingdom
17.6
Japan
16.1
France
9.9
Germany
9.6
United States
9.0
Italy
5.7
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
19.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 17.6                   
 
Japan - 16.1                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.7                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 19.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.1
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd
1.9
 
 
24.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915637.100    1399-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Growth Fund
Fidelity Advisor® International Growth Fund Class C :  FIGCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Growth Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 96 
1.90%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$6,458,338,721
 
Number of Holdings
71
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
34.2
 
Financials
17.9
 
Information Technology
17.2
 
Consumer Discretionary
10.0
 
Materials
9.5
 
Health Care
4.1
 
Communication Services
2.4
 
Energy
0.4
 
Consumer Staples
0.3
 
 
Common Stocks
95.8
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
4.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.8                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.0
 
United States
28.4
United Kingdom
14.4
France
12.5
Germany
9.1
Japan
8.8
Sweden
8.1
Netherlands
4.7
Switzerland
3.1
Canada
2.4
Others
8.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 28.4                    
 
United Kingdom - 14.4                   
 
France - 12.5                           
 
Germany - 9.1                           
 
Japan - 8.8                             
 
Sweden - 8.1                            
 
Netherlands - 4.7                       
 
Switzerland - 3.1                       
 
Canada - 2.4                            
 
Others - 8.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
6.8
 
Safran SA
4.6
 
CRH PLC
3.9
 
ASML Holding NV
3.5
 
Atlas Copco AB A Shares
3.5
 
Linde PLC
3.4
 
Compass Group PLC
3.1
 
Recruit Holdings Co Ltd
2.8
 
LVMH Moet Hennessy Louis Vuitton SE
2.6
 
Experian PLC
2.5
 
 
36.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915751.100    1987-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Canada Fund
Fidelity Advisor® Canada Fund Class I :  FICCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Canada Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 48 
0.95%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$942,606,561
 
Number of Holdings
68
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
28.2
 
Energy
15.6
 
Industrials
12.5
 
Materials
12.2
 
Information Technology
11.7
 
Consumer Staples
8.6
 
Consumer Discretionary
7.5
 
Communication Services
2.2
 
Health Care
0.8
 
Utilities
0.2
 
 
Common Stocks
99.0
Preferred Stocks
0.3
Bonds
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.0                    
 
Preferred Stocks - 0.3                  
 
Bonds - 0.2                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
 
Canada
92.7
United States
3.7
Brazil
3.0
Chile
0.5
Zambia
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Canada - 92.7                           
 
United States - 3.7                     
 
Brazil - 3.0                            
 
Chile - 0.5                             
 
Zambia - 0.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Royal Bank of Canada
7.9
 
Constellation Software Inc/Canada
6.2
 
Canadian Pacific Kansas City Ltd
5.0
 
Alimentation Couche-Tard Inc
4.6
 
Franco-Nevada Corp
4.5
 
Toronto Dominion Bank
3.9
 
Shopify Inc Class A
3.8
 
Dollarama Inc
3.8
 
Canadian Natural Resources Ltd
3.7
 
PrairieSky Royalty Ltd
3.3
 
 
46.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915648.100    1861-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Europe Fund
Fidelity Advisor® Europe Fund Class I :  FHJMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Europe Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 38 
0.72%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$738,937,264
 
Number of Holdings
103
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
23.8
 
Industrials
17.3
 
Consumer Discretionary
11.5
 
Health Care
10.1
 
Information Technology
10.1
 
Consumer Staples
8.1
 
Communication Services
7.1
 
Materials
3.7
 
Energy
3.6
 
Real Estate
0.8
 
Utilities
0.8
 
 
Common Stocks
96.8
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
3.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.1
 
United Kingdom
23.6
Germany
18.4
France
14.9
United States
10.7
Italy
6.5
Sweden
5.4
Netherlands
4.1
Switzerland
3.3
Spain
2.5
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 23.6                   
 
Germany - 18.4                          
 
France - 14.9                           
 
United States - 10.7                    
 
Italy - 6.5                             
 
Sweden - 5.4                            
 
Netherlands - 4.1                       
 
Switzerland - 3.3                       
 
Spain - 2.5                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
4.3
 
Astrazeneca PLC
3.1
 
RELX PLC
2.6
 
ASML Holding NV
2.4
 
Shell PLC
2.3
 
Rheinmetall AG
2.3
 
Rolls-Royce Holdings PLC
2.1
 
UniCredit SpA
1.9
 
Siemens AG
1.8
 
Air Liquide SA
1.8
 
 
24.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915632.100    2636-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Value Fund
Fidelity Advisor® International Value Fund Class I :  FIVQX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 45 
0.85%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,052,754,816
 
Number of Holdings
107
 
Portfolio Turnover
34%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
38.8
 
Industrials
15.4
 
Materials
10.2
 
Energy
6.2
 
Health Care
5.9
 
Consumer Discretionary
5.1
 
Consumer Staples
3.8
 
Communication Services
3.3
 
Information Technology
2.7
 
Utilities
0.7
 
Real Estate
0.5
 
 
Common Stocks
92.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
7.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 92.4                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.4
 
Japan
20.3
United States
17.1
United Kingdom
13.7
Germany
13.4
France
9.8
Italy
4.9
Switzerland
3.7
Australia
3.4
Spain
3.1
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 20.3                            
 
United States - 17.1                    
 
United Kingdom - 13.7                   
 
Germany - 13.4                          
 
France - 9.8                            
 
Italy - 4.9                             
 
Switzerland - 3.7                       
 
Australia - 3.4                         
 
Spain - 3.1                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Shell PLC ADR
2.9
 
AXA SA
2.6
 
Banco Santander SA
2.5
 
Rheinmetall AG
2.4
 
Zurich Insurance Group AG
2.3
 
Mitsubishi UFJ Financial Group Inc
2.2
 
Sumitomo Mitsui Financial Group Inc
2.1
 
Roche Holding AG
2.1
 
BAE Systems PLC
2.0
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915741.100    1616-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery Fund
Fidelity Advisor® International Discovery Fund Class A :  FAIDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 47 
0.91%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$10,296,192,153
 
Number of Holdings
135
 
Portfolio Turnover
52%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.7
 
Industrials
23.4
 
Consumer Discretionary
13.0
 
Information Technology
12.9
 
Health Care
7.3
 
Communication Services
6.7
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.1
 
 
Common Stocks
94.9
Preferred Stocks
0.9
Short-Term Investments and Net Other Assets (Liabilities)
4.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.9                    
 
Preferred Stocks - 0.9                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.2
 
United Kingdom
17.6
Japan
16.1
France
9.9
Germany
9.6
United States
9.0
Italy
5.7
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
19.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 17.6                   
 
Japan - 16.1                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.7                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 19.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.1
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd
1.9
 
 
24.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915636.100    1397-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Canada Fund
Fidelity Advisor® Canada Fund Class M :  FTCNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Canada Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 75 
1.47%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$942,606,561
 
Number of Holdings
68
 
Portfolio Turnover
12%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
28.2
 
Energy
15.6
 
Industrials
12.5
 
Materials
12.2
 
Information Technology
11.7
 
Consumer Staples
8.6
 
Consumer Discretionary
7.5
 
Communication Services
2.2
 
Health Care
0.8
 
Utilities
0.2
 
 
Common Stocks
99.0
Preferred Stocks
0.3
Bonds
0.2
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.0                    
 
Preferred Stocks - 0.3                  
 
Bonds - 0.2                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
 
Canada
92.7
United States
3.7
Brazil
3.0
Chile
0.5
Zambia
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Canada - 92.7                           
 
United States - 3.7                     
 
Brazil - 3.0                            
 
Chile - 0.5                             
 
Zambia - 0.1                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Royal Bank of Canada
7.9
 
Constellation Software Inc/Canada
6.2
 
Canadian Pacific Kansas City Ltd
5.0
 
Alimentation Couche-Tard Inc
4.6
 
Franco-Nevada Corp
4.5
 
Toronto Dominion Bank
3.9
 
Shopify Inc Class A
3.8
 
Dollarama Inc
3.8
 
Canadian Natural Resources Ltd
3.7
 
PrairieSky Royalty Ltd
3.3
 
 
46.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915647.100    1859-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Europe Fund
Fidelity Advisor® Europe Fund Class A :  FHJUX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Europe Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 53 
1.00%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$738,937,264
 
Number of Holdings
103
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
23.8
 
Industrials
17.3
 
Consumer Discretionary
11.5
 
Health Care
10.1
 
Information Technology
10.1
 
Consumer Staples
8.1
 
Communication Services
7.1
 
Materials
3.7
 
Energy
3.6
 
Real Estate
0.8
 
Utilities
0.8
 
 
Common Stocks
96.8
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
3.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.1
 
United Kingdom
23.6
Germany
18.4
France
14.9
United States
10.7
Italy
6.5
Sweden
5.4
Netherlands
4.1
Switzerland
3.3
Spain
2.5
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 23.6                   
 
Germany - 18.4                          
 
France - 14.9                           
 
United States - 10.7                    
 
Italy - 6.5                             
 
Sweden - 5.4                            
 
Netherlands - 4.1                       
 
Switzerland - 3.3                       
 
Spain - 2.5                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
4.3
 
Astrazeneca PLC
3.1
 
RELX PLC
2.6
 
ASML Holding NV
2.4
 
Shell PLC
2.3
 
Rheinmetall AG
2.3
 
Rolls-Royce Holdings PLC
2.1
 
UniCredit SpA
1.9
 
Siemens AG
1.8
 
Air Liquide SA
1.8
 
 
24.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915629.100    2632-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Value Fund
Fidelity Advisor® International Value Fund Class C :  FIVOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 98 
1.85%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$2,052,754,816
 
Number of Holdings
107
 
Portfolio Turnover
34%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
38.8
 
Industrials
15.4
 
Materials
10.2
 
Energy
6.2
 
Health Care
5.9
 
Consumer Discretionary
5.1
 
Consumer Staples
3.8
 
Communication Services
3.3
 
Information Technology
2.7
 
Utilities
0.7
 
Real Estate
0.5
 
 
Common Stocks
92.4
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
7.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 92.4                    
 
Preferred Stocks - 0.2                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.4
 
Japan
20.3
United States
17.1
United Kingdom
13.7
Germany
13.4
France
9.8
Italy
4.9
Switzerland
3.7
Australia
3.4
Spain
3.1
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 20.3                            
 
United States - 17.1                    
 
United Kingdom - 13.7                   
 
Germany - 13.4                          
 
France - 9.8                            
 
Italy - 4.9                             
 
Switzerland - 3.7                       
 
Australia - 3.4                         
 
Spain - 3.1                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Shell PLC ADR
2.9
 
AXA SA
2.6
 
Banco Santander SA
2.5
 
Rheinmetall AG
2.4
 
Zurich Insurance Group AG
2.3
 
Mitsubishi UFJ Financial Group Inc
2.2
 
Sumitomo Mitsui Financial Group Inc
2.1
 
Roche Holding AG
2.1
 
BAE Systems PLC
2.0
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
2.0
 
 
23.1
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915739.100    1614-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Small Cap Opportunities Fund
Fidelity Advisor® International Small Cap Opportunities Fund Class M :  FOPTX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Small Cap Opportunities Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 77 
1.49%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,340,297,691
 
Number of Holdings
115
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
30.2
 
Information Technology
21.0
 
Consumer Discretionary
11.2
 
Communication Services
7.8
 
Financials
6.0
 
Materials
4.5
 
Health Care
3.7
 
Consumer Staples
3.2
 
Real Estate
2.8
 
Energy
1.1
 
 
Common Stocks
91.5
International Equity Funds
4.9
Short-Term Investments and Net Other Assets (Liabilities)
3.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 91.5                    
 
International Equity Funds - 4.9        
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.6
 
Japan
26.5
United Kingdom
15.1
Sweden
14.1
United States
10.9
Germany
5.5
Netherlands
4.7
Canada
4.0
Belgium
2.6
France
2.5
Others
14.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 26.5                            
 
United Kingdom - 15.1                   
 
Sweden - 14.1                           
 
United States - 10.9                    
 
Germany - 5.5                           
 
Netherlands - 4.7                       
 
Canada - 4.0                            
 
Belgium - 2.6                           
 
France - 2.5                            
 
Others - 14.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Lagercrantz Group AB B Shares
5.2
 
iShares MSCI EAFE Small-Cap ETF
4.9
 
AddTech AB B Shares
4.7
 
Azbil Corp
3.5
 
CTS Eventim AG & Co KGaA
2.7
 
Games Workshop Group PLC
2.2
 
KBC Ancora
2.1
 
Interpump Group SpA
2.1
 
Spectris PLC
2.1
 
Howden Joinery Group PLC
2.0
 
 
31.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915733.100    1484-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® International Discovery Fund
Fidelity® International Discovery Fund Class K :  FIDKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® International Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 28 
0.55%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$10,296,192,153
 
Number of Holdings
135
 
Portfolio Turnover
52%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
25.7
 
Industrials
23.4
 
Consumer Discretionary
13.0
 
Information Technology
12.9
 
Health Care
7.3
 
Communication Services
6.7
 
Materials
3.4
 
Consumer Staples
2.3
 
Energy
1.1
 
 
Common Stocks
94.9
Preferred Stocks
0.9
Short-Term Investments and Net Other Assets (Liabilities)
4.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.9                    
 
Preferred Stocks - 0.9                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 4.2
 
United Kingdom
17.6
Japan
16.1
France
9.9
Germany
9.6
United States
9.0
Italy
5.7
Netherlands
5.7
Canada
3.7
Sweden
3.6
Others
19.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 17.6                   
 
Japan - 16.1                            
 
France - 9.9                            
 
Germany - 9.6                           
 
United States - 9.0                     
 
Italy - 5.7                             
 
Netherlands - 5.7                       
 
Canada - 3.7                            
 
Sweden - 3.6                            
 
Others - 19.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
UniCredit SpA
3.4
 
Rheinmetall AG
2.9
 
SAP SE
2.8
 
Hitachi Ltd
2.8
 
Constellation Software Inc/Canada
2.4
 
AXA SA
2.3
 
London Stock Exchange Group PLC
2.1
 
3i Group PLC
2.0
 
RELX PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd
1.9
 
 
24.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915640.100    2093-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Total International Equity Fund
Fidelity Advisor® Total International Equity Fund Class I :  FTEIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Total International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 49 
0.95%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$448,437,698
 
Number of Holdings
317
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
20.7
 
Information Technology
12.1
 
Materials
9.9
 
Consumer Discretionary
9.3
 
Communication Services
5.6
 
Health Care
4.8
 
Energy
3.9
 
Consumer Staples
3.4
 
Real Estate
0.2
 
Utilities
0.2
 
 
Common Stocks
97.2
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
2.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.2                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.7
 
United States
13.8
Japan
10.1
United Kingdom
9.8
China
9.7
Germany
7.3
Canada
7.2
France
7.1
Taiwan
3.7
Sweden
3.6
Others
27.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 13.8                    
 
Japan - 10.1                            
 
United Kingdom - 9.8                    
 
China - 9.7                             
 
Germany - 7.3                           
 
Canada - 7.2                            
 
France - 7.1                            
 
Taiwan - 3.7                            
 
Sweden - 3.6                            
 
Others - 27.7                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Tencent Holdings Ltd
2.9
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
SAP SE
2.1
 
Samsung Electronics Co Ltd
1.8
 
CRH PLC
1.8
 
Safran SA
1.5
 
Linde PLC
1.4
 
BAE Systems PLC
1.3
 
Alibaba Group Holding Ltd ADR
1.1
 
Wal-Mart de Mexico SAB de CV Series V
1.1
 
 
17.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915747.100    1984-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Europe Fund
Fidelity Advisor® Europe Fund Class M :  FHJVX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Europe Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 66 
1.25%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$738,937,264
 
Number of Holdings
103
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
23.8
 
Industrials
17.3
 
Consumer Discretionary
11.5
 
Health Care
10.1
 
Information Technology
10.1
 
Consumer Staples
8.1
 
Communication Services
7.1
 
Materials
3.7
 
Energy
3.6
 
Real Estate
0.8
 
Utilities
0.8
 
 
Common Stocks
96.8
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
3.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.1
 
United Kingdom
23.6
Germany
18.4
France
14.9
United States
10.7
Italy
6.5
Sweden
5.4
Netherlands
4.1
Switzerland
3.3
Spain
2.5
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 23.6                   
 
Germany - 18.4                          
 
France - 14.9                           
 
United States - 10.7                    
 
Italy - 6.5                             
 
Sweden - 5.4                            
 
Netherlands - 4.1                       
 
Switzerland - 3.3                       
 
Spain - 2.5                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
4.3
 
Astrazeneca PLC
3.1
 
RELX PLC
2.6
 
ASML Holding NV
2.4
 
Shell PLC
2.3
 
Rheinmetall AG
2.3
 
Rolls-Royce Holdings PLC
2.1
 
UniCredit SpA
1.9
 
Siemens AG
1.8
 
Air Liquide SA
1.8
 
 
24.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915631.100    2635-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Total International Equity Fund
Fidelity Advisor® Total International Equity Fund Class C :  FTCEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Total International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 100 
1.95%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$448,437,698
 
Number of Holdings
317
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
20.7
 
Information Technology
12.1
 
Materials
9.9
 
Consumer Discretionary
9.3
 
Communication Services
5.6
 
Health Care
4.8
 
Energy
3.9
 
Consumer Staples
3.4
 
Real Estate
0.2
 
Utilities
0.2
 
 
Common Stocks
97.2
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
2.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.2                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.7
 
United States
13.8
Japan
10.1
United Kingdom
9.8
China
9.7
Germany
7.3
Canada
7.2
France
7.1
Taiwan
3.7
Sweden
3.6
Others
27.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 13.8                    
 
Japan - 10.1                            
 
United Kingdom - 9.8                    
 
China - 9.7                             
 
Germany - 7.3                           
 
Canada - 7.2                            
 
France - 7.1                            
 
Taiwan - 3.7                            
 
Sweden - 3.6                            
 
Others - 27.7                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Tencent Holdings Ltd
2.9
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
SAP SE
2.1
 
Samsung Electronics Co Ltd
1.8
 
CRH PLC
1.8
 
Safran SA
1.5
 
Linde PLC
1.4
 
BAE Systems PLC
1.3
 
Alibaba Group Holding Ltd ADR
1.1
 
Wal-Mart de Mexico SAB de CV Series V
1.1
 
 
17.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915745.100    1982-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Asia Fund
Fidelity® Emerging Asia Fund :  FSEAX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Asia Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Emerging Asia Fund 
$ 50 
1.01%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$998,742,954
 
Number of Holdings
140
 
Portfolio Turnover
77%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.1
 
Consumer Discretionary
22.4
 
Communication Services
14.7
 
Industrials
13.0
 
Financials
12.1
 
Health Care
10.3
 
Energy
0.9
 
Consumer Staples
0.4
 
Materials
0.1
 
 
Common Stocks
98.2
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
1.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.2                    
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
 
China
36.8
India
28.2
Taiwan
15.3
Singapore
6.7
Korea (South)
6.1
Hong Kong
2.4
United States
1.4
Indonesia
0.9
South Africa
0.6
Others
1.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
China - 36.8                            
 
India - 28.2                            
 
Taiwan - 15.3                           
 
Singapore - 6.7                         
 
Korea (South) - 6.1                     
 
Hong Kong - 2.4                         
 
United States - 1.4                     
 
Indonesia - 0.9                         
 
South Africa - 0.6                      
 
Others - 1.6                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Taiwan Semiconductor Manufacturing Co Ltd
9.8
 
Sea Ltd Class A ADR
6.3
 
Tencent Holdings Ltd
5.8
 
Eternal Ltd
5.2
 
PDD Holdings Inc Class A ADR
4.2
 
MakeMyTrip Ltd
4.1
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.3
 
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
2.7
 
HDFC Bank Ltd
2.3
 
WuXi XDC Cayman Inc
1.8
 
 
45.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915689.100    351-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Total International Equity Fund
Fidelity® Total International Equity Fund :  FTIEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Total International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Total International Equity Fund 
$ 48 
0.95%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$448,437,698
 
Number of Holdings
317
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
20.7
 
Information Technology
12.1
 
Materials
9.9
 
Consumer Discretionary
9.3
 
Communication Services
5.6
 
Health Care
4.8
 
Energy
3.9
 
Consumer Staples
3.4
 
Real Estate
0.2
 
Utilities
0.2
 
 
Common Stocks
97.2
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
2.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.2                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.7
 
United States
13.8
Japan
10.1
United Kingdom
9.8
China
9.7
Germany
7.3
Canada
7.2
France
7.1
Taiwan
3.7
Sweden
3.6
Others
27.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 13.8                    
 
Japan - 10.1                            
 
United Kingdom - 9.8                    
 
China - 9.7                             
 
Germany - 7.3                           
 
Canada - 7.2                            
 
France - 7.1                            
 
Taiwan - 3.7                            
 
Sweden - 3.6                            
 
Others - 27.7                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Tencent Holdings Ltd
2.9
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
SAP SE
2.1
 
Samsung Electronics Co Ltd
1.8
 
CRH PLC
1.8
 
Safran SA
1.5
 
Linde PLC
1.4
 
BAE Systems PLC
1.3
 
Alibaba Group Holding Ltd ADR
1.1
 
Wal-Mart de Mexico SAB de CV Series V
1.1
 
 
17.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915743.100    1978-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Total International Equity Fund
Fidelity Advisor® Total International Equity Fund Class M :  FTTEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Total International Equity Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 74 
1.45%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$448,437,698
 
Number of Holdings
317
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
27.2
 
Industrials
20.7
 
Information Technology
12.1
 
Materials
9.9
 
Consumer Discretionary
9.3
 
Communication Services
5.6
 
Health Care
4.8
 
Energy
3.9
 
Consumer Staples
3.4
 
Real Estate
0.2
 
Utilities
0.2
 
 
Common Stocks
97.2
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
2.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.2                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.7
 
United States
13.8
Japan
10.1
United Kingdom
9.8
China
9.7
Germany
7.3
Canada
7.2
France
7.1
Taiwan
3.7
Sweden
3.6
Others
27.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 13.8                    
 
Japan - 10.1                            
 
United Kingdom - 9.8                    
 
China - 9.7                             
 
Germany - 7.3                           
 
Canada - 7.2                            
 
France - 7.1                            
 
Taiwan - 3.7                            
 
Sweden - 3.6                            
 
Others - 27.7                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Tencent Holdings Ltd
2.9
 
Taiwan Semiconductor Manufacturing Co Ltd
2.3
 
SAP SE
2.1
 
Samsung Electronics Co Ltd
1.8
 
CRH PLC
1.8
 
Safran SA
1.5
 
Linde PLC
1.4
 
BAE Systems PLC
1.3
 
Alibaba Group Holding Ltd ADR
1.1
 
Wal-Mart de Mexico SAB de CV Series V
1.1
 
 
17.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915746.100    1983-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Japan Fund
Fidelity Advisor® Japan Fund Class A :  FPJAX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Japan Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 50 
0.98%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$710,338,465
 
Number of Holdings
86
 
Portfolio Turnover
31%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
28.4
 
Information Technology
19.0
 
Financials
15.1
 
Consumer Discretionary
11.6
 
Communication Services
6.8
 
Materials
6.4
 
Health Care
5.5
 
Consumer Staples
2.5
 
Real Estate
1.1
 
Energy
1.0
 
 
Common Stocks
97.4
Short-Term Investments and Net Other Assets (Liabilities)
2.6
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.4                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.6
 
Japan
96.7
United States
3.1
China
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 96.7                            
 
United States - 3.1                     
 
China - 0.2                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Sumitomo Mitsui Financial Group Inc
6.4
 
Sony Group Corp
5.1
 
Hitachi Ltd
4.8
 
Fujitsu Ltd
3.0
 
Tokio Marine Holdings Inc
2.9
 
Hoya Corp
2.9
 
ORIX Corp
2.8
 
Nintendo Co Ltd
2.8
 
Shin-Etsu Chemical Co Ltd
2.7
 
FUJIFILM Holdings Corp
2.5
 
 
35.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915683.100    2256-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Europe Fund
Fidelity® Europe Fund :  FIEUX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Europe Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Europe Fund 
$ 38 
0.71%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$738,937,264
 
Number of Holdings
103
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
23.8
 
Industrials
17.3
 
Consumer Discretionary
11.5
 
Health Care
10.1
 
Information Technology
10.1
 
Consumer Staples
8.1
 
Communication Services
7.1
 
Materials
3.7
 
Energy
3.6
 
Real Estate
0.8
 
Utilities
0.8
 
 
Common Stocks
96.8
Preferred Stocks
0.1
Short-Term Investments and Net Other Assets (Liabilities)
3.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Preferred Stocks - 0.1                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.1
 
United Kingdom
23.6
Germany
18.4
France
14.9
United States
10.7
Italy
6.5
Sweden
5.4
Netherlands
4.1
Switzerland
3.3
Spain
2.5
Others
10.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United Kingdom - 23.6                   
 
Germany - 18.4                          
 
France - 14.9                           
 
United States - 10.7                    
 
Italy - 6.5                             
 
Sweden - 5.4                            
 
Netherlands - 4.1                       
 
Switzerland - 3.3                       
 
Spain - 2.5                             
 
Others - 10.6                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
SAP SE
4.3
 
Astrazeneca PLC
3.1
 
RELX PLC
2.6
 
ASML Holding NV
2.4
 
Shell PLC
2.3
 
Rheinmetall AG
2.3
 
Rolls-Royce Holdings PLC
2.1
 
UniCredit SpA
1.9
 
Siemens AG
1.8
 
Air Liquide SA
1.8
 
 
24.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915633.100    301-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Emerging Markets Discovery Fund
Fidelity Advisor® Emerging Markets Discovery Fund Class A :  FEDAX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Emerging Markets Discovery Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 63 
1.27%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
 
 
Fund Size
$1,026,456,466
 
Number of Holdings
103
 
Portfolio Turnover
38%
 
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
22.1
 
Financials
18.6
 
Consumer Discretionary
16.1
 
Consumer Staples
10.9
 
Information Technology
10.3
 
Health Care
4.7
 
Real Estate
4.3
 
Communication Services
3.6
 
Energy
2.9
 
Utilities
2.4
 
Materials
2.1
 
 
Common Stocks
98.0
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.0                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
 
Taiwan
17.8
China
17.5
Brazil
13.1
India
11.9
Korea (South)
7.6
Mexico
5.5
Indonesia
4.1
United States
3.3
Poland
2.7
Others
16.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Taiwan - 17.8                           
 
China - 17.5                            
 
Brazil - 13.1                           
 
India - 11.9                            
 
Korea (South) - 7.6                     
 
Mexico - 5.5                            
 
Indonesia - 4.1                         
 
United States - 3.3                     
 
Poland - 2.7                            
 
Others - 16.5                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
OPAP SA
1.7
 
Localiza Rent a Car SA
1.6
 
Lion Finance Group PLC
1.5
 
Dino Polska SA
1.5
 
Max Healthcare Institute Ltd
1.4
 
Qualitas Controladora SAB de CV
1.4
 
Eicher Motors Ltd
1.3
 
Equatorial Energia SA
1.3
 
Shriram Finance Ltd
1.3
 
Banco de Chile ADR
1.3
 
 
14.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915775.100    2375-TSRS-0625    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




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® Nordic Fund
Fidelity® Pacific Basin Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

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® Nordic Fund

Fidelity® Pacific Basin Fund

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Canada Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
BRAZIL - 3.0%
 
 
 
Materials - 3.0%
 
 
 
Metals & Mining - 3.0%
 
 
 
Wheaton Precious Metals Corp
 
343,200
28,656,428
CANADA - 92.2%
 
 
 
Communication Services - 2.0%
 
 
 
Diversified Telecommunication Services - 2.0%
 
 
 
Quebecor Inc Class B
 
65,900
1,807,876
Quebecor Inc Multiple Voting Shares
 
338,000
9,306,891
TELUS Corp
 
498,600
7,674,664
 
 
 
18,789,431
Consumer Discretionary - 7.0%
 
 
 
Broadline Retail - 3.8%
 
 
 
Dollarama Inc
 
284,800
35,140,345
Hotels, Restaurants & Leisure - 1.8%
 
 
 
Restaurant Brands International Inc
 
261,100
16,823,961
Specialty Retail - 1.3%
 
 
 
Aritzia Inc Subordinate Voting Shares (c)
 
90,026
3,166,517
Diversified Royalty Corp (b)
 
1,989,100
4,169,809
Pet Valu Holdings Ltd
 
247,500
5,136,353
 
 
 
12,472,679
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Canada Goose Holdings Inc Subordinate Voting Shares (b)(c)
 
134,176
1,123,162
TOTAL CONSUMER DISCRETIONARY
 
 
65,560,147
 
 
 
 
Consumer Staples - 8.6%
 
 
 
Beverages - 0.0%
 
 
 
GURU Organic Energy Corp (b)(c)
 
206,800
247,512
Consumer Staples Distribution & Retail - 8.2%
 
 
 
Alimentation Couche-Tard Inc
 
825,100
43,068,473
Metro Inc/CN
 
327,695
25,253,385
North West Co Inc/The
 
215,400
8,640,374
 
 
 
76,962,232
Personal Care Products - 0.4%
 
 
 
Jamieson Wellness Inc (d)(e)
 
182,000
4,217,975
TOTAL CONSUMER STAPLES
 
 
81,427,719
 
 
 
 
Energy - 15.6%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Pason Systems Inc
 
558,700
4,449,823
Oil, Gas & Consumable Fuels - 15.1%
 
 
 
Cameco Corp
 
282,900
12,770,105
Canadian Natural Resources Ltd
 
1,214,096
34,839,431
Imperial Oil Ltd (b)
 
225,200
15,190,300
Parkland Corp
 
404,630
10,193,530
PrairieSky Royalty Ltd
 
1,855,318
31,235,986
South Bow Corp (b)
 
552,600
13,648,651
Suncor Energy Inc
 
697,500
24,634,611
 
 
 
142,512,614
TOTAL ENERGY
 
 
146,962,437
 
 
 
 
Financials - 28.2%
 
 
 
Banks - 14.1%
 
 
 
Bank of Montreal (b)
 
224,800
21,539,121
Royal Bank of Canada
 
619,600
74,369,080
Toronto Dominion Bank (b)
 
574,100
36,683,932
 
 
 
132,592,133
Capital Markets - 5.7%
 
 
 
Brookfield Asset Management Ltd Class A (b)
 
286,101
15,265,914
Brookfield Corp Class A
 
366,506
19,689,130
TMX Group Ltd
 
479,300
19,424,410
 
 
 
54,379,454
Insurance - 8.4%
 
 
 
Definity Financial Corp (b)
 
451,913
22,556,313
Intact Financial Corp
 
133,425
29,632,041
Sun Life Financial Inc
 
454,900
27,107,236
 
 
 
79,295,590
TOTAL FINANCIALS
 
 
266,267,177
 
 
 
 
Health Care - 0.8%
 
 
 
Health Care Providers & Services - 0.8%
 
 
 
Andlauer Healthcare Group Inc Subordinate Voting Shares (b)
 
186,759
7,247,647
Industrials - 9.9%
 
 
 
Ground Transportation - 6.7%
 
 
 
Canadian National Railway Co
 
166,150
16,090,734
Canadian Pacific Kansas City Ltd
 
647,962
47,062,553
 
 
 
63,153,287
Professional Services - 3.2%
 
 
 
Thomson Reuters Corp
 
161,000
29,958,893
TOTAL INDUSTRIALS
 
 
93,112,180
 
 
 
 
Information Technology - 11.4%
 
 
 
IT Services - 3.8%
 
 
 
Shopify Inc Class A (c)
 
378,700
36,018,528
Software - 7.6%
 
 
 
ApplyBoard Inc (c)(f)(g)
 
1,677
16,250
ApplyBoard Inc (c)(f)(g)
 
414
4,012
Computer Modelling Group Ltd (b)
 
415,600
2,396,649
Constellation Software Inc/Canada
 
16,200
58,383,339
Constellation Software Inc/Canada warrants 3/31/2040 (c)(g)
 
19,300
1
Dye & Durham Ltd (b)
 
789,400
5,119,132
Lumine Group Inc Subordinate Voting Shares (c)(e)
 
163,307
5,279,699
 
 
 
71,199,082
TOTAL INFORMATION TECHNOLOGY
 
 
107,217,610
 
 
 
 
Materials - 8.5%
 
 
 
Chemicals - 2.0%
 
 
 
Nutrien Ltd
 
325,681
18,592,119
Containers & Packaging - 1.1%
 
 
 
CCL Industries Inc Class A
 
25,900
1,360,192
CCL Industries Inc Class B
 
165,800
8,664,030
 
 
 
10,024,222
Metals & Mining - 4.9%
 
 
 
Franco-Nevada Corp
 
248,700
42,738,660
Triple Flag Precious Metals Corp
 
182,800
3,793,637
 
 
 
46,532,297
Paper & Forest Products - 0.5%
 
 
 
Stella-Jones Inc
 
97,323
4,772,257
TOTAL MATERIALS
 
 
79,920,895
 
 
 
 
Utilities - 0.2%
 
 
 
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
TransAlta Corp
 
209,100
1,864,093
TOTAL CANADA
 
 
868,369,336
CHILE - 0.5%
 
 
 
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
Lundin Mining Corp
 
615,600
5,036,971
UNITED STATES - 3.2%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Leisure Products - 0.5%
 
 
 
BRP Inc Subordinate Voting Shares (b)
 
137,200
4,647,643
Industrials - 2.6%
 
 
 
Commercial Services & Supplies - 2.6%
 
 
 
GFL Environmental Inc Subordinate Voting Shares
 
466,900
23,297,585
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Ivanhoe Electric Inc / US (c)
 
150,319
947,010
Ivanhoe Electric Inc / US warrants (c)
 
150,319
138,733
 
 
 
1,085,743
TOTAL UNITED STATES
 
 
29,030,971
ZAMBIA - 0.1%
 
 
 
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
First Quantum Minerals Ltd (c)
 
99,117
1,330,811
 
TOTAL COMMON STOCKS
 (Cost $446,181,014)
 
 
 
932,424,517
 
 
 
 
Convertible Corporate Bonds - 0.2%
 
 
Principal
Amount (a)
 
Value ($)
 
CANADA - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Cineplex Inc 7.75% 3/1/2030 (d)
  (Cost $1,490,650)
CAD
2,190,000
1,922,167
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
CANADA - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Software - 0.3%
 
 
 
Valsoft Corp Series A-1.2 (f)(g)
 
126
1,475,928
Valsoft Corp Series A-1.3 (f)(g)
 
45
527,117
Valsoft Corp Series A-1.4 (f)(g)
 
58
679,395
 
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $2,686,002)
 
 
 
2,682,440
 
 
 
 
Non-Convertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
ApplyBoard Inc Series A1 (c)(f)(g)
 
2,063
20,135
ApplyBoard Inc Series A2 (c)(f)(g)
 
1,615
15,795
ApplyBoard Inc Series A3 (c)(f)(g)
 
92
901
ApplyBoard Inc Series D (c)(f)(g)
 
4,504
85,891
ApplyBoard Inc Series SEED (c)(f)(g)
 
617
5,991
 
 
 
 
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $770,130)
 
 
 
128,713
 
 
 
 
Money Market Funds - 3.3%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 
4.33
1,878,250
1,878,625
Fidelity Securities Lending Cash Central Fund (h)(i)
 
4.33
29,506,334
29,509,285
 
TOTAL MONEY MARKET FUNDS
 (Cost $31,387,910)
 
 
 
31,387,910
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.8%
 (Cost $482,515,706)
 
 
 
968,545,747
NET OTHER ASSETS (LIABILITIES) - (2.8)%  
(25,939,186)
NET ASSETS - 100.0%
942,606,561
 
 
Currency Abbreviations
         CAD
-
Canadian Dollar
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing
 
(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 $6,140,142 or 0.7% of net assets.
 
(e)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $9,497,674 or 1.0% of net assets.
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,831,415 or 0.3% of net assets.
 
(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 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
6/30/21
44,290
 
 
 
ApplyBoard Inc
6/04/21 - 6/30/21
85,688
 
 
 
ApplyBoard Inc Series A1
6/04/21
133,582
 
 
 
ApplyBoard Inc Series A2
6/04/21
104,573
 
 
 
ApplyBoard Inc Series A3
6/04/21
5,957
 
 
 
ApplyBoard Inc Series D
6/04/21
486,066
 
 
 
ApplyBoard Inc Series SEED
6/04/21
39,952
 
 
 
Valsoft Corp Series A-1.2
3/14/25
1,475,927
 
 
 
Valsoft Corp Series A-1.3
3/17/25
446,709
 
 
 
Valsoft Corp Series A-1.4
3/17/25
763,365
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
718,404
36,611,506
35,451,285
13,547
-
-
1,878,625
1,878,250
0.0%
Fidelity Securities Lending Cash Central Fund
7,295,105
572,945,842
550,731,662
150,502
-
-
29,509,285
29,506,334
0.1%
Total
8,013,509
609,557,348
586,182,947
164,049
-
-
31,387,910
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
18,789,431
18,789,431
-
-
Consumer Discretionary
70,207,790
70,207,790
-
-
Consumer Staples
81,427,719
81,427,719
-
-
Energy
146,962,437
146,962,437
-
-
Financials
266,267,177
266,267,177
-
-
Health Care
7,247,647
7,247,647
-
-
Industrials
116,409,765
116,409,765
-
-
Information Technology
107,217,610
107,197,347
-
20,263
Materials
116,030,848
115,892,115
138,733
-
Utilities
1,864,093
1,864,093
-
-
 Convertible Corporate Bonds
 
 
 
 
Communication Services
1,922,167
-
1,922,167
-
 Convertible Preferred Stocks
 
 
 
 
Information Technology
2,682,440
-
-
2,682,440
 Non-Convertible Preferred Stocks
 
 
 
 
Information Technology
128,713
-
-
128,713
 Money Market Funds
31,387,910
31,387,910
-
-
 Total Investments in Securities:
968,545,747
963,653,431
2,060,900
2,831,416
Fidelity® Canada Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $27,834,371) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $451,127,796)
$
937,157,837
 
 
Fidelity Central Funds (cost $31,387,910)
31,387,910
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $482,515,706)
 
 
$
968,545,747
Foreign currency held at value (cost $1,532,167)
 
 
1,535,990
Receivable for investments sold
 
 
6,299,172
Receivable for fund shares sold
 
 
284,076
Dividends receivable
 
 
1,268,103
Interest receivable
 
 
10,794
Distributions receivable from Fidelity Central Funds
 
 
44,369
Prepaid expenses
 
 
272
  Total assets
 
 
977,988,523
Liabilities
 
 
 
 
Payable for investments purchased
$
509,576
 
 
Payable for fund shares redeemed
4,641,010
 
 
Accrued management fee
677,700
 
 
Distribution and service plan fees payable
9,106
 
 
Other payables and accrued expenses
38,860
 
 
Collateral on securities loaned
29,505,710
 
 
  Total liabilities
 
 
 
35,381,962
Net Assets  
 
 
$
942,606,561
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
429,030,723
Total accumulated earnings (loss)
 
 
 
513,575,838
Net Assets
 
 
$
942,606,561
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($30,002,198 ÷ 428,315 shares)(a)
 
 
$
70.05
Maximum offering price per share (100/94.25 of $70.05)
 
 
$
74.32
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,631,618 ÷ 95,120 shares)(a)
 
 
$
69.72
Maximum offering price per share (100/96.50 of $69.72)
 
 
$
72.25
Class C :
 
 
 
 
Net Asset Value and offering price per share ($638,450 ÷ 9,204 shares)(a)
 
 
$
69.37
Canada :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($875,550,141 ÷ 12,443,281 shares)
 
 
$
70.36
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($23,954,611 ÷ 341,042 shares)
 
 
$
70.24
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($5,829,543 ÷ 83,335 shares)
 
 
$
69.95
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
10,375,169
Interest  
 
 
64,747
Income from Fidelity Central Funds (including $150,502 from security lending)
 
 
164,049
 Income before foreign taxes withheld
 
 
$
10,603,965
Less foreign taxes withheld
 
 
(1,629,578)
 Total income
 
 
 
8,974,387
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
3,843,944
 
 
 Performance adjustment
392,290
 
 
Distribution and service plan fees
57,696
 
 
Custodian fees and expenses
8,180
 
 
Independent trustees' fees and expenses
2,048
 
 
Registration fees
67,049
 
 
Audit fees
31,811
 
 
Legal
1,381
 
 
Miscellaneous
3,550
 
 
 Total expenses
 
 
 
4,407,949
Net Investment income (loss)
 
 
 
4,566,438
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
31,058,258
 
 
 Foreign currency transactions
 
(63,487)
 
 
Total net realized gain (loss)
 
 
 
30,994,771
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
19,847,057
 
 
 Assets and liabilities in foreign currencies
 
26,681
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
19,873,738
Net gain (loss)
 
 
 
50,868,509
Net increase (decrease) in net assets resulting from operations
 
 
$
55,434,947
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,566,438
$
9,029,103
Net realized gain (loss)
 
30,994,771
 
56,897,626
Change in net unrealized appreciation (depreciation)
 
19,873,738
 
144,534,605
Net increase (decrease) in net assets resulting from operations
 
55,434,947
 
210,461,334
Distributions to shareholders
 
(64,898,988)
 
(30,159,569)
 
 
 
 
 
Share transactions - net increase (decrease)
 
9,593,684
 
(60,797,616)
 
 
 
 
 
Total increase (decrease) in net assets
 
129,643
 
119,504,149
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
942,476,918
 
822,972,769
End of period
$
942,606,561
$
942,476,918
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Canada Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
70.62
$
57.80
$
59.44
$
67.23
$
46.01
$
51.95
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.47
 
.57
 
.63
 
.55
 
.61
     Net realized and unrealized gain (loss)
 
3.87
 
14.32
 
(.01)
 
(5.30)
 
21.89
 
(4.38)
  Total from investment operations
 
4.11  
 
14.79  
 
.56  
 
(4.67)  
 
22.44
 
(3.77)
  Distributions from net investment income
 
(.70)
 
(.65)
 
(.68)
 
(.61)
 
(.63)
 
(.77)
  Distributions from net realized gain
 
(3.98)
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
     Total distributions
 
(4.68)
 
(1.97) C
 
(2.20)
 
(3.12)
 
(1.22)
 
(2.17)
  Net asset value, end of period
$
70.05
$
70.62
$
57.80
$
59.44
$
67.23
$
46.01
 Total Return D,E,F
 
6.04
%
 
26.11%
 
.88%
 
(7.06)%
 
49.45%
 
(7.70)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.22% I
 
1.34%
 
1.36%
 
1.20%
 
1.12%
 
1.20%
    Expenses net of fee waivers, if any
 
1.22
% I
 
1.33%
 
1.36%
 
1.20%
 
1.12%
 
1.20%
    Expenses net of all reductions, if any
 
1.22% I
 
1.33%
 
1.35%
 
1.20%
 
1.12%
 
1.19%
    Net investment income (loss)
 
.70% I
 
.70%
 
.94%
 
1.00%
 
.92%
 
1.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,002
$
31,401
$
28,548
$
31,707
$
33,087
$
23,395
    Portfolio turnover rate J
 
12
% I
 
8%
 
9%
 
13%
 
7%
 
11%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Canada Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
70.23
$
57.49
$
59.09
$
66.84
$
45.74
$
51.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.30
 
.41
 
.45
 
.38
 
.47
     Net realized and unrealized gain (loss)
 
3.84
 
14.25
 
- C
 
(5.26)
 
21.78
 
(4.36)
  Total from investment operations
 
3.99  
 
14.55  
 
.41  
 
(4.81)  
 
22.16
 
(3.89)
  Distributions from net investment income
 
(.53)
 
(.50)
 
(.49)
 
(.42)
 
(.47)
 
(.64)
  Distributions from net realized gain
 
(3.98)
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
     Total distributions
 
(4.50) D
 
(1.81)
 
(2.01)
 
(2.94) D
 
(1.06)
 
(2.04)
  Net asset value, end of period
$
69.72
$
70.23
$
57.49
$
59.09
$
66.84
$
45.74
 Total Return E,F,G
 
5.90
%
 
25.80%
 
.62%
 
(7.32)%
 
49.04%
 
(7.95)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.47% J
 
1.59%
 
1.63%
 
1.48%
 
1.40%
 
1.47%
    Expenses net of fee waivers, if any
 
1.47
% J
 
1.58%
 
1.63%
 
1.48%
 
1.39%
 
1.47%
    Expenses net of all reductions, if any
 
1.47% J
 
1.58%
 
1.62%
 
1.48%
 
1.39%
 
1.47%
    Net investment income (loss)
 
.45% J
 
.45%
 
.68%
 
.72%
 
.64%
 
.99%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,632
$
6,946
$
6,255
$
6,641
$
7,829
$
5,911
    Portfolio turnover rate K
 
12
% J
 
8%
 
9%
 
13%
 
7%
 
11%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Canada Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
69.57
$
56.91
$
58.39
$
65.76
$
44.96
$
50.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.02)
 
(.03)
 
.10
 
.14
 
.08
 
.24
     Net realized and unrealized gain (loss)
 
3.82
 
14.15
 
- C
 
(5.19)
 
21.46
 
(4.31)
  Total from investment operations
 
3.80  
 
14.12  
 
.10  
 
(5.05)  
 
21.54
 
(4.07)
  Distributions from net investment income
 
(.02)
 
(.15)
 
(.05)
 
-
 
(.15)
 
(.18)
  Distributions from net realized gain
 
(3.98)
 
(1.31)
 
(1.52)
 
(2.32)
 
(.59)
 
(1.40)
     Total distributions
 
(4.00)
 
(1.46)
 
(1.58) D
 
(2.32)
 
(.74)
 
(1.58)
  Net asset value, end of period
$
69.37
$
69.57
$
56.91
$
58.39
$
65.76
$
44.96
 Total Return E,F,G
 
5.64
%
 
25.19%
 
.10%
 
(7.79)%
 
48.31%
 
(8.39)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.97% J
 
2.09%
 
2.14%
 
1.99%
 
1.90%
 
1.95%
    Expenses net of fee waivers, if any
 
1.97
% J
 
2.09%
 
2.13%
 
1.98%
 
1.90%
 
1.95%
    Expenses net of all reductions, if any
 
1.97% J
 
2.09%
 
2.13%
 
1.98%
 
1.90%
 
1.95%
    Net investment income (loss)
 
(.05)% J
 
(.05)%
 
.16%
 
.22%
 
.14%
 
.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
638
$
759
$
844
$
1,109
$
1,683
$
3,151
    Portfolio turnover rate K
 
12
% J
 
8%
 
9%
 
13%
 
7%
 
11%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® Canada Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
71.03
$
58.14
$
59.79
$
67.62
$
46.26
$
52.21
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.66
 
.77
 
.83
 
.74
 
.76
     Net realized and unrealized gain (loss)
 
3.88
 
14.40
 
(.03)
 
(5.33)
 
21.99
 
(4.38)
  Total from investment operations
 
4.22  
 
15.06  
 
.74  
 
(4.50)  
 
22.73
 
(3.62)
  Distributions from net investment income
 
(.91)
 
(.86)
 
(.87)
 
(.82)
 
(.78)
 
(.92)
  Distributions from net realized gain
 
(3.98)
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
     Total distributions
 
(4.89)
 
(2.17)
 
(2.39)
 
(3.33)
 
(1.37)
 
(2.33) C
  Net asset value, end of period
$
70.36
$
71.03
$
58.14
$
59.79
$
67.62
$
46.26
 Total Return D,E
 
6.18
%
 
26.49%
 
1.18%
 
(6.77)%
 
49.91%
 
(7.40)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93% H
 
1.05%
 
1.05%
 
.89%
 
.80%
 
.88%
    Expenses net of fee waivers, if any
 
.93
% H
 
1.04%
 
1.04%
 
.88%
 
.80%
 
.88%
    Expenses net of all reductions, if any
 
.93% H
 
1.04%
 
1.04%
 
.88%
 
.80%
 
.88%
    Net investment income (loss)
 
.99% H
 
.99%
 
1.25%
 
1.32%
 
1.24%
 
1.58%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
875,550
$
877,615
$
774,062
$
825,488
$
821,617
$
612,716
    Portfolio turnover rate I
 
12
% H
 
8%
 
9%
 
13%
 
7%
 
11%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Canada Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
71.09
$
58.19
$
59.84
$
67.70
$
46.24
$
52.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.67
 
.78
 
.85
 
.78
 
.79
     Net realized and unrealized gain (loss)
 
3.89
 
14.40
 
(.03)
 
(5.34)
 
22.00
 
(4.39)
  Total from investment operations
 
4.22  
 
15.07  
 
.75  
 
(4.49)  
 
22.78
 
(3.60)
  Distributions from net investment income
 
(1.09)
 
(.86)
 
(.88)
 
(.86)
 
(.73)
 
(.87)
  Distributions from net realized gain
 
(3.98)
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
     Total distributions
 
(5.07)
 
(2.17)
 
(2.40)
 
(3.37)
 
(1.32)
 
(2.27)
  Net asset value, end of period
$
70.24
$
71.09
$
58.19
$
59.84
$
67.70
$
46.24
 Total Return C,D
 
6.18
%
 
26.49%
 
1.20%
 
(6.74)%
 
50.02%
 
(7.35)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95% G
 
1.04%
 
1.03%
 
.86%
 
.74%
 
.81%
    Expenses net of fee waivers, if any
 
.95
% G
 
1.04%
 
1.03%
 
.86%
 
.74%
 
.81%
    Expenses net of all reductions, if any
 
.95% G
 
1.04%
 
1.03%
 
.86%
 
.74%
 
.81%
    Net investment income (loss)
 
.97% G
 
1.00%
 
1.27%
 
1.34%
 
1.29%
 
1.65%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,955
$
19,072
$
10,571
$
16,165
$
13,724
$
8,392
    Portfolio turnover rate H
 
12
% G
 
8%
 
9%
 
13%
 
7%
 
11%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Canada Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
70.84
$
58.01
$
59.55
$
67.38
$
46.11
$
52.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.75
 
.85
 
.92
 
.82
 
.84
     Net realized and unrealized gain (loss)
 
3.86
 
14.33
 
(.03)
 
(5.33)
 
21.91
 
(4.37)
  Total from investment operations
 
4.23  
 
15.08  
 
.82  
 
(4.41)  
 
22.73
 
(3.53)
  Distributions from net investment income
 
(1.15)
 
(.94)
 
(.84)
 
(.91)
 
(.87)
 
(1.03)
  Distributions from net realized gain
 
(3.98)
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
     Total distributions
 
(5.12) C
 
(2.25)
 
(2.36)
 
(3.42)
 
(1.46)
 
(2.43)
  Net asset value, end of period
$
69.95
$
70.84
$
58.01
$
59.55
$
67.38
$
46.11
 Total Return D,E
 
6.23
%
 
26.62%
 
1.33%
 
(6.66)%
 
50.13%
 
(7.24)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.84% H
 
.93%
 
.92%
 
.75%
 
.66%
 
.72%
    Expenses net of fee waivers, if any
 
.84
% H
 
.92%
 
.91%
 
.75%
 
.66%
 
.72%
    Expenses net of all reductions, if any
 
.84% H
 
.92%
 
.91%
 
.75%
 
.66%
 
.72%
    Net investment income (loss)
 
1.08% H
 
1.11%
 
1.38%
 
1.45%
 
1.38%
 
1.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,830
$
6,683
$
2,692
$
5,843
$
22,010
$
15,221
    Portfolio turnover rate I
 
12
% H
 
8%
 
9%
 
13%
 
7%
 
11%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
 
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Canada, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$495,223,193
Gross unrealized depreciation
(15,260,993)
Net unrealized appreciation (depreciation)
$479,962,200
Tax cost
$488,583,547
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Canada Fund
56,732,527
108,227,638
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.89
Class M
.89
Class C
.89
Canada
.86
Class I
.84
Class Z
.73
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Canada
.82
Class I
.84
Class Z
.73
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Canada Fund
S&P/TSX Composite Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Canada. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .08%.
 
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%
37,633
567
Class M
 .25%
 .25%
 16,664
 202
Class C
 .75%
 .25%
3,399
212
 
 
 
57,696
981
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
 654
Class M
 93
Class CA
29
 
776
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 6,215,421
 3,931,107
 950,889
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Canada Fund
721
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
16,341
 -
-
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Canada Fund
 
 
Distributions to shareholders
 
 
Class A
$2,052,100
 $956,471
Class M
 441,669
 195,471
Class C
 42,554
 21,926
Canada
 59,857,564
 28,479,448
Class I
 1,835,114
 395,367
Class Z
669,987
110,886
Total  
$64,898,988
$30,159,569
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Canada Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
7,846
13,073
$531,999
$863,814
Reinvestment of distributions
28,921
15,002
1,959,103
916,003
Shares redeemed
(53,067)
(77,356)
(3,566,636)
(5,101,231)
Net increase (decrease)
(16,300)
(49,281)
$(1,075,534)
$(3,321,414)
Class M
 
 
 
 
Shares sold
605
1,815
$40,889
$118,342
Reinvestment of distributions
6,508
3,195
439,149
194,459
Shares redeemed
(10,901)
(14,909)
(729,471)
(987,428)
Net increase (decrease)
(3,788)
(9,899)
$(249,433)
$(674,627)
Class C
 
 
 
 
Shares sold
582
1,074
$39,536
$67,883
Reinvestment of distributions
633
362
42,554
21,926
Shares redeemed
(2,921)
(5,361)
(196,555)
(354,782)
Net increase (decrease)
(1,706)
(3,925)
$(114,465)
$(264,973)
Canada
 
 
 
 
Shares sold
345,539
412,712
$23,972,268
$27,859,664
Reinvestment of distributions
822,201
435,957
55,884,979
26,706,738
Shares redeemed
(1,079,745)
(1,806,263)
(73,624,029)
(120,315,587)
Net increase (decrease)
87,995
(957,594)
$6,233,218
$(65,749,185)
Class I
 
 
 
 
Shares sold
254,869
241,609
$17,638,126
$16,397,061
Reinvestment of distributions
26,645
6,203
1,807,836
380,299
Shares redeemed
(208,742)
(161,195)
(14,180,255)
(10,741,551)
Net increase (decrease)
72,772
86,617
$5,265,707
$6,035,809
Class Z
 
 
 
 
Shares sold
72,348
88,695
$5,053,599
$5,943,877
Reinvestment of distributions
9,164
1,551
619,049
94,654
Shares redeemed
(92,519)
(42,317)
(6,138,457)
(2,861,757)
Net increase (decrease)
(11,007)
47,929
$(465,809)
$3,176,774
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Fidelity® China Region Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8%
 
 
Shares
Value ($)
 
CHINA - 59.3%
 
 
 
Communication Services - 14.5%
 
 
 
Entertainment - 1.1%
 
 
 
NetEase Cloud Music Inc (a)(b)(c)
 
202,700
4,717,540
Netease Inc
 
364,700
7,839,719
 
 
 
12,557,259
Interactive Media & Services - 13.4%
 
 
 
Tencent Holdings Ltd
 
2,387,700
146,248,904
TOTAL COMMUNICATION SERVICES
 
 
158,806,163
 
 
 
 
Consumer Discretionary - 21.5%
 
 
 
Automobile Components - 1.0%
 
 
 
Fuyao Glass Industry Group Co Ltd H Shares (a)(c)
 
642,000
4,540,422
Zhejiang Shuanghuan Driveline Co Ltd A Shares (China) (b)
 
1,385,670
6,431,872
 
 
 
10,972,294
Automobiles - 1.9%
 
 
 
BYD Co Ltd A Shares (China)
 
51,800
2,518,068
BYD Co Ltd H Shares
 
295,000
14,011,392
Li Auto Inc A Shares (b)
 
191,600
2,334,584
ZEEKR Intelligent Technology Holding Ltd ADR (b)(d)
 
104,200
2,240,300
 
 
 
21,104,344
Broadline Retail - 11.9%
 
 
 
Alibaba Group Holding Ltd
 
4,812,900
71,856,747
JD.com Inc A Shares
 
912,000
14,848,662
PDD Holdings Inc Class A ADR (b)
 
410,405
43,326,456
 
 
 
130,031,865
Diversified Consumer Services - 2.3%
 
 
 
New Oriental Education & Technology Group Inc
 
1,650,900
8,088,074
New Oriental Education & Technology Group Inc ADR
 
118,946
5,810,512
TAL Education Group Class A ADR (b)
 
1,283,968
11,234,720
 
 
 
25,133,306
Hotels, Restaurants & Leisure - 2.9%
 
 
 
Meituan B Shares (a)(b)(c)
 
1,019,958
16,887,891
Trip.com Group Ltd ADR
 
255,336
15,062,271
 
 
 
31,950,162
Household Durables - 0.9%
 
 
 
Midea Group Co Ltd A Shares (China)
 
825,100
8,355,522
Midea Group Co Ltd H Shares
 
130,700
1,239,490
 
 
 
9,595,012
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Shenzhou International Group Holdings Ltd
 
1,062,400
7,369,787
TOTAL CONSUMER DISCRETIONARY
 
 
236,156,770
 
 
 
 
Consumer Staples - 1.9%
 
 
 
Beverages - 1.9%
 
 
 
Kweichow Moutai Co Ltd A Shares (China)
 
72,445
15,416,295
Luzhou Laojiao Co Ltd A Shares (China)
 
324,600
5,524,827
 
 
 
20,941,122
Financials - 8.4%
 
 
 
Banks - 5.1%
 
 
 
China Construction Bank Corp H Shares
 
45,492,610
37,423,649
Industrial & Commercial Bank of China Ltd H Shares
 
26,937,000
18,477,595
 
 
 
55,901,244
Financial Services - 0.9%
 
 
 
Far East Horizon Ltd
 
13,368,500
10,359,571
Insurance - 2.4%
 
 
 
China Pacific Insurance Group Co Ltd H Shares
 
2,811,400
7,648,736
PICC Property & Casualty Co Ltd H Shares
 
6,492,000
11,970,139
Ping An Insurance Group Co of China Ltd H Shares
 
1,029,500
6,161,595
 
 
 
25,780,470
TOTAL FINANCIALS
 
 
92,041,285
 
 
 
 
Health Care - 3.4%
 
 
 
Biotechnology - 2.5%
 
 
 
Abbisko Cayman Ltd (b)
 
6,083,000
6,015,861
Beijing Tiantan Biological Products Corp Ltd A Shares (China)
 
911,900
2,393,209
Innovent Biologics Inc (a)(b)(c)
 
805,000
5,579,033
Zai Lab Ltd (b)
 
2,651,400
8,445,775
Zai Lab Ltd ADR (b)
 
166,200
5,266,878
 
 
 
27,700,756
Health Care Equipment & Supplies - 0.8%
 
 
 
Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)
 
275,410
8,319,680
Pharmaceuticals - 0.1%
 
 
 
Consun Pharmaceutical Group Ltd
 
1,222,000
1,459,038
TOTAL HEALTH CARE
 
 
37,479,474
 
 
 
 
Industrials - 2.6%
 
 
 
Electrical Equipment - 1.2%
 
 
 
Contemporary Amperex Technology Co Ltd A Shares (China)
 
336,800
10,756,052
Sieyuan Electric Co Ltd A Shares (China)
 
297,600
2,948,564
 
 
 
13,704,616
Machinery - 1.1%
 
 
 
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
557,013
5,476,387
Weichai Power Co Ltd H Shares
 
3,204,000
6,279,437
 
 
 
11,755,824
Marine Transportation - 0.3%
 
 
 
SITC International Holdings Co Ltd
 
1,055,000
2,917,859
Trading Companies & Distributors - 0.0%
 
 
 
Zkh Group Limited Class A (b)
 
1
0
TOTAL INDUSTRIALS
 
 
28,378,299
 
 
 
 
Information Technology - 2.7%
 
 
 
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Luxshare Precision Industry Co Ltd A Shares (China)
 
761,000
3,235,434
Semiconductors & Semiconductor Equipment - 2.4%
 
 
 
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
557,591
14,456,568
Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)
 
184,200
4,684,527
NAURA Technology Group Co Ltd A Shares (China)
 
108,300
6,726,921
 
 
 
25,868,016
TOTAL INFORMATION TECHNOLOGY
 
 
29,103,450
 
 
 
 
Materials - 3.2%
 
 
 
Chemicals - 0.4%
 
 
 
Shandong Sinocera Functional Material Co Ltd A Shares (China)
 
2,024,700
4,680,079
Containers & Packaging - 0.2%
 
 
 
Shenzhen YUTO Packaging Technology Co Ltd A Shares (China)
 
868,971
2,476,822
Metals & Mining - 2.6%
 
 
 
Zijin Mining Group Co Ltd H Shares
 
12,538,000
27,450,518
TOTAL MATERIALS
 
 
34,607,419
 
 
 
 
Real Estate - 1.1%
 
 
 
Real Estate Management & Development - 1.1%
 
 
 
China Resources Mixc Lifestyle Services Ltd (a)(c)
 
1,596,600
7,678,733
KE Holdings Inc ADR
 
250,470
5,084,540
 
 
 
12,763,273
TOTAL CHINA
 
 
650,277,255
FRANCE - 0.4%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
7,000
3,877,505
HONG KONG - 4.1%
 
 
 
Communication Services - 0.5%
 
 
 
Diversified Telecommunication Services - 0.5%
 
 
 
HKT Trust & HKT Ltd unit
 
4,072,000
5,796,441
Financials - 3.6%
 
 
 
Capital Markets - 0.4%
 
 
 
Hong Kong Exchanges & Clearing Ltd
 
113,800
4,971,888
Insurance - 3.2%
 
 
 
AIA Group Ltd
 
4,613,200
34,566,321
TOTAL FINANCIALS
 
 
39,538,209
 
 
 
 
TOTAL HONG KONG
 
 
45,334,650
SINGAPORE - 1.4%
 
 
 
Communication Services - 1.4%
 
 
 
Entertainment - 1.4%
 
 
 
Sea Ltd Class A ADR (b)
 
117,700
15,777,685
SOUTH AFRICA - 0.5%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Broadline Retail - 0.5%
 
 
 
Naspers Ltd Class N
 
21,700
5,707,288
TAIWAN - 29.1%
 
 
 
Consumer Staples - 0.8%
 
 
 
Food Products - 0.8%
 
 
 
Uni-President Enterprises Corp
 
3,628,000
8,701,263
Financials - 1.2%
 
 
 
Banks - 0.9%
 
 
 
E.Sun Financial Holding Co Ltd
 
10,974,885
9,715,031
Financial Services - 0.3%
 
 
 
Chailease Holding Co Ltd
 
895,000
3,213,864
TOTAL FINANCIALS
 
 
12,928,895
 
 
 
 
Information Technology - 27.1%
 
 
 
Electronic Equipment, Instruments & Components - 1.2%
 
 
 
All Ring Tech Co Ltd
 
229,000
1,828,343
Chroma ATE Inc
 
678,000
6,185,385
Delta Electronics Inc
 
266,000
2,781,636
Hon Hai Precision Industry Co Ltd
 
491,000
2,183,182
 
 
 
12,978,546
Semiconductors & Semiconductor Equipment - 25.9%
 
 
 
ASE Technology Holding Co Ltd
 
1,396,000
5,936,755
eMemory Technology Inc
 
204,481
16,432,237
King Yuan Electronics Co Ltd
 
668,000
1,812,945
MediaTek Inc
 
407,000
17,260,154
Taiwan Semiconductor Manufacturing Co Ltd
 
8,401,000
237,563,210
Topco Scientific Co Ltd
 
679,000
5,205,427
 
 
 
284,210,728
TOTAL INFORMATION TECHNOLOGY
 
 
297,189,274
 
 
 
 
TOTAL TAIWAN
 
 
318,819,432
UNITED STATES - 1.0%
 
 
 
Health Care - 0.8%
 
 
 
Biotechnology - 0.8%
 
 
 
Legend Biotech Corp ADR (b)
 
249,539
8,721,388
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Space Exploration Technologies Corp (b)(e)(f)
 
10,000
1,850,000
TOTAL UNITED STATES
 
 
10,571,388
 
TOTAL COMMON STOCKS
 (Cost $677,604,125)
 
 
 
1,050,365,203
 
 
 
 
Convertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
CHINA - 0.9%
 
 
 
Communication Services - 0.8%
 
 
 
Interactive Media & Services - 0.8%
 
 
 
ByteDance Ltd Series E1 (b)(e)(f)
 
38,752
8,226,662
Health Care - 0.1%
 
 
 
Health Care Providers & Services - 0.1%
 
 
 
dMed Biopharmaceutical Co Ltd Series C (b)(e)(f)
 
238,944
1,916,331
TOTAL CHINA
 
 
10,142,993
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $7,639,975)
 
 
 
10,142,993
 
 
 
 
Non-Convertible Preferred Stocks - 1.1%
 
 
Shares
Value ($)
 
KOREA (SOUTH) - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Technology Hardware, Storage & Peripherals - 1.1%
 
 
 
Samsung Electronics Co Ltd
  (Cost $13,639,835)
 
367,990
12,122,689
 
 
 
 
Money Market Funds - 2.2%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
23,765,741
23,770,494
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
589,566
589,625
 
TOTAL MONEY MARKET FUNDS
 (Cost $24,360,119)
 
 
 
24,360,119
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $723,244,054)
 
 
 
1,096,991,004
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(198,677)
NET ASSETS - 100.0%
1,096,792,327
 
 
Legend
 
(a)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $39,403,619 or 3.6% of net assets.
 
(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 $39,403,619 or 3.6% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,992,993 or 1.1% of net assets.
 
(f)
Level 3 security
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd Series E1
11/18/20
4,246,219
 
 
 
dMed Biopharmaceutical Co Ltd Series C
12/01/20
3,393,757
 
 
 
Space Exploration Technologies Corp
2/16/21
419,990
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
35,897,075
127,604,189
139,730,770
163,209
-
-
23,770,494
23,765,741
0.0%
Fidelity Securities Lending Cash Central Fund
750,000
10,318,259
10,478,634
1,794
-
-
589,625
589,566
0.0%
Total
36,647,075
137,922,448
150,209,404
165,003
-
-
24,360,119
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
180,380,289
26,291,666
154,088,623
-
Consumer Discretionary
245,741,563
96,531,246
149,210,317
-
Consumer Staples
29,642,385
-
29,642,385
-
Financials
144,508,389
85,879,690
58,628,699
-
Health Care
46,200,862
27,042,198
19,158,664
-
Industrials
30,228,299
9,197,296
19,181,003
1,850,000
Information Technology
326,292,724
-
326,292,724
-
Materials
34,607,419
27,450,518
7,156,901
-
Real Estate
12,763,273
12,763,273
-
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
8,226,662
-
-
8,226,662
Health Care
1,916,331
-
-
1,916,331
 Non-Convertible Preferred Stocks
 
 
 
 
Information Technology
12,122,689
-
12,122,689
-
 Money Market Funds
24,360,119
24,360,119
-
-
 Total Investments in Securities:
1,096,991,004
309,516,006
775,482,005
11,992,993
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
Beginning Balance ($)
Net Realized Gain (Loss) on Investement Securities ($)
Net Unrealized Gain (Loss) on Investement Securities ($)
Cost of Purchases ($)
Proceeds of Sales ($)
Amoritization/
Accretion ($)
Transfers into Level 3 ($)
Transfers out of Level 3 ($)
Ending Balance ($)
The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)
Common Stocks
1,169,200
-
680,800
-
-
-
-
-
1,850,000
680,800
Convertible Preferred Stocks
11,147,480
(85,184)
(489,382)
-
(429,921)
-
-
-
10,142,993
(489,382)
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
 
Fidelity® China Region Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $569,750) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $698,883,935)
$
1,072,630,885
 
 
Fidelity Central Funds (cost $24,360,119)
24,360,119
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $723,244,054)
 
 
$
1,096,991,004
Foreign currency held at value (cost $2)
 
 
2
Receivable for fund shares sold
 
 
538,677
Dividends receivable
 
 
1,792,306
Distributions receivable from Fidelity Central Funds
 
 
33,779
Prepaid expenses
 
 
321
Other receivables
 
 
22,899
  Total assets
 
 
1,099,378,988
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
1,168,779
 
 
Accrued management fee
760,902
 
 
Distribution and service plan fees payable
11,436
 
 
Other payables and accrued expenses
55,919
 
 
Collateral on securities loaned
589,625
 
 
  Total liabilities
 
 
 
2,586,661
Net Assets  
 
 
$
1,096,792,327
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
988,834,580
Total accumulated earnings (loss)
 
 
 
107,957,747
Net Assets
 
 
$
1,096,792,327
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($23,354,727 ÷ 608,133 shares)(a)
 
 
$
38.40
Maximum offering price per share (100/94.25 of $38.40)
 
 
$
40.74
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($7,862,185 ÷ 206,554 shares)(a)
 
 
$
38.06
Maximum offering price per share (100/96.50 of $38.06)
 
 
$
39.44
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,225,462 ÷ 115,603 shares)(a)
 
 
$
36.55
China Region :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($875,285,271 ÷ 22,460,568 shares)
 
 
$
38.97
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($27,690,338 ÷ 716,183 shares)
 
 
$
38.66
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($158,374,344 ÷ 4,098,994 shares)
 
 
$
38.64
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
7,935,407
Income from Fidelity Central Funds (including $1,794 from security lending)
 
 
165,003
 Income before foreign taxes withheld
 
 
$
8,100,410
Less foreign taxes withheld
 
 
(870,262)
 Total income
 
 
 
7,230,148
Expenses
 
 
 
 
Management fee
$
4,842,855
 
 
Distribution and service plan fees
72,936
 
 
Custodian fees and expenses
103,313
 
 
Independent trustees' fees and expenses
2,507
 
 
Registration fees
84,408
 
 
Audit fees
45,428
 
 
Legal
1,401
 
 
Interest
4,032
 
 
Miscellaneous
1,871
 
 
 Total expenses before reductions
 
5,158,751
 
 
 Expense reductions
 
(1,185)
 
 
 Total expenses after reductions
 
 
 
5,157,566
Net Investment income (loss)
 
 
 
2,072,582
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(13,995,369)
 
 
 Foreign currency transactions
 
159,615
 
 
Total net realized gain (loss)
 
 
 
(13,835,754)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(25,167,490)
 
 
 Assets and liabilities in foreign currencies
 
9,304
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(25,158,186)
Net gain (loss)
 
 
 
(38,993,940)
Net increase (decrease) in net assets resulting from operations
 
 
$
(36,921,358)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,072,582
$
14,764,579
Net realized gain (loss)
 
(13,835,754)
 
(47,435,398)
Change in net unrealized appreciation (depreciation)
 
(25,158,186)
 
321,695,727
Net increase (decrease) in net assets resulting from operations
 
(36,921,358)
 
289,024,908
Distributions to shareholders
 
(15,536,300)
 
(17,558,581)
 
 
 
 
 
Share transactions - net increase (decrease)
 
(60,420,080)
 
43,245,195
 
 
 
 
 
Total increase (decrease) in net assets
 
(112,877,738)
 
314,711,522
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,209,670,065
 
894,958,543
End of period
$
1,096,792,327
$
1,209,670,065
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® China Region Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.04
$
30.63
$
24.85
$
50.32
$
50.90
$
35.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
.41
 
.22
 
.14
 
.06
 
.08
     Net realized and unrealized gain (loss)
 
(1.19)
 
9.50
 
5.75 C
 
(20.99)
 
1.95
 
15.11
  Total from investment operations
 
(1.17)  
 
9.91  
 
5.97  
 
(20.85)  
 
2.01
 
15.19
  Distributions from net investment income
 
(.47)
 
(.50)
 
(.19)
 
-
 
(.44)
 
(.15)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.62)
 
(2.16)
 
-
     Total distributions
 
(.47)
 
(.50)
 
(.19)
 
(4.62)
 
(2.59) D
 
(.15)
  Net asset value, end of period
$
38.40
$
40.04
$
30.63
$
24.85
$
50.32
$
50.90
 Total Return E,F,G
 
(2.94)
%
 
32.78%
 
23.98% C
 
(45.20)%
 
3.65%
 
42.52%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.18% J
 
1.19%
 
1.25%
 
1.23%
 
1.21%
 
1.24%
    Expenses net of fee waivers, if any
 
1.18
% J
 
1.19%
 
1.25%
 
1.22%
 
1.21%
 
1.24%
    Expenses net of all reductions, if any
 
1.18% J
 
1.19%
 
1.25%
 
1.22%
 
1.21%
 
1.22%
    Net investment income (loss)
 
.09% J
 
1.18%
 
.66%
 
.38%
 
.11%
 
.18%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,355
$
25,856
$
21,354
$
19,362
$
45,301
$
39,303
    Portfolio turnover rate K
 
32
% J
 
30%
 
24%
 
20%
 
60%
 
60%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.96%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® China Region Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.69
$
30.34
$
24.61
$
50.02
$
50.64
$
35.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03)
 
.32
 
.13
 
.03
 
(.10)
 
(.05)
     Net realized and unrealized gain (loss)
 
(1.18)
 
9.43
 
5.69 C
 
(20.82)
 
1.96
 
15.04
  Total from investment operations
 
(1.21)  
 
9.75  
 
5.82  
 
(20.79)  
 
1.86
 
14.99
  Distributions from net investment income
 
(.42)
 
(.40)
 
(.09)
 
-
 
(.32)
 
(.01)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.62)
 
(2.16)
 
-
     Total distributions
 
(.42)
 
(.40)
 
(.09)
 
(4.62)
 
(2.48)
 
(.01)
  Net asset value, end of period
$
38.06
$
39.69
$
30.34
$
24.61
$
50.02
$
50.64
 Total Return D,E,F
 
(3.07)
%
 
32.49%
 
23.64% C
 
(45.37)%
 
3.36%
 
42.04%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.43% I
 
1.44%
 
1.52%
 
1.53%
 
1.50%
 
1.56%
    Expenses net of fee waivers, if any
 
1.43
% I
 
1.44%
 
1.52%
 
1.53%
 
1.50%
 
1.56%
    Expenses net of all reductions, if any
 
1.43% I
 
1.44%
 
1.51%
 
1.53%
 
1.50%
 
1.53%
    Net investment income (loss)
 
(.16)% I
 
.93%
 
.40%
 
.08%
 
(.18)%
 
(.13)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,862
$
9,322
$
6,610
$
5,803
$
12,623
$
12,028
    Portfolio turnover rate J
 
32
% I
 
30%
 
24%
 
20%
 
60%
 
60%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.62%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® China Region Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.03
$
29.03
$
23.59
$
48.34
$
49.10
$
34.71
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.12)
 
.14
 
(.02)
 
(.13)
 
(.35)
 
(.22)
     Net realized and unrealized gain (loss)
 
(1.13)
 
9.05
 
5.46 C
 
(20.00)
 
1.92
 
14.61
  Total from investment operations
 
(1.25)  
 
9.19  
 
5.44  
 
(20.13)  
 
1.57
 
14.39
  Distributions from net investment income
 
(.23)
 
(.19)
 
-
 
-
 
(.17)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.62)
 
(2.16)
 
-
     Total distributions
 
(.23)
 
(.19)
 
-
 
(4.62)
 
(2.33)
 
-
  Net asset value, end of period
$
36.55
$
38.03
$
29.03
$
23.59
$
48.34
$
49.10
 Total Return D,E,F
 
(3.30)
%
 
31.82%
 
23.06% C
 
(45.60)%
 
2.89%
 
41.46%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.93% I
 
1.94%
 
1.97%
 
1.96%
 
1.96%
 
1.98%
    Expenses net of fee waivers, if any
 
1.93
% I
 
1.94%
 
1.96%
 
1.96%
 
1.96%
 
1.98%
    Expenses net of all reductions, if any
 
1.93% I
 
1.94%
 
1.96%
 
1.96%
 
1.96%
 
1.96%
    Net investment income (loss)
 
(.66)% I
 
.43%
 
(.05)%
 
(.36)%
 
(.65)%
 
(.55)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,225
$
4,628
$
4,834
$
5,784
$
13,168
$
11,308
    Portfolio turnover rate J
 
32
% I
 
30%
 
24%
 
20%
 
60%
 
60%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.04%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® China Region Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.64
$
31.11
$
25.28
$
51.03
$
51.53
$
36.30
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.51
 
.32
 
.25
 
.23
 
.21
     Net realized and unrealized gain (loss)
 
(1.20)
 
9.64
 
5.85 C
 
(21.32)
 
1.97
 
15.28
  Total from investment operations
 
(1.13)  
 
10.15  
 
6.17  
 
(21.07)  
 
2.20
 
15.49
  Distributions from net investment income
 
(.54)
 
(.62)
 
(.34)
 
(.06)
 
(.54)
 
(.26)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.62)
 
(2.16)
 
-
     Total distributions
 
(.54)
 
(.62)
 
(.34)
 
(4.68)
 
(2.70)
 
(.26)
  Net asset value, end of period
$
38.97
$
40.64
$
31.11
$
25.28
$
51.03
$
51.53
 Total Return D,E
 
(2.80)
%
 
33.15%
 
24.34% C
 
(45.04)%
 
3.97%
 
42.95%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91% H
 
.92%
 
.95%
 
.94%
 
.91%
 
.93%
    Expenses net of fee waivers, if any
 
.91
% H
 
.92%
 
.95%
 
.93%
 
.91%
 
.93%
    Expenses net of all reductions, if any
 
.91% H
 
.92%
 
.95%
 
.93%
 
.91%
 
.91%
    Net investment income (loss)
 
.36% H
 
1.45%
 
.96%
 
.67%
 
.41%
 
.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
875,285
$
972,318
$
809,283
$
736,185
$
1,609,326
$
1,518,404
    Portfolio turnover rate I
 
32
% H
 
30%
 
24%
 
20%
 
60%
 
60%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.32%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® China Region Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.34
$
30.87
$
25.07
$
50.63
$
51.16
$
36.05
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.51
 
.32
 
.25
 
.22
 
.20
     Net realized and unrealized gain (loss)
 
(1.19)
 
9.56
 
5.82 C
 
(21.15)
 
1.96
 
15.17
  Total from investment operations
 
(1.12)  
 
10.07  
 
6.14  
 
(20.90)  
 
2.18
 
15.37
  Distributions from net investment income
 
(.56)
 
(.60)
 
(.34)
 
(.04)
 
(.55)
 
(.26)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.62)
 
(2.16)
 
-
     Total distributions
 
(.56)
 
(.60)
 
(.34)
 
(4.66)
 
(2.71)
 
(.26)
  Net asset value, end of period
$
38.66
$
40.34
$
30.87
$
25.07
$
50.63
$
51.16
 Total Return D,E
 
(2.81)
%
 
33.15%
 
24.40% C
 
(45.05)%
 
3.96%
 
42.91%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90% H
 
.91%
 
.94%
 
.93%
 
.93%
 
.95%
    Expenses net of fee waivers, if any
 
.90
% H
 
.91%
 
.93%
 
.93%
 
.93%
 
.95%
    Expenses net of all reductions, if any
 
.90% H
 
.91%
 
.93%
 
.93%
 
.93%
 
.93%
    Net investment income (loss)
 
.37% H
 
1.46%
 
.98%
 
.68%
 
.39%
 
.48%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,690
$
32,635
$
26,683
$
20,509
$
68,464
$
47,688
    Portfolio turnover rate I
 
32
% H
 
30%
 
24%
 
20%
 
60%
 
60%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.38%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® China Region Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.34
$
30.90
$
25.02
$
50.57
$
51.07
$
36.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.57
 
.36
 
.30
 
.29
 
.26
     Net realized and unrealized gain (loss)
 
(1.19)
 
9.55
 
5.80 C
 
(21.10)
 
1.95
 
15.14
  Total from investment operations
 
(1.09)  
 
10.12  
 
6.16  
 
(20.80)  
 
2.24
 
15.40
  Distributions from net investment income
 
(.61)
 
(.68)
 
(.28)
 
(.12)
 
(.59)
 
(.33)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.62)
 
(2.16)
 
-
     Total distributions
 
(.61)
 
(.68)
 
(.28)
 
(4.75) D
 
(2.74) D
 
(.33)
  Net asset value, end of period
$
38.64
$
40.34
$
30.90
$
25.02
$
50.57
$
51.07
 Total Return E,F
 
(2.72)
%
 
33.34%
 
24.55% C
 
(44.97)%
 
4.09%
 
43.13%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.77% I
 
.77%
 
.81%
 
.80%
 
.80%
 
.81%
    Expenses net of fee waivers, if any
 
.77
% I
 
.77%
 
.80%
 
.80%
 
.80%
 
.81%
    Expenses net of all reductions, if any
 
.77% I
 
.77%
 
.80%
 
.80%
 
.80%
 
.79%
    Net investment income (loss)
 
.50% I
 
1.60%
 
1.11%
 
.81%
 
.52%
 
.61%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
158,374
$
164,912
$
26,195
$
3,940
$
71,573
$
71,121
    Portfolio turnover rate J
 
32
% I
 
30%
 
24%
 
20%
 
60%
 
60%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.53%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, China Region, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stock
$1,850,000
Market comparable
Enterprise value/EBITDA multiple (EV/EBITDA)
31.5
Increase
Convertible Preferred Stocks
$10,142,993
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.8
Increase
 
 
Market approach
Discount rate
10.0%
Decrease
 
 
 
Transaction price
$15.40
Increase
 
 
Black scholes
Discount rate
3.9%
Increase
 
 
 
Term
3.0
Increase
 
 
 
Volatility
60.0%
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain corporate actions and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$416,078,247
Gross unrealized depreciation
(49,295,720)
Net unrealized appreciation (depreciation)
$366,782,527
Tax cost
$730,208,477
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(123,365,904)
 Long-term
(111,145,976)
Total capital loss carryforward
$(234,511,880)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity China Region Fund
182,826,908
242,943,372
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.89
Class M
.89
Class C
.89
China Region
.87
Class I
.86
Class Z
.73
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.89
Class M
.89
Class C
.89
China Region
.87
Class I
.86
Class Z
.73
 
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 -%
 .25%
30,344
685
Class M
 .25%
 .25%
 20,752
 255
Class C
 .75%
 .25%
21,840
2,788
 
 
 
72,936
3,728
 
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
 1,121
Class M
 260
Class CA
39
 
1,420
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
 959
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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
 3,939,375
4.61%
 4,032
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 3,088,723
 72,619
 (286,537)
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity China Region Fund
905
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
191
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,185.  
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity China Region Fund
 
 
Distributions to shareholders
 
 
Class A
$286,694
 $338,330
Class M
 89,302
 85,978
Class C
 26,893
 30,918
China Region
 12,329,201
 15,840,360
Class I
 331,048
 463,654
Class Z
2,473,162
799,341
Total  
$15,536,300
$17,558,581
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity China Region Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
107,786
178,844
$4,341,371
$6,717,569
Reinvestment of distributions
6,819
10,187
265,721
321,753
Shares redeemed
(152,190)
(240,554)
(5,937,037)
(8,335,430)
Net increase (decrease)
(37,585)
(51,523)
$(1,329,945)
$(1,296,108)
Class M
 
 
 
 
Shares sold
11,963
47,502
$481,329
$1,843,637
Reinvestment of distributions
2,209
2,728
85,437
85,562
Shares redeemed
(42,484)
(33,205)
(1,649,829)
(1,091,731)
Net increase (decrease)
(28,312)
17,025
$(1,083,063)
$837,468
Class C
 
 
 
 
Shares sold
12,709
21,261
$491,663
$735,512
Reinvestment of distributions
712
934
26,488
28,179
Shares redeemed
(19,492)
(67,001)
(738,380)
(2,134,280)
Net increase (decrease)
(6,071)
(44,806)
$(220,229)
$(1,370,589)
China Region
 
 
 
 
Shares sold
2,716,147
5,146,816
$110,880,715
$191,640,410
Reinvestment of distributions
292,451
464,822
11,554,738
14,864,692
Shares redeemed
(4,470,704)
(7,703,610)
(177,045,085)
(267,249,284)
Net increase (decrease)
(1,462,106)
(2,091,972)
$(54,609,632)
$(60,744,182)
Class I
 
 
 
 
Shares sold
328,152
577,398
$13,291,546
$22,269,323
Reinvestment of distributions
6,972
12,678
273,284
402,398
Shares redeemed
(427,896)
(645,608)
(17,321,744)
(21,463,489)
Net increase (decrease)
(92,772)
(55,532)
$(3,756,914)
$1,208,232
Class Z
 
 
 
 
Shares sold
69,850
3,540,230
$2,821,061
$115,458,729
Reinvestment of distributions
63,077
24,293
2,469,454
770,360
Shares redeemed
(121,660)
(324,534)
(4,710,812)
(11,618,715)
Net increase (decrease)
11,267
3,239,989
$579,703
$104,610,374
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity Emerging Markets Fund
Fidelity China Region Fund
14%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Fidelity® Emerging Asia Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2%
 
 
Shares
Value ($)
 
CHINA - 36.2%
 
 
 
Communication Services - 5.8%
 
 
 
Interactive Media & Services - 5.8%
 
 
 
Tencent Holdings Ltd
 
952,944
58,368,730
Consumer Discretionary - 9.7%
 
 
 
Automobile Components - 0.5%
 
 
 
Keboda Technology Co Ltd A Shares (China) (a)
 
278,900
2,080,272
Ningbo Tuopu Group Co Ltd A Shares (China)
 
425,600
3,073,863
 
 
 
5,154,135
Automobiles - 3.0%
 
 
 
BYD Co Ltd A Shares (China)
 
300,700
14,617,433
BYD Co Ltd H Shares
 
122,148
5,801,571
ZEEKR Intelligent Technology Holding Ltd ADR (a)(b)
 
450,707
9,690,201
 
 
 
30,109,205
Broadline Retail - 5.4%
 
 
 
Alibaba Group Holding Ltd
 
761,168
11,364,262
PDD Holdings Inc Class A ADR (a)
 
389,572
41,127,116
 
 
 
52,491,378
Diversified Consumer Services - 0.5%
 
 
 
New Oriental Education & Technology Group Inc ADR
 
101,331
4,950,019
Hotels, Restaurants & Leisure - 0.3%
 
 
 
Trip.com Group Ltd
 
50,770
3,058,426
TOTAL CONSUMER DISCRETIONARY
 
 
95,763,163
 
 
 
 
Consumer Staples - 0.1%
 
 
 
Tobacco - 0.1%
 
 
 
Smoore International Holdings Ltd (b)(c)(d)
 
862,208
1,496,379
Financials - 1.5%
 
 
 
Consumer Finance - 0.4%
 
 
 
LexinFintech Holdings Ltd Class A ADR
 
495,894
3,892,768
Insurance - 1.1%
 
 
 
Ping An Insurance Group Co of China Ltd H Shares
 
1,860,959
11,137,908
TOTAL FINANCIALS
 
 
15,030,676
 
 
 
 
Health Care - 7.5%
 
 
 
Biotechnology - 0.3%
 
 
 
Innovent Biologics Inc (a)(c)(d)
 
417,490
2,893,404
Health Care Equipment & Supplies - 4.5%
 
 
 
AK Medical Holdings Ltd (c)(d)
 
8,070,989
5,890,169
Beijing Chunlizhengda Medical Instruments Co Ltd A Shares (China)
 
506,400
1,056,908
Kangji Medical Holdings Ltd (b)
 
1,207,166
1,167,382
Microport Cardioflow Medtech Corp (a)(b)(c)(d)
 
8,257,957
958,296
MicroPort NeuroScientific Corp (b)
 
518,268
704,336
MicroTech Medical Hangzhou Co Ltd H Shares (a)(c)(d)
 
1,114,877
895,570
Peijia Medical Ltd (a)(c)(d)
 
4,439,000
3,039,235
Shandong Weigao Orthopaedic Device Co Ltd A Shares (China)
 
1,670,400
6,266,453
Shanghai Aohua Photoelectricity Endoscope Co Ltd A Shares (China)
 
201,400
1,231,596
Shanghai MicroPort Endovascular MedTech Group Co Ltd A Shares (China)
 
79,396
923,373
Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)
 
332,189
10,034,879
Sonoscape Medical Corp A Shares (China)
 
305,860
1,305,288
Tofflon Science & Technology Group Co Ltd A Shares (China)
 
1,626,700
2,631,621
Zylox-Tonbridge Medical Technology Co Ltd H Shares (a)(c)(d)
 
3,544,229
8,289,792
 
 
 
44,394,898
Health Care Providers & Services - 0.2%
 
 
 
Guangzhou Kingmed Diagnostics Group Co Ltd A Shares (China)
 
251,632
1,005,591
Kindstar Globalgene Technology Inc (c)(d)
 
5,990,217
1,042,704
 
 
 
2,048,295
Life Sciences Tools & Services - 2.4%
 
 
 
Hangzhou Tigermed Consulting Co Ltd A Shares (China)
 
162,497
998,833
Joinn Laboratories China Co Ltd A Shares (China)
 
469,960
1,008,791
Wuxi Apptec Co Ltd H Shares (b)(c)(d)
 
584,742
4,535,076
WuXi XDC Cayman Inc (a)
 
3,772,141
17,777,059
 
 
 
24,319,759
Pharmaceuticals - 0.1%
 
 
 
Asymchem Laboratories Tianjin Co Ltd H Shares (b)(c)(d)
 
163,974
1,164,960
TOTAL HEALTH CARE
 
 
74,821,316
 
 
 
 
Industrials - 4.5%
 
 
 
Electrical Equipment - 1.8%
 
 
 
Contemporary Amperex Technology Co Ltd A Shares (China)
 
198,400
6,336,106
Sieyuan Electric Co Ltd A Shares (China)
 
516,500
5,117,384
Sungrow Power Supply Co Ltd A Shares (China)
 
611,160
5,096,533
Warom Technology Inc Co A Shares (China)
 
473,400
1,337,969
 
 
 
17,887,992
Machinery - 2.4%
 
 
 
Beijing Sinohytec Co Ltd A Shares
 
381,045
1,065,095
Estun Automation Co Ltd A Shares
 
869,200
2,389,333
Estun Automation Co Ltd A Shares (China)
 
972,100
2,672,194
Leader Harmonious Drive Systems Co Ltd A Shares (China)
 
247,600
5,032,258
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
706,800
6,949,049
Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)
 
1,500,500
5,539,827
 
 
 
23,647,756
Marine Transportation - 0.3%
 
 
 
SITC International Holdings Co Ltd
 
1,381,009
3,819,517
Trading Companies & Distributors - 0.0%
 
 
 
Zkh Group Limited Class A (a)
 
18
1
TOTAL INDUSTRIALS
 
 
45,355,266
 
 
 
 
Information Technology - 7.0%
 
 
 
IT Services - 1.1%
 
 
 
GDS Holdings Ltd Class A ADR (a)(b)
 
187,900
4,736,959
Vnet Group Inc Class A ADR (a)
 
981,500
6,173,635
 
 
 
10,910,594
Semiconductors & Semiconductor Equipment - 4.7%
 
 
 
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
1,034,900
26,831,677
Flat Glass Group Co Ltd A Shares (China)
 
1,656,600
3,424,513
Kingsemi Co Ltd A Shares (China)
 
375,105
4,915,800
NAURA Technology Group Co Ltd A Shares (China)
 
111,197
6,906,865
SG Micro Corp A Shares (China)
 
76,440
1,065,055
Silergy Corp
 
94,000
1,182,625
Skyverse Technology Co Ltd A Shares
 
242,400
2,614,303
 
 
 
46,940,838
Software - 1.2%
 
 
 
Beijing Kingsoft Office Software Inc A Shares (China)
 
86,800
3,521,907
Empyrean Technology Co Ltd A Shares
 
82,800
1,357,277
Glodon Co Ltd A Shares (China)
 
3,300,160
6,724,679
 
 
 
11,603,863
TOTAL INFORMATION TECHNOLOGY
 
 
69,455,295
 
 
 
 
Materials - 0.1%
 
 
 
Chemicals - 0.1%
 
 
 
Weihai Guangwei Composites Co Ltd A Shares (China)
 
332,636
1,329,637
TOTAL CHINA
 
 
361,620,462
HONG KONG - 2.4%
 
 
 
Communication Services - 0.1%
 
 
 
Entertainment - 0.1%
 
 
 
Huanxi Media Group Ltd (a)
 
19,829,015
945,992
Financials - 1.9%
 
 
 
Capital Markets - 0.8%
 
 
 
Hong Kong Exchanges & Clearing Ltd
 
184,487
8,060,181
Insurance - 1.1%
 
 
 
AIA Group Ltd
 
1,422,471
10,658,457
TOTAL FINANCIALS
 
 
18,718,638
 
 
 
 
Industrials - 0.4%
 
 
 
Air Freight & Logistics - 0.4%
 
 
 
J&T Global Express Ltd B Shares (a)
 
5,431,594
4,230,082
TOTAL HONG KONG
 
 
23,894,712
INDIA - 28.2%
 
 
 
Consumer Discretionary - 11.4%
 
 
 
Automobiles - 0.5%
 
 
 
Hyundai Motor India Ltd
 
232,026
4,676,598
Broadline Retail - 0.4%
 
 
 
Vishal Mega Mart Ltd
 
2,490,112
3,503,127
Hotels, Restaurants & Leisure - 10.3%
 
 
 
Devyani International Ltd (a)
 
566,562
1,202,310
Eternal Ltd (a)
 
18,878,561
51,600,281
ITC Hotels Ltd
 
2,992,648
6,905,418
Juniper Hotels Ltd (a)
 
503,346
1,705,582
MakeMyTrip Ltd (a)(b)
 
385,960
40,456,327
Sapphire Foods India Ltd (a)
 
341,302
1,277,015
 
 
 
103,146,933
Household Durables - 0.1%
 
 
 
Amber Enterprises India Ltd (a)
 
17,362
1,265,539
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Page Industries Ltd
 
2,116
1,139,253
TOTAL CONSUMER DISCRETIONARY
 
 
113,731,450
 
 
 
 
Energy - 0.9%
 
 
 
Oil, Gas & Consumable Fuels - 0.9%
 
 
 
Reliance Industries Ltd
 
549,988
9,119,792
Financials - 7.0%
 
 
 
Banks - 3.2%
 
 
 
HDFC Bank Ltd
 
975,225
22,121,171
Kotak Mahindra Bank Ltd
 
337,247
8,802,274
 
 
 
30,923,445
Capital Markets - 1.5%
 
 
 
360 ONE WAM Ltd
 
481,096
5,596,243
HDFC Asset Management Co Ltd (c)(d)
 
106,709
5,522,450
Nuvama Wealth Management Ltd
 
53,606
3,880,159
 
 
 
14,998,852
Consumer Finance - 1.4%
 
 
 
Bajaj Finance Ltd
 
95,151
9,695,713
Shriram Finance Ltd
 
643,995
4,660,514
 
 
 
14,356,227
Financial Services - 0.5%
 
 
 
Bajaj Housing Finance Ltd
 
3,455,580
4,980,940
Insurance - 0.4%
 
 
 
HDFC Life Insurance Co Ltd (c)(d)
 
363,525
3,191,735
Niva Bupa Health Insurance Co Ltd
 
1,069,600
1,032,096
 
 
 
4,223,831
TOTAL FINANCIALS
 
 
69,483,295
 
 
 
 
Health Care - 2.7%
 
 
 
Health Care Providers & Services - 0.9%
 
 
 
Aster DM Healthcare Ltd (c)(d)
 
202,889
1,210,387
Dr Agarwal's Health Care Ltd
 
1,257,511
5,445,738
Dr Agarwal's Health Care Ltd (e)
 
319,008
1,381,486
Vijaya Diagnostic Centre Ltd
 
95,119
1,126,874
 
 
 
9,164,485
Life Sciences Tools & Services - 1.8%
 
 
 
Divi's Laboratories Ltd
 
30,606
2,206,259
SAI Life Sciences Ltd (c)(d)
 
1,011,100
8,317,198
Syngene International Ltd (c)(d)
 
985,560
7,386,091
 
 
 
17,909,548
TOTAL HEALTH CARE
 
 
27,074,033
 
 
 
 
Industrials - 6.2%
 
 
 
Aerospace & Defense - 1.5%
 
 
 
Bharat Electronics Ltd
 
500,896
1,860,568
Hindustan Aeronautics Ltd (d)
 
244,066
12,924,908
 
 
 
14,785,476
Air Freight & Logistics - 1.7%
 
 
 
Delhivery Ltd (a)
 
4,626,203
16,696,305
Commercial Services & Supplies - 0.0%
 
 
 
SIS Ltd (a)
 
243,514
972,191
Construction & Engineering - 0.1%
 
 
 
Afcons Infrastructure Ltd
 
245,576
1,213,666
Passenger Airlines - 0.7%
 
 
 
InterGlobe Aviation Ltd (a)(c)(d)
 
109,239
6,797,598
Professional Services - 1.6%
 
 
 
Computer Age Management Services Ltd
 
299,371
13,785,824
International Gemmological Institute India Ltd
 
537,023
2,194,085
 
 
 
15,979,909
Transportation Infrastructure - 0.6%
 
 
 
GMR Airports Ltd (a)
 
5,500,143
5,662,394
TOTAL INDUSTRIALS
 
 
62,107,539
 
 
 
 
TOTAL INDIA
 
 
281,516,109
INDONESIA - 0.9%
 
 
 
Financials - 0.9%
 
 
 
Banks - 0.9%
 
 
 
Bank Central Asia Tbk PT
 
11,253,098
5,983,167
Bank Rakyat Indonesia Persero Tbk PT
 
7,596,242
1,759,364
Bank Syariah Indonesia Tbk PT
 
8,643,641
1,486,639
 
 
 
 
TOTAL INDONESIA
 
 
9,229,170
JAPAN - 0.6%
 
 
 
Information Technology - 0.6%
 
 
 
Software - 0.6%
 
 
 
Freee KK (a)
 
108,971
3,075,241
Money Forward Inc (a)
 
110,451
3,297,771
 
 
 
 
TOTAL JAPAN
 
 
6,373,012
KOREA (SOUTH) - 5.9%
 
 
 
Communication Services - 2.0%
 
 
 
Interactive Media & Services - 2.0%
 
 
 
Kakao Corp
 
582,657
15,620,848
NAVER Corp
 
27,065
3,800,391
 
 
 
19,421,239
Consumer Discretionary - 0.7%
 
 
 
Hotels, Restaurants & Leisure - 0.7%
 
 
 
Delivery Hero SE (a)(c)(d)
 
255,251
7,214,042
Financials - 0.4%
 
 
 
Financial Services - 0.4%
 
 
 
Kakao Pay Corp (a)
 
201,401
4,475,186
Industrials - 1.7%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
Hanwha Aerospace Co Ltd
 
9,248
5,186,759
Korea Aerospace Industries Ltd
 
107,618
6,286,039
 
 
 
11,472,798
Machinery - 0.5%
 
 
 
Samsung Heavy Industries Co Ltd (a)
 
520,646
5,323,401
TOTAL INDUSTRIALS
 
 
16,796,199
 
 
 
 
Information Technology - 1.1%
 
 
 
IT Services - 0.2%
 
 
 
Gabia Inc
 
128,155
1,983,065
Technology Hardware, Storage & Peripherals - 0.9%
 
 
 
Samsung Electronics Co Ltd
 
228,673
8,903,968
TOTAL INFORMATION TECHNOLOGY
 
 
10,887,033
 
 
 
 
TOTAL KOREA (SOUTH)
 
 
58,793,699
NETHERLANDS - 0.5%
 
 
 
Information Technology - 0.5%
 
 
 
Semiconductors & Semiconductor Equipment - 0.5%
 
 
 
NXP Semiconductors NV
 
25,807
4,756,488
SINGAPORE - 6.7%
 
 
 
Communication Services - 6.3%
 
 
 
Entertainment - 6.3%
 
 
 
Sea Ltd Class A ADR (a)
 
465,034
62,337,808
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Oversea-Chinese Banking Corp Ltd
 
203,058
2,512,998
United Overseas Bank Ltd
 
65,548
1,740,879
 
 
 
4,253,877
TOTAL SINGAPORE
 
 
66,591,685
SOUTH AFRICA - 0.6%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Broadline Retail - 0.6%
 
 
 
Naspers Ltd Class N
 
24,300
6,391,111
SWITZERLAND - 0.3%
 
 
 
Consumer Staples - 0.1%
 
 
 
Personal Care Products - 0.1%
 
 
 
Yunnan Botanee Bio-Technology Group Co Ltd A ELS (Ubs Ag Londn Branch Warrant Program) warrants 2/24/2027 (a)(c)
 
162,489
929,068
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Zwsoft Co Ltd Guangzhou Class A ELS (UBS AG London Branch Warrant Program) warrants 9/25/2025 (a)(c)
 
130,195
1,696,653
TOTAL SWITZERLAND
 
 
2,625,721
TAIWAN - 15.3%
 
 
 
Information Technology - 15.3%
 
 
 
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
Chroma ATE Inc
 
336,000
3,065,323
E Ink Holdings Inc
 
519,000
3,618,280
Unimicron Technology Corp
 
519,000
1,528,026
 
 
 
8,211,629
Semiconductors & Semiconductor Equipment - 14.5%
 
 
 
Global Unichip Corp
 
67,000
2,148,090
MediaTek Inc
 
271,000
11,492,633
Taiwan Semiconductor Manufacturing Co Ltd
 
3,458,892
97,810,438
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
199,053
33,180,145
 
 
 
144,631,306
TOTAL TAIWAN
 
 
152,842,935
UNITED STATES - 0.4%
 
 
 
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Space Exploration Technologies Corp (a)(f)(g)
 
11,000
2,035,000
Information Technology - 0.2%
 
 
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
ON Semiconductor Corp (a)
 
41,190
1,635,243
TOTAL UNITED STATES
 
 
3,670,243
VIETNAM - 0.2%
 
 
 
Consumer Staples - 0.2%
 
 
 
Food Products - 0.2%
 
 
 
Vietnam Dairy Products JSC
 
1,043,400
2,314,589
 
TOTAL COMMON STOCKS
 (Cost $718,523,661)
 
 
 
980,619,936
 
 
 
 
Convertible Preferred Stocks - 0.6%
 
 
Shares
Value ($)
 
CHINA - 0.6%
 
 
 
Communication Services - 0.5%
 
 
 
Interactive Media & Services - 0.5%
 
 
 
ByteDance Ltd Series E1 (a)(f)(g)
 
23,366
4,960,369
Health Care - 0.1%
 
 
 
Health Care Providers & Services - 0.1%
 
 
 
dMed Biopharmaceutical Co Ltd Series C (a)(f)(g)
 
111,500
894,230
TOTAL CHINA
 
 
5,854,599
INDIA - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Meesho Series D2 (f)(g)
 
5,677
430,657
Meesho Series E (f)(g)
 
946
71,764
Meesho Series F (a)(f)(g)
 
878
67,939
 
 
 
 
TOTAL INDIA
 
 
570,360
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $4,564,017)
 
 
 
6,424,959
 
 
 
 
Non-Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
KOREA (SOUTH) - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Technology Hardware, Storage & Peripherals - 0.2%
 
 
 
Samsung Electronics Co Ltd
  (Cost $2,440,699)
 
75,872
2,499,450
 
 
 
 
Money Market Funds - 7.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 
4.33
19,205,727
19,209,569
Fidelity Securities Lending Cash Central Fund (h)(i)
 
4.33
57,217,115
57,222,836
 
TOTAL MONEY MARKET FUNDS
 (Cost $76,432,405)
 
 
 
76,432,405
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.7%
 (Cost $801,960,782)
 
 
 
1,065,976,750
NET OTHER ASSETS (LIABILITIES) - (6.7)%  
(67,233,796)
NET ASSETS - 100.0%
998,742,954
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $72,470,807 or 7.3% of net assets.
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $82,769,994 or 8.3% of net assets.
 
(e)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $1,381,486 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(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 $8,459,959 or 0.8% of net assets.
 
(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 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
2,560,310
 
 
 
dMed Biopharmaceutical Co Ltd Series C
12/01/20
1,583,651
 
 
 
Meesho Series D2
7/15/24
317,912
 
 
 
Meesho Series E
7/15/24
52,976
 
 
 
Meesho Series F
7/15/24
49,168
 
 
 
Space Exploration Technologies Corp
2/16/21
461,989
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Dr Agarwal's Health Care Ltd
4/28/2025
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
16,203,038
212,100,749
209,094,218
307,232
-
-
19,209,569
19,205,727
0.0%
Fidelity Securities Lending Cash Central Fund
60,896,782
150,515,231
154,189,177
608,524
-
-
57,222,836
57,217,115
0.2%
Total
77,099,820
362,615,980
363,283,395
915,756
-
-
76,432,405
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
141,073,769
63,283,800
77,789,969
-
Consumer Discretionary
223,099,766
102,614,774
120,484,992
-
Consumer Staples
4,740,036
1,496,379
3,243,657
-
Energy
9,119,792
-
9,119,792
-
Financials
121,190,842
3,892,768
117,298,074
-
Health Care
101,895,349
48,357,983
53,537,366
-
Industrials
130,524,086
8,049,600
120,439,486
2,035,000
Information Technology
247,646,659
56,855,482
190,791,177
-
Materials
1,329,637
-
1,329,637
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
4,960,369
-
-
4,960,369
Consumer Discretionary
570,360
-
-
570,360
Health Care
894,230
-
-
894,230
 Non-Convertible Preferred Stocks
 
 
 
 
Information Technology
2,499,450
-
2,499,450
-
 Money Market Funds
76,432,405
76,432,405
-
-
 Total Investments in Securities:
1,065,976,750
360,983,191
696,533,600
8,459,959
Fidelity® Emerging Asia Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $55,633,483) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $725,528,377)
$
989,544,345
 
 
Fidelity Central Funds (cost $76,432,405)
76,432,405
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $801,960,782)
 
 
$
1,065,976,750
Foreign currency held at value (cost $684)
 
 
688
Receivable for fund shares sold
 
 
436,372
Dividends receivable
 
 
300,524
Distributions receivable from Fidelity Central Funds
 
 
120,897
Prepaid expenses
 
 
283
Other receivables
 
 
493,890
  Total assets
 
 
1,067,329,404
Liabilities
 
 
 
 
Payable for investments purchased
$
97,210
 
 
Payable for fund shares redeemed
1,057,186
 
 
Accrued management fee
856,924
 
 
Deferred taxes
9,272,944
 
 
Other payables and accrued expenses
78,120
 
 
Collateral on securities loaned
57,224,066
 
 
  Total liabilities
 
 
 
68,586,450
Net Assets  
 
 
$
998,742,954
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
986,775,981
Total accumulated earnings (loss)
 
 
 
11,966,973
Net Assets
 
 
$
998,742,954
Net Asset Value, offering price and redemption price per share ($998,742,954 ÷ 19,954,949 shares)
 
 
$
50.05
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
3,323,320
Income from Fidelity Central Funds (including $608,524 from security lending)
 
 
915,756
 Income before foreign taxes withheld
 
 
$
4,239,076
Less foreign taxes withheld
 
 
(497,904)
 Total income
 
 
 
3,741,172
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,324,815
 
 
 Performance adjustment
460,545
 
 
Custodian fees and expenses
107,968
 
 
Independent trustees' fees and expenses
2,175
 
 
Registration fees
25,166
 
 
Audit fees
64,179
 
 
Legal
1,547
 
 
Interest
25,924
 
 
Miscellaneous
1,684
 
 
 Total expenses
 
 
 
5,014,003
Net Investment income (loss)
 
 
 
(1,272,831)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $664,089)
 
34,253,949
 
 
 Foreign currency transactions
 
(208,943)
 
 
Total net realized gain (loss)
 
 
 
34,045,006
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $212,873)  
 
(26,351,110)
 
 
 Assets and liabilities in foreign currencies
 
9,769
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(26,341,341)
Net gain (loss)
 
 
 
7,703,665
Net increase (decrease) in net assets resulting from operations
 
 
$
6,430,834
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(1,272,831)
$
5,277,885
Net realized gain (loss)
 
34,045,006
 
28,608,974
Change in net unrealized appreciation (depreciation)
 
(26,341,341)
 
266,901,387
Net increase (decrease) in net assets resulting from operations
 
6,430,834
 
300,788,246
Distributions to shareholders
 
-
 
(375,705)
Distributions to shareholders from tax return of capital
 
-
 
(336,817)
 
 
 
 
 
 Total Distributions
 
-
 
(712,522)
Share transactions
 
 
 
 
Proceeds from sales of shares
 
72,778,335
 
61,473,832
  Reinvestment of distributions
 
-
 
649,603
Cost of shares redeemed
 
(106,017,864)
 
(204,300,986)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(33,239,529)
 
(142,177,551)
Total increase (decrease) in net assets
 
(26,808,695)
 
157,898,173
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,025,551,649
 
867,653,476
End of period
$
998,742,954
$
1,025,551,649
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,453,546
 
1,380,129
  Issued in reinvestment of distributions
 
-
 
16,661
Redeemed
 
(2,141,456)
 
(4,876,776)
Net increase (decrease)
 
(687,910)
 
(3,479,986)
 
 
 
 
 
Financial Highlights
 
Fidelity® Emerging Asia Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.68
$
35.97
$
30.23
$
64.66
$
63.60
$
45.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.06)
 
.24
 
.05
 
(.22)
 
(.31) C
 
(.12)
     Net realized and unrealized gain (loss)
 
.43
 
13.50
 
5.69
 
(26.97)
 
11.00
 
21.49
  Total from investment operations
 
.37  
 
13.74  
 
5.74  
 
(27.19)  
 
10.69
 
21.37
  Distributions from net investment income
 
-
 
(.02)
 
-
 
(.09)
 
-
 
(.29) D
  Distributions from net realized gain
 
-
 
-
 
-
 
(7.15)
 
(9.63)
 
(2.51) D
  Distributions from tax return of capital
 
-
 
(.01)
 
-
 
-
 
-
 
-
     Total distributions
 
-
 
(.03)
 
-
 
(7.24)
 
(9.63)
 
(2.80)
  Net asset value, end of period
$
50.05
$
49.68
$
35.97
$
30.23
$
64.66
$
63.60
 Total Return E,F
 
.74
%
 
38.22%
 
18.99%
 
(46.77)%
 
17.02%
 
50.46%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% I
 
.66%
 
.87%
 
1.18%
 
1.02%
 
1.13%
    Expenses net of fee waivers, if any
 
1.01
% I
 
.65%
 
.87%
 
1.17%
 
1.02%
 
1.13%
    Expenses net of all reductions, if any
 
1.01% I
 
.65%
 
.87%
 
1.17%
 
1.02%
 
1.10%
    Net investment income (loss)
 
(.26)% I
 
.56%
 
.13%
 
(.51)%
 
(.45)% C
 
(.24)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
998,743
$
1,025,552
$
867,653
$
823,527
$
2,000,120
$
1,578,782
    Portfolio turnover rate J
 
77
% I
 
57%
 
50%
 
44%
 
85%
 
114%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.54)%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
For the period ended October 31, 2024, the Fund's distributions exceeded the aggregate amount of taxable income resulting in a return of capital for tax purposes. The was due to reductions in taxable income available for distribution after certain distributions had been made.
 
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
$341,377,528
Gross unrealized depreciation
(79,247,747)
Net unrealized appreciation (depreciation)
$262,129,781
Tax cost
$803,846,969
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(112,425,090)
 Long-term
(159,749,429)
Total capital loss carryforward
$(272,174,519)
 
The Fund elected to defer to its next fiscal year $607,447 of Ordinary Losses recognized during the period January 1, 2024 to October 31, 2024.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Asia Fund
380,771,311
416,570,131
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.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Emerging Asia Fund
.87
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Emerging Asia Fund
.87
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Emerging Asia Fund
MSCI All Country Asia ex Japan Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .09%.
 
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
 3,398
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Emerging Asia Fund
 Borrower
 7,697,654
4.66%
 25,924
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 35,937,762
 48,274,189
 22,240,619
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Emerging Asia Fund
779
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
65,929
 -
-
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Fidelity® Emerging Markets Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8%
 
 
Shares
Value ($)
 
BRAZIL - 5.5%
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Broadline Retail - 0.8%
 
 
 
MercadoLibre Inc (b)
 
23,900
55,707,315
Financials - 2.2%
 
 
 
Banks - 1.5%
 
 
 
NU Holdings Ltd/Cayman Islands Class A (b)
 
7,815,270
97,143,807
Capital Markets - 0.7%
 
 
 
Banco BTG Pactual SA unit
 
7,372,900
49,510,800
TOTAL FINANCIALS
 
 
146,654,607
 
 
 
 
Industrials - 0.9%
 
 
 
Electrical Equipment - 0.8%
 
 
 
WEG SA
 
6,744,200
53,049,010
Ground Transportation - 0.1%
 
 
 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
12,927,984
11,207,753
TOTAL INDUSTRIALS
 
 
64,256,763
 
 
 
 
Information Technology - 0.8%
 
 
 
Software - 0.8%
 
 
 
TOTVS SA
 
8,585,700
56,913,744
Utilities - 0.8%
 
 
 
Electric Utilities - 0.8%
 
 
 
Equatorial Energia SA
 
8,392,500
54,435,200
TOTAL BRAZIL
 
 
377,967,629
CANADA - 0.7%
 
 
 
Energy - 0.7%
 
 
 
Oil, Gas & Consumable Fuels - 0.7%
 
 
 
Cameco Corp
 
1,110,700
50,136,995
CHILE - 0.5%
 
 
 
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
Antofagasta PLC
 
1,708,500
37,182,070
CHINA - 25.2%
 
 
 
Communication Services - 10.0%
 
 
 
Entertainment - 1.3%
 
 
 
Tencent Music Entertainment Group Class A ADR
 
6,699,925
89,912,994
Interactive Media & Services - 8.7%
 
 
 
Tencent Holdings Ltd
 
9,782,200
599,169,087
TOTAL COMMUNICATION SERVICES
 
 
689,082,081
 
 
 
 
Consumer Discretionary - 8.1%
 
 
 
Broadline Retail - 7.1%
 
 
 
Alibaba Group Holding Ltd ADR
 
1,805,500
215,630,865
JD.com Inc ADR
 
2,801,200
91,375,144
PDD Holdings Inc Class A ADR (b)
 
1,718,400
181,411,488
 
 
 
488,417,497
Hotels, Restaurants & Leisure - 1.0%
 
 
 
Trip.com Group Ltd ADR
 
131,540
7,759,545
Yum China Holdings Inc
 
1,457,900
63,141,649
 
 
 
70,901,194
TOTAL CONSUMER DISCRETIONARY
 
 
559,318,691
 
 
 
 
Consumer Staples - 1.4%
 
 
 
Beverages - 1.4%
 
 
 
Kweichow Moutai Co Ltd A Shares (China)
 
458,318
97,530,061
Financials - 0.7%
 
 
 
Banks - 0.7%
 
 
 
Bank of Chengdu Co Ltd A Shares (China)
 
19,848,244
46,375,856
Health Care - 0.8%
 
 
 
Health Care Equipment & Supplies - 0.8%
 
 
 
Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)
 
1,842,325
55,653,585
Industrials - 3.9%
 
 
 
Electrical Equipment - 2.7%
 
 
 
Contemporary Amperex Technology Co Ltd A Shares (China)
 
1,938,757
61,916,181
Sieyuan Electric Co Ltd A Shares (China)
 
12,570,216
124,543,317
 
 
 
186,459,498
Machinery - 1.2%
 
 
 
Airtac International Group
 
2,083,000
57,097,906
Neway Valve Suzhou Co Ltd A Shares (China) (b)
 
6,961,050
25,677,873
 
 
 
82,775,779
Trading Companies & Distributors - 0.0%
 
 
 
Zkh Group Limited Class A (b)
 
1
0
TOTAL INDUSTRIALS
 
 
269,235,277
 
 
 
 
Information Technology - 0.3%
 
 
 
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Luxshare Precision Industry Co Ltd A Shares (China)
 
4,695,308
19,962,364
TOTAL CHINA
 
 
1,737,157,915
FRANCE - 2.9%
 
 
 
Consumer Discretionary - 1.4%
 
 
 
Textiles, Apparel & Luxury Goods - 1.4%
 
 
 
Hermes International SCA
 
37,019
100,271,305
Energy - 1.5%
 
 
 
Oil, Gas & Consumable Fuels - 1.5%
 
 
 
Gaztransport Et Technigaz SA
 
632,241
102,994,480
TOTAL FRANCE
 
 
203,265,785
GERMANY - 0.6%
 
 
 
Health Care - 0.6%
 
 
 
Biotechnology - 0.6%
 
 
 
BioNTech SE ADR (b)
 
394,300
41,066,345
GREECE - 1.0%
 
 
 
Consumer Discretionary - 1.0%
 
 
 
Hotels, Restaurants & Leisure - 1.0%
 
 
 
OPAP SA
 
3,101,844
68,767,492
HUNGARY - 0.8%
 
 
 
Health Care - 0.8%
 
 
 
Pharmaceuticals - 0.8%
 
 
 
Richter Gedeon Nyrt
 
1,900,755
57,502,178
INDIA - 19.5%
 
 
 
Communication Services - 1.1%
 
 
 
Wireless Telecommunication Services - 1.1%
 
 
 
Bharti Airtel Ltd
 
3,579,631
78,853,300
Consumer Discretionary - 1.4%
 
 
 
Broadline Retail - 0.2%
 
 
 
Lenskart Solutions Pvt Ltd (c)(d)
 
3,233,000
10,778,768
Hotels, Restaurants & Leisure - 1.2%
 
 
 
Eternal Ltd (b)
 
31,200,000
85,278,151
TOTAL CONSUMER DISCRETIONARY
 
 
96,056,919
 
 
 
 
Energy - 2.1%
 
 
 
Oil, Gas & Consumable Fuels - 2.1%
 
 
 
Reliance Industries Ltd
 
8,974,236
148,809,002
Financials - 8.8%
 
 
 
Banks - 4.3%
 
 
 
HDFC Bank Ltd
 
9,309,567
211,170,267
Kotak Mahindra Bank Ltd
 
3,168,248
82,692,467
 
 
 
293,862,734
Capital Markets - 1.4%
 
 
 
360 ONE WAM Ltd
 
8,048,561
93,623,108
Consumer Finance - 1.8%
 
 
 
Bajaj Finance Ltd
 
1,216,700
123,979,496
Insurance - 1.3%
 
 
 
HDFC Life Insurance Co Ltd (e)(f)
 
5,030,100
44,164,070
SBI Life Insurance Co Ltd (e)(f)
 
2,324,800
48,555,133
 
 
 
92,719,203
TOTAL FINANCIALS
 
 
604,184,541
 
 
 
 
Health Care - 1.5%
 
 
 
Health Care Providers & Services - 1.5%
 
 
 
Max Healthcare Institute Ltd
 
7,878,500
102,079,033
Industrials - 3.6%
 
 
 
Aerospace & Defense - 1.5%
 
 
 
Hindustan Aeronautics Ltd (f)
 
1,886,500
99,902,645
Construction & Engineering - 1.1%
 
 
 
Larsen & Toubro Ltd
 
1,905,632
75,327,584
Professional Services - 1.0%
 
 
 
Computer Age Management Services Ltd
 
1,503,300
69,225,908
TOTAL INDUSTRIALS
 
 
244,456,137
 
 
 
 
Utilities - 1.0%
 
 
 
Electric Utilities - 1.0%
 
 
 
Power Grid Corp of India Ltd
 
19,498,333
70,720,722
TOTAL INDIA
 
 
1,345,159,654
INDONESIA - 2.9%
 
 
 
Financials - 2.9%
 
 
 
Banks - 2.9%
 
 
 
Bank Central Asia Tbk PT
 
372,377,670
197,989,714
ITALY - 0.6%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Automobiles - 0.6%
 
 
 
Ferrari NV (g)
 
95,900
44,284,702
KAZAKHSTAN - 1.3%
 
 
 
Financials - 1.3%
 
 
 
Consumer Finance - 1.3%
 
 
 
Kaspi.KZ JSC ADR
 
1,030,662
90,584,883
KOREA (SOUTH) - 6.0%
 
 
 
Communication Services - 0.7%
 
 
 
Interactive Media & Services - 0.7%
 
 
 
Webtoon Entertainment Inc (b)
 
5,303,711
47,733,399
Health Care - 0.7%
 
 
 
Life Sciences Tools & Services - 0.7%
 
 
 
Samsung Biologics Co Ltd (b)(e)(f)
 
66,850
49,372,205
Information Technology - 4.6%
 
 
 
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
SK Hynix Inc
 
1,192,240
148,454,527
Technology Hardware, Storage & Peripherals - 2.5%
 
 
 
Samsung Electronics Co Ltd
 
4,290,747
167,071,194
TOTAL INFORMATION TECHNOLOGY
 
 
315,525,721
 
 
 
 
TOTAL KOREA (SOUTH)
 
 
412,631,325
MEXICO - 3.0%
 
 
 
Consumer Staples - 1.8%
 
 
 
Consumer Staples Distribution & Retail - 1.8%
 
 
 
BBB Foods Inc Class A (b)
 
2,395,439
73,204,616
Wal-Mart de Mexico SAB de CV Series V
 
15,633,000
49,544,425
 
 
 
122,749,041
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
Banco del Bajio SA (e)(f)
 
17,474,123
41,844,155
Real Estate - 0.6%
 
 
 
Industrial REITs - 0.6%
 
 
 
Prologis Property Mexico SA de CV
 
11,856,600
42,231,637
TOTAL MEXICO
 
 
206,824,833
NETHERLANDS - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
ASML Holding NV
 
76,000
50,151,269
BE Semiconductor Industries NV
 
263,900
28,173,907
 
 
 
 
TOTAL NETHERLANDS
 
 
78,325,176
POLAND - 1.1%
 
 
 
Consumer Staples - 1.1%
 
 
 
Consumer Staples Distribution & Retail - 1.1%
 
 
 
Dino Polska SA (b)(e)(f)
 
560,281
78,383,161
RUSSIA - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
Sberbank of Russia PJSC (b)(c)
 
25,741,060
3
SAUDI ARABIA - 1.6%
 
 
 
Financials - 1.6%
 
 
 
Banks - 1.6%
 
 
 
Al Rajhi Bank
 
4,366,220
113,376,565
SOUTH AFRICA - 1.7%
 
 
 
Consumer Discretionary - 1.7%
 
 
 
Broadline Retail - 1.7%
 
 
 
Naspers Ltd Class N
 
456,100
119,958,254
SWEDEN - 0.2%
 
 
 
Financials - 0.2%
 
 
 
Capital Markets - 0.2%
 
 
 
VEF AB (b)(h)
 
73,573,525
15,604,545
TAIWAN - 15.7%
 
 
 
Communication Services - 0.7%
 
 
 
Entertainment - 0.7%
 
 
 
International Games System Co Ltd
 
1,775,072
45,928,458
Industrials - 0.5%
 
 
 
Electrical Equipment - 0.5%
 
 
 
Voltronic Power Technology Corp
 
771,868
36,121,587
Information Technology - 14.5%
 
 
 
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Innolux Corp
 
46,397,000
19,830,262
Semiconductors & Semiconductor Equipment - 14.3%
 
 
 
ASPEED Technology Inc
 
274,000
25,725,466
eMemory Technology Inc
 
623,000
50,064,719
Taiwan Semiconductor Manufacturing Co Ltd
 
32,228,000
911,342,355
 
 
 
987,132,540
TOTAL INFORMATION TECHNOLOGY
 
 
1,006,962,802
 
 
 
 
TOTAL TAIWAN
 
 
1,089,012,847
UNITED ARAB EMIRATES - 2.4%
 
 
 
Energy - 1.7%
 
 
 
Energy Equipment & Services - 1.0%
 
 
 
ADNOC Drilling Co PJSC
 
50,235,183
67,015,804
Oil, Gas & Consumable Fuels - 0.7%
 
 
 
Adnoc Gas PLC
 
61,316,700
52,918,947
TOTAL ENERGY
 
 
119,934,751
 
 
 
 
Financials - 0.7%
 
 
 
Banks - 0.7%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
15,097,825
47,845,437
TOTAL UNITED ARAB EMIRATES
 
 
167,780,188
UNITED KINGDOM - 0.3%
 
 
 
Financials - 0.3%
 
 
 
Financial Services - 0.3%
 
 
 
Revolut Group Holdings Ltd (c)(d)
 
25,555
19,264,126
UNITED STATES - 4.2%
 
 
 
Information Technology - 4.2%
 
 
 
Semiconductors & Semiconductor Equipment - 3.4%
 
 
 
NVIDIA Corp
 
2,140,980
233,195,542
Software - 0.8%
 
 
 
Synopsys Inc (b)
 
124,300
57,054,943
TOTAL UNITED STATES
 
 
290,250,485
 
TOTAL COMMON STOCKS
 (Cost $4,892,770,085)
 
 
 
6,842,476,870
 
 
 
 
Convertible Corporate Bonds - 0.4%
 
 
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Financial Services - 0.4%
 
 
 
Creditas Financial Solutions Ltd 5% 7/28/2027 (c)(d)
  (Cost $30,523,684)
 
30,523,684
29,867,425
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
CHINA - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
ByteDance Ltd Series E1 (b)(c)(d)
  (Cost $9,341,528)
 
85,253
18,098,359
 
 
 
 
Money Market Funds - 1.3%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
 
4.33
64,381,033
64,393,909
Fidelity Securities Lending Cash Central Fund (i)(j)
 
4.33
23,408,859
23,411,200
 
TOTAL MONEY MARKET FUNDS
 (Cost $87,805,109)
 
 
 
87,805,109
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $5,020,440,406)
 
 
 
6,978,247,763
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(51,259,029)
NET ASSETS - 100.0%
6,926,988,734
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(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 $78,008,678 or 1.1% of net assets.
 
(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 $262,318,724 or 3.8% of net assets.
 
(f)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $362,221,369 or 5.2% of net assets.
 
(g)
Security or a portion of the security is on loan at period end.
 
(h)
Affiliated company
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd Series E1
11/18/20
9,341,528
 
 
 
Creditas Financial Solutions Ltd 5% 7/28/2027
1/28/22 - 7/28/23
30,523,684
 
 
 
Lenskart Solutions Pvt Ltd
4/30/24
8,909,538
 
 
 
Revolut Group Holdings Ltd
12/27/24
22,226,349
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
198,948,750
1,526,584,482
1,661,139,323
2,292,692
-
-
64,393,909
64,381,033
0.1%
Fidelity Securities Lending Cash Central Fund
47,267,424
153,800,280
177,656,504
102,076
-
-
23,411,200
23,408,859
0.1%
Total
246,216,174
1,680,384,762
1,838,795,827
2,394,768
-
-
87,805,109
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
VEF AB
20,110,388
-
3,783,299
-
(3,173,681)
2,451,137
15,604,545
73,573,525
Total
20,110,388
-
3,783,299
-
(3,173,681)
2,451,137
15,604,545
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
861,597,238
137,646,393
723,950,845
-
Consumer Discretionary
1,044,364,678
948,307,759
85,278,151
10,778,768
Consumer Staples
298,662,263
201,132,202
97,530,061
-
Energy
421,875,228
273,066,226
148,809,002
-
Financials
1,323,724,432
455,910,192
848,550,111
19,264,129
Health Care
305,673,346
98,568,523
207,104,823
-
Industrials
614,069,764
64,256,763
549,813,001
-
Information Technology
1,767,940,292
425,489,405
1,342,450,887
-
Materials
37,182,070
37,182,070
-
-
Real Estate
42,231,637
42,231,637
-
-
Utilities
125,155,922
54,435,200
70,720,722
-
 Convertible Corporate Bonds
 
 
 
 
Financials
29,867,425
-
-
29,867,425
 Convertible Preferred Stocks
 
 
 
 
Communication Services
18,098,359
-
-
18,098,359
 Money Market Funds
87,805,109
87,805,109
-
-
 Total Investments in Securities:
6,978,247,763
2,826,031,479
4,074,207,603
78,008,681
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
Beginning Balance ($)
Net Realized Gain (Loss) on Investement Securities ($)
Net Unrealized Gain (Loss) on Investement Securities ($)
Cost of Purchases ($)
Proceeds of Sales ($)
Amoritization/
Accretion ($)
Transfers into Level 3 ($)
Transfers out of Level 3 ($)
Ending Balance ($)
The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)
Common Stocks
9,352,376
-
(1,535,828)
22,226,349
-
-
-
-
30,042,897
(1,535,828)
Convertible Corporate Bonds
28,606,797
-
1,260,628
-
-
-
-
-
29,867,425
1,260,628
Convertible Preferred Stocks
21,242,493
-
(3,144,134)
-
-
-
-
-
18,098,359
(3,144,134)
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
 
Fidelity® Emerging Markets Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $22,904,288) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,902,217,260)
$
6,874,838,109
 
 
Fidelity Central Funds (cost $87,805,109)
87,805,109
 
 
Other affiliated issuers (cost $30,418,037)
15,604,545
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,020,440,406)
 
 
$
6,978,247,763
Foreign currency held at value (cost $341,371)
 
 
341,718
Receivable for investments sold
 
 
29,481,358
Receivable for fund shares sold
 
 
5,336,315
Dividends receivable
 
 
6,120,877
Interest receivable
 
 
2,684,398
Distributions receivable from Fidelity Central Funds
 
 
339,383
Prepaid expenses
 
 
2,882
Receivable from investment adviser for expense reductions
 
 
102,408
Other receivables
 
 
2,079,582
  Total assets
 
 
7,024,736,684
Liabilities
 
 
 
 
Payable for investments purchased
$
3,458,040
 
 
Payable for fund shares redeemed
5,757,769
 
 
Accrued management fee
4,469,332
 
 
Distribution and service plan fees payable
11,334
 
 
Deferred taxes
60,306,739
 
 
Other payables and accrued expenses
333,536
 
 
Collateral on securities loaned
23,411,200
 
 
  Total liabilities
 
 
 
97,747,950
Net Assets  
 
 
$
6,926,988,734
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,710,127,115
Total accumulated earnings (loss)
 
 
 
1,216,861,619
Net Assets
 
 
$
6,926,988,734
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($34,339,636 ÷ 909,217 shares)(a)
 
 
$
37.77
Maximum offering price per share (100/94.25 of $37.77)
 
 
$
40.07
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,912,700 ÷ 130,049 shares)(a)
 
 
$
37.78
Maximum offering price per share (100/96.50 of $37.78)
 
 
$
39.15
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,047,484 ÷ 81,198 shares)(a)
 
 
$
37.53
Emerging Markets :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($4,378,245,148 ÷ 115,166,490 shares)
 
 
$
38.02
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,648,603,450 ÷ 43,350,980 shares)
 
 
$
38.03
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($361,639,020 ÷ 9,539,326 shares)
 
 
$
37.91
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($496,201,296 ÷ 12,962,111 shares)
 
 
$
38.28
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
56,872,405
Interest  
 
 
778,488
Income from Fidelity Central Funds (including $102,076 from security lending)
 
 
2,394,768
 Income before foreign taxes withheld
 
 
$
60,045,661
Less foreign taxes withheld
 
 
(5,669,613)
 Total income
 
 
 
54,376,048
Expenses
 
 
 
 
Management fee
$
29,978,174
 
 
Distribution and service plan fees
76,309
 
 
Custodian fees and expenses
628,644
 
 
Independent trustees' fees and expenses
18,377
 
 
Registration fees
191,061
 
 
Audit fees
84,810
 
 
Legal
11,981
 
 
Interest
52,022
 
 
Miscellaneous
59,793
 
 
 Total expenses before reductions
 
31,101,171
 
 
 Expense reductions
 
(26,667)
 
 
 Total expenses after reductions
 
 
 
31,074,504
Net Investment income (loss)
 
 
 
23,301,544
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $14,551,972)
 
(117,670,583)
 
 
   Redemptions in-kind
 
286,450,358
 
 
   Affiliated issuers
 
(3,173,681)
 
 
 Foreign currency transactions
 
80,300
 
 
 Futures contracts
 
10,779,615
 
 
Total net realized gain (loss)
 
 
 
176,466,009
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $10,131,066)  
 
(501,116,111)
 
 
   Affiliated issuers
 
2,451,137
 
 
 Assets and liabilities in foreign currencies
 
103,265
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(498,561,709)
Net gain (loss)
 
 
 
(322,095,700)
Net increase (decrease) in net assets resulting from operations
 
 
$
(298,794,156)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
23,301,544
$
78,134,320
Net realized gain (loss)
 
176,466,009
 
314,887,725
Change in net unrealized appreciation (depreciation)
 
(498,561,709)
 
1,558,006,188
Net increase (decrease) in net assets resulting from operations
 
(298,794,156)
 
1,951,028,233
Distributions to shareholders
 
(46,197,464)
 
(91,875,932)
 
 
 
 
 
Share transactions - net increase (decrease)
 
(1,658,837,252)
 
244,321,857
 
 
 
 
 
Total increase (decrease) in net assets
 
(2,003,828,872)
 
2,103,474,158
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,930,817,606
 
6,827,343,448
End of period
$
6,926,988,734
$
8,930,817,606
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Emerging Markets Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.62
$
31.80
$
27.73
$
47.48
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.06
 
.21
 
.26 D
 
.16 E
 
(.04)
     Net realized and unrealized gain (loss)
 
(1.67)
 
7.91
 
3.95
 
(17.27)
 
.69
  Total from investment operations
 
(1.61)  
 
8.12  
 
4.21  
 
(17.11)  
 
.65
  Distributions from net investment income
 
(.24)
 
(.30)
 
(.14)
 
(.48)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.24)
 
(.30)
 
(.14)
 
(2.64)
 
-
  Net asset value, end of period
$
37.77
$
39.62
$
31.80
$
27.73
$
47.48
 Total Return F,G,H
 
(4.09)
%
 
25.69%
 
15.18%
 
(38.00)%
 
1.39%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% K
 
1.14%
 
1.20%
 
1.21%
 
1.25% K
    Expenses net of fee waivers, if any
 
1.14
% K
 
1.13%
 
1.20%
 
1.21%
 
1.25% K
    Expenses net of all reductions, if any
 
1.14% K
 
1.13%
 
1.20%
 
1.21%
 
1.25% K
    Net investment income (loss)
 
.31% K
 
.54%
 
.77% D
 
.45% E
 
(.17)% K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
34,340
$
38,430
$
15,288
$
10,046
$
6,248
    Portfolio turnover rate L
 
35
% K,M
 
46% M,N
 
23%
 
34%
 
38% K,N
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MPortfolio turnover rate excludes securities received or delivered in-kind.
NThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Emerging Markets Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.59
$
31.80
$
27.71
$
47.42
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.01
 
.11
 
.17 D
 
.05 E
 
(.09)
     Net realized and unrealized gain (loss)
 
(1.67)
 
7.92
 
3.96
 
(17.29)
 
.68
  Total from investment operations
 
(1.66)  
 
8.03  
 
4.13  
 
(17.24)  
 
.59
  Distributions from net investment income
 
(.15)
 
(.24)
 
(.04)
 
(.32)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.15)
 
(.24)
 
(.04)
 
(2.47) F
 
-
  Net asset value, end of period
$
37.78
$
39.59
$
31.80
$
27.71
$
47.42
 Total Return G,H,I
 
(4.21)
%
 
25.37%
 
14.90%
 
(38.20)%
 
1.26%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.39% L
 
1.39%
 
1.48%
 
1.51%
 
1.52% L
    Expenses net of fee waivers, if any
 
1.39
% L
 
1.39%
 
1.47%
 
1.50%
 
1.51% L
    Expenses net of all reductions, if any
 
1.39% L
 
1.39%
 
1.47%
 
1.50%
 
1.51% L
    Net investment income (loss)
 
.05% L
 
.29%
 
.50% D
 
.15% E
 
(.39)% L
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,913
$
6,498
$
3,070
$
1,392
$
2,234
    Portfolio turnover rate M
 
35
% L,N
 
46% N,O
 
23%
 
34%
 
38% L,O
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .17%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.08)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the sales charges.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
NPortfolio turnover rate excludes securities received or delivered in-kind.
OThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Emerging Markets Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.29
$
31.54
$
27.59
$
47.31
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
(.08)
 
(.08)
 
- D,E
 
(.12) F
 
(.19)
     Net realized and unrealized gain (loss)
 
(1.67)
 
7.88
 
3.95
 
(17.26)
 
.67
  Total from investment operations
 
(1.75)  
 
7.80  
 
3.95  
 
(17.38)  
 
.48
  Distributions from net investment income
 
(.01)
 
(.05)
 
-
 
(.18)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.01)
 
(.05)
 
-
 
(2.34)
 
-
  Net asset value, end of period
$
37.53
$
39.29
$
31.54
$
27.59
$
47.31
 Total Return G,H,I
 
(4.45)
%
 
24.73%
 
14.32%
 
(38.50)%
 
1.02%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.89% L
 
1.89%
 
1.98%
 
2.00%
 
2.01% L
    Expenses net of fee waivers, if any
 
1.89
% L
 
1.88%
 
1.98%
 
2.00%
 
2.01% L
    Expenses net of all reductions, if any
 
1.89% L
 
1.88%
 
1.97%
 
2.00%
 
2.01% L
    Net investment income (loss)
 
(.44)% L
 
(.21)%
 
(.01)% E
 
(.34)% F
 
(.86)% L
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,047
$
3,573
$
1,768
$
1,377
$
1,587
    Portfolio turnover rate M
 
35
% L,N
 
46% N,O
 
23%
 
34%
 
38% L,O
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.34)%.
FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the contingent deferred sales charge.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
NPortfolio turnover rate excludes securities received or delivered in-kind.
OThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Emerging Markets Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.83
$
31.97
$
27.87
$
47.56
$
40.26
$
33.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.30
 
.36 C
 
.28 D
 
.12
 
.15
     Net realized and unrealized gain (loss)
 
(1.67)
 
7.96
 
3.98
 
(17.35)
 
7.81
 
7.68
  Total from investment operations
 
(1.56)  
 
8.26  
 
4.34  
 
(17.07)  
 
7.93
 
7.83
  Distributions from net investment income
 
(.25)
 
(.40)
 
(.24)
 
(.46)
 
(.09)
 
(.60)
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.16)
 
(.54)
 
-
     Total distributions
 
(.25)
 
(.40)
 
(.24)
 
(2.62)
 
(.63)
 
(.60)
  Net asset value, end of period
$
38.02
$
39.83
$
31.97
$
27.87
$
47.56
$
40.26
 Total Return E,F
 
(3.95)
%
 
26.02%
 
15.56%
 
(37.83)%
 
19.83%
 
24.09%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87% I
 
.87%
 
.90%
 
.90%
 
.88%
 
.92%
    Expenses net of fee waivers, if any
 
.87
% I
 
.87%
 
.90%
 
.90%
 
.88%
 
.92%
    Expenses net of all reductions, if any
 
.87% I
 
.87%
 
.90%
 
.90%
 
.88%
 
.91%
    Net investment income (loss)
 
.58% I
 
.81%
 
1.07% C
 
.76% D
 
.26%
 
.43%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,378,245
$
4,759,858
$
3,985,433
$
3,330,900
$
5,016,159
$
4,526,531
    Portfolio turnover rate J
 
35
% I,K
 
46% K,L
 
23%
 
34%
 
38% L
 
34%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .74%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Emerging Markets Fund Class K
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.87
$
32.00
$
27.90
$
47.62
$
40.30
$
33.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.36
 
.40 C
 
.33 D
 
.16
 
.19
     Net realized and unrealized gain (loss)
 
(1.68)
 
7.95
 
3.98
 
(17.35)
 
7.83
 
7.69
  Total from investment operations
 
(1.54)  
 
8.31  
 
4.38  
 
(17.02)  
 
7.99
 
7.88
  Distributions from net investment income
 
(.30)
 
(.44)
 
(.28)
 
(.54)
 
(.12)
 
(.65)
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.16)
 
(.54)
 
-
     Total distributions
 
(.30)
 
(.44)
 
(.28)
 
(2.70)
 
(.67) E
 
(.65)
  Net asset value, end of period
$
38.03
$
39.87
$
32.00
$
27.90
$
47.62
$
40.30
 Total Return F,G
 
(3.90)
%
 
26.20%
 
15.69%
 
(37.73)%
 
19.94%
 
24.24%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% J
 
.74%
 
.77%
 
.77%
 
.77%
 
.80%
    Expenses net of fee waivers, if any
 
.74
% J
 
.74%
 
.76%
 
.77%
 
.77%
 
.80%
    Expenses net of all reductions, if any
 
.74% J
 
.74%
 
.76%
 
.77%
 
.77%
 
.79%
    Net investment income (loss)
 
.71% J
 
.94%
 
1.20% C
 
.88% D
 
.34%
 
.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,648,603
$
1,897,730
$
1,095,217
$
826,468
$
1,689,454
$
1,227,097
    Portfolio turnover rate K
 
35
% J,L
 
46% L,M
 
23%
 
34%
 
38% M
 
34%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Emerging Markets Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.72
$
31.89
$
27.83
$
47.55
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
.31
 
.36 D
 
.26 E
 
.04
     Net realized and unrealized gain (loss)
 
(1.68)
 
7.92
 
3.97
 
(17.29)
 
.68
  Total from investment operations
 
(1.57)  
 
8.23  
 
4.33  
 
(17.03)  
 
.72
  Distributions from net investment income
 
(.24)
 
(.40)
 
(.27)
 
(.53)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.24)
 
(.40)
 
(.27)
 
(2.69)
 
-
  Net asset value, end of period
$
37.91
$
39.72
$
31.89
$
27.83
$
47.55
 Total Return F,G
 
(3.97)
%
 
26.01%
 
15.54%
 
(37.81)%
 
1.54%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88% J
 
.88%
 
.91%
 
.89%
 
.94% J
    Expenses net of fee waivers, if any
 
.88
% J
 
.87%
 
.90%
 
.89%
 
.93% J
    Expenses net of all reductions, if any
 
.88% J
 
.87%
 
.90%
 
.89%
 
.93% J
    Net investment income (loss)
 
.57% J
 
.81%
 
1.06% D
 
.76% E
 
.17% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
361,639
$
303,027
$
114,992
$
47,819
$
25,824
    Portfolio turnover rate K
 
35
% J,L
 
46% L,M
 
23%
 
34%
 
38% J,M
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .73%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Emerging Markets Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.82
$
31.96
$
27.87
$
47.59
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.36
 
.40 D
 
.32 E
 
(.03)
     Net realized and unrealized gain (loss)
 
(1.68)
 
7.94
 
3.97
 
(17.33)
 
.79
  Total from investment operations
 
(1.54)  
 
8.30  
 
4.37  
 
(17.01)  
 
.76
  Distributions from net investment income
 
-
 
(.44)
 
(.28)
 
(.55)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
-
 
(.44)
 
(.28)
 
(2.71)
 
-
  Net asset value, end of period
$
38.28
$
39.82
$
31.96
$
27.87
$
47.59
 Total Return F,G
 
(3.87)
%
 
26.20%
 
15.67%
 
(37.74)%
 
1.62%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% J
 
.74%
 
.77%
 
.77%
 
.78% J
    Expenses net of fee waivers, if any
 
.73
% J
 
.74%
 
.76%
 
.77%
 
.78% J
    Expenses net of all reductions, if any
 
.73% J
 
.74%
 
.76%
 
.77%
 
.78% J
    Net investment income (loss)
 
.71% J
 
.94%
 
1.20% D
 
.88% E
 
(.13)% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
496,201
$
1,921,701
$
1,611,575
$
1,306,539
$
1,797,766
    Portfolio turnover rate K
 
35
% J,L
 
46% L,M
 
23%
 
34%
 
38% J,M
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stock
$30,042,897
Market Comparable
Enterprise value/Net income (EV/NI)
14.3
Increase
 
 
 
Enterprise value/Revenue multiple (EV/R)
6.8
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
Convertible Corporate Bonds
$29,867,425
Market comparable
Discount rate
23.2%
Decrease
 
 
 
Enterprise value/Revenue multiple (EV/R)
5.5
Increase
 
 
 
Probability rate
33.3%
Increase
 
 
Black scholes
Discount rate
3.9% - 4.2% / 4.0%
Increase
 
 
 
Term
0.7 - 1.8 / 1.2
Increase
 
 
 
Volatility
65.0%
Increase
Convertible Preferred Stocks
$18,098,359
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships, redemptions in-kind, 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
$2,240,091,354
Gross unrealized depreciation
(305,966,690)
Net unrealized appreciation (depreciation)
$1,934,124,664
Tax cost
$5,044,123,099
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(689,281,496)
 Long-term
(119,499,858)
Total capital loss carryforward
$(808,781,354)
 
Due to a merger in the prior period, a portion of the Fund's realized capital losses are subject to limitation and will only be available to offset capital gains to the extent of an annual limit. These realized capital losses were acquired from Fidelity Latin America Fund when it merged into the Fund on September 13,2024.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Markets Fund
1,340,305,213
2,344,411,445
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Emerging Markets
.84
Class K
.71
Class I
.85
Class Z
.71
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Emerging Markets
.84
Class K
.71
Class I
.85
Class Z
.71
 
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%
44,950
5,410
Class M
 .25%
 .25%
 14,646
 196
Class C
 .75%
 .25%
16,713
2,117
 
 
 
76,309
7,723
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
 17,898
Class M
 277
Class CA
64
 
18,239
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
 2,791
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Emerging Markets Fund
 Borrower
 45,365,333
4.59%
 52,022
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 22,988,149
 70,790,236
 (18,611,811)
 
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 "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Emerging Markets Fund
36,475,274
286,450,358
1,449,162,640
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Emerging Markets Fund
36,475,274
346,805,773
1,498,769,012
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Emerging Markets Fund
6,108
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Emerging Markets Fund
10,515
 -
-
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 $5,518.
 
In addition, during the period the investment advisor or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $21,149.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$235,767
 $149,850
Class M
 24,237
 22,696
Class C
 1,260
 2,509
Emerging Markets
 29,623,551
 49,044,521
Class K
 14,351,242
 18,162,751
Class I
 1,961,407
 1,576,885
Class Z
-
22,916,720
Total  
$46,197,464
$91,875,932
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
106,725
354,848
$4,142,178
$13,436,279
Issued in exchange for the shares of the Acquired Fund(s)
-
259,916
-
9,991,163
 
Reinvestment of distributions
5,924
4,334
232,853
148,618
Shares redeemed
(173,413)
(129,879)
(6,603,636)
(4,844,792)
Net increase (decrease)
(60,764)
489,219
$(2,228,605)
$18,731,268
Class M
 
 
 
 
Shares sold
6,299
36,439
$240,971
$1,362,892
Issued in exchange for the shares of the Acquired Fund(s)
-
58,126
-
2,233,184
 
Reinvestment of distributions
612
656
24,099
22,545
Shares redeemed
(41,015)
(27,603)
(1,547,235)
(1,025,710)
Net increase (decrease)
(34,104)
67,618
$(1,282,165)
$2,592,911
Class C
 
 
 
 
Shares sold
3,132
20,145
$118,981
$2,445,647
Issued in exchange for the shares of the Acquired Fund(s)
-
31,209
-
1,190,948
 
Reinvestment of distributions
32
72
1,243
2,487
Shares redeemed
(12,908)
(16,527)
(488,818)
(2,300,041)
Net increase (decrease)
(9,744)
34,899
$(368,594)
$1,339,041
Emerging Markets
 
 
 
 
Shares sold
17,331,838
23,336,798
$658,995,347
$885,074,796
Issued in exchange for the shares of the Acquired Fund(s)
-
4,412,960
-
170,472,261
 
Reinvestment of distributions
539,776
1,104,208
21,337,331
37,951,098
Shares redeemed
(22,202,937)
(34,021,450)
(840,570,419)
(1,265,925,610)
Net increase (decrease)
(4,331,323)
(5,167,484)
$(160,237,741)
$(172,427,455)
Class K
 
 
 
 
Shares sold
9,775,997
30,067,036
$378,086,604
$1,119,926,599
Reinvestment of distributions
361,874
528,375
14,301,267
18,156,694
Shares redeemed
(14,384,152)
(17,220,929)
(559,211,993)
(677,157,529)
Net increase (decrease)
(4,246,281)
13,374,482
$(166,824,122)
$460,925,764
Class I
 
 
 
 
Shares sold
3,424,145
8,642,102
$132,080,176
$324,804,856
Issued in exchange for the shares of the Acquired Fund(s)
-
48,755
-
1,878,043
 
Reinvestment of distributions
41,131
42,705
1,621,391
1,463,912
Shares redeemed
(1,555,138)
(4,710,389)
(58,683,367)
(181,718,005)
Net increase (decrease)
1,910,138
4,023,173
$75,018,200
$146,428,806
Class Z
 
 
 
 
Shares sold
3,716,477
36,108,432
$142,472,310
$1,355,101,151
Issued in exchange for the shares of the Acquired Fund(s)
-
15,788
-
609,745
 
Reinvestment of distributions
-
649,621
-
22,297,061
Shares redeemed
(39,009,736)
(38,937,032)
(1,545,386,535)
(1,591,276,435)
Net increase (decrease)
(35,293,259)
(2,163,191)
$(1,402,914,225)
$(213,268,478)
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
14. Prior Fiscal Year Reorganization Information.
On September 13, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Latin America Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired 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 Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired 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.
 
Acquired Fund and Share Class
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Latin America Fund
179,728,071
11,207,705
 
 
 
    Class A
 
 
9,991,163
259,916
.4343522373
    Class M
 
 
2,233,184
58,126
.4360879750
    Class C
 
 
1,190,948
31,209
.4437971698
    Latin America
 
 
170,472,261
4,412,960
.4306756407
    Class I
 
 
1,878,043
48,755
.4324844237
    Class Z
 
 
609,745
15,788
.4312195750
 
Acquiring Fund
Net Assets $
Total net assets after the acquisition $
Fidelity Emerging Markets Fund
9,771,715,039
9,958,090,383
 
Pro forma results of operations of the combined entity for the entire period ended October 31, 2024, 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)
$89,796,022
Total net realized gain (loss)
281,914,088
Total change in net unrealized appreciation (depreciation)
1,587,783,041
Net increase (decrease) in net assets resulting from operations
$1,959,493,151
 
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 have been included in the Fund's Statement of Operations since September 13, 2024.
Fidelity® Europe Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8%
 
 
Shares
Value ($)
 
BELGIUM - 1.9%
 
 
 
Financials - 0.8%
 
 
 
Banks - 0.8%
 
 
 
KBC Group NV
 
61,000
5,601,558
Health Care - 1.1%
 
 
 
Pharmaceuticals - 1.1%
 
 
 
UCB SA
 
46,000
8,397,704
TOTAL BELGIUM
 
 
13,999,262
CANADA - 0.4%
 
 
 
Information Technology - 0.4%
 
 
 
Software - 0.4%
 
 
 
Lumine Group Inc Subordinate Voting Shares (a)(b)
 
90,000
2,909,691
CHINA - 0.9%
 
 
 
Consumer Discretionary - 0.9%
 
 
 
Broadline Retail - 0.9%
 
 
 
Prosus NV Class N
 
138,000
6,470,076
DENMARK - 1.8%
 
 
 
Financials - 1.0%
 
 
 
Insurance - 1.0%
 
 
 
Tryg A/S
 
313,200
7,472,309
Industrials - 0.8%
 
 
 
Air Freight & Logistics - 0.8%
 
 
 
DSV A/S
 
27,600
5,850,093
TOTAL DENMARK
 
 
13,322,402
FINLAND - 0.7%
 
 
 
Financials - 0.7%
 
 
 
Banks - 0.7%
 
 
 
Nordea Bank Abp (Sweden)
 
379,100
5,177,301
FRANCE - 14.9%
 
 
 
Consumer Discretionary - 2.5%
 
 
 
Textiles, Apparel & Luxury Goods - 2.5%
 
 
 
Hermes International SCA
 
2,800
7,584,204
LVMH Moet Hennessy Louis Vuitton SE
 
19,700
10,912,406
 
 
 
18,496,610
Consumer Staples - 2.5%
 
 
 
Food Products - 1.6%
 
 
 
Danone SA
 
137,500
11,831,382
Personal Care Products - 0.9%
 
 
 
L'Oreal SA (b)
 
15,400
6,804,728
TOTAL CONSUMER STAPLES
 
 
18,636,110
 
 
 
 
Energy - 1.0%
 
 
 
Oil, Gas & Consumable Fuels - 1.0%
 
 
 
Gaztransport Et Technigaz SA
 
19,900
3,241,786
TotalEnergies SE
 
85,907
4,892,849
 
 
 
8,134,635
Financials - 2.6%
 
 
 
Banks - 1.2%
 
 
 
BNP Paribas SA
 
101,100
8,566,150
Insurance - 1.4%
 
 
 
AXA SA
 
218,000
10,310,507
TOTAL FINANCIALS
 
 
18,876,657
 
 
 
 
Health Care - 1.2%
 
 
 
Health Care Equipment & Supplies - 1.2%
 
 
 
EssilorLuxottica SA
 
29,964
8,577,830
Industrials - 3.3%
 
 
 
Aerospace & Defense - 2.0%
 
 
 
Airbus SE
 
46,400
7,873,642
Dassault Aviation SA
 
19,800
7,110,446
 
 
 
14,984,088
Building Products - 1.3%
 
 
 
Cie de Saint-Gobain SA
 
88,000
9,567,185
TOTAL INDUSTRIALS
 
 
24,551,273
 
 
 
 
Materials - 1.8%
 
 
 
Chemicals - 1.8%
 
 
 
Air Liquide SA
 
63,118
12,969,374
TOTAL FRANCE
 
 
110,242,489
GERMANY - 18.4%
 
 
 
Communication Services - 3.0%
 
 
 
Diversified Telecommunication Services - 1.7%
 
 
 
Deutsche Telekom AG
 
345,600
12,413,097
Interactive Media & Services - 1.3%
 
 
 
Scout24 SE (a)(c)
 
82,200
9,749,692
TOTAL COMMUNICATION SERVICES
 
 
22,162,789
 
 
 
 
Consumer Discretionary - 1.4%
 
 
 
Specialty Retail - 0.6%
 
 
 
Auto1 Group SE (a)(b)(c)
 
202,400
4,828,823
Textiles, Apparel & Luxury Goods - 0.8%
 
 
 
adidas AG
 
25,400
5,803,794
TOTAL CONSUMER DISCRETIONARY
 
 
10,632,617
 
 
 
 
Financials - 2.1%
 
 
 
Capital Markets - 1.5%
 
 
 
Deutsche Boerse AG
 
34,200
11,015,611
Insurance - 0.6%
 
 
 
Hannover Rueck SE
 
13,400
4,286,886
TOTAL FINANCIALS
 
 
15,302,497
 
 
 
 
Health Care - 1.2%
 
 
 
Health Care Equipment & Supplies - 0.6%
 
 
 
Siemens Healthineers AG (a)(c)
 
80,700
4,350,324
Pharmaceuticals - 0.6%
 
 
 
Merck KGaA
 
30,300
4,184,261
TOTAL HEALTH CARE
 
 
8,534,585
 
 
 
 
Industrials - 5.6%
 
 
 
Aerospace & Defense - 2.3%
 
 
 
Rheinmetall AG
 
9,800
16,689,916
Electrical Equipment - 1.5%
 
 
 
Siemens Energy AG (b)
 
150,500
11,616,144
Industrial Conglomerates - 1.8%
 
 
 
Siemens AG
 
57,700
13,286,078
TOTAL INDUSTRIALS
 
 
41,592,138
 
 
 
 
Information Technology - 4.3%
 
 
 
Software - 4.3%
 
 
 
SAP SE
 
107,800
31,541,055
Materials - 0.8%
 
 
 
Construction Materials - 0.8%
 
 
 
Heidelberg Materials AG
 
32,000
6,316,772
TOTAL GERMANY
 
 
136,082,453
IRELAND - 1.8%
 
 
 
Consumer Staples - 0.7%
 
 
 
Food Products - 0.7%
 
 
 
Kerry Group PLC Class A
 
48,800
5,155,147
Financials - 1.1%
 
 
 
Banks - 1.1%
 
 
 
AIB Group PLC
 
1,203,600
8,089,468
TOTAL IRELAND
 
 
13,244,615
ISRAEL - 0.3%
 
 
 
Health Care - 0.3%
 
 
 
Pharmaceuticals - 0.3%
 
 
 
Teva Pharmaceutical Industries Ltd ADR (b)
 
141,000
2,186,910
ITALY - 6.5%
 
 
 
Consumer Discretionary - 0.9%
 
 
 
Automobiles - 0.8%
 
 
 
Ferrari NV (Italy)
 
12,500
5,686,907
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Prada Spa (b)
 
193,700
1,211,312
TOTAL CONSUMER DISCRETIONARY
 
 
6,898,219
 
 
 
 
Consumer Staples - 0.9%
 
 
 
Beverages - 0.9%
 
 
 
Coca-Cola HBC AG
 
124,900
6,491,715
Financials - 2.7%
 
 
 
Banks - 2.7%
 
 
 
FinecoBank Banca Fineco SpA
 
291,635
5,803,102
UniCredit SpA
 
244,400
14,219,402
 
 
 
20,022,504
Health Care - 1.5%
 
 
 
Pharmaceuticals - 1.5%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
188,500
11,072,164
Industrials - 0.5%
 
 
 
Electrical Equipment - 0.5%
 
 
 
Prysmian SpA
 
68,700
3,773,842
TOTAL ITALY
 
 
48,258,444
LUXEMBOURG - 0.5%
 
 
 
Financials - 0.5%
 
 
 
Capital Markets - 0.5%
 
 
 
CVC Capital Partners PLC (a)(b)(c)
 
194,600
3,443,470
NETHERLANDS - 4.1%
 
 
 
Communication Services - 0.6%
 
 
 
Entertainment - 0.6%
 
 
 
Universal Music Group NV
 
151,450
4,453,458
Information Technology - 3.5%
 
 
 
Semiconductors & Semiconductor Equipment - 2.8%
 
 
 
ASM International NV
 
6,000
2,890,807
ASML Holding NV
 
26,800
17,684,921
 
 
 
20,575,728
Software - 0.7%
 
 
 
Topicus.com Inc (b)
 
42,200
5,050,164
TOTAL INFORMATION TECHNOLOGY
 
 
25,625,892
 
 
 
 
TOTAL NETHERLANDS
 
 
30,079,350
NORWAY - 0.3%
 
 
 
Energy - 0.3%
 
 
 
Oil, Gas & Consumable Fuels - 0.3%
 
 
 
Equinor ASA
 
108,600
2,458,230
PORTUGAL - 0.6%
 
 
 
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
Banco Comercial Portugues SA
 
7,380,200
4,713,740
SOUTH AFRICA - 0.6%
 
 
 
Materials - 0.6%
 
 
 
Metals & Mining - 0.6%
 
 
 
Anglo American PLC
 
173,399
4,733,510
SPAIN - 2.5%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Household Durables - 0.4%
 
 
 
Neinor Homes SA (a)(c)(d)
 
163,100
2,830,643
Financials - 2.1%
 
 
 
Banks - 2.1%
 
 
 
Banco Santander SA (d)
 
910,900
6,379,286
CaixaBank SA (d)
 
1,201,100
9,205,477
 
 
 
15,584,763
TOTAL SPAIN
 
 
18,415,406
SWEDEN - 5.4%
 
 
 
Communication Services - 0.8%
 
 
 
Interactive Media & Services - 0.8%
 
 
 
Hemnet Group AB (b)
 
167,700
5,742,972
Consumer Discretionary - 0.6%
 
 
 
Specialty Retail - 0.6%
 
 
 
Haypp Group AB (b)
 
399,824
4,211,069
Financials - 1.8%
 
 
 
Capital Markets - 0.8%
 
 
 
EQT AB
 
122,200
3,512,199
Nordnet AB
 
113,400
2,980,042
 
 
 
6,492,241
Financial Services - 1.0%
 
 
 
Investor AB B Shares
 
238,100
7,028,083
TOTAL FINANCIALS
 
 
13,520,324
 
 
 
 
Industrials - 1.7%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
Saab AB B Shares
 
123,000
5,727,436
Machinery - 0.9%
 
 
 
Indutrade AB
 
244,600
6,599,936
TOTAL INDUSTRIALS
 
 
12,327,372
 
 
 
 
Information Technology - 0.5%
 
 
 
Electronic Equipment, Instruments & Components - 0.5%
 
 
 
Hexagon AB B Shares
 
375,100
3,650,686
Software - 0.0%
 
 
 
Kry International Ab (b)(e)(f)
 
18,879
372,349
TOTAL INFORMATION TECHNOLOGY
 
 
4,023,035
 
 
 
 
TOTAL SWEDEN
 
 
39,824,772
SWITZERLAND - 3.3%
 
 
 
Consumer Discretionary - 1.1%
 
 
 
Textiles, Apparel & Luxury Goods - 1.1%
 
 
 
Cie Financiere Richemont SA Series A
 
47,660
8,421,771
Financials - 1.1%
 
 
 
Capital Markets - 1.1%
 
 
 
UBS Group AG
 
261,780
7,894,474
Health Care - 0.6%
 
 
 
Pharmaceuticals - 0.6%
 
 
 
Galderma Group AG
 
38,780
4,505,970
Materials - 0.5%
 
 
 
Chemicals - 0.5%
 
 
 
Sika AG
 
14,050
3,511,201
TOTAL SWITZERLAND
 
 
24,333,416
TAIWAN - 0.7%
 
 
 
Information Technology - 0.7%
 
 
 
Semiconductors & Semiconductor Equipment - 0.7%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
31,800
5,300,742
UNITED KINGDOM - 23.6%
 
 
 
Communication Services - 1.1%
 
 
 
Diversified Telecommunication Services - 1.1%
 
 
 
Zegona Communications plc (b)
 
932,800
8,403,644
Consumer Discretionary - 3.7%
 
 
 
Hotels, Restaurants & Leisure - 3.2%
 
 
 
Compass Group PLC
 
304,507
10,266,400
Deliveroo PLC Class A (a)(b)(c)
 
2,477,800
5,630,190
Flutter Entertainment PLC (United Kingdom) (b)
 
30,900
7,396,005
 
 
 
23,292,595
Leisure Products - 0.5%
 
 
 
Games Workshop Group PLC
 
20,649
4,240,666
TOTAL CONSUMER DISCRETIONARY
 
 
27,533,261
 
 
 
 
Consumer Staples - 2.1%
 
 
 
Beverages - 0.0%
 
 
 
Diageo PLC
 
3,480
97,720
Tobacco - 2.1%
 
 
 
British American Tobacco PLC
 
178,000
7,753,384
Imperial Brands PLC
 
178,968
7,343,600
 
 
 
15,096,984
TOTAL CONSUMER STAPLES
 
 
15,194,704
 
 
 
 
Financials - 6.7%
 
 
 
Banks - 2.1%
 
 
 
Lloyds Banking Group PLC
 
8,580,573
8,430,227
NatWest Group PLC
 
1,109,400
7,135,979
 
 
 
15,566,206
Capital Markets - 3.3%
 
 
 
3i Group PLC
 
143,818
8,153,192
London Stock Exchange Group PLC
 
78,400
12,207,784
St James's Place PLC
 
285,800
3,577,278
 
 
 
23,938,254
Financial Services - 0.1%
 
 
 
Revolut Group Holdings Ltd (e)(f)
 
1,298
978,471
Insurance - 1.2%
 
 
 
Beazley PLC
 
354,600
4,179,929
Hiscox Ltd
 
295,267
4,324,591
 
 
 
8,504,520
TOTAL FINANCIALS
 
 
48,987,451
 
 
 
 
Health Care - 3.1%
 
 
 
Pharmaceuticals - 3.1%
 
 
 
Astrazeneca PLC
 
161,200
23,094,595
Industrials - 4.7%
 
 
 
Aerospace & Defense - 2.1%
 
 
 
Rolls-Royce Holdings PLC
 
1,547,800
15,667,566
Professional Services - 2.6%
 
 
 
RELX PLC
 
340,022
18,556,752
TOTAL INDUSTRIALS
 
 
34,224,318
 
 
 
 
Information Technology - 0.6%
 
 
 
Electronic Equipment, Instruments & Components - 0.6%
 
 
 
Halma PLC
 
112,645
4,137,362
Oxford Instruments PLC
 
1
22
 
 
 
4,137,384
Real Estate - 0.8%
 
 
 
Diversified REITs - 0.3%
 
 
 
LondonMetric Property PLC
 
899,304
2,304,720
Real Estate Management & Development - 0.3%
 
 
 
Grainger PLC
 
776,437
2,224,729
Specialized REITs - 0.2%
 
 
 
Safestore Holdings PLC
 
196,090
1,645,067
TOTAL REAL ESTATE
 
 
6,174,516
 
 
 
 
Utilities - 0.8%
 
 
 
Multi-Utilities - 0.8%
 
 
 
National Grid PLC
 
423,267
6,109,480
TOTAL UNITED KINGDOM
 
 
173,859,353
UNITED STATES - 7.6%
 
 
 
Communication Services - 1.6%
 
 
 
Entertainment - 1.6%
 
 
 
Spotify Technology SA (b)
 
18,900
11,604,222
Consumer Staples - 1.9%
 
 
 
Food Products - 1.3%
 
 
 
Nestle SA
 
88,150
9,382,455
Tobacco - 0.6%
 
 
 
Philip Morris International Inc
 
25,200
4,318,272
TOTAL CONSUMER STAPLES
 
 
13,700,727
 
 
 
 
Energy - 2.3%
 
 
 
Oil, Gas & Consumable Fuels - 2.3%
 
 
 
Shell PLC
 
527,537
17,024,539
Health Care - 1.1%
 
 
 
Health Care Equipment & Supplies - 0.6%
 
 
 
Alcon AG
 
46,630
4,500,570
Pharmaceuticals - 0.5%
 
 
 
Roche Holding AG
 
11,130
3,639,360
TOTAL HEALTH CARE
 
 
8,139,930
 
 
 
 
Industrials - 0.7%
 
 
 
Professional Services - 0.7%
 
 
 
Experian PLC
 
113,491
5,646,295
TOTAL UNITED STATES
 
 
56,115,713
 
TOTAL COMMON STOCKS
 (Cost $538,910,125)
 
 
 
715,171,345
 
 
 
 
Convertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
ESTONIA - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Bolt Technology OU Series E (b)(e)(f)
  (Cost $1,000,736)
 
3,852
749,777
 
 
 
 
Money Market Funds - 4.9%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
29,532,906
29,538,813
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
6,422,754
6,423,396
 
TOTAL MONEY MARKET FUNDS
 (Cost $35,962,209)
 
 
 
35,962,209
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $575,873,070)
 
 
 
751,883,331
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(12,946,067)
NET ASSETS - 100.0%
738,937,264
 
 
Legend
 
(a)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $33,742,833 or 4.6% of net assets.
 
(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 $30,833,142 or 4.2% 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 $2,100,597 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 are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
1,000,736
 
 
 
Kry International Ab
5/14/21 - 10/30/24
1,248,474
 
 
 
Revolut Group Holdings Ltd
12/27/24
1,128,965
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
10,860,728
128,503,371
109,825,286
281,668
-
-
29,538,813
29,532,906
0.0%
Fidelity Securities Lending Cash Central Fund
1,011,520
37,437,156
32,025,280
13,122
-
-
6,423,396
6,422,754
0.0%
Total
11,872,248
165,940,527
141,850,566
294,790
-
-
35,962,209
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
52,367,085
35,500,530
16,866,555
-
Consumer Discretionary
85,494,266
49,423,613
36,070,653
-
Consumer Staples
59,178,403
15,965,134
43,213,269
-
Energy
27,617,404
3,241,786
24,375,618
-
Financials
174,686,516
76,374,248
97,333,797
978,471
Health Care
74,509,688
43,425,409
31,084,279
-
Industrials
127,965,331
13,710,382
114,254,949
-
Information Technology
73,537,799
37,973,709
35,191,741
372,349
Materials
27,530,857
6,316,772
21,214,085
-
Real Estate
6,174,516
6,174,516
-
-
Utilities
6,109,480
-
6,109,480
-
 Convertible Preferred Stocks
 
 
 
 
Information Technology
749,777
-
-
749,777
 Money Market Funds
35,962,209
35,962,209
-
-
 Total Investments in Securities:
751,883,331
324,068,308
425,714,426
2,100,597
Fidelity® Europe Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $5,867,524) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $539,910,861)
$
715,921,122
 
 
Fidelity Central Funds (cost $35,962,209)
35,962,209
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $575,873,070)
 
 
$
751,883,331
Cash
 
 
39,182
Foreign currency held at value (cost $73,633)
 
 
73,401
Receivable for investments sold
 
 
2,694,420
Receivable for fund shares sold
 
 
2,253,475
Dividends receivable
 
 
1,480,711
Reclaims receivable
 
 
4,944,252
Distributions receivable from Fidelity Central Funds
 
 
88,771
Prepaid expenses
 
 
184
  Total assets
 
 
763,457,727
Liabilities
 
 
 
 
Payable for investments purchased
$
16,403,180
 
 
Payable for fund shares redeemed
1,110,881
 
 
Accrued management fee
424,969
 
 
Distribution and service plan fees payable
8,008
 
 
Other payables and accrued expenses
150,028
 
 
Collateral on securities loaned
6,423,397
 
 
  Total liabilities
 
 
 
24,520,463
Net Assets  
 
 
$
738,937,264
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
633,906,643
Total accumulated earnings (loss)
 
 
 
105,030,621
Net Assets
 
 
$
738,937,264
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($21,103,263 ÷ 522,349 shares)(a)
 
 
$
40.40
Maximum offering price per share (100/94.25 of $40.40)
 
 
$
42.86
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($5,906,202 ÷ 145,933 shares)(a)
 
 
$
40.47
Maximum offering price per share (100/96.50 of $40.47)
 
 
$
41.94
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,309,561 ÷ 57,542 shares)(a)
 
 
$
40.14
Europe :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($701,580,339 ÷ 17,362,620 shares)
 
 
$
40.41
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($5,150,006 ÷ 127,233 shares)
 
 
$
40.48
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,887,893 ÷ 71,718 shares)
 
 
$
40.27
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
7,744,870
Foreign Tax Reclaims
 
 
1,215,742
Income from Fidelity Central Funds (including $13,122 from security lending)
 
 
294,790
 Income before foreign taxes withheld
 
 
$
9,255,402
Less foreign taxes withheld
 
 
(795,108)
 Total income
 
 
 
8,460,294
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,503,602
 
 
 Performance adjustment
(466,780)
 
 
Distribution and service plan fees
42,024
 
 
Custodian fees and expenses
17,179
 
 
Independent trustees' fees and expenses
1,283
 
 
Registration fees
77,885
 
 
Audit fees
42,940
 
 
Legal
568
 
 
Miscellaneous
1,018
 
 
 Total expenses
 
 
 
2,219,719
Net Investment income (loss)
 
 
 
6,240,575
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
15,028,787
 
 
 Foreign currency transactions
 
85,095
 
 
Total net realized gain (loss)
 
 
 
15,113,882
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
56,344,193
 
 
 Assets and liabilities in foreign currencies
 
219,946
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
56,564,139
Net gain (loss)
 
 
 
71,678,021
Net increase (decrease) in net assets resulting from operations
 
 
$
77,918,596
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,240,575
$
10,582,501
Net realized gain (loss)
 
15,113,882
 
15,962,392
Change in net unrealized appreciation (depreciation)
 
56,564,139
 
91,497,418
Net increase (decrease) in net assets resulting from operations
 
77,918,596
 
118,042,311
Distributions to shareholders
 
(17,620,668)
 
(9,697,062)
 
 
 
 
 
Share transactions - net increase (decrease)
 
97,967,311
 
(75,309,165)
 
 
 
 
 
Total increase (decrease) in net assets
 
158,265,239
 
33,036,084
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
580,672,025
 
547,635,941
End of period
$
738,937,264
$
580,672,025
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Europe Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.65
$
30.50
$
27.58
$
46.12
$
35.37
$
36.30
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.53
 
.46
 
.47
 
.41
 
.19
     Net realized and unrealized gain (loss)
 
4.45 C
 
6.05
 
2.46
 
(12.91)
 
10.72
 
1.46
  Total from investment operations
 
4.78  
 
6.58  
 
2.92  
 
(12.44)  
 
11.13
 
1.65
  Distributions from net investment income
 
(1.03)
 
(.43)
 
-
 
(.99)
 
(.38)
 
(1.50)
  Distributions from net realized gain
 
-
 
-
 
-
 
(5.12)
 
-
 
(1.08)
     Total distributions
 
(1.03)
 
(.43)
 
-
 
(6.10) D
 
(.38)
 
(2.58)
  Net asset value, end of period
$
40.40
$
36.65
$
30.50
$
27.58
$
46.12
$
35.37
 Total Return E,F,G
 
13.40
% C
 
21.73%
 
10.59%
 
(30.29)%
 
31.60%
 
4.62%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.00% J
 
.93%
 
1.02%
 
1.18%
 
1.36%
 
1.34%
    Expenses net of fee waivers, if any
 
1.00
% J
 
.93%
 
1.01%
 
1.18%
 
1.36%
 
1.34%
    Expenses net of all reductions, if any
 
1.00% J
 
.93%
 
1.01%
 
1.18%
 
1.36%
 
1.33%
    Net investment income (loss)
 
1.77% J
 
1.47%
 
1.43%
 
1.42%
 
.92%
 
.56%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,103
$
15,852
$
15,325
$
16,495
$
32,148
$
23,189
    Portfolio turnover rate K
 
42
% J
 
31%
 
37%
 
55%
 
52%
 
39%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 13.35%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Europe Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.66
$
30.50
$
27.65
$
46.18
$
35.42
$
36.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28
 
.44
 
.38
 
.37
 
.27
 
.09
     Net realized and unrealized gain (loss)
 
4.47 C
 
6.05
 
2.47
 
(12.95)
 
10.75
 
1.45
  Total from investment operations
 
4.75  
 
6.49  
 
2.85  
 
(12.58)  
 
11.02
 
1.54
  Distributions from net investment income
 
(.94)
 
(.33)
 
-
 
(.83)
 
(.26)
 
(1.36)
  Distributions from net realized gain
 
-
 
-
 
-
 
(5.12)
 
-
 
(1.08)
     Total distributions
 
(.94)
 
(.33)
 
-
 
(5.95)
 
(.26)
 
(2.44)
  Net asset value, end of period
$
40.47
$
36.66
$
30.50
$
27.65
$
46.18
$
35.42
 Total Return D,E,F
 
13.28
% C
 
21.39%
 
10.31%
 
(30.51)%
 
31.20%
 
4.30%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.25% I
 
1.19%
 
1.29%
 
1.49%
 
1.68%
 
1.65%
    Expenses net of fee waivers, if any
 
1.25
% I
 
1.19%
 
1.28%
 
1.48%
 
1.68%
 
1.65%
    Expenses net of all reductions, if any
 
1.25% I
 
1.19%
 
1.28%
 
1.48%
 
1.68%
 
1.64%
    Net investment income (loss)
 
1.52% I
 
1.21%
 
1.16%
 
1.12%
 
.59%
 
.25%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,906
$
4,665
$
4,248
$
4,066
$
6,937
$
5,204
    Portfolio turnover rate J
 
42
% I
 
31%
 
37%
 
55%
 
52%
 
39%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 13.23%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Europe Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.19
$
30.03
$
27.36
$
45.63
$
35.01
$
35.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.26
 
.21
 
.21
 
.04
 
(.09)
     Net realized and unrealized gain (loss)
 
4.43 C
 
5.98
 
2.46
 
(12.84)
 
10.64
 
1.45
  Total from investment operations
 
4.62  
 
6.24  
 
2.67  
 
(12.63)  
 
10.68
 
1.36
  Distributions from net investment income
 
(.67)
 
(.08)
 
-
 
(.52)
 
(.06)
 
(1.14)
  Distributions from net realized gain
 
-
 
-
 
-
 
(5.12)
 
-
 
(1.08)
     Total distributions
 
(.67)
 
(.08)
 
-
 
(5.64)
 
(.06)
 
(2.22)
  Net asset value, end of period
$
40.14
$
36.19
$
30.03
$
27.36
$
45.63
$
35.01
 Total Return D,E,F
 
12.99
% C
 
20.80%
 
9.76%
 
(30.85)%
 
30.53%
 
3.81%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.75% I
 
1.67%
 
1.79%
 
1.99%
 
2.19%
 
2.15%
    Expenses net of fee waivers, if any
 
1.75
% I
 
1.67%
 
1.78%
 
1.98%
 
2.18%
 
2.15%
    Expenses net of all reductions, if any
 
1.75% I
 
1.67%
 
1.78%
 
1.98%
 
2.18%
 
2.14%
    Net investment income (loss)
 
1.02% I
 
.73%
 
.65%
 
.62%
 
.09%
 
(.25)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,310
$
1,601
$
2,025
$
2,496
$
5,255
$
5,242
    Portfolio turnover rate J
 
42
% I
 
31%
 
37%
 
55%
 
52%
 
39%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 12.94%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® Europe Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.71
$
30.58
$
27.57
$
46.11
$
35.35
$
36.28
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.64
 
.57
 
.57
 
.54
 
.30
     Net realized and unrealized gain (loss)
 
4.46 C
 
6.05
 
2.44
 
(12.88)
 
10.71
 
1.46
  Total from investment operations
 
4.84  
 
6.69  
 
3.01  
 
(12.31)  
 
11.25
 
1.76
  Distributions from net investment income
 
(1.14)
 
(.56)
 
-
 
(1.11)
 
(.49)
 
(1.61)
  Distributions from net realized gain
 
-
 
-
 
-
 
(5.12)
 
-
 
(1.08)
     Total distributions
 
(1.14)
 
(.56)
 
-
 
(6.23)
 
(.49)
 
(2.69)
  Net asset value, end of period
$
40.41
$
36.71
$
30.58
$
27.57
$
46.11
$
35.35
 Total Return D,E
 
13.59
% C
 
22.07%
 
10.92%
 
(30.07)%
 
31.99%
 
4.95%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.71% H
 
.65%
 
.70%
 
.88%
 
1.06%
 
1.03%
    Expenses net of fee waivers, if any
 
.71
% H
 
.64%
 
.69%
 
.88%
 
1.06%
 
1.03%
    Expenses net of all reductions, if any
 
.71% H
 
.64%
 
.69%
 
.88%
 
1.06%
 
1.02%
    Net investment income (loss)
 
2.06% H
 
1.76%
 
1.75%
 
1.73%
 
1.21%
 
.86%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
701,580
$
552,467
$
519,010
$
523,685
$
913,296
$
755,125
    Portfolio turnover rate I
 
42
% H
 
31%
 
37%
 
55%
 
52%
 
39%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 13.54%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Europe Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.71
$
30.58
$
27.56
$
46.07
$
35.34
$
36.27
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.64
 
.57
 
.60
 
.54
 
.31
     Net realized and unrealized gain (loss)
 
4.46 C
 
6.05
 
2.45
 
(12.91)
 
10.70
 
1.46
  Total from investment operations
 
4.84  
 
6.69  
 
3.02  
 
(12.31)  
 
11.24
 
1.77
  Distributions from net investment income
 
(1.07)
 
(.56)
 
-
 
(1.08)
 
(.51)
 
(1.62)
  Distributions from net realized gain
 
-
 
-
 
-
 
(5.12)
 
-
 
(1.08)
     Total distributions
 
(1.07)
 
(.56)
 
-
 
(6.20)
 
(.51)
 
(2.70)
  Net asset value, end of period
$
40.48
$
36.71
$
30.58
$
27.56
$
46.07
$
35.34
 Total Return D,E
 
13.58
% C
 
22.09%
 
10.96%
 
(30.08)%
 
31.99%
 
4.99%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% H
 
.62%
 
.68%
 
.86%
 
1.06%
 
1.00%
    Expenses net of fee waivers, if any
 
.72
% H
 
.61%
 
.67%
 
.86%
 
1.06%
 
1.00%
    Expenses net of all reductions, if any
 
.72% H
 
.61%
 
.67%
 
.86%
 
1.06%
 
.99%
    Net investment income (loss)
 
2.06% H
 
1.79%
 
1.77%
 
1.74%
 
1.22%
 
.90%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,150
$
3,011
$
4,806
$
4,283
$
14,401
$
14,733
    Portfolio turnover rate I
 
42
% H
 
31%
 
37%
 
55%
 
52%
 
39%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 13.53%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Europe Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.63
$
30.53
$
27.48
$
46.00
$
35.27
$
36.21
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.40
 
.67
 
.61
 
.62
 
.59
 
.34
     Net realized and unrealized gain (loss)
 
4.44 C
 
6.04
 
2.44
 
(12.86)
 
10.67
 
1.47
  Total from investment operations
 
4.84  
 
6.71  
 
3.05  
 
(12.24)  
 
11.26
 
1.81
  Distributions from net investment income
 
(1.20)
 
(.61)
 
-
 
(1.17)
 
(.53)
 
(1.67)
  Distributions from net realized gain
 
-
 
-
 
-
 
(5.12)
 
-
 
(1.08)
     Total distributions
 
(1.20)
 
(.61)
 
-
 
(6.28) D
 
(.53)
 
(2.75)
  Net asset value, end of period
$
40.27
$
36.63
$
30.53
$
27.48
$
46.00
$
35.27
 Total Return E,F
 
13.65
% C
 
22.20%
 
11.10%
 
(30.00)%
 
32.13%
 
5.11%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% I
 
.55%
 
.57%
 
.76%
 
.95%
 
.91%
    Expenses net of fee waivers, if any
 
.61
% I
 
.54%
 
.56%
 
.75%
 
.95%
 
.90%
    Expenses net of all reductions, if any
 
.61% I
 
.54%
 
.56%
 
.75%
 
.95%
 
.90%
    Net investment income (loss)
 
2.16% I
 
1.86%
 
1.87%
 
1.85%
 
1.33%
 
.99%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,888
$
3,076
$
2,222
$
1,461
$
28,249
$
19,479
    Portfolio turnover rate J
 
42
% I
 
31%
 
37%
 
55%
 
52%
 
39%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.02 per share. Excluding this reimbursement, the total return would have been 13.60%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Europe, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. For U.S. income tax purposes, EU reclaims received by a fund reduce the amounts of foreign taxes shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid in that year, and a fund previously passed foreign tax credit on to its shareholders, a fund will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability on behalf of shareholders. During the fiscal year ended October 31, 2024, the Fund received EU reclaims in excess of foreign withholding taxes paid. The Fund is seeking a closing agreement with the IRS and has accrued the estimated fees as presented in the Statement of Assets and Liabilities in other payables and accrued expenses. The actual fees may differ from the estimate.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$188,163,030
Gross unrealized depreciation
(16,935,424)
Net unrealized appreciation (depreciation)
$171,227,606
Tax cost
$580,655,725
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(58,515,557)
 Long-term
(27,975,205)
Total capital loss carryforward
$(86,490,762)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
 
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
 
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
 
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
 
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.
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 Europe Fund
210,697,193
126,399,331
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
Europe
.84
Class I
.83
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Europe
.82
Class I
.83
Class Z
.72
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Europe Fund
MSCI Europe Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Europe. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.15)%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 -%
 .25%
21,000
448
Class M
 .25%
 .25%
 12,476
 186
Class C
 .75%
 .25%
8,548
727
 
 
 
42,024
1,361
 
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
 2,118
Class M
 163
Class CA
30
 
2,311
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Europe Fund
 80
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Europe Fund
 1,855,594
 5,934,845
 (20,598)
 
 
Other. During the period, FMR reimbursed the Fund $305,198 for an operational error which is included in Net Realized Gain (Loss) in the accompanying Statement of Operations.
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Europe Fund
465
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Europe Fund
1,120
 -
-
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Europe Fund
 
 
Distributions to shareholders
 
 
Class A
$439,342
 $214,383
Class M
 119,110
 44,641
Class C
 28,833
 5,044
Europe
 16,851,586
 9,309,343
Class I
 88,150
 81,789
Class Z
93,647
41,862
Total  
$17,620,668
$9,697,062
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Europe Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
162,082
21,452
$6,380,549
$775,929
Reinvestment of distributions
12,218
6,443
436,804
213,141
Shares redeemed
(84,487)
(97,780)
(3,151,014)
(3,489,488)
Net increase (decrease)
89,813
(69,885)
$3,666,339
$(2,500,418)
Class M
 
 
 
 
Shares sold
24,936
3,801
$975,730
$136,486
Reinvestment of distributions
3,192
1,296
114,398
42,989
Shares redeemed
(9,432)
(17,130)
(347,332)
(618,152)
Net increase (decrease)
18,696
(12,033)
$742,796
$(438,677)
Class C
 
 
 
 
Shares sold
16,185
2,160
$620,434
$77,699
Reinvestment of distributions
805
153
28,650
5,024
Shares redeemed
(3,694)
(25,492)
(137,970)
(901,511)
Net increase (decrease)
13,296
(23,179)
$511,114
$(818,788)
Europe
 
 
 
 
Shares sold
3,785,596
633,047
$146,945,852
$22,875,346
Reinvestment of distributions
432,120
259,528
15,431,021
8,577,392
Shares redeemed
(1,903,932)
(2,815,218)
(70,640,054)
(100,700,066)
Net increase (decrease)
2,313,784
(1,922,643)
$91,736,819
$(69,247,328)
Class I
 
 
 
 
Shares sold
115,516
13,511
$4,464,164
$485,051
Reinvestment of distributions
2,344
1,869
83,882
61,781
Shares redeemed
(72,644)
(90,511)
(2,782,720)
(3,281,012)
Net increase (decrease)
45,216
(75,131)
$1,765,326
$(2,734,180)
Class Z
 
 
 
 
Shares sold
8,047
28,495
$300,252
$1,050,990
Reinvestment of distributions
1,904
865
67,744
28,496
Shares redeemed
(22,205)
(18,170)
(823,079)
(649,260)
Net increase (decrease)
(12,254)
11,190
$(455,083)
$430,226
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Fidelity® Japan Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4%
 
 
Shares
Value ($)
 
CHINA - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Household Durables - 0.2%
 
 
 
Chervon Holdings Ltd
 
1,163,900
1,950,939
JAPAN - 96.7%
 
 
 
Communication Services - 6.8%
 
 
 
Entertainment - 3.4%
 
 
 
Daiichikosho Co Ltd
 
344,300
4,019,000
Nintendo Co Ltd
 
241,900
20,082,540
 
 
 
24,101,540
Interactive Media & Services - 1.9%
 
 
 
Kakaku.com Inc
 
389,000
6,883,271
LY Corp
 
1,807,400
6,835,627
 
 
 
13,718,898
Wireless Telecommunication Services - 1.5%
 
 
 
SoftBank Group Corp
 
213,900
10,816,850
TOTAL COMMUNICATION SERVICES
 
 
48,637,288
 
 
 
 
Consumer Discretionary - 11.4%
 
 
 
Automobile Components - 1.0%
 
 
 
Denso Corp
 
541,500
6,991,815
Automobiles - 0.6%
 
 
 
Suzuki Motor Corp
 
367,600
4,405,196
Broadline Retail - 1.3%
 
 
 
Pan Pacific International Holdings Corp
 
290,200
8,950,776
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Curves Holdings Co Ltd
 
975,000
4,677,927
Kyoritsu Maintenance Co Ltd
 
419,600
8,859,787
 
 
 
13,537,714
Household Durables - 6.2%
 
 
 
Open House Group Co Ltd
 
179,700
7,940,584
Sony Group Corp
 
1,359,600
35,870,052
 
 
 
43,810,636
Leisure Products - 0.4%
 
 
 
Roland Corp
 
145,600
3,222,996
TOTAL CONSUMER DISCRETIONARY
 
 
80,919,133
 
 
 
 
Consumer Staples - 2.5%
 
 
 
Consumer Staples Distribution & Retail - 1.0%
 
 
 
Seven & i Holdings Co Ltd
 
269,500
3,967,208
Welcia Holdings Co Ltd
 
142,300
2,505,527
 
 
 
6,472,735
Food Products - 0.7%
 
 
 
Ajinomoto Co Inc
 
254,200
5,199,429
Personal Care Products - 0.8%
 
 
 
Rohto Pharmaceutical Co Ltd
 
361,800
6,035,061
TOTAL CONSUMER STAPLES
 
 
17,707,225
 
 
 
 
Energy - 1.0%
 
 
 
Oil, Gas & Consumable Fuels - 1.0%
 
 
 
ENEOS Holdings Inc
 
840,400
4,045,879
Inpex Corp
 
265,800
3,325,024
 
 
 
7,370,903
Financials - 15.1%
 
 
 
Banks - 7.7%
 
 
 
Mizuho Financial Group Inc
 
361,700
9,043,453
Sumitomo Mitsui Financial Group Inc
 
1,903,600
45,414,592
 
 
 
54,458,045
Capital Markets - 1.0%
 
 
 
Integral Corp (a)
 
110,800
2,103,170
SBI Holdings Inc
 
179,900
4,704,477
 
 
 
6,807,647
Financial Services - 2.8%
 
 
 
ORIX Corp
 
1,004,900
20,158,325
Insurance - 3.6%
 
 
 
LIFENET INSURANCE CO (a)(b)
 
406,600
5,090,320
Tokio Marine Holdings Inc
 
517,300
20,734,613
 
 
 
25,824,933
TOTAL FINANCIALS
 
 
107,248,950
 
 
 
 
Health Care - 5.5%
 
 
 
Health Care Equipment & Supplies - 2.9%
 
 
 
Hoya Corp
 
168,600
19,838,519
Health Care Providers & Services - 0.4%
 
 
 
CUC Inc (b)
 
302,100
2,370,655
EUCALIA Inc (a)
 
93,500
672,247
 
 
 
3,042,902
Pharmaceuticals - 2.2%
 
 
 
Daiichi Sankyo Co Ltd
 
621,300
15,893,246
TOTAL HEALTH CARE
 
 
38,774,667
 
 
 
 
Industrials - 27.9%
 
 
 
Construction & Engineering - 1.0%
 
 
 
Taisei Corp
 
132,600
7,189,838
Electrical Equipment - 2.0%
 
 
 
Fuji Electric Co Ltd
 
144,400
6,421,000
NIDEC CORP
 
444,900
7,906,467
 
 
 
14,327,467
Industrial Conglomerates - 4.8%
 
 
 
Hitachi Ltd
 
1,368,100
33,813,296
Machinery - 11.2%
 
 
 
Ebara Corp
 
481,800
7,237,501
Hoshizaki Corp
 
128,000
5,435,837
IHI Corp
 
189,700
14,859,614
Japan Steel Works Ltd/The
 
121,900
5,022,908
Kawasaki Heavy Industries Ltd
 
105,200
6,275,358
MISUMI Group Inc
 
366,160
5,129,632
Mitsubishi Heavy Industries Ltd
 
699,000
13,779,280
Nabtesco Corp
 
155,900
2,340,463
Organo Corp
 
99,900
4,744,167
SMC Corp
 
27,400
8,867,761
Toyota Industries Corp
 
45,200
5,298,307
 
 
 
78,990,828
Professional Services - 7.1%
 
 
 
BayCurrent Inc
 
164,400
8,858,465
Funai Soken Holdings Inc
 
250,200
3,989,761
Gakujo Co Ltd (a)
 
202,100
2,354,865
Persol Holdings Co Ltd
 
6,714,800
12,111,812
SIGMAXYZ Holdings Inc
 
583,400
4,247,583
SMS Co Ltd
 
238,300
2,210,833
TechnoPro Holdings Inc
 
466,900
10,505,087
Visional Inc (b)
 
97,100
5,872,995
 
 
 
50,151,401
Trading Companies & Distributors - 1.8%
 
 
 
ITOCHU Corp
 
253,000
12,939,164
TOTAL INDUSTRIALS
 
 
197,411,994
 
 
 
 
Information Technology - 19.0%
 
 
 
Electronic Equipment, Instruments & Components - 4.1%
 
 
 
Daiwabo Holdings Co Ltd
 
201,100
3,401,597
Dexerials Corp
 
665,000
7,785,775
Furuya Metal Co Ltd
 
15,600
279,639
Hamamatsu Photonics KK (a)
 
371,600
3,431,933
Ibiden Co Ltd
 
261,800
7,236,212
Jeol Ltd
 
93,400
2,995,750
Taiyo Yuden Co Ltd (a)
 
269,700
4,067,686
 
 
 
29,198,592
IT Services - 7.6%
 
 
 
DTS Corp
 
185,100
5,262,495
ExaWizards Inc (a)(b)
 
774,300
1,727,526
Fujitsu Ltd
 
925,000
20,549,303
NEC Corp
 
455,800
11,095,460
NSD Co Ltd
 
373,400
8,772,210
TechMatrix Corp
 
407,600
5,801,273
 
 
 
53,208,267
Semiconductors & Semiconductor Equipment - 3.6%
 
 
 
Advantest Corp
 
135,900
5,685,506
Renesas Electronics Corp
 
1,415,800
16,614,787
Rohm Co Ltd (a)
 
336,400
3,052,727
 
 
 
25,353,020
Software - 1.2%
 
 
 
Appier Group Inc
 
152,800
1,344,400
Money Forward Inc (b)
 
250,800
7,488,217
 
 
 
8,832,617
Technology Hardware, Storage & Peripherals - 2.5%
 
 
 
FUJIFILM Holdings Corp
 
884,200
18,110,528
TOTAL INFORMATION TECHNOLOGY
 
 
134,703,024
 
 
 
 
Materials - 6.4%
 
 
 
Chemicals - 6.4%
 
 
 
Kansai Paint Co Ltd
 
133,900
2,013,463
Kuraray Co Ltd
 
363,500
4,246,222
Mitsui Chemicals Inc
 
210,000
4,614,692
NOF Corp
 
335,700
5,036,204
Resonac Holdings Corp
 
240,200
4,368,750
Shin-Etsu Chemical Co Ltd
 
620,800
18,891,871
Tokyo Ohka Kogyo Co Ltd
 
213,300
4,679,830
Toyo Gosei Co Ltd (a)
 
57,900
1,949,843
 
 
 
45,800,875
Real Estate - 1.1%
 
 
 
Real Estate Management & Development - 1.1%
 
 
 
Relo Group Inc
 
612,000
8,051,280
TOTAL JAPAN
 
 
686,625,339
UNITED STATES - 0.5%
 
 
 
Industrials - 0.5%
 
 
 
Aerospace & Defense - 0.5%
 
 
 
Space Exploration Technologies Corp (b)(c)(d)
 
18,055
3,340,175
 
TOTAL COMMON STOCKS
 (Cost $518,731,845)
 
 
 
691,916,453
 
 
 
 
Money Market Funds - 2.5%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
4.33
1,015,607
1,015,810
Fidelity Securities Lending Cash Central Fund (e)(f)
 
4.33
16,736,985
16,738,659
 
TOTAL MONEY MARKET FUNDS
 (Cost $17,754,469)
 
 
 
17,754,469
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $536,486,314)
 
 
 
709,670,922
NET OTHER ASSETS (LIABILITIES) - 0.1%  
667,543
NET ASSETS - 100.0%
710,338,465
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(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 $3,340,175 or 0.5% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
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
2/16/21 - 5/24/22
1,151,846
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
566,579
15,492,419
15,043,188
18,366
-
-
1,015,810
1,015,607
0.0%
Fidelity Securities Lending Cash Central Fund
13,013,849
99,268,262
95,543,452
85,902
-
-
16,738,659
16,736,985
0.1%
Total
13,580,428
114,760,681
110,586,640
104,268
-
-
17,754,469
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
48,637,288
10,902,271
37,735,017
-
Consumer Discretionary
82,870,072
35,603,009
47,267,063
-
Consumer Staples
17,707,225
8,540,588
9,166,637
-
Energy
7,370,903
-
7,370,903
-
Financials
107,248,950
11,897,967
95,350,983
-
Health Care
38,774,667
3,042,902
35,731,765
-
Industrials
200,752,169
59,111,710
138,300,284
3,340,175
Information Technology
134,703,024
58,579,754
76,123,270
-
Materials
45,800,875
13,679,340
32,121,535
-
Real Estate
8,051,280
8,051,280
-
-
 Money Market Funds
17,754,469
17,754,469
-
-
 Total Investments in Securities:
709,670,922
227,163,290
479,167,457
3,340,175
Fidelity® Japan Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,771,394) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $518,731,845)
$
691,916,453
 
 
Fidelity Central Funds (cost $17,754,469)
17,754,469
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $536,486,314)
 
 
$
709,670,922
Foreign currency held at value (cost $11,564,897)
 
 
11,747,708
Receivable for investments sold
 
 
630,038
Receivable for fund shares sold
 
 
76,310
Dividends receivable
 
 
6,226,011
Distributions receivable from Fidelity Central Funds
 
 
18,989
Prepaid expenses
 
 
204
  Total assets
 
 
728,370,182
Liabilities
 
 
 
 
Payable for investments purchased
$
718,940
 
 
Payable for fund shares redeemed
208,432
 
 
Accrued management fee
318,015
 
 
Distribution and service plan fees payable
5,846
 
 
Other payables and accrued expenses
41,825
 
 
Collateral on securities loaned
16,738,659
 
 
  Total liabilities
 
 
 
18,031,717
Net Assets  
 
 
$
710,338,465
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
534,446,973
Total accumulated earnings (loss)
 
 
 
175,891,492
Net Assets
 
 
$
710,338,465
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($16,859,748 ÷ 975,971 shares)(a)
 
 
$
17.27
Maximum offering price per share (100/94.25 of $17.27)
 
 
$
18.32
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,930,169 ÷ 170,917 shares)(a)
 
 
$
17.14
Maximum offering price per share (100/96.50 of $17.14)
 
 
$
17.76
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,773,977 ÷ 105,543 shares)(a)
 
 
$
16.81
Japan :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($180,337,323 ÷ 10,356,267 shares)
 
 
$
17.41
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($17,241,546 ÷ 977,212 shares)
 
 
$
17.64
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($491,195,702 ÷ 28,291,480 shares)
 
 
$
17.36
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
7,888,466
Income from Fidelity Central Funds (including $85,902 from security lending)
 
 
104,268
 Income before foreign taxes withheld
 
 
$
7,992,734
Less foreign taxes withheld
 
 
(788,977)
 Total income
 
 
 
7,203,757
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,574,660
 
 
 Performance adjustment
(576,630)
 
 
Distribution and service plan fees
37,166
 
 
Custodian fees and expenses
17,372
 
 
Independent trustees' fees and expenses
1,503
 
 
Registration fees
65,304
 
 
Audit fees
34,126
 
 
Legal
635
 
 
Interest
2,424
 
 
Miscellaneous
3,702
 
 
 Total expenses
 
 
 
2,160,262
Net Investment income (loss)
 
 
 
5,043,495
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
11,382,738
 
 
 Foreign currency transactions
 
417,583
 
 
Total net realized gain (loss)
 
 
 
11,800,321
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
11,263,335
 
 
 Assets and liabilities in foreign currencies
 
761,151
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
12,024,486
Net gain (loss)
 
 
 
23,824,807
Net increase (decrease) in net assets resulting from operations
 
 
$
28,868,302
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,043,495
$
8,373,228
Net realized gain (loss)
 
11,800,321
 
16,081,921
Change in net unrealized appreciation (depreciation)
 
12,024,486
 
113,525,071
Net increase (decrease) in net assets resulting from operations
 
28,868,302
 
137,980,220
Distributions to shareholders
 
(32,121,491)
 
(23,847,306)
 
 
 
 
 
Share transactions - net increase (decrease)
 
20,605,568
 
(53,403,809)
 
 
 
 
 
Total increase (decrease) in net assets
 
17,352,379
 
60,729,105
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
692,986,086
 
632,256,981
End of period
$
710,338,465
$
692,986,086
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Japan Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.34
$
14.56
$
13.26
$
20.90
$
17.50
$
15.80
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.15
 
.11
 
.04
 
.02
 
.05
     Net realized and unrealized gain (loss)
 
.58
 
3.18
 
1.19
 
(5.58)
 
3.71
 
1.81
  Total from investment operations
 
.67  
 
3.33  
 
1.30  
 
(5.54)  
 
3.73
 
1.86
  Distributions from net investment income
 
(.38)
 
(.09)
 
-
 
(.55)
 
(.07)
 
(.07)
  Distributions from net realized gain
 
(.37)
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
     Total distributions
 
(.74) C
 
(.55)
 
-
 
(2.10)
 
(.33) C
 
(.16)
  Net asset value, end of period
$
17.27
$
17.34
$
14.56
$
13.26
$
20.90
$
17.50
 Total Return D,E,F
 
3.99
%
 
23.44%
 
9.80%
 
(29.38)%
 
21.42%
 
11.85%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% I
 
.97%
 
1.22%
 
1.39%
 
1.38%
 
1.37%
    Expenses net of fee waivers, if any
 
.98
% I
 
.97%
 
1.22%
 
1.39%
 
1.38%
 
1.37%
    Expenses net of all reductions, if any
 
.98% I
 
.97%
 
1.21%
 
1.39%
 
1.38%
 
1.37%
    Net investment income (loss)
 
1.13% I
 
.90%
 
.69%
 
.26%
 
.08%
 
.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,860
$
16,922
$
15,764
$
13,004
$
20,357
$
16,181
    Portfolio turnover rate J
 
31
% I
 
21%
 
25%
 
26%
 
31%
 
22%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Japan Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.21
$
14.44
$
13.19
$
20.76
$
17.40
$
15.71
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.11
 
.06
 
(.01)
 
(.05)
 
.01
     Net realized and unrealized gain (loss)
 
.58
 
3.16
 
1.19
 
(5.55)
 
3.69
 
1.80
  Total from investment operations
 
.65  
 
3.27  
 
1.25  
 
(5.56)  
 
3.64
 
1.81
  Distributions from net investment income
 
(.35)
 
(.04)
 
-
 
(.46)
 
(.02)
 
(.03)
  Distributions from net realized gain
 
(.37)
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
     Total distributions
 
(.72)
 
(.50)
 
-
 
(2.01)
 
(.28) C
 
(.12)
  Net asset value, end of period
$
17.14
$
17.21
$
14.44
$
13.19
$
20.76
$
17.40
 Total Return D,E,F
 
3.87
%
 
23.10%
 
9.48%
 
(29.55)%
 
21.00%
 
11.55%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.23% I
 
1.22%
 
1.51%
 
1.69%
 
1.70%
 
1.67%
    Expenses net of fee waivers, if any
 
1.23
% I
 
1.22%
 
1.50%
 
1.69%
 
1.70%
 
1.67%
    Expenses net of all reductions, if any
 
1.23% I
 
1.21%
 
1.49%
 
1.69%
 
1.70%
 
1.67%
    Net investment income (loss)
 
.88% I
 
.65%
 
.42%
 
(.04)%
 
(.23)%
 
.04%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,930
$
2,847
$
2,354
$
2,282
$
3,919
$
3,728
    Portfolio turnover rate J
 
31
% I
 
21%
 
25%
 
26%
 
31%
 
22%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Japan Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.84
$
14.17
$
13.00
$
20.43
$
17.17
$
15.49
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.03
 
- C
 
(.07)
 
(.12)
 
(.05)
     Net realized and unrealized gain (loss)
 
.57
 
3.10
 
1.17
 
(5.49)
 
3.63
 
1.77
  Total from investment operations
 
.60  
 
3.13  
 
1.17  
 
(5.56)  
 
3.51
 
1.72
  Distributions from net investment income
 
(.26)
 
-
 
-
 
(.33)
 
(.01)
 
-
  Distributions from net realized gain
 
(.37)
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.04)
     Total distributions
 
(.63)
 
(.46)
 
-
 
(1.87) D
 
(.25) D
 
(.04)
  Net asset value, end of period
$
16.81
$
16.84
$
14.17
$
13.00
$
20.43
$
17.17
 Total Return E,F,G
 
3.63
%
 
22.54%
 
9.00%
 
(29.85)%
 
20.54%
 
11.09%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.73% J
 
1.71%
 
1.94%
 
2.11%
 
2.09%
 
2.06%
    Expenses net of fee waivers, if any
 
1.73
% J
 
1.70%
 
1.93%
 
2.10%
 
2.09%
 
2.05%
    Expenses net of all reductions, if any
 
1.73% J
 
1.70%
 
1.93%
 
2.10%
 
2.09%
 
2.05%
    Net investment income (loss)
 
.38% J
 
.16%
 
(.02)%
 
(.46)%
 
(.63)%
 
(.34)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,774
$
1,967
$
1,779
$
2,179
$
4,778
$
6,167
    Portfolio turnover rate K
 
31
% J
 
21%
 
25%
 
26%
 
31%
 
22%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® Japan Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.50
$
14.69
$
13.35
$
21.01
$
17.58
$
15.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.20
 
.15
 
.08
 
.08
 
.10
     Net realized and unrealized gain (loss)
 
.59
 
3.21
 
1.19
 
(5.60)
 
3.72
 
1.81
  Total from investment operations
 
.71  
 
3.41  
 
1.34  
 
(5.52)  
 
3.80
 
1.91
  Distributions from net investment income
 
(.43)
 
(.14)
 
-
 
(.59)
 
(.11)
 
(.11)
  Distributions from net realized gain
 
(.37)
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
     Total distributions
 
(.80)
 
(.60)
 
-
 
(2.14)
 
(.37) C
 
(.19) C
  Net asset value, end of period
$
17.41
$
17.50
$
14.69
$
13.35
$
21.01
$
17.58
 Total Return D,E
 
4.18
%
 
23.78%
 
10.04%
 
(29.16)%
 
21.75%
 
12.16%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% H
 
.69%
 
.96%
 
1.13%
 
1.09%
 
1.06%
    Expenses net of fee waivers, if any
 
.69
% H
 
.68%
 
.95%
 
1.12%
 
1.09%
 
1.06%
    Expenses net of all reductions, if any
 
.69% H
 
.68%
 
.95%
 
1.12%
 
1.09%
 
1.06%
    Net investment income (loss)
 
1.42% H
 
1.18%
 
.96%
 
.52%
 
.37%
 
.65%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
180,337
$
176,869
$
149,990
$
113,015
$
167,954
$
274,433
    Portfolio turnover rate I
 
31
% H
 
21%
 
25%
 
26%
 
31%
 
22%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Japan Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.64
$
14.81
$
13.45
$
20.97
$
17.56
$
15.85
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.19
 
.15
 
.09
 
.09
 
.11
     Net realized and unrealized gain (loss)
 
.59
 
3.24
 
1.21
 
(5.65)
 
3.71
 
1.81
  Total from investment operations
 
.71  
 
3.43  
 
1.36  
 
(5.56)  
 
3.80
 
1.92
  Distributions from net investment income
 
(.35)
 
(.14)
 
-
 
(.41)
 
(.14)
 
(.12)
  Distributions from net realized gain
 
(.37)
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
     Total distributions
 
(.71) C
 
(.60)
 
-
 
(1.96)
 
(.39)
 
(.21)
  Net asset value, end of period
$
17.64
$
17.64
$
14.81
$
13.45
$
20.97
$
17.56
 Total Return D,E
 
4.15
%
 
23.73%
 
10.11%
 
(29.15)%
 
21.80%
 
12.20%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% H
 
.72%
 
.94%
 
1.09%
 
1.04%
 
1.01%
    Expenses net of fee waivers, if any
 
.73
% H
 
.72%
 
.94%
 
1.09%
 
1.04%
 
1.01%
    Expenses net of all reductions, if any
 
.73% H
 
.72%
 
.94%
 
1.09%
 
1.04%
 
1.00%
    Net investment income (loss)
 
1.38% H
 
1.15%
 
.97%
 
.56%
 
.43%
 
.71%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,242
$
18,555
$
32,712
$
33,320
$
48,887
$
473,859
    Portfolio turnover rate I
 
31
% H
 
21%
 
25%
 
26%
 
31%
 
22%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Japan Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.47
$
14.68
$
13.31
$
20.98
$
17.56
$
15.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.22
 
.17
 
.11
 
.10
 
.13
     Net realized and unrealized gain (loss)
 
.59
 
3.19
 
1.20
 
(5.59)
 
3.72
 
1.81
  Total from investment operations
 
.72  
 
3.41  
 
1.37  
 
(5.48)  
 
3.82
 
1.94
  Distributions from net investment income
 
(.46)
 
(.16)
 
-
 
(.64)
 
(.15)
 
(.13)
  Distributions from net realized gain
 
(.37)
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
     Total distributions
 
(.83)
 
(.62)
 
-
 
(2.19)
 
(.40)
 
(.22)
  Net asset value, end of period
$
17.36
$
17.47
$
14.68
$
13.31
$
20.98
$
17.56
 Total Return C,D
 
4.24
%
 
23.87%
 
10.29%
 
(29.07)%
 
21.93%
 
12.36%
 Ratios to Average Net Assets A,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.59% G
 
.57%
 
.80%
 
.96%
 
.96%
 
.92%
    Expenses net of fee waivers, if any
 
.59
% G
 
.56%
 
.79%
 
.96%
 
.96%
 
.92%
    Expenses net of all reductions, if any
 
.59% G
 
.56%
 
.79%
 
.96%
 
.96%
 
.92%
    Net investment income (loss)
 
1.52% G
 
1.30%
 
1.12%
 
.69%
 
.51%
 
.79%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
491,196
$
475,826
$
429,659
$
408,434
$
585,487
$
8,368
    Portfolio turnover rate H
 
31
% G
 
21%
 
25%
 
26%
 
31%
 
22%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Japan, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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
$217,874,421
Gross unrealized depreciation
(58,523,783)
Net unrealized appreciation (depreciation)
$159,350,638
Tax cost
$550,320,284
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Japan Fund
104,571,083
123,240,199
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.86
Japan
.87
Class I
.87
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Japan
.82
Class I
.86
Class Z
.72
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Japan Fund
TOPIX
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Japan. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.17)%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 -%
 .25%
20,657
285
Class M
 .25%
 .25%
 7,164
 66
Class C
 .75%
 .25%
9,345
2,492
 
 
 
37,166
2,843
 
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
 295
Class M
 48
Class CA
11
 
354
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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
 2,459,571
4.78%
 2,286
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 715,494
 5,601,800
 (354,716)
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Japan Fund
533
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
9,089
 -
-
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Japan Fund
1,025,000
4.83%
 138
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Japan Fund
 
 
Distributions to shareholders
 
 
Class A
$715,903
 $601,432
Class M
 121,784
 80,704
Class C
 74,834
 58,025
Japan
 7,875,903
 5,977,883
Class I
 751,595
 1,377,391
Class Z
22,581,472
15,751,871
Total  
$32,121,491
$23,847,306
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Japan Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
40,723
178,076
$667,143
$2,989,956
Reinvestment of distributions
40,646
37,678
684,884
571,577
Shares redeemed
(81,379)
(322,353)
(1,343,477)
(5,347,066)
Net increase (decrease)
(10)
(106,599)
$8,550
$(1,785,533)
Class M
 
 
 
 
Shares sold
8,477
10,714
$147,341
$174,853
Reinvestment of distributions
7,270
5,341
121,622
80,602
Shares redeemed
(10,266)
(13,657)
(171,584)
(229,966)
Net increase (decrease)
5,481
2,398
$97,379
$25,489
Class C
 
 
 
 
Shares sold
14,570
35,715
$240,251
$576,393
Reinvestment of distributions
4,552
3,913
74,834
58,025
Shares redeemed
(30,421)
(48,344)
(487,787)
(787,654)
Net increase (decrease)
(11,299)
(8,716)
$(172,702)
$(153,236)
Japan
 
 
 
 
Shares sold
1,342,948
2,663,798
$22,523,129
$44,014,546
Reinvestment of distributions
424,185
360,541
7,194,179
5,509,063
Shares redeemed
(1,515,864)
(3,127,359)
(25,708,582)
(51,775,389)
Net increase (decrease)
251,269
(103,020)
$4,008,726
$(2,251,780)
Class I
 
 
 
 
Shares sold
98,128
873,438
$1,668,269
$14,285,779
Reinvestment of distributions
42,999
86,366
739,145
1,330,039
Shares redeemed
(215,618)
(2,116,540)
(3,664,337)
(36,696,595)
Net increase (decrease)
(74,491)
(1,156,736)
$(1,256,923)
$(21,080,777)
Class Z
 
 
 
 
Shares sold
431,451
8,068,059
$7,280,913
$125,982,060
Reinvestment of distributions
841,043
630,507
14,222,031
9,602,617
Shares redeemed
(213,378)
(10,742,814)
(3,582,406)
(163,742,649)
Net increase (decrease)
1,059,116
(2,044,248)
$17,920,538
$(28,157,972)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity Japan Fund
24%
40%
 
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
64%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Fidelity® Japan Smaller Companies Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4%
 
 
Shares
Value ($)
 
JAPAN - 96.4%
 
 
 
Communication Services - 3.3%
 
 
 
Entertainment - 3.3%
 
 
 
Capcom Co Ltd
 
295,500
8,554,165
Nintendo Co Ltd
 
64,900
5,387,998
 
 
 
13,942,163
Consumer Discretionary - 12.3%
 
 
 
Automobiles - 1.2%
 
 
 
Suzuki Motor Corp
 
434,600
5,208,102
Broadline Retail - 1.6%
 
 
 
Pan Pacific International Holdings Corp
 
222,400
6,859,589
Distributors - 1.1%
 
 
 
Central Automotive Products Ltd (a)
 
381,000
4,514,015
Hotels, Restaurants & Leisure - 1.5%
 
 
 
Koshidaka Holdings Co Ltd
 
927,800
6,573,377
Specialty Retail - 4.5%
 
 
 
Fast Retailing Co Ltd
 
17,500
5,756,535
Fuji Corp/Miyagi (a)
 
503,800
6,796,966
Intermestic Inc
 
110,500
1,282,134
USS Co Ltd
 
542,100
5,417,967
 
 
 
19,253,602
Textiles, Apparel & Luxury Goods - 2.4%
 
 
 
Asics Corp
 
302,500
6,501,951
Fujibo Holdings Inc
 
105,200
3,660,442
 
 
 
10,162,393
TOTAL CONSUMER DISCRETIONARY
 
 
52,571,078
 
 
 
 
Consumer Staples - 8.6%
 
 
 
Beverages - 1.9%
 
 
 
Asahi Group Holdings Ltd
 
580,800
8,027,990
Consumer Staples Distribution & Retail - 0.9%
 
 
 
Kato Sangyo Co Ltd
 
110,500
3,864,177
Food Products - 4.2%
 
 
 
Ajinomoto Co Inc
 
313,200
6,406,221
Kewpie Corp
 
216,000
4,908,267
Kotobuki Spirits Co Ltd (a)
 
440,700
6,543,615
 
 
 
17,858,103
Household Products - 1.0%
 
 
 
Transaction Co Ltd (a)
 
228,400
4,084,619
Personal Care Products - 0.6%
 
 
 
Rohto Pharmaceutical Co Ltd
 
165,500
2,760,648
TOTAL CONSUMER STAPLES
 
 
36,595,537
 
 
 
 
Energy - 2.6%
 
 
 
Oil, Gas & Consumable Fuels - 2.6%
 
 
 
ENEOS Holdings Inc
 
955,900
4,601,923
Inpex Corp
 
313,000
3,915,473
Itochu Enex Co Ltd
 
225,900
2,436,269
 
 
 
10,953,665
Financials - 11.4%
 
 
 
Banks - 2.7%
 
 
 
Hokuhoku Financial Group Inc
 
478,000
8,508,253
Kyoto Financial Group Inc (a)
 
170,400
2,909,123
 
 
 
11,417,376
Consumer Finance - 1.4%
 
 
 
Credit Saison Co Ltd
 
249,900
5,835,901
Financial Services - 0.7%
 
 
 
Zenkoku Hosho Co Ltd
 
157,400
3,402,737
Insurance - 6.6%
 
 
 
LIFENET INSURANCE CO (a)(b)
 
191,600
2,398,685
Ms&Ad Insurance Group Holdings Inc
 
182,700
4,152,737
Sompo Holdings Inc
 
319,800
10,480,202
T&D Holdings Inc
 
171,300
3,645,028
Tokio Marine Holdings Inc
 
184,000
7,375,157
 
 
 
28,051,809
TOTAL FINANCIALS
 
 
48,707,823
 
 
 
 
Health Care - 1.7%
 
 
 
Health Care Providers & Services - 0.7%
 
 
 
As One Corp
 
189,000
2,989,393
Pharmaceuticals - 1.0%
 
 
 
Santen Pharmaceutical Co Ltd
 
437,000
4,422,570
TOTAL HEALTH CARE
 
 
7,411,963
 
 
 
 
Industrials - 23.7%
 
 
 
Construction & Engineering - 2.1%
 
 
 
Hazama Ando Corp
 
341,100
3,397,163
Hibiya Engineering Ltd (a)
 
147,500
3,605,487
Yurtec Corp
 
156,000
2,001,007
 
 
 
9,003,657
Electrical Equipment - 3.4%
 
 
 
Fuji Electric Co Ltd
 
72,400
3,219,393
SWCC Corp
 
246,900
11,189,761
 
 
 
14,409,154
Ground Transportation - 1.4%
 
 
 
Kyushu Railway Co
 
223,900
5,754,878
Machinery - 4.2%
 
 
 
CKD Corp
 
198,400
2,890,384
Ebara Corp
 
258,200
3,878,628
IHI Corp
 
101,400
7,942,882
Takeuchi Manufacturing Co Ltd
 
108,100
3,368,202
 
 
 
18,080,096
Marine Transportation - 1.0%
 
 
 
Nippon Concept Corp
 
363,300
4,398,324
Professional Services - 5.0%
 
 
 
Funai Soken Holdings Inc
 
263,480
4,201,527
Open Up Group Inc
 
277,200
3,551,758
TKC Corp
 
169,800
4,774,067
Visional Inc (b)
 
145,200
8,782,275
 
 
 
21,309,627
Trading Companies & Distributors - 5.1%
 
 
 
Inaba Denki Sangyo Co Ltd
 
165,200
4,342,017
ITOCHU Corp
 
87,800
4,490,350
Mitani Corp
 
404,700
5,335,428
Senshu Electric Co Ltd (a)
 
193,500
5,934,380
Totech Corp
 
89,500
1,624,371
 
 
 
21,726,546
Transportation Infrastructure - 1.5%
 
 
 
Kamigumi Co Ltd
 
254,500
6,219,212
TOTAL INDUSTRIALS
 
 
100,901,494
 
 
 
 
Information Technology - 17.8%
 
 
 
Electronic Equipment, Instruments & Components - 7.3%
 
 
 
Amano Corp
 
218,500
6,358,781
Azbil Corp
 
599,900
5,169,092
Dexerials Corp
 
363,000
4,249,979
Hamamatsu Photonics KK (a)
 
345,700
3,192,732
Ibiden Co Ltd
 
115,800
3,200,739
Maruwa Co Ltd/Aichi
 
30,200
6,138,005
Riken Keiki Co Ltd (a)
 
143,100
2,670,239
 
 
 
30,979,567
IT Services - 4.7%
 
 
 
Ad-sol Nissin Corp
 
187,400
1,319,847
Argo Graphics Inc (a)
 
266,300
9,386,991
NSD Co Ltd
 
283,600
6,662,557
TechMatrix Corp
 
185,400
2,638,754
 
 
 
20,008,149
Semiconductors & Semiconductor Equipment - 1.3%
 
 
 
Renesas Electronics Corp
 
454,000
5,327,810
Software - 3.9%
 
 
 
m-up Holdings Inc
 
246,700
3,255,860
Money Forward Inc (b)
 
348,150
10,394,828
Systena Corp
 
391,700
1,019,110
WingArc1st Inc
 
78,100
2,081,137
 
 
 
16,750,935
Technology Hardware, Storage & Peripherals - 0.6%
 
 
 
FUJIFILM Holdings Corp
 
136,100
2,787,653
TOTAL INFORMATION TECHNOLOGY
 
 
75,854,114
 
 
 
 
Materials - 10.4%
 
 
 
Chemicals - 5.7%
 
 
 
C Uyemura & Co Ltd
 
86,200
5,564,597
Kuraray Co Ltd
 
306,700
3,582,714
NOF Corp
 
198,400
2,976,416
Osaka Soda Co Ltd
 
601,600
6,269,297
Resonac Holdings Corp
 
135,700
2,468,107
Tokyo Ohka Kogyo Co Ltd
 
147,700
3,240,557
 
 
 
24,101,688
Construction Materials - 1.3%
 
 
 
Maeda Kosen Co Ltd
 
380,000
5,429,710
Metals & Mining - 3.4%
 
 
 
Dowa Holdings Co Ltd
 
108,300
3,474,761
Yamato Kogyo Co Ltd
 
186,600
11,078,804
 
 
 
14,553,565
TOTAL MATERIALS
 
 
44,084,963
 
 
 
 
Real Estate - 2.0%
 
 
 
Real Estate Management & Development - 2.0%
 
 
 
Arealink Co Ltd
 
108,600
1,664,167
Katitas Co Ltd
 
212,700
3,073,424
Starts Corp Inc
 
138,300
3,753,001
 
 
 
8,490,592
Utilities - 2.6%
 
 
 
Electric Utilities - 1.3%
 
 
 
Kansai Electric Power Co Inc/The
 
438,300
5,400,047
Gas Utilities - 1.3%
 
 
 
Nippon Gas Co Ltd
 
301,300
5,543,221
TOTAL UTILITIES
 
 
10,943,268
 
 
 
 
TOTAL JAPAN
 
 
410,456,660
 
TOTAL COMMON STOCKS
 (Cost $292,919,823)
 
 
 
410,456,660
 
 
 
 
Money Market Funds - 5.4%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
 
4.33
861,051
861,223
Fidelity Securities Lending Cash Central Fund (c)(d)
 
4.33
22,152,663
22,154,878
 
TOTAL MONEY MARKET FUNDS
 (Cost $23,016,101)
 
 
 
23,016,101
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $315,935,924)
 
 
 
433,472,761
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(7,594,573)
NET ASSETS - 100.0%
425,878,188
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
472,348
10,314,491
9,925,616
7,304
-
-
861,223
861,051
0.0%
Fidelity Securities Lending Cash Central Fund
9,338,303
106,283,252
93,466,677
48,752
-
-
22,154,878
22,152,663
0.1%
Total
9,810,651
116,597,743
103,392,293
56,056
-
-
23,016,101
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
13,942,163
8,554,165
5,387,998
-
Consumer Discretionary
52,571,078
35,104,490
17,466,588
-
Consumer Staples
36,595,537
22,161,326
14,434,211
-
Energy
10,953,665
2,436,269
8,517,396
-
Financials
48,707,823
17,218,798
31,489,025
-
Health Care
7,411,963
7,411,963
-
-
Industrials
100,901,494
81,370,241
19,531,253
-
Information Technology
75,854,114
67,738,651
8,115,463
-
Materials
44,084,963
34,559,381
9,525,582
-
Real Estate
8,490,592
8,490,592
-
-
Utilities
10,943,268
5,543,221
5,400,047
-
 Money Market Funds
23,016,101
23,016,101
-
-
 Total Investments in Securities:
433,472,761
313,605,198
119,867,563
-
Fidelity® Japan Smaller Companies Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $20,776,318) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $292,919,823)
$
410,456,660
 
 
Fidelity Central Funds (cost $23,016,101)
23,016,101
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $315,935,924)
 
 
$
433,472,761
Foreign currency held at value (cost $9,572,684)
 
 
9,800,392
Receivable for investments sold
 
 
2,236,458
Receivable for fund shares sold
 
 
5,467
Dividends receivable
 
 
4,449,725
Distributions receivable from Fidelity Central Funds
 
 
7,935
Prepaid expenses
 
 
123
  Total assets
 
 
449,972,861
Liabilities
 
 
 
 
Payable for investments purchased
$
1,590,243
 
 
Payable for fund shares redeemed
35,453
 
 
Accrued management fee
278,356
 
 
Other payables and accrued expenses
35,743
 
 
Collateral on securities loaned
22,154,878
 
 
  Total liabilities
 
 
 
24,094,673
Net Assets  
 
 
$
425,878,188
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
304,276,110
Total accumulated earnings (loss)
 
 
 
121,602,078
Net Assets
 
 
$
425,878,188
Net Asset Value, offering price and redemption price per share ($425,878,188 ÷ 25,445,893 shares)
 
 
$
16.74
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
5,611,338
Income from Fidelity Central Funds (including $48,752 from security lending)
 
 
56,056
 Income before foreign taxes withheld
 
 
$
5,667,394
Less foreign taxes withheld
 
 
(563,148)
 Total income
 
 
 
5,104,246
Expenses
 
 
 
 
Management fee
$
1,678,231
 
 
Custodian fees and expenses
14,165
 
 
Independent trustees' fees and expenses
897
 
 
Registration fees
12,164
 
 
Audit fees
28,722
 
 
Legal
480
 
 
Miscellaneous
689
 
 
 Total expenses
 
 
 
1,735,348
Net Investment income (loss)
 
 
 
3,368,898
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
12,936,422
 
 
 Foreign currency transactions
 
255,493
 
 
Total net realized gain (loss)
 
 
 
13,191,915
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
14,242,430
 
 
 Assets and liabilities in foreign currencies
 
856,682
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
15,099,112
Net gain (loss)
 
 
 
28,291,027
Net increase (decrease) in net assets resulting from operations
 
 
$
31,659,925
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,368,898
$
5,374,113
Net realized gain (loss)
 
13,191,915
 
13,982,073
Change in net unrealized appreciation (depreciation)
 
15,099,112
 
69,020,289
Net increase (decrease) in net assets resulting from operations
 
31,659,925
 
88,376,475
Distributions to shareholders
 
(17,881,080)
 
(13,096,272)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
8,764,238
 
28,846,628
  Reinvestment of distributions
 
17,214,798
 
12,571,486
Cost of shares redeemed
 
(23,781,016)
 
(142,666,579)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
2,198,020
 
(101,248,465)
Total increase (decrease) in net assets
 
15,976,865
 
(25,968,262)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
409,901,323
 
435,869,585
End of period
$
425,878,188
$
409,901,323
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
543,332
 
1,867,703
  Issued in reinvestment of distributions
 
1,075,253
 
873,020
Redeemed
 
(1,498,645)
 
(9,273,731)
Net increase (decrease)
 
119,940
 
(6,533,008)
 
 
 
 
 
Financial Highlights
 
Fidelity® Japan Smaller Companies Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.19
$
13.68
$
12.47
$
17.92
$
16.64
$
17.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.19
 
.18
 
.19
 
.20
 
.16
     Net realized and unrealized gain (loss)
 
1.13
 
2.75
 
1.04
 
(3.75)
 
1.36
 
.11
  Total from investment operations
 
1.26  
 
2.94  
 
1.22  
 
(3.56)  
 
1.56
 
.27
  Distributions from net investment income
 
(.36)
 
(.33)
 
(.01)
 
(.51)
 
(.19)
 
(.23)
  Distributions from net realized gain
 
(.34)
 
(.10)
 
-
 
(1.38)
 
(.10)
 
(1.00)
     Total distributions
 
(.71) C
 
(.43)
 
(.01)
 
(1.89)
 
(.28) C
 
(1.23)
  Net asset value, end of period
$
16.74
$
16.19
$
13.68
$
12.47
$
17.92
$
16.64
 Total Return D,E
 
7.97
%
 
21.84%
 
9.76%
 
(21.95)%
 
9.44%
 
1.31%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.85% H
 
.88%
 
.92%
 
.91%
 
.91%
 
.92%
    Expenses net of fee waivers, if any
 
.85
% H
 
.87%
 
.91%
 
.91%
 
.91%
 
.92%
    Expenses net of all reductions, if any
 
.85% H
 
.87%
 
.91%
 
.91%
 
.91%
 
.92%
    Net investment income (loss)
 
1.65% H
 
1.21%
 
1.26%
 
1.33%
 
1.13%
 
1.02%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
425,878
$
409,901
$
435,870
$
364,425
$
501,214
$
523,774
    Portfolio turnover rate I
 
43
% H
 
21%
 
36%
 
38%
 
23%
 
20%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.  
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.  
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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
$114,842,409
Gross unrealized depreciation
(8,986,752)
Net unrealized appreciation (depreciation)
$105,855,657
Tax cost
$327,617,104
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Japan Smaller Companies Fund
86,070,060
86,070,060
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Japan Smaller Companies Fund
.84
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Japan Smaller Companies Fund
.82
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 342,582
 2,917,442
 508,323
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Japan Smaller Companies Fund
318
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
5,288
 -
-
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
VIP Funds Manager 60% Portfolio
Fidelity Japan Smaller Companies Fund
12%
23%
13%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Japan Smaller Companies Fund
63%
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Fidelity® Nordic Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5%
 
 
Shares
Value ($)
 
DENMARK - 24.6%
 
 
 
Consumer Staples - 2.0%
 
 
 
Beverages - 2.0%
 
 
 
Carlsberg AS Series B
 
46,500
6,335,796
Financials - 4.6%
 
 
 
Banks - 2.0%
 
 
 
Danske Bank A/S
 
179,400
6,254,087
Insurance - 2.6%
 
 
 
Tryg A/S
 
345,983
8,254,444
TOTAL FINANCIALS
 
 
14,508,531
 
 
 
 
Health Care - 11.9%
 
 
 
Health Care Equipment & Supplies - 0.7%
 
 
 
Demant A/S (a)
 
61,100
2,210,690
Pharmaceuticals - 11.2%
 
 
 
Novo Nordisk A/S Series B
 
529,700
35,416,571
TOTAL HEALTH CARE
 
 
37,627,261
 
 
 
 
Industrials - 4.6%
 
 
 
Air Freight & Logistics - 4.6%
 
 
 
DSV A/S
 
69,300
14,688,821
Materials - 1.5%
 
 
 
Chemicals - 1.5%
 
 
 
Novonesis Novozymes B Series B
 
73,500
4,753,125
TOTAL DENMARK
 
 
77,913,534
FINLAND - 14.5%
 
 
 
Communication Services - 2.3%
 
 
 
Diversified Telecommunication Services - 2.3%
 
 
 
Elisa Oyj A Shares
 
138,500
7,377,425
Financials - 7.3%
 
 
 
Banks - 5.3%
 
 
 
Nordea Bank Abp (Sweden)
 
1,238,344
16,911,842
Insurance - 2.0%
 
 
 
Sampo Oyj A Shares
 
619,500
6,206,525
TOTAL FINANCIALS
 
 
23,118,367
 
 
 
 
Information Technology - 2.9%
 
 
 
Communications Equipment - 2.9%
 
 
 
Nokia Oyj
 
1,818,100
9,088,995
Materials - 0.8%
 
 
 
Paper & Forest Products - 0.8%
 
 
 
UPM-Kymmene Oyj
 
96,400
2,553,260
Utilities - 1.2%
 
 
 
Electric Utilities - 1.2%
 
 
 
Fortum Oyj
 
223,600
3,734,986
TOTAL FINLAND
 
 
45,873,033
NORWAY - 11.9%
 
 
 
Communication Services - 0.9%
 
 
 
Media - 0.9%
 
 
 
Schibsted ASA B Shares
 
96,600
2,776,342
Consumer Staples - 1.3%
 
 
 
Food Products - 1.3%
 
 
 
Mowi ASA
 
223,100
4,076,678
Energy - 2.4%
 
 
 
Energy Equipment & Services - 0.2%
 
 
 
TGS ASA
 
79,300
586,552
Oil, Gas & Consumable Fuels - 2.2%
 
 
 
Equinor ASA
 
305,000
6,903,868
TOTAL ENERGY
 
 
7,490,420
 
 
 
 
Financials - 2.8%
 
 
 
Banks - 2.8%
 
 
 
DNB Bank ASA
 
359,300
8,938,121
Industrials - 2.0%
 
 
 
Aerospace & Defense - 2.0%
 
 
 
Kongsberg Gruppen ASA
 
40,500
6,493,454
Information Technology - 0.6%
 
 
 
Semiconductors & Semiconductor Equipment - 0.6%
 
 
 
Nordic Semiconductor ASA (a)
 
183,000
1,803,016
Materials - 1.6%
 
 
 
Metals & Mining - 1.6%
 
 
 
Norsk Hydro ASA
 
983,300
5,215,832
Real Estate - 0.3%
 
 
 
Real Estate Management & Development - 0.3%
 
 
 
Selvaag Bolig ASA
 
321,200
1,072,890
TOTAL NORWAY
 
 
37,866,753
SWEDEN - 44.2%
 
 
 
Communication Services - 1.3%
 
 
 
Interactive Media & Services - 1.3%
 
 
 
Hemnet Group AB (a)
 
117,300
4,016,999
Consumer Discretionary - 2.7%
 
 
 
Automobile Components - 0.3%
 
 
 
Autoliv Inc
 
11,000
1,025,530
Broadline Retail - 1.1%
 
 
 
Rusta AB
 
413,000
3,412,361
Specialty Retail - 1.3%
 
 
 
Haypp Group AB (a)
 
385,600
4,061,258
TOTAL CONSUMER DISCRETIONARY
 
 
8,499,149
 
 
 
 
Consumer Staples - 0.2%
 
 
 
Consumer Staples Distribution & Retail - 0.2%
 
 
 
Axfood AB B Shares
 
23,000
643,205
Financials - 9.8%
 
 
 
Capital Markets - 4.1%
 
 
 
EQT AB
 
278,300
7,998,732
Nordnet AB
 
194,600
5,113,900
 
 
 
13,112,632
Financial Services - 5.7%
 
 
 
Investor AB B Shares
 
609,500
17,990,828
TOTAL FINANCIALS
 
 
31,103,460
 
 
 
 
Health Care - 1.8%
 
 
 
Biotechnology - 0.5%
 
 
 
BoneSupport Holding AB (a)(b)(c)
 
53,100
1,734,931
Health Care Equipment & Supplies - 0.6%
 
 
 
Surgical Science Sweden AB (a)(d)
 
124,000
1,766,572
Life Sciences Tools & Services - 0.7%
 
 
 
AddLife AB B Shares
 
121,200
2,294,719
TOTAL HEALTH CARE
 
 
5,796,222
 
 
 
 
Industrials - 20.2%
 
 
 
Aerospace & Defense - 4.2%
 
 
 
Saab AB B Shares
 
284,100
13,228,980
Building Products - 2.9%
 
 
 
Assa Abloy AB B Shares
 
306,700
9,309,568
Industrial Conglomerates - 0.7%
 
 
 
Nolato AB B Shares
 
426,500
2,393,836
Machinery - 12.4%
 
 
 
Alfa Laval AB
 
103,900
4,300,904
Atlas Copco AB B Shares
 
1,031,700
14,351,256
Beijer Alma AB B Shares
 
116,500
2,422,689
Indutrade AB
 
298,900
8,065,089
Sandvik AB
 
489,000
10,123,522
 
 
 
39,263,460
TOTAL INDUSTRIALS
 
 
64,195,844
 
 
 
 
Information Technology - 6.0%
 
 
 
Electronic Equipment, Instruments & Components - 4.2%
 
 
 
Hexagon AB B Shares
 
444,200
4,323,207
Lagercrantz Group AB B Shares
 
394,353
8,943,374
 
 
 
13,266,581
Software - 1.8%
 
 
 
Fortnox AB
 
645,900
5,812,465
TOTAL INFORMATION TECHNOLOGY
 
 
19,079,046
 
 
 
 
Materials - 2.0%
 
 
 
Chemicals - 0.8%
 
 
 
Hexpol AB B Shares
 
304,170
2,634,010
Paper & Forest Products - 1.2%
 
 
 
Svenska Cellulosa AB SCA B Shares
 
293,600
3,806,123
TOTAL MATERIALS
 
 
6,440,133
 
 
 
 
Real Estate - 0.2%
 
 
 
Real Estate Management & Development - 0.2%
 
 
 
Swedish Logistic Property AB B Shares (a)
 
142,304
581,553
TOTAL SWEDEN
 
 
140,355,611
UNITED STATES - 0.3%
 
 
 
Communication Services - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
Spotify Technology SA (a)
 
1,900
1,166,562
 
TOTAL COMMON STOCKS
 (Cost $224,572,140)
 
 
 
303,175,493
 
 
 
 
Money Market Funds - 4.5%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
4.33
14,201,871
14,204,711
Fidelity Securities Lending Cash Central Fund (e)(f)
 
4.33
251
251
 
TOTAL MONEY MARKET FUNDS
 (Cost $14,204,962)
 
 
 
14,204,962
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $238,777,102)
 
 
 
317,380,455
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(81,694)
NET ASSETS - 100.0%
317,298,761
 
 
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 $1,734,931 or 0.5% of net assets.
 
(c)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,734,931 or 0.5% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
9,501,575
44,893,122
40,189,986
180,776
-
-
14,204,711
14,201,871
0.0%
Fidelity Securities Lending Cash Central Fund
976,198
20,869,068
21,845,015
5,052
-
-
251
251
0.0%
Total
10,477,773
65,762,190
62,035,001
185,828
-
-
14,204,962
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
15,337,328
15,337,328
-
-
Consumer Discretionary
8,499,149
8,499,149
-
-
Consumer Staples
11,055,679
4,719,883
6,335,796
-
Energy
7,490,420
586,552
6,903,868
-
Financials
77,668,479
71,461,954
6,206,525
-
Health Care
43,423,483
8,006,912
35,416,571
-
Industrials
85,378,119
48,150,750
37,227,369
-
Information Technology
29,971,057
16,558,855
13,412,202
-
Materials
18,962,350
11,193,258
7,769,092
-
Real Estate
1,654,443
1,654,443
-
-
Utilities
3,734,986
3,734,986
-
-
 Money Market Funds
14,204,962
14,204,962
-
-
 Total Investments in Securities:
317,380,455
204,109,032
113,271,423
-
Fidelity® Nordic Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $243) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $224,572,140)
$
303,175,493
 
 
Fidelity Central Funds (cost $14,204,962)
14,204,962
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $238,777,102)
 
 
$
317,380,455
Receivable for investments sold
 
 
3,324,178
Receivable for fund shares sold
 
 
94,290
Dividends receivable
 
 
1,502,367
Reclaims receivable
 
 
4,944,702
Distributions receivable from Fidelity Central Funds
 
 
38,136
Prepaid expenses
 
 
107
  Total assets
 
 
327,284,235
Liabilities
 
 
 
 
Payable for investments purchased
$
8,470,814
 
 
Payable for fund shares redeemed
297,934
 
 
Accrued management fee
208,582
 
 
Payable for IRS closing agreement payments and fees
946,655
 
 
Other payables and accrued expenses
61,238
 
 
Collateral on securities loaned
251
 
 
  Total liabilities
 
 
 
9,985,474
Net Assets  
 
 
$
317,298,761
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
236,752,409
Total accumulated earnings (loss)
 
 
 
80,546,352
Net Assets
 
 
$
317,298,761
Net Asset Value, offering price and redemption price per share ($317,298,761 ÷ 5,001,442 shares)
 
 
$
63.44
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
6,008,039
Foreign Tax Reclaims
 
 
4,307,726
Income from Fidelity Central Funds (including $5,052 from security lending)
 
 
185,828
Less IRS closing agreement payments and fees
 
 
$
(845,986)
 Income before foreign taxes withheld
 
 
$
9,655,607
Less foreign taxes withheld
 
 
(1,286,201)
 Total income
 
 
 
8,369,406
Expenses
 
 
 
 
Management fee
$
1,272,357
 
 
Custodian fees and expenses
11,682
 
 
Independent trustees' fees and expenses
698
 
 
Registration fees
14,639
 
 
Audit fees
35,307
 
 
Legal
425
 
 
Miscellaneous
28,066
 
 
 Total expenses before reductions
 
1,363,174
 
 
 Expense reductions
 
(282)
 
 
 Total expenses after reductions
 
 
 
1,362,892
Net Investment income (loss)
 
 
 
7,006,514
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
6,011,247
 
 
 Foreign currency transactions
 
36,033
 
 
Total net realized gain (loss)
 
 
 
6,047,280
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(7,111,115)
 
 
 Assets and liabilities in foreign currencies
 
171,114
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(6,940,001)
Net gain (loss)
 
 
 
(892,721)
Net increase (decrease) in net assets resulting from operations
 
 
$
6,113,793
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,006,514
$
4,773,825
Net realized gain (loss)
 
6,047,280
 
14,138,360
Change in net unrealized appreciation (depreciation)
 
(6,940,001)
 
44,961,022
Net increase (decrease) in net assets resulting from operations
 
6,113,793
 
63,873,207
Distributions to shareholders
 
(17,187,035)
 
(158,641)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
24,027,055
 
38,753,187
  Reinvestment of distributions
 
15,532,893
 
143,738
Cost of shares redeemed
 
(43,782,109)
 
(56,670,115)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(4,222,161)
 
(17,773,190)
Total increase (decrease) in net assets
 
(15,295,403)
 
45,941,376
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
332,594,164
 
286,652,788
End of period
$
317,298,761
$
332,594,164
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
386,978
 
576,139
  Issued in reinvestment of distributions
 
257,979
 
2,295
Redeemed
 
(717,173)
 
(858,020)
Net increase (decrease)
 
(72,216)
 
(279,586)
 
 
 
 
 
Financial Highlights
 
Fidelity® Nordic Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
65.55
$
53.55
$
46.13
$
75.57
$
56.51
$
46.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.38 C
 
.92
 
.93
 
.78
 
1.06
 
.15
     Net realized and unrealized gain (loss)
 
(.01)
 
11.11
 
6.49
 
(20.65) D
 
20.17
 
11.86
  Total from investment operations
 
1.37  
 
12.03  
 
7.42  
 
(19.87)  
 
21.23
 
12.01
  Distributions from net investment income
 
(2.36)
 
(.03)
 
-
 
(3.02)
 
(.96)
 
(1.60)
  Distributions from net realized gain
 
(1.12)
 
-
 
-
 
(6.56)
 
(1.21)
 
(.59)
     Total distributions
 
(3.48)
 
(.03)
 
-
 
(9.57) E
 
(2.17)
 
(2.19)
  Net asset value, end of period
$
63.44
$
65.55
$
53.55
$
46.13
$
75.57
$
56.51
 Total Return F,G
 
2.38
% C
 
22.47%
 
16.08%
 
(29.33)% D
 
38.39%
 
26.73%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88% J
 
.88%
 
.94%
 
.93%
 
.92%
 
.96%
    Expenses net of fee waivers, if any
 
.88
% J
 
.88%
 
.93%
 
.92%
 
.92%
 
.96%
    Expenses net of all reductions, if any
 
.88% J
 
.88%
 
.93%
 
.92%
 
.92%
 
.96%
    Net investment income (loss)
 
4.52% J
 
1.39%
 
1.69%
 
1.45%
 
1.51%
 
.31%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
317,299
$
332,594
$
286,653
$
257,164
$
422,673
$
301,424
    Portfolio turnover rate K
 
29
% J
 
21%
 
23%
 
42%
 
34%
 
29%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income (loss) per share reflects EU reclaims which amounted to $.74 per share. Excluding these EU reclaims, the total return would have been 1.17%.
DAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (29.35)%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. For U.S. income tax purposes, EU reclaims received by a fund reduce the amounts of foreign taxes shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid in that year, and a fund previously passed foreign tax credit on to its shareholders, a fund will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability on behalf of shareholders. During the fiscal year ended October 31, 2023 and the six months ended April 30, 2025, the Fund received EU reclaims in excess of foreign withholding taxes paid. The Fund is seeking a closing agreement with the IRS and has accrued the estimated payments and associated interest and fees due to the IRS as presented in the Statement of Assets and Liabilities in payable for IRS closing agreement payments and fees, and in the Statement of Operations in IRS closing agreement payments and fees. The actual fees may differ from the estimate.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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
$78,970,804
Gross unrealized depreciation
(11,489,302)
Net unrealized appreciation (depreciation)
$67,481,502
Tax cost
$249,898,953
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
 
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
 
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
 
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
 
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.
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 Nordic Fund
43,761,106
60,359,331
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.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Nordic Fund
.85
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Nordic Fund
.82
 
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 Nordic Fund
 1
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Nordic Fund
 3,549,430
 -
 -
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Nordic Fund
245
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
531
 -
-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $282.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Fidelity® Pacific Basin Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5%
 
 
Shares
Value ($)
 
AUSTRALIA - 7.7%
 
 
 
Financials - 4.7%
 
 
 
Capital Markets - 2.8%
 
 
 
HUB24 Ltd
 
177,757
8,212,160
Macquarie Group Ltd
 
92,404
11,418,830
 
 
 
19,630,990
Financial Services - 1.9%
 
 
 
Challenger Ltd
 
2,079,470
9,422,418
Cuscal Ltd (a)
 
2,233,531
3,699,112
 
 
 
13,121,530
TOTAL FINANCIALS
 
 
32,752,520
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Providers & Services - 1.3%
 
 
 
Sonic Healthcare Ltd
 
531,841
8,880,133
Industrials - 0.7%
 
 
 
Commercial Services & Supplies - 0.7%
 
 
 
Brambles Ltd
 
382,033
5,020,548
Information Technology - 0.6%
 
 
 
Software - 0.6%
 
 
 
Canva Inc Class A (a)(b)(c)
 
3,524
4,070,220
Materials - 0.4%
 
 
 
Metals & Mining - 0.4%
 
 
 
Lynas Rare Earths Ltd (a)
 
668,295
3,653,406
TOTAL AUSTRALIA
 
 
54,376,827
CHINA - 22.4%
 
 
 
Communication Services - 7.4%
 
 
 
Entertainment - 2.2%
 
 
 
DouYu International Holdings Ltd ADR (d)
 
887,510
6,611,950
HUYA Inc Class A ADR (d)
 
2,391,957
8,993,758
 
 
 
15,605,708
Interactive Media & Services - 5.2%
 
 
 
Tencent Holdings Ltd
 
583,400
35,733,807
TOTAL COMMUNICATION SERVICES
 
 
51,339,515
 
 
 
 
Consumer Discretionary - 8.1%
 
 
 
Broadline Retail - 3.1%
 
 
 
Alibaba Group Holding Ltd
 
143,800
2,146,938
PDD Holdings Inc Class A ADR (a)
 
181,400
19,150,399
 
 
 
21,297,337
Diversified Consumer Services - 2.0%
 
 
 
New Oriental Education & Technology Group Inc
 
435,700
2,134,577
New Oriental Education & Technology Group Inc ADR
 
56,900
2,779,565
TAL Education Group Class A ADR (a)
 
1,081,100
9,459,626
 
 
 
14,373,768
Hotels, Restaurants & Leisure - 2.7%
 
 
 
Atour Lifestyle Holdings Ltd ADR
 
246,116
6,015,075
TravelSky Technology Ltd H Shares
 
8,710,000
12,151,504
 
 
 
18,166,579
Household Durables - 0.3%
 
 
 
Chervon Holdings Ltd
 
1,226,200
2,055,366
TOTAL CONSUMER DISCRETIONARY
 
 
55,893,050
 
 
 
 
Financials - 0.9%
 
 
 
Capital Markets - 0.9%
 
 
 
Noah Holdings Ltd Class A ADR
 
721,400
6,629,666
Health Care - 3.4%
 
 
 
Biotechnology - 1.9%
 
 
 
Beijing Tiantan Biological Products Corp Ltd A Shares (China)
 
962,200
2,525,217
Zai Lab Ltd (a)
 
1,791,200
5,705,692
Zai Lab Ltd ADR (a)
 
162,700
5,155,963
 
 
 
13,386,872
Health Care Equipment & Supplies - 1.5%
 
 
 
Zylox-Tonbridge Medical Technology Co Ltd H Shares (a)(f)(g)
 
4,632,000
10,834,040
TOTAL HEALTH CARE
 
 
24,220,912
 
 
 
 
Industrials - 1.0%
 
 
 
Ground Transportation - 0.5%
 
 
 
Full Truck Alliance Co Ltd ADR
 
327,100
3,715,856
Machinery - 0.5%
 
 
 
Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)
 
902,900
3,333,495
TOTAL INDUSTRIALS
 
 
7,049,351
 
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 0.9%
 
 
 
Daqo New Energy Corp ADR (a)
 
195,000
2,484,300
Flat Glass Group Co Ltd H Shares (d)
 
3,456,000
3,912,486
 
 
 
6,396,786
Software - 0.2%
 
 
 
Pony AI Inc ADR (d)
 
175,700
1,597,113
TOTAL INFORMATION TECHNOLOGY
 
 
7,993,899
 
 
 
 
Utilities - 0.5%
 
 
 
Gas Utilities - 0.5%
 
 
 
Kunlun Energy Co Ltd
 
3,888,000
3,709,732
TOTAL CHINA
 
 
156,836,125
HONG KONG - 3.2%
 
 
 
Financials - 3.2%
 
 
 
Insurance - 3.2%
 
 
 
AIA Group Ltd
 
2,210,400
16,562,342
Prudential PLC
 
577,619
6,141,696
Prudential PLC rights (a)(h)
 
577,619
97,209
 
 
 
22,801,247
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
China Metal Recycling Holdings Ltd (a)(b)
 
2,572,200
3
TOTAL HONG KONG
 
 
22,801,250
INDONESIA - 1.4%
 
 
 
Financials - 1.4%
 
 
 
Banks - 1.4%
 
 
 
Bank Central Asia Tbk PT
 
6,792,100
3,611,296
Bank Rakyat Indonesia Persero Tbk PT
 
28,040,000
6,494,338
 
 
 
 
TOTAL INDONESIA
 
 
10,105,634
JAPAN - 37.3%
 
 
 
Communication Services - 3.4%
 
 
 
Entertainment - 3.4%
 
 
 
Daiichikosho Co Ltd
 
232,600
2,715,131
Nintendo Co Ltd
 
254,500
21,128,592
 
 
 
23,843,723
Consumer Discretionary - 7.0%
 
 
 
Broadline Retail - 1.0%
 
 
 
Pan Pacific International Holdings Corp
 
236,200
7,285,229
Hotels, Restaurants & Leisure - 1.1%
 
 
 
Kyoritsu Maintenance Co Ltd (d)
 
352,700
7,447,205
Household Durables - 4.3%
 
 
 
Open House Group Co Ltd (d)
 
177,300
7,834,532
Sony Group Corp
 
848,100
22,375,251
 
 
 
30,209,783
Specialty Retail - 0.6%
 
 
 
ZOZO Inc
 
439,500
4,463,337
TOTAL CONSUMER DISCRETIONARY
 
 
49,405,554
 
 
 
 
Consumer Staples - 1.3%
 
 
 
Consumer Staples Distribution & Retail - 0.8%
 
 
 
Seven & i Holdings Co Ltd
 
360,300
5,303,840
Personal Care Products - 0.5%
 
 
 
Rohto Pharmaceutical Co Ltd
 
228,000
3,803,189
TOTAL CONSUMER STAPLES
 
 
9,107,029
 
 
 
 
Energy - 0.4%
 
 
 
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
ENEOS Holdings Inc
 
595,800
2,868,318
Financials - 4.2%
 
 
 
Banks - 0.7%
 
 
 
Sumitomo Mitsui Financial Group Inc
 
191,400
4,566,271
Financial Services - 2.1%
 
 
 
ORIX Corp
 
751,800
15,081,131
Insurance - 1.4%
 
 
 
LIFENET INSURANCE CO (a)(d)
 
370,100
4,633,368
Tokio Marine Holdings Inc
 
128,300
5,142,569
 
 
 
9,775,937
TOTAL FINANCIALS
 
 
29,423,339
 
 
 
 
Health Care - 2.2%
 
 
 
Health Care Equipment & Supplies - 1.8%
 
 
 
Hoya Corp
 
108,600
12,778,548
Health Care Providers & Services - 0.4%
 
 
 
CUC Inc (a)(d)
 
326,100
2,558,989
TOTAL HEALTH CARE
 
 
15,337,537
 
 
 
 
Industrials - 9.6%
 
 
 
Electrical Equipment - 1.7%
 
 
 
Fuji Electric Co Ltd
 
95,700
4,255,469
NIDEC CORP
 
414,500
7,366,218
 
 
 
11,621,687
Industrial Conglomerates - 2.7%
 
 
 
Hitachi Ltd
 
765,200
18,912,313
Machinery - 2.6%
 
 
 
IHI Corp
 
80,400
6,297,907
Mitsubishi Heavy Industries Ltd
 
322,100
6,349,508
Toyota Industries Corp
 
45,200
5,298,307
 
 
 
17,945,722
Professional Services - 2.6%
 
 
 
BayCurrent Inc
 
127,600
6,875,549
Funai Soken Holdings Inc
 
257,200
4,101,385
SMS Co Ltd
 
272,600
2,529,052
Visional Inc (a)
 
81,900
4,953,638
 
 
 
18,459,624
TOTAL INDUSTRIALS
 
 
66,939,346
 
 
 
 
Information Technology - 7.7%
 
 
 
Electronic Equipment, Instruments & Components - 1.3%
 
 
 
Hamamatsu Photonics KK (d)
 
574,700
5,307,675
Ibiden Co Ltd
 
140,600
3,886,216
 
 
 
9,193,891
IT Services - 2.0%
 
 
 
Fujitsu Ltd
 
392,000
8,708,461
NSD Co Ltd
 
228,200
5,361,056
 
 
 
14,069,517
Semiconductors & Semiconductor Equipment - 2.3%
 
 
 
Advantest Corp
 
68,400
2,861,579
Megachips Corp
 
83,150
2,701,299
Renesas Electronics Corp
 
882,600
10,357,544
 
 
 
15,920,422
Software - 1.1%
 
 
 
Money Forward Inc (a)
 
254,300
7,592,717
Technology Hardware, Storage & Peripherals - 1.0%
 
 
 
FUJIFILM Holdings Corp
 
349,800
7,164,740
TOTAL INFORMATION TECHNOLOGY
 
 
53,941,287
 
 
 
 
Materials - 1.5%
 
 
 
Chemicals - 1.5%
 
 
 
Kuraray Co Ltd
 
332,700
3,886,432
Shin-Etsu Chemical Co Ltd
 
142,400
4,333,445
Toyo Gosei Co Ltd (d)
 
61,700
2,077,811
 
 
 
10,297,688
TOTAL JAPAN
 
 
261,163,821
KOREA (SOUTH) - 7.6%
 
 
 
Communication Services - 4.9%
 
 
 
Diversified Telecommunication Services - 3.7%
 
 
 
KT Corp
 
326,740
11,915,509
KT Corp ADR
 
713,300
13,880,818
 
 
 
25,796,327
Interactive Media & Services - 1.2%
 
 
 
Kakao Corp
 
133,830
3,587,940
Webtoon Entertainment Inc (a)(d)
 
514,503
4,630,527
 
 
 
8,218,467
TOTAL COMMUNICATION SERVICES
 
 
34,014,794
 
 
 
 
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
KB Financial Group Inc
 
111,279
7,018,277
Information Technology - 1.7%
 
 
 
Technology Hardware, Storage & Peripherals - 1.7%
 
 
 
Samsung Electronics Co Ltd
 
310,870
12,104,518
TOTAL KOREA (SOUTH)
 
 
53,137,589
NEW ZEALAND - 0.6%
 
 
 
Health Care - 0.6%
 
 
 
Health Care Providers & Services - 0.6%
 
 
 
Ryman Healthcare Ltd (a)
 
3,436,373
4,507,317
PHILIPPINES - 0.4%
 
 
 
Real Estate - 0.4%
 
 
 
Real Estate Management & Development - 0.4%
 
 
 
Robinsons Land Corp
 
13,355,500
2,796,455
SINGAPORE - 1.4%
 
 
 
Communication Services - 1.4%
 
 
 
Entertainment - 1.4%
 
 
 
Sea Ltd Class A ADR (a)
 
74,700
10,013,535
TAIWAN - 9.6%
 
 
 
Information Technology - 9.6%
 
 
 
Semiconductors & Semiconductor Equipment - 9.6%
 
 
 
eMemory Technology Inc
 
69,000
5,544,888
Taiwan Semiconductor Manufacturing Co Ltd
 
2,200,000
62,211,530
 
 
 
 
TOTAL TAIWAN
 
 
67,756,418
UNITED STATES - 3.9%
 
 
 
Health Care - 1.3%
 
 
 
Biotechnology - 1.0%
 
 
 
Legend Biotech Corp ADR (a)
 
199,800
6,983,010
Health Care Equipment & Supplies - 0.3%
 
 
 
Anteris Technologies Global Corp depository receipt
 
452,994
2,483,658
GI Dynamics Inc (a)(b)
 
111,225
1
 
 
 
2,483,659
TOTAL HEALTH CARE
 
 
9,466,669
 
 
 
 
Industrials - 0.6%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
Space Exploration Technologies Corp (a)(b)(c)
 
22,539
4,169,715
Information Technology - 1.5%
 
 
 
Semiconductors & Semiconductor Equipment - 1.5%
 
 
 
Amkor Technology Inc
 
582,800
10,169,860
Materials - 0.5%
 
 
 
Construction Materials - 0.5%
 
 
 
James Hardie Industries PLC depository receipt (a)
 
150,000
3,520,830
TOTAL UNITED STATES
 
 
27,327,074
 
TOTAL COMMON STOCKS
 (Cost $508,994,472)
 
 
 
670,822,045
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Inc Series A (a)(b)(c)
 
85
98,175
Canva Inc Series A2 (a)(b)(c)
 
15
17,325
 
 
 
 
TOTAL AUSTRALIA
 
 
115,500
CHINA - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Health Care Providers & Services - 0.1%
 
 
 
dMed Biopharmaceutical Co Ltd Series C (a)(b)(c)
 
76,206
611,172
INDIA - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Broadline Retail - 0.1%
 
 
 
Meesho Series D2 (b)(c)
 
4,012
304,350
Meesho Series E (b)(c)
 
668
50,674
Meesho Series F (a)(b)(c)
 
620
47,976
 
 
 
 
TOTAL INDIA
 
 
403,000
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $1,485,831)
 
 
 
1,129,672
 
 
 
 
Non-Convertible Preferred Stocks - 3.2%
 
 
Shares
Value ($)
 
KOREA (SOUTH) - 3.2%
 
 
 
Financials - 0.8%
 
 
 
Insurance - 0.8%
 
 
 
Samsung Fire & Marine Insurance Co Ltd
 
30,652
6,076,594
Information Technology - 2.4%
 
 
 
Technology Hardware, Storage & Peripherals - 2.4%
 
 
 
Samsung Electronics Co Ltd
 
507,610
16,722,188
TOTAL KOREA (SOUTH)
 
 
22,798,782
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $23,049,922)
 
 
 
22,798,782
 
 
 
 
Money Market Funds - 3.5%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
 
4.33
5,597,693
5,598,813
Fidelity Securities Lending Cash Central Fund (e)(i)
 
4.33
19,202,607
19,204,527
 
TOTAL MONEY MARKET FUNDS
 (Cost $24,803,340)
 
 
 
24,803,340
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.4%
 (Cost $558,333,565)
 
 
 
719,553,839
NET OTHER ASSETS (LIABILITIES) - (2.4)%  
(17,177,477)
NET ASSETS - 100.0%
702,376,362
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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 $9,369,607 or 1.3% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Investment made with cash collateral received from securities on loan.
 
(f)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,834,040 or 1.5% of net assets.
 
(g)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $10,834,040 or 1.5% of net assets.
 
(h)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Canva Inc Class A
3/18/24 - 12/23/24
4,092,290
 
 
 
Canva Inc Series A
9/22/23
90,666
 
 
 
Canva Inc Series A2
9/22/23
16,000
 
 
 
dMed Biopharmaceutical Co Ltd Series C
12/01/20
1,082,365
 
 
 
Meesho Series D2
7/15/24
224,672
 
 
 
Meesho Series E
7/15/24
37,408
 
 
 
Meesho Series F
7/15/24
34,720
 
 
 
Space Exploration Technologies Corp
2/16/21 - 5/24/22
1,437,725
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
1,294,188
86,349,674
82,045,049
83,663
-
-
5,598,813
5,597,693
0.0%
Fidelity Securities Lending Cash Central Fund
22,547,314
94,174,801
97,517,588
321,448
-
-
19,204,527
19,202,607
0.1%
Total
23,841,502
180,524,475
179,562,637
405,111
-
-
24,803,340
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
119,211,567
46,845,719
72,365,848
-
Consumer Discretionary
105,298,604
74,178,501
31,120,103
-
Consumer Staples
9,107,029
3,803,189
5,303,840
-
Energy
2,868,318
-
2,868,318
-
Financials
108,730,683
11,360,243
97,370,440
-
Health Care
62,412,568
25,532,002
36,880,565
1
Industrials
83,178,960
20,598,238
58,411,007
4,169,715
Information Technology
156,036,202
43,012,722
108,953,260
4,070,220
Materials
17,471,927
2,077,811
15,394,113
3
Real Estate
2,796,455
-
2,796,455
-
Utilities
3,709,732
3,709,732
-
-
 Convertible Preferred Stocks
 
 
 
 
Consumer Discretionary
403,000
-
-
403,000
Health Care
611,172
-
-
611,172
Information Technology
115,500
-
-
115,500
 Non-Convertible Preferred Stocks
 
 
 
 
Financials
6,076,594
-
6,076,594
-
Information Technology
16,722,188
-
16,722,188
-
 Money Market Funds
24,803,340
24,803,340
-
-
 Total Investments in Securities:
719,553,839
255,921,497
454,262,731
9,369,611
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
Beginning Balance ($)
Net Realized Gain (Loss) on Investement Securities ($)
Net Unrealized Gain (Loss) on Investement Securities ($)
Cost of Purchases ($)
Proceeds of Sales ($)
Amoritization/
Accretion ($)
Transfers into Level 3 ($)
Transfers out of Level 3 ($)
Ending Balance ($)
The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)
Common Stocks
4,822,286
-
1,418,152
1,999,501
-
-
-
-
8,239,939
1,418,152
Convertible Preferred Stocks
882,109
(27,172)
411,851
-
(137,116)
-
-
-
1,129,672
411,851
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
 
Fidelity® Pacific Basin Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $18,166,589) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $533,530,225)
$
694,750,499
 
 
Fidelity Central Funds (cost $24,803,340)
24,803,340
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $558,333,565)
 
 
$
719,553,839
Foreign currency held at value (cost $17)
 
 
17
Receivable for investments sold
 
 
23,327
Receivable for fund shares sold
 
 
493,920
Dividends receivable
 
 
2,419,411
Distributions receivable from Fidelity Central Funds
 
 
33,978
Prepaid expenses
 
 
204
Other receivables
 
 
130,421
  Total assets
 
 
722,655,117
Liabilities
 
 
 
 
Payable to custodian bank
$
1,799
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
11,489
 
 
Delayed delivery
97,209
 
 
Payable for fund shares redeemed
358,057
 
 
Accrued management fee
560,827
 
 
Other payables and accrued expenses
44,847
 
 
Collateral on securities loaned
19,204,527
 
 
  Total liabilities
 
 
 
20,278,755
Net Assets  
 
 
$
702,376,362
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
545,773,593
Total accumulated earnings (loss)
 
 
 
156,602,769
Net Assets
 
 
$
702,376,362
Net Asset Value, offering price and redemption price per share ($702,376,362 ÷ 22,002,786 shares)
 
 
$
31.92
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
5,889,765
Special dividends
 
 
8,821,849
Income from Fidelity Central Funds (including $321,448 from security lending)
 
 
405,111
 Income before foreign taxes withheld
 
 
$
15,116,725
Less foreign taxes withheld
 
 
(712,832)
 Total income
 
 
 
14,403,893
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,855,466
 
 
 Performance adjustment
112,947
 
 
Custodian fees and expenses
66,291
 
 
Independent trustees' fees and expenses
1,519
 
 
Registration fees
17,481
 
 
Audit fees
45,451
 
 
Legal
1,155
 
 
Interest
6,817
 
 
Miscellaneous
1,154
 
 
 Total expenses
 
 
 
3,108,281
Net Investment income (loss)
 
 
 
11,295,612
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
9,754,641
 
 
 Foreign currency transactions
 
(13,378)
 
 
Total net realized gain (loss)
 
 
 
9,741,263
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $13,632)  
 
(23,763,235)
 
 
 Assets and liabilities in foreign currencies
 
192,329
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(23,570,906)
Net gain (loss)
 
 
 
(13,829,643)
Net increase (decrease) in net assets resulting from operations
 
 
$
(2,534,031)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,295,612
$
19,714,129
Net realized gain (loss)
 
9,741,263
 
6,434,285
Change in net unrealized appreciation (depreciation)
 
(23,570,906)
 
145,497,408
Net increase (decrease) in net assets resulting from operations
 
(2,534,031)
 
171,645,822
Distributions to shareholders
 
(38,319,917)
 
(36,646,040)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
54,080,016
 
40,195,016
  Reinvestment of distributions
 
28,600,287
 
28,015,888
Cost of shares redeemed
 
(55,135,712)
 
(137,490,015)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
27,544,591
 
(69,279,111)
Total increase (decrease) in net assets
 
(13,309,357)
 
65,720,671
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
715,685,719
 
649,965,048
End of period
$
702,376,362
$
715,685,719
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,688,933
 
1,319,130
  Issued in reinvestment of distributions
 
909,678
 
1,000,210
Redeemed
 
(1,735,856)
 
(4,570,449)
Net increase (decrease)
 
862,755
 
(2,251,109)
 
 
 
 
 
Financial Highlights
 
Fidelity® Pacific Basin Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.85
$
27.79
$
25.99
$
46.10
$
40.16
$
32.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.52 C
 
.88 D
 
.32 E
 
.22
 
.15
 
.16
     Net realized and unrealized gain (loss)
 
(.62)
 
6.77
 
3.88
 
(14.49)
 
7.74
 
7.61
  Total from investment operations
 
(.10)  
 
7.65  
 
4.20  
 
(14.27)  
 
7.89
 
7.77
  Distributions from net investment income
 
(1.83)
 
(.25)
 
-
 
(1.17) F
 
(.10)
 
(.26)
  Distributions from net realized gain
 
-
 
(1.34)
 
(2.40)
 
(4.67) F
 
(1.85)
 
-
     Total distributions
 
(1.83)
 
(1.59)
 
(2.40)
 
(5.84)
 
(1.95)
 
(.26)
  Net asset value, end of period
$
31.92
$
33.85
$
27.79
$
25.99
$
46.10
$
40.16
 Total Return G,H
 
(.21)
%
 
28.70%
 
16.06%
 
(35.11)%
 
20.08%
 
23.95%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90% K
 
.88%
 
1.07%
 
1.12%
 
1.04%
 
1.11%
    Expenses net of fee waivers, if any
 
.90
% K
 
.88%
 
1.07%
 
1.12%
 
1.04%
 
1.11%
    Expenses net of all reductions, if any
 
.90% K
 
.88%
 
1.07%
 
1.12%
 
1.04%
 
1.10%
    Net investment income (loss)
 
2.01% C,K
 
2.88% D
 
1.08% E
 
.64%
 
.32%
 
.47%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
702,376
$
715,686
$
649,965
$
657,558
$
1,214,726
$
1,084,673
    Portfolio turnover rate L
 
53
% K
 
61%
 
46%
 
29%
 
40%
 
27%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.41 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .72%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.39 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.61%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .84%.
FThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stock
$8,239,939
Market comparable
Enterprise value/EBITDA multiple (EV/EBITDA)
31.5
Increase
 
 
 
Enterprise value/Revenue multiple (EV/R)
10.0
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
Convertible Preferred Stock
$1,129,672
Market comparable
Enterprise value/Revenue multiple (EV/R)
3.8% - 10.0% / 5.1%
Increase
 
 
Market approach
Discount rate
10.0%
Decrease
 
 
 
Transaction price
$15.40
Increase
 
 
Black scholes
Discount rate
3.9%
Increase
 
 
 
Term
3.0
Increase
 
 
 
Volatility
60.0%
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025, as well as roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$193,402,908
Gross unrealized depreciation
(52,808,810)
Net unrealized appreciation (depreciation)
$140,594,098
Tax cost
$578,959,741
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(620,529)
Total capital loss carryforward
$(620,529)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Pacific Basin Fund
183,289,248
186,120,548
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.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Pacific Basin Fund
.83
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Pacific Basin Fund
.83
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Pacific Basin Fund
MSCI All Country Pacific Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .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 Pacific Basin Fund
 4,132
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Pacific Basin Fund
 Borrower
 4,589,100
4.70%
 5,998
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 -
 688,168
 27,680
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Pacific Basin Fund
541
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
33,919
 -
-
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 Pacific Basin Fund
555,000
4.83%
 819
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Pacific Basin Fund
17%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.703611.127
TIF-SANN-0625
Fidelity® International Value Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® International Value Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® International Value Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.4%
 
 
Shares
Value ($)
 
AUSTRALIA - 3.4%
 
 
 
Financials - 1.1%
 
 
 
Banks - 0.2%
 
 
 
Commonwealth Bank of Australia
 
40,029
4,266,656
Capital Markets - 0.9%
 
 
 
Macquarie Group Ltd
 
142,460
17,604,503
TOTAL FINANCIALS
 
 
21,871,159
 
 
 
 
Materials - 2.3%
 
 
 
Metals & Mining - 2.3%
 
 
 
BHP Group Ltd
 
1,343,609
32,023,109
Glencore PLC
 
4,898,300
16,060,232
 
 
 
48,083,341
TOTAL AUSTRALIA
 
 
69,954,500
BELGIUM - 1.8%
 
 
 
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
KBC Group NV
 
220,416
20,240,541
Health Care - 0.8%
 
 
 
Pharmaceuticals - 0.8%
 
 
 
UCB SA
 
92,500
16,886,687
TOTAL BELGIUM
 
 
37,127,228
DENMARK - 0.6%
 
 
 
Industrials - 0.6%
 
 
 
Air Freight & Logistics - 0.6%
 
 
 
DSV A/S
 
57,888
12,269,934
FINLAND - 1.7%
 
 
 
Financials - 1.3%
 
 
 
Insurance - 1.3%
 
 
 
Mandatum Holding Oy
 
313,234
2,205,020
Sampo Oyj A Shares
 
2,500,570
25,052,222
 
 
 
27,257,242
Utilities - 0.4%
 
 
 
Electric Utilities - 0.4%
 
 
 
Fortum Oyj
 
455,100
7,601,933
TOTAL FINLAND
 
 
34,859,175
FRANCE - 9.8%
 
 
 
Communication Services - 0.5%
 
 
 
Entertainment - 0.2%
 
 
 
Vivendi SE
 
1,700,992
5,268,333
Media - 0.3%
 
 
 
Canal+ SA
 
1,493,892
3,394,501
Louis Hachette Group
 
1,408,292
2,200,034
 
 
 
5,594,535
TOTAL COMMUNICATION SERVICES
 
 
10,862,868
 
 
 
 
Consumer Staples - 1.6%
 
 
 
Food Products - 1.6%
 
 
 
Danone SA
 
393,100
33,824,847
Energy - 1.5%
 
 
 
Oil, Gas & Consumable Fuels - 1.5%
 
 
 
TotalEnergies SE
 
529,905
30,180,834
Financials - 4.0%
 
 
 
Banks - 1.4%
 
 
 
BNP Paribas SA
 
327,800
27,774,324
Insurance - 2.6%
 
 
 
AXA SA
 
1,104,405
52,233,831
TOTAL FINANCIALS
 
 
80,008,155
 
 
 
 
Health Care - 0.3%
 
 
 
Health Care Equipment & Supplies - 0.3%
 
 
 
EssilorLuxottica SA
 
23,000
6,584,237
Industrials - 0.4%
 
 
 
Building Products - 0.4%
 
 
 
Cie de Saint-Gobain SA
 
75,500
8,208,210
Information Technology - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Alten SA
 
49,900
4,180,335
Materials - 1.3%
 
 
 
Chemicals - 1.3%
 
 
 
Air Liquide SA
 
129,507
26,610,866
TOTAL FRANCE
 
 
200,460,352
GERMANY - 13.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Automobiles - 0.2%
 
 
 
Bayerische Motoren Werke AG
 
46,800
3,939,190
Financials - 4.8%
 
 
 
Banks - 0.5%
 
 
 
Commerzbank AG
 
354,400
9,322,413
Capital Markets - 1.2%
 
 
 
Deutsche Bank AG
 
534,300
13,909,375
Deutsche Boerse AG
 
32,900
10,596,889
 
 
 
24,506,264
Insurance - 3.1%
 
 
 
Hannover Rueck SE
 
74,500
23,833,804
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a)
 
58,835
40,278,993
 
 
 
64,112,797
TOTAL FINANCIALS
 
 
97,941,474
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Providers & Services - 1.0%
 
 
 
Fresenius SE & Co KGaA (a)
 
451,200
21,365,733
Pharmaceuticals - 0.3%
 
 
 
Bayer AG
 
214,400
5,593,596
TOTAL HEALTH CARE
 
 
26,959,329
 
 
 
 
Industrials - 5.2%
 
 
 
Aerospace & Defense - 2.4%
 
 
 
Rheinmetall AG
 
27,738
47,239,275
Air Freight & Logistics - 0.8%
 
 
 
Deutsche Post AG
 
397,600
16,988,656
Industrial Conglomerates - 1.7%
 
 
 
Siemens AG
 
152,239
35,054,753
Machinery - 0.3%
 
 
 
Daimler Truck Holding AG
 
152,100
6,058,296
TOTAL INDUSTRIALS
 
 
105,340,980
 
 
 
 
Materials - 0.9%
 
 
 
Chemicals - 0.9%
 
 
 
BASF SE (a)
 
229,300
11,710,232
Covestro AG
 
91,400
6,150,424
 
 
 
17,860,656
Real Estate - 0.5%
 
 
 
Real Estate Management & Development - 0.5%
 
 
 
Vonovia SE
 
335,679
11,134,502
Utilities - 0.3%
 
 
 
Independent Power and Renewable Electricity Producers - 0.3%
 
 
 
RWE AG
 
174,400
6,772,673
TOTAL GERMANY
 
 
269,948,804
HONG KONG - 0.7%
 
 
 
Financials - 0.7%
 
 
 
Insurance - 0.7%
 
 
 
Prudential PLC
 
1,277,846
13,587,054
Prudential PLC rights (a)(b)
 
1,473,146
247,921
 
 
 
 
TOTAL HONG KONG
 
 
13,834,975
INDIA - 0.6%
 
 
 
Energy - 0.6%
 
 
 
Oil, Gas & Consumable Fuels - 0.6%
 
 
 
Reliance Industries Ltd GDR (c)
 
177,300
11,577,690
INDONESIA - 0.5%
 
 
 
Financials - 0.5%
 
 
 
Banks - 0.5%
 
 
 
Bank Central Asia Tbk PT
 
18,812,600
10,002,483
ISRAEL - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Pharmaceuticals - 0.2%
 
 
 
Teva Pharmaceutical Industries Ltd ADR (a)
 
259,100
4,018,641
ITALY - 4.9%
 
 
 
Energy - 0.8%
 
 
 
Oil, Gas & Consumable Fuels - 0.8%
 
 
 
Eni SpA
 
1,143,000
16,369,516
Financials - 3.3%
 
 
 
Banks - 3.3%
 
 
 
Mediobanca Banca di Credito Finanziario SpA
 
1,467,425
29,897,768
UniCredit SpA
 
661,600
38,492,455
 
 
 
68,390,223
Industrials - 0.8%
 
 
 
Electrical Equipment - 0.3%
 
 
 
Prysmian SpA
 
109,400
6,009,583
Passenger Airlines - 0.5%
 
 
 
Ryanair Holdings PLC ADR
 
200,400
9,591,144
TOTAL INDUSTRIALS
 
 
15,600,727
 
 
 
 
TOTAL ITALY
 
 
100,360,466
JAPAN - 20.3%
 
 
 
Communication Services - 2.2%
 
 
 
Entertainment - 1.5%
 
 
 
Nintendo Co Ltd
 
347,500
28,849,453
Interactive Media & Services - 0.4%
 
 
 
LY Corp
 
2,370,600
8,965,662
Wireless Telecommunication Services - 0.3%
 
 
 
SoftBank Group Corp
 
126,000
6,371,777
TOTAL COMMUNICATION SERVICES
 
 
44,186,892
 
 
 
 
Consumer Discretionary - 2.7%
 
 
 
Automobile Components - 0.1%
 
 
 
Denso Corp
 
169,400
2,187,282
Automobiles - 1.4%
 
 
 
Toyota Motor Corp
 
1,516,300
28,960,450
Household Durables - 1.2%
 
 
 
Sony Group Corp
 
674,400
17,792,559
Sumitomo Forestry Co Ltd
 
236,100
6,783,457
 
 
 
24,576,016
TOTAL CONSUMER DISCRETIONARY
 
 
55,723,748
 
 
 
 
Energy - 0.4%
 
 
 
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
Inpex Corp
 
581,000
7,268,019
Financials - 6.6%
 
 
 
Banks - 4.3%
 
 
 
Mitsubishi UFJ Financial Group Inc
 
3,513,361
44,265,289
Sumitomo Mitsui Financial Group Inc
 
1,782,900
42,535,026
 
 
 
86,800,315
Financial Services - 0.8%
 
 
 
ORIX Corp
 
838,900
16,828,360
Insurance - 1.5%
 
 
 
Tokio Marine Holdings Inc
 
786,544
31,526,552
TOTAL FINANCIALS
 
 
135,155,227
 
 
 
 
Health Care - 0.1%
 
 
 
Health Care Equipment & Supplies - 0.1%
 
 
 
Hoya Corp
 
35,100
4,130,083
Industrials - 5.0%
 
 
 
Industrial Conglomerates - 1.9%
 
 
 
Hitachi Ltd
 
1,524,000
37,666,445
Machinery - 1.4%
 
 
 
MINEBEA MITSUMI Inc
 
325,170
4,765,701
Mitsubishi Heavy Industries Ltd
 
1,241,800
24,479,413
 
 
 
29,245,114
Trading Companies & Distributors - 1.7%
 
 
 
ITOCHU Corp
 
374,800
19,168,374
Mitsui & Co Ltd
 
771,400
15,598,574
 
 
 
34,766,948
TOTAL INDUSTRIALS
 
 
101,678,507
 
 
 
 
Information Technology - 2.5%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Ibiden Co Ltd
 
117,200
3,239,435
IT Services - 1.3%
 
 
 
Fujitsu Ltd
 
779,300
17,312,511
TIS Inc
 
311,901
9,011,491
 
 
 
26,324,002
Semiconductors & Semiconductor Equipment - 0.5%
 
 
 
Renesas Electronics Corp
 
802,417
9,416,575
Technology Hardware, Storage & Peripherals - 0.6%
 
 
 
FUJIFILM Holdings Corp
 
632,700
12,959,207
TOTAL INFORMATION TECHNOLOGY
 
 
51,939,219
 
 
 
 
Materials - 0.8%
 
 
 
Chemicals - 0.8%
 
 
 
Shin-Etsu Chemical Co Ltd
 
571,200
17,382,469
TOTAL JAPAN
 
 
417,464,164
NETHERLANDS - 0.0%
 
 
 
Communication Services - 0.0%
 
 
 
Media - 0.0%
 
 
 
Havas NV
 
1,403,292
2,318,129
SINGAPORE - 1.8%
 
 
 
Communication Services - 0.6%
 
 
 
Diversified Telecommunication Services - 0.6%
 
 
 
Singapore Telecommunications Ltd
 
4,335,700
12,544,032
Financials - 1.2%
 
 
 
Banks - 1.2%
 
 
 
United Overseas Bank Ltd
 
942,305
25,026,532
TOTAL SINGAPORE
 
 
37,570,564
SOUTH AFRICA - 0.9%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Thungela Resources Ltd (United Kingdom)
 
85,381
425,564
Materials - 0.9%
 
 
 
Metals & Mining - 0.9%
 
 
 
Anglo American PLC
 
627,261
17,123,204
TOTAL SOUTH AFRICA
 
 
17,548,768
SPAIN - 3.1%
 
 
 
Financials - 3.1%
 
 
 
Banks - 3.1%
 
 
 
Banco Santander SA (d)
 
7,278,682
50,974,639
Bankinter SA
 
1,102,900
12,794,063
 
 
 
 
TOTAL SPAIN
 
 
63,768,702
SWEDEN - 1.8%
 
 
 
Financials - 1.8%
 
 
 
Financial Services - 1.8%
 
 
 
Investor AB B Shares
 
1,232,640
36,384,273
SWITZERLAND - 3.7%
 
 
 
Financials - 3.7%
 
 
 
Capital Markets - 0.4%
 
 
 
UBS Group AG (United States)
 
303,226
9,166,522
Insurance - 3.3%
 
 
 
Swiss Life Holding AG
 
21,423
21,336,047
Zurich Insurance Group AG
 
64,481
45,734,492
 
 
 
67,070,539
TOTAL SWITZERLAND
 
 
76,237,061
UNITED KINGDOM - 13.7%
 
 
 
Consumer Discretionary - 2.0%
 
 
 
Broadline Retail - 0.2%
 
 
 
B&M European Value Retail SA
 
797,100
3,573,561
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Flutter Entertainment PLC (United Kingdom) (a)
 
20,500
4,906,735
Household Durables - 1.5%
 
 
 
Barratt Redrow PLC
 
4,935,661
30,639,185
Specialty Retail - 0.1%
 
 
 
JD Sports Fashion PLC
 
1,941,000
2,032,684
TOTAL CONSUMER DISCRETIONARY
 
 
41,152,165
 
 
 
 
Consumer Staples - 2.2%
 
 
 
Consumer Staples Distribution & Retail - 0.5%
 
 
 
Tesco PLC
 
2,081,800
10,302,835
Tobacco - 1.7%
 
 
 
Imperial Brands PLC
 
837,069
34,347,480
TOTAL CONSUMER STAPLES
 
 
44,650,315
 
 
 
 
Financials - 5.7%
 
 
 
Banks - 4.1%
 
 
 
HSBC Holdings PLC
 
2,994,600
33,381,930
Lloyds Banking Group PLC
 
31,119,139
30,573,881
Standard Chartered PLC
 
1,381,549
19,898,799
 
 
 
83,854,610
Capital Markets - 0.9%
 
 
 
London Stock Exchange Group PLC
 
117,200
18,249,391
Insurance - 0.7%
 
 
 
Beazley PLC
 
1,183,600
13,951,959
TOTAL FINANCIALS
 
 
116,055,960
 
 
 
 
Health Care - 0.7%
 
 
 
Pharmaceuticals - 0.7%
 
 
 
Astrazeneca PLC
 
117,912
16,892,866
Industrials - 3.1%
 
 
 
Aerospace & Defense - 2.7%
 
 
 
BAE Systems PLC
 
1,753,610
40,653,302
Rolls-Royce Holdings PLC
 
1,416,300
14,336,461
 
 
 
54,989,763
Trading Companies & Distributors - 0.4%
 
 
 
Bunzl PLC
 
259,100
8,142,087
TOTAL INDUSTRIALS
 
 
63,131,850
 
 
 
 
TOTAL UNITED KINGDOM
 
 
281,883,156
UNITED STATES - 9.7%
 
 
 
Energy - 2.9%
 
 
 
Oil, Gas & Consumable Fuels - 2.9%
 
 
 
Shell PLC ADR
 
925,700
59,689,136
Health Care - 2.5%
 
 
 
Pharmaceuticals - 2.5%
 
 
 
GSK PLC
 
434,752
8,600,563
Roche Holding AG
 
128,180
41,913,132
 
 
 
50,513,695
Industrials - 0.3%
 
 
 
Trading Companies & Distributors - 0.3%
 
 
 
Ferguson Enterprises Inc (United Kingdom)
 
40,816
6,859,270
Materials - 4.0%
 
 
 
Chemicals - 1.0%
 
 
 
Linde PLC
 
43,714
19,812,496
Construction Materials - 3.0%
 
 
 
CRH PLC
 
383,902
36,631,930
Holcim AG
 
222,130
24,822,579
 
 
 
61,454,509
TOTAL MATERIALS
 
 
81,267,005
 
 
 
 
TOTAL UNITED STATES
 
 
198,329,106
 
TOTAL COMMON STOCKS
 (Cost $1,502,561,829)
 
 
 
1,895,918,171
 
 
 
 
Non-Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
GERMANY - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Automobiles - 0.2%
 
 
 
Porsche Automobil Holding SE
  (Cost $6,559,351)
 
120,600
4,972,438
 
 
 
 
Money Market Funds - 8.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
4.33
136,034,110
136,061,317
Fidelity Securities Lending Cash Central Fund (e)(f)
 
4.33
44,832,186
44,836,669
 
TOTAL MONEY MARKET FUNDS
 (Cost $180,897,986)
 
 
 
180,897,986
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
 (Cost $1,690,019,166)
 
 
 
2,081,788,595
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(29,033,779)
NET ASSETS - 100.0%
2,052,754,816
 
 
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 $11,577,690 or 0.6% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
62,042,278
413,373,099
339,354,060
1,083,109
-
-
136,061,317
136,034,110
0.2%
Fidelity Securities Lending Cash Central Fund
4,015,254
97,793,598
56,972,183
7,529
-
-
44,836,669
44,832,186
0.1%
Total
66,057,532
511,166,697
396,326,243
1,090,638
-
-
180,897,986
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
69,911,921
13,180,997
56,730,924
-
Consumer Discretionary
100,815,103
51,874,812
48,940,291
-
Consumer Staples
78,475,162
-
78,475,162
-
Energy
125,510,759
71,692,390
53,818,369
-
Financials
792,174,007
244,264,345
547,909,662
-
Health Care
125,985,538
54,448,894
71,536,644
-
Industrials
313,089,478
22,508,710
290,580,768
-
Information Technology
56,119,554
16,431,261
39,688,293
-
Materials
208,327,541
62,594,850
145,732,691
-
Real Estate
11,134,502
-
11,134,502
-
Utilities
14,374,606
7,601,933
6,772,673
-
 Non-Convertible Preferred Stocks
 
 
 
 
Consumer Discretionary
4,972,438
-
4,972,438
-
 Money Market Funds
180,897,986
180,897,986
-
-
 Total Investments in Securities:
2,081,788,595
725,496,178
1,356,292,417
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $40,920,085) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,509,121,180)
$
1,900,890,609
 
 
Fidelity Central Funds (cost $180,897,986)
180,897,986
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,690,019,166)
 
 
$
2,081,788,595
Foreign currency held at value (cost $70,842)
 
 
72,738
Receivable for investments sold
 
 
4,772,646
Receivable for fund shares sold
 
 
8,790,897
Dividends receivable
 
 
10,114,158
Reclaims receivable
 
 
4,266,946
Distributions receivable from Fidelity Central Funds
 
 
309,750
Prepaid expenses
 
 
359
  Total assets
 
 
2,110,116,089
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
8,238,210
 
 
Delayed delivery
247,921
 
 
Payable for fund shares redeemed
2,731,349
 
 
Accrued management fee
1,249,395
 
 
Distribution and service plan fees payable
11,220
 
 
Other payables and accrued expenses
46,509
 
 
Collateral on securities loaned
44,836,669
 
 
  Total liabilities
 
 
 
57,361,273
Net Assets  
 
 
$
2,052,754,816
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,741,030,898
Total accumulated earnings (loss)
 
 
 
311,723,918
Net Assets
 
 
$
2,052,754,816
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($33,845,123 ÷ 2,855,492 shares)(a)
 
 
$
11.85
Maximum offering price per share (100/94.25 of $11.85)
 
 
$
12.57
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,146,651 ÷ 518,029 shares)(a)
 
 
$
11.87
Maximum offering price per share (100/96.50 of $11.87)
 
 
$
12.30
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,352,350 ÷ 280,951 shares)(a)
 
 
$
11.93
International Value :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,255,086,530 ÷ 105,950,849 shares)
 
 
$
11.85
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($226,730,730 ÷ 19,115,095 shares)
 
 
$
11.86
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($527,593,432 ÷ 44,500,681 shares)
 
 
$
11.86
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
26,719,451
Non-Cash dividends
 
 
7,980,455
Income from Fidelity Central Funds (including $7,529 from security lending)
 
 
1,090,638
 Income before foreign taxes withheld
 
 
$
35,790,544
Less foreign taxes withheld
 
 
(1,686,412)
 Total income
 
 
 
34,104,132
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
6,385,901
 
 
 Performance adjustment
(96,535)
 
 
Distribution and service plan fees
54,518
 
 
Custodian fees and expenses
48,349
 
 
Independent trustees' fees and expenses
3,285
 
 
Registration fees
161,272
 
 
Audit fees
39,755
 
 
Legal
1,075
 
 
Miscellaneous
3,918
 
 
 Total expenses before reductions
 
6,601,538
 
 
 Expense reductions
 
(1,094)
 
 
 Total expenses after reductions
 
 
 
6,600,444
Net Investment income (loss)
 
 
 
27,503,688
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
12,138,501
 
 
 Foreign currency transactions
 
(274,612)
 
 
Total net realized gain (loss)
 
 
 
11,863,889
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
179,869,220
 
 
 Assets and liabilities in foreign currencies
 
516,331
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
180,385,551
Net gain (loss)
 
 
 
192,249,440
Net increase (decrease) in net assets resulting from operations
 
 
$
219,753,128
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
27,503,688
$
26,214,521
Net realized gain (loss)
 
11,863,889
 
(3,040,677)
Change in net unrealized appreciation (depreciation)
 
180,385,551
 
158,249,922
Net increase (decrease) in net assets resulting from operations
 
219,753,128
 
181,423,766
Distributions to shareholders
 
(42,013,169)
 
(16,926,327)
 
 
 
 
 
Share transactions - net increase (decrease)
 
402,730,660
 
590,603,012
Total increase (decrease) in net assets
 
580,470,619
 
755,100,451
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,472,284,197
 
717,183,746
End of period
$
2,052,754,816
$
1,472,284,197
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Value Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.70
$
8.85
$
7.64
$
9.65
$
6.87
$
8.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.22
 
.20
 
.24
 
.25 C
 
.13
     Net realized and unrealized gain (loss)
 
1.23
 
1.81
 
1.15
 
(1.87)
 
2.66
 
(1.24)
  Total from investment operations
 
1.40  
 
2.03  
 
1.35  
 
(1.63)  
 
2.91
 
(1.11)
  Distributions from net investment income
 
(.25)
 
(.18)
 
(.14)
 
(.38)
 
(.13)
 
(.24)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.25)
 
(.18)
 
(.14)
 
(.38)
 
(.13)
 
(.27)
  Net asset value, end of period
$
11.85
$
10.70
$
8.85
$
7.64
$
9.65
$
6.87
 Total Return D,E,F
 
13.42
%
 
23.18%
 
17.72%
 
(17.43)%
 
42.56%
 
(14.01)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.10% I
 
1.15%
 
1.33%
 
1.46%
 
1.37%
 
1.30%
    Expenses net of fee waivers, if any
 
1.10
% I
 
1.14%
 
1.29%
 
1.30%
 
1.33%
 
1.30%
    Expenses net of all reductions, if any
 
1.10% I
 
1.14%
 
1.29%
 
1.30%
 
1.33%
 
1.28%
    Net investment income (loss)
 
3.04% I
 
2.12%
 
2.21%
 
2.85%
 
2.77% C
 
1.71%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
33,845
$
20,609
$
17,133
$
12,080
$
10,566
$
5,947
    Portfolio turnover rate J
 
34
% I
 
29%
 
29%
 
25%
 
29% K
 
36%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.73%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.69
$
8.84
$
7.63
$
9.63
$
6.86
$
8.24
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.19
 
.18
 
.22
 
.23 C
 
.11
     Net realized and unrealized gain (loss)
 
1.25
 
1.81
 
1.15
 
(1.87)
 
2.65
 
(1.25)
  Total from investment operations
 
1.40  
 
2.00  
 
1.33  
 
(1.65)  
 
2.88
 
(1.14)
  Distributions from net investment income
 
(.22)
 
(.15)
 
(.12)
 
(.35)
 
(.11)
 
(.21)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.22)
 
(.15)
 
(.12)
 
(.35)
 
(.11)
 
(.24)
  Net asset value, end of period
$
11.87
$
10.69
$
8.84
$
7.63
$
9.63
$
6.86
 Total Return D,E,F
 
13.37
%
 
22.87%
 
17.45%
 
(17.65)%
 
42.20%
 
(14.29)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.35% I
 
1.39%
 
1.59%
 
1.72%
 
1.62%
 
1.57%
    Expenses net of fee waivers, if any
 
1.35
% I
 
1.39%
 
1.54%
 
1.55%
 
1.58%
 
1.57%
    Expenses net of all reductions, if any
 
1.35% I
 
1.39%
 
1.54%
 
1.55%
 
1.58%
 
1.55%
    Net investment income (loss)
 
2.79% I
 
1.88%
 
1.97%
 
2.60%
 
2.51% C
 
1.44%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,147
$
4,730
$
4,196
$
3,498
$
4,375
$
2,884
    Portfolio turnover rate J
 
34
% I
 
29%
 
29%
 
25%
 
29% K
 
36%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.48%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.72
$
8.85
$
7.64
$
9.60
$
6.85
$
8.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.14
 
.13
 
.18
 
.18 C
 
.07
     Net realized and unrealized gain (loss)
 
1.24
 
1.83
 
1.15
 
(1.87)
 
2.65
 
(1.24)
  Total from investment operations
 
1.37  
 
1.97  
 
1.28  
 
(1.69)  
 
2.83
 
(1.17)
  Distributions from net investment income
 
(.16)
 
(.10)
 
(.07)
 
(.27)
 
(.08)
 
(.17)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.16)
 
(.10)
 
(.07)
 
(.27)
 
(.08)
 
(.20)
  Net asset value, end of period
$
11.93
$
10.72
$
8.85
$
7.64
$
9.60
$
6.85
 Total Return D,E,F
 
12.94
%
 
22.44%
 
16.74%
 
(18.01)%
 
41.45%
 
(14.67)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.85% I
 
1.88%
 
2.09%
 
2.23%
 
2.12%
 
2.07%
    Expenses net of fee waivers, if any
 
1.85
% I
 
1.88%
 
2.05%
 
2.05%
 
2.09%
 
2.07%
    Expenses net of all reductions, if any
 
1.85% I
 
1.88%
 
2.05%
 
2.05%
 
2.09%
 
2.05%
    Net investment income (loss)
 
2.29% I
 
1.38%
 
1.46%
 
2.09%
 
2.00% C
 
.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,352
$
2,365
$
2,366
$
2,190
$
3,177
$
2,947
    Portfolio turnover rate J
 
34
% I
 
29%
 
29%
 
25%
 
29% K
 
36%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® International Value Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.72
$
8.86
$
7.65
$
9.66
$
6.87
$
8.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.25
 
.22
 
.26
 
.28 C
 
.15
     Net realized and unrealized gain (loss)
 
1.24
 
1.81
 
1.15
 
(1.86)
 
2.66
 
(1.23)
  Total from investment operations
 
1.42  
 
2.06  
 
1.37  
 
(1.60)  
 
2.94
 
(1.08)
  Distributions from net investment income
 
(.29)
 
(.20)
 
(.16)
 
(.41)
 
(.15)
 
(.27)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.29)
 
(.20)
 
(.16)
 
(.41)
 
(.15)
 
(.30)
  Net asset value, end of period
$
11.85
$
10.72
$
8.86
$
7.65
$
9.66
$
6.87
 Total Return D,E
 
13.66
%
 
23.58%
 
17.96%
 
(17.20)%
 
43.08%
 
(13.70)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81% H
 
.89%
 
1.01%
 
1.13%
 
1.01%
 
.94%
    Expenses net of fee waivers, if any
 
.81
% H
 
.89%
 
1.01%
 
1.05%
 
1.01%
 
.94%
    Expenses net of all reductions, if any
 
.81% H
 
.89%
 
1.01%
 
1.05%
 
1.01%
 
.92%
    Net investment income (loss)
 
3.33% H
 
2.37%
 
2.50%
 
3.10%
 
3.09% C
 
2.07%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,255,087
$
885,896
$
443,836
$
367,478
$
372,441
$
406,661
    Portfolio turnover rate I
 
34
% H
 
29%
 
29%
 
25%
 
29% J
 
36%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.05%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.73
$
8.87
$
7.66
$
9.67
$
6.88
$
8.26
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.24
 
.22
 
.25
 
.28 C
 
.15
     Net realized and unrealized gain (loss)
 
1.24
 
1.82
 
1.15
 
(1.86)
 
2.66
 
(1.24)
  Total from investment operations
 
1.42  
 
2.06  
 
1.37  
 
(1.61)  
 
2.94
 
(1.09)
  Distributions from net investment income
 
(.29)
 
(.20)
 
(.16)
 
(.40)
 
(.15)
 
(.26)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.29)
 
(.20)
 
(.16)
 
(.40)
 
(.15)
 
(.29)
  Net asset value, end of period
$
11.86
$
10.73
$
8.87
$
7.66
$
9.67
$
6.88
 Total Return D,E
 
13.62
%
 
23.55%
 
17.97%
 
(17.23)%
 
43.05%
 
(13.75)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.85% H
 
.92%
 
1.02%
 
1.09%
 
1.07%
 
.98%
    Expenses net of fee waivers, if any
 
.85
% H
 
.92%
 
1.01%
 
1.04%
 
1.05%
 
.98%
    Expenses net of all reductions, if any
 
.85% H
 
.92%
 
1.01%
 
1.04%
 
1.05%
 
.97%
    Net investment income (loss)
 
3.29% H
 
2.34%
 
2.50%
 
3.10%
 
3.05% C
 
2.03%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
226,731
$
164,277
$
91,052
$
74,751
$
6,661
$
10,406
    Portfolio turnover rate I
 
34
% H
 
29%
 
29%
 
25%
 
29% J
 
36%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.01%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.74
$
8.88
$
7.66
$
9.67
$
6.87
$
8.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.26
 
.24
 
.26
 
.30 C
 
.16
     Net realized and unrealized gain (loss)
 
1.23
 
1.82
 
1.15
 
(1.86)
 
2.65
 
(1.23)
  Total from investment operations
 
1.42  
 
2.08  
 
1.39  
 
(1.60)  
 
2.95
 
(1.07)
  Distributions from net investment income
 
(.30)
 
(.22)
 
(.17)
 
(.41)
 
(.15)
 
(.28)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.30)
 
(.22)
 
(.17)
 
(.41)
 
(.15)
 
(.31)
  Net asset value, end of period
$
11.86
$
10.74
$
8.88
$
7.66
$
9.67
$
6.87
 Total Return D,E
 
13.67
%
 
23.71%
 
18.20%
 
(17.13)%
 
43.35%
 
(13.58)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% H
 
.79%
 
.87%
 
.94%
 
.89%
 
.82%
    Expenses net of fee waivers, if any
 
.73
% H
 
.79%
 
.86%
 
.89%
 
.89%
 
.82%
    Expenses net of all reductions, if any
 
.73% H
 
.79%
 
.86%
 
.89%
 
.89%
 
.81%
    Net investment income (loss)
 
3.41% H
 
2.47%
 
2.65%
 
3.25%
 
3.21% C
 
2.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
527,593
$
394,406
$
158,601
$
118,176
$
11,946
$
2,549
    Portfolio turnover rate I
 
34
% H
 
29%
 
29%
 
25%
 
29% J
 
36%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.17%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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. 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
$441,772,432
Gross unrealized depreciation
(72,775,782)
Net unrealized appreciation (depreciation)
$368,996,650
Tax cost
$1,712,791,945
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(39,068,564)
 Long-term
(48,645,184)
Total capital loss carryforward
$(87,713,748)
 
Due to large redemptions in a prior period, approximately $26,969,064 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.
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Value Fund
548,976,383
267,811,130
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
International Value
.87
Class I
.87
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.83
Class M
.83
Class C
.83
International Value
.79
Class I
.83
Class Z
.71
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity International Value Fund
MSCI EAFE Value Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.01)%.
 
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%
29,567
2,094
Class M
 .25%
 .25%
12,508
 148
Class C
 .75%
 .25%
12,443
 1,085
 
 
 
54,518
3,327
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
9,648
Class M
913
Class CA
27
 
10,588
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
209
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
59,383,592
1,870,688
284,538
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity International Value Fund
1,239
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
702
-
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,094.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity International Value Fund
 
 
Distributions to shareholders
 
 
Class A
$488,630
$348,977
Class M
96,338
72,953
Class C
33,393
27,673
International Value
24,793,093
10,313,599
Class I
4,958,469
2,133,490
Class Z
11,643,246
4,029,635
Total  
$42,013,169
$16,926,327
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity International Value Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
1,117,724
409,712
$12,680,630
$4,210,717
Reinvestment of distributions
46,752
36,641
485,618
346,659
Shares redeemed
(234,965)
(457,274)
(2,563,190)
(4,730,489)
Net increase (decrease)
929,511
(10,921)
$10,603,058
$(173,113)
Class M
 
 
 
 
Shares sold
90,380
25,444
$1,028,609
$257,449
Reinvestment of distributions
9,259
7,505
96,338
71,094
Shares redeemed
(23,924)
(65,455)
(258,018)
(674,620)
Net increase (decrease)
75,715
(32,506)
$866,929
$(346,077)
Class C
 
 
 
 
Shares sold
87,350
24,053
$1,007,854
$245,624
Reinvestment of distributions
3,198
2,901
33,393
27,673
Shares redeemed
(30,352)
(73,408)
(331,945)
(749,686)
Net increase (decrease)
60,196
(46,454)
$709,302
$(476,389)
International Value
 
 
 
 
Shares sold
40,914,979
43,576,697
$453,267,782
$455,952,864
Reinvestment of distributions
1,839,614
930,687
19,105,277
8,794,774
Shares redeemed
(19,430,870)
(11,974,365)
(207,659,071)
(123,234,962)
Net increase (decrease)
23,323,723
32,533,019
$264,713,988
$341,512,676
Class I
 
 
 
 
Shares sold
7,489,746
11,977,758
$81,576,578
$126,009,409
Reinvestment of distributions
467,850
221,911
4,863,643
2,101,443
Shares redeemed
(4,146,244)
(7,158,179)
(44,772,244)
(75,842,662)
Net increase (decrease)
3,811,352
5,041,490
$41,667,977
$52,268,190
Class Z
 
 
 
 
Shares sold
15,325,812
25,315,241
$166,502,847
$265,920,733
Reinvestment of distributions
853,657
352,743
8,868,907
3,336,691
Shares redeemed
(8,407,852)
(6,806,180)
(91,202,348)
(71,439,699)
Net increase (decrease)
7,771,617
18,861,804
$84,169,406
$197,817,725
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.827485.118
FIV-SANN-0625
Fidelity® International Small Cap Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® International Small Cap Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® International Small Cap Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3%
 
 
Shares
Value ($)
 
AUSTRALIA - 3.8%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Automobile Components - 0.3%
 
 
 
Amotiv Ltd
 
3,180,629
15,771,575
Consumer Staples - 0.6%
 
 
 
Food Products - 0.6%
 
 
 
Inghams Group Ltd
 
12,709,168
27,901,227
Financials - 1.1%
 
 
 
Insurance - 1.1%
 
 
 
AUB Group Ltd
 
1,444,431
29,494,495
nib holdings Ltd/Australia
 
5,191,035
22,646,642
 
 
 
52,141,137
Materials - 1.0%
 
 
 
Metals & Mining - 1.0%
 
 
 
Deterra Royalties Ltd
 
9,100,000
21,217,055
Imdex Ltd
 
15,235,985
28,823,362
 
 
 
50,040,417
Real Estate - 0.8%
 
 
 
Real Estate Management & Development - 0.5%
 
 
 
Servcorp Ltd (a)
 
7,066,585
22,845,944
Specialized REITs - 0.3%
 
 
 
National Storage REIT unit
 
10,281,996
15,118,798
TOTAL REAL ESTATE
 
 
37,964,742
 
 
 
 
TOTAL AUSTRALIA
 
 
183,819,098
AUSTRIA - 2.9%
 
 
 
Communication Services - 1.0%
 
 
 
Diversified Telecommunication Services - 1.0%
 
 
 
Eurotelesites AG (b)
 
2,504,800
14,244,565
Telekom Austria AG
 
3,160,400
33,368,015
 
 
 
47,612,580
Industrials - 0.7%
 
 
 
Construction & Engineering - 0.7%
 
 
 
Strabag SE
 
411,597
36,043,263
Materials - 1.2%
 
 
 
Construction Materials - 0.7%
 
 
 
Wienerberger AG
 
946,000
33,093,358
Containers & Packaging - 0.5%
 
 
 
Mayr Melnhof Karton AG
 
249,700
23,025,833
TOTAL MATERIALS
 
 
56,119,191
 
 
 
 
TOTAL AUSTRIA
 
 
139,775,034
BELGIUM - 1.1%
 
 
 
Health Care - 0.9%
 
 
 
Health Care Providers & Services - 0.9%
 
 
 
Fagron
 
1,854,100
43,058,552
Information Technology - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Econocom Group SA/NV
 
4,274,795
8,842,773
TOTAL BELGIUM
 
 
51,901,325
BRAZIL - 1.5%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Diversified Consumer Services - 0.6%
 
 
 
Afya Ltd Class A (c)
 
1,560,200
29,643,800
Consumer Staples - 0.4%
 
 
 
Consumer Staples Distribution & Retail - 0.4%
 
 
 
Atacadao SA
 
11,486,200
17,304,742
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
Hypera SA
 
5,722,400
24,320,818
TOTAL BRAZIL
 
 
71,269,360
CANADA - 4.1%
 
 
 
Communication Services - 0.3%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Quebecor Inc Multiple Voting Shares
 
612,800
16,873,559
Consumer Staples - 1.8%
 
 
 
Consumer Staples Distribution & Retail - 0.9%
 
 
 
North West Co Inc/The
 
1,044,900
41,914,239
Food Products - 0.9%
 
 
 
Lassonde Industries Inc Class A
 
290,699
43,703,957
TOTAL CONSUMER STAPLES
 
 
85,618,196
 
 
 
 
Energy - 0.6%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Total Energy Services Inc
 
962,500
6,185,804
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Parkland Corp
 
707,400
17,820,980
TOTAL ENERGY
 
 
24,006,784
 
 
 
 
Financials - 0.2%
 
 
 
Financial Services - 0.2%
 
 
 
ECN Capital Corp
 
5,364,300
10,856,228
Industrials - 0.1%
 
 
 
Trading Companies & Distributors - 0.1%
 
 
 
Richelieu Hardware Ltd
 
298,200
7,053,751
Information Technology - 0.4%
 
 
 
Software - 0.4%
 
 
 
Open Text Corp
 
755,296
20,446,574
Materials - 0.5%
 
 
 
Containers & Packaging - 0.5%
 
 
 
CCL Industries Inc Class B
 
443,900
23,196,399
Real Estate - 0.2%
 
 
 
Real Estate Management & Development - 0.2%
 
 
 
Genesis Land Development Corp (a)
 
4,888,699
11,028,474
TOTAL CANADA
 
 
199,079,965
CHINA - 3.5%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Automobile Components - 0.3%
 
 
 
Weifu High-Technology Group Co Ltd B Shares
 
8,579,471
13,477,675
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Best Pacific International Holdings Ltd (d)
 
22,158,900
6,914,299
TOTAL CONSUMER DISCRETIONARY
 
 
20,391,974
 
 
 
 
Financials - 0.4%
 
 
 
Financial Services - 0.4%
 
 
 
Far East Horizon Ltd
 
28,280,000
21,914,849
Health Care - 0.9%
 
 
 
Health Care Providers & Services - 0.3%
 
 
 
Sinopharm Group Co Ltd H Shares
 
7,144,800
16,895,615
Pharmaceuticals - 0.6%
 
 
 
Consun Pharmaceutical Group Ltd
 
22,500,000
26,864,459
TOTAL HEALTH CARE
 
 
43,760,074
 
 
 
 
Industrials - 1.5%
 
 
 
Machinery - 0.9%
 
 
 
Impro Precision Industries Ltd/China (d)(e)
 
28,391,300
8,456,329
Precision Tsugami China Corp Ltd (d)
 
7,224,453
19,701,529
Yangzijiang Shipbuildling (Holdings) Ltd (b)
 
8,000,000
13,703,707
 
 
 
41,861,565
Transportation Infrastructure - 0.6%
 
 
 
Qingdao Port International Co Ltd H Shares (d)(e)
 
40,373,000
29,151,684
TOTAL INDUSTRIALS
 
 
71,013,249
 
 
 
 
Materials - 0.3%
 
 
 
Containers & Packaging - 0.3%
 
 
 
Shenzhen YUTO Packaging Technology Co Ltd A Shares (China)
 
5,606,766
15,980,927
TOTAL CHINA
 
 
173,061,073
DENMARK - 0.9%
 
 
 
Financials - 0.9%
 
 
 
Banks - 0.9%
 
 
 
Spar Nord Bank A/S (b)
 
1,398,975
44,884,401
FINLAND - 1.1%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Broadline Retail - 0.4%
 
 
 
Tokmanni Group Corp
 
1,195,500
18,808,826
Materials - 0.7%
 
 
 
Containers & Packaging - 0.7%
 
 
 
Huhtamaki Oyj
 
963,100
35,371,771
TOTAL FINLAND
 
 
54,180,597
FRANCE - 2.7%
 
 
 
Communication Services - 0.4%
 
 
 
Media - 0.4%
 
 
 
IPSOS SA
 
441,200
20,782,242
Energy - 0.7%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Vallourec SACA (b)
 
1,839,400
33,975,777
Financials - 0.1%
 
 
 
Capital Markets - 0.1%
 
 
 
Antin Infrastructure Partners SA
 
283,032
3,302,518
Industrials - 0.6%
 
 
 
Trading Companies & Distributors - 0.6%
 
 
 
Thermador Groupe
 
404,966
30,324,415
Real Estate - 0.9%
 
 
 
Industrial REITs - 0.5%
 
 
 
ARGAN SA
 
337,200
23,263,619
Residential REITs - 0.4%
 
 
 
Altarea SCA
 
157,557
18,141,565
TOTAL REAL ESTATE
 
 
41,405,184
 
 
 
 
TOTAL FRANCE
 
 
129,790,136
GERMANY - 2.4%
 
 
 
Financials - 0.6%
 
 
 
Insurance - 0.6%
 
 
 
Talanx AG
 
266,467
30,458,394
Industrials - 1.8%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
Rheinmetall AG
 
22,225
37,850,346
Commercial Services & Supplies - 0.1%
 
 
 
Takkt AG
 
809,882
6,972,809
Machinery - 0.9%
 
 
 
JOST Werke SE (d)(e)
 
437,020
24,531,120
Norma Group SE
 
623,692
7,757,913
Stabilus SE
 
372,000
10,240,511
 
 
 
42,529,544
TOTAL INDUSTRIALS
 
 
87,352,699
 
 
 
 
TOTAL GERMANY
 
 
117,811,093
GREECE - 2.0%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Hotels, Restaurants & Leisure - 0.5%
 
 
 
OPAP SA
 
1,109,300
24,593,042
Industrials - 1.5%
 
 
 
Industrial Conglomerates - 1.0%
 
 
 
Metlen Energy & Metals SA
 
1,013,101
47,743,965
Transportation Infrastructure - 0.5%
 
 
 
Athens International Airport SA
 
2,498,200
25,866,985
TOTAL INDUSTRIALS
 
 
73,610,950
 
 
 
 
TOTAL GREECE
 
 
98,203,992
HONG KONG - 1.9%
 
 
 
Communication Services - 0.8%
 
 
 
Diversified Telecommunication Services - 0.5%
 
 
 
HKT Trust & HKT Ltd unit
 
16,166,000
23,012,100
Media - 0.3%
 
 
 
Pico Far East Holdings Ltd
 
61,300,071
15,096,593
TOTAL COMMUNICATION SERVICES
 
 
38,108,693
 
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Magnificent Hotel Investment Ltd (b)
 
316,412,000
2,692,659
Consumer Staples - 0.4%
 
 
 
Food Products - 0.4%
 
 
 
WH Group Ltd (d)(e)
 
22,648,500
20,266,722
Information Technology - 0.4%
 
 
 
Semiconductors & Semiconductor Equipment - 0.4%
 
 
 
ASMPT Ltd
 
3,033,900
20,420,029
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
China Metal Recycling Holdings Ltd (b)(f)
 
436,800
1
Real Estate - 0.3%
 
 
 
Real Estate Management & Development - 0.3%
 
 
 
Sino Land Co Ltd
 
13,064,375
13,442,379
TOTAL HONG KONG
 
 
94,930,483
HUNGARY - 0.9%
 
 
 
Health Care - 0.9%
 
 
 
Pharmaceuticals - 0.9%
 
 
 
Richter Gedeon Nyrt
 
1,497,000
45,287,668
INDIA - 1.7%
 
 
 
Financials - 1.2%
 
 
 
Banks - 0.2%
 
 
 
IndusInd Bank Ltd
 
1,084,400
10,755,236
Consumer Finance - 1.0%
 
 
 
Shriram Finance Ltd
 
6,080,260
44,002,111
TOTAL FINANCIALS
 
 
54,757,347
 
 
 
 
Real Estate - 0.5%
 
 
 
Office REITs - 0.5%
 
 
 
Embassy Office Parks REIT
 
5,935,400
26,778,526
TOTAL INDIA
 
 
81,535,873
INDONESIA - 1.1%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Automobile Components - 0.4%
 
 
 
Selamat Sempurna Tbk PT
 
197,940,200
21,253,187
Consumer Staples - 0.3%
 
 
 
Consumer Staples Distribution & Retail - 0.3%
 
 
 
Sumber Alfaria Trijaya Tbk PT
 
125,000,000
16,181,832
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Bank Syariah Indonesia Tbk PT
 
105,000,000
18,059,193
TOTAL INDONESIA
 
 
55,494,212
IRELAND - 1.5%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Hotels, Restaurants & Leisure - 0.5%
 
 
 
Dalata Hotel Group PLC
 
4,166,409
23,882,777
Industrials - 0.6%
 
 
 
Machinery - 0.1%
 
 
 
Mincon Group Plc (a)
 
13,529,844
5,701,750
Trading Companies & Distributors - 0.5%
 
 
 
AerCap Holdings NV
 
215,172
22,808,232
TOTAL INDUSTRIALS
 
 
28,509,982
 
 
 
 
Real Estate - 0.4%
 
 
 
Residential REITs - 0.4%
 
 
 
Irish Residential Properties Reit PLC
 
16,285,700
18,818,240
TOTAL IRELAND
 
 
71,210,999
ITALY - 3.1%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Automobile Components - 0.3%
 
 
 
Pirelli & C SpA (d)(e)
 
2,750,000
16,897,591
Consumer Staples - 0.2%
 
 
 
Consumer Staples Distribution & Retail - 0.2%
 
 
 
MARR SpA
 
985,827
10,866,407
Financials - 1.5%
 
 
 
Capital Markets - 0.7%
 
 
 
Banca Generali SpA
 
559,300
33,010,717
Financial Services - 0.8%
 
 
 
Banca Mediolanum SpA (c)
 
1,000,000
14,862,992
BFF Bank SpA (b)(d)(e)
 
2,405,056
22,695,649
 
 
 
37,558,641
TOTAL FINANCIALS
 
 
70,569,358
 
 
 
 
Health Care - 0.7%
 
 
 
Pharmaceuticals - 0.7%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
571,211
33,551,947
Information Technology - 0.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
Sesa SpA
 
253,400
21,271,456
TOTAL ITALY
 
 
153,156,759
JAPAN - 22.3%
 
 
 
Communication Services - 0.7%
 
 
 
Entertainment - 0.7%
 
 
 
Capcom Co Ltd
 
1,105,900
32,013,709
Consumer Discretionary - 2.9%
 
 
 
Automobiles - 0.5%
 
 
 
Isuzu Motors Ltd
 
1,833,300
24,655,020
Broadline Retail - 0.4%
 
 
 
ASKUL Corp
 
1,658,900
17,623,927
Distributors - 1.1%
 
 
 
Central Automotive Products Ltd
 
1,872,300
22,182,656
PALTAC Corp
 
1,122,300
31,036,329
 
 
 
53,218,985
Leisure Products - 0.4%
 
 
 
Roland Corp
 
791,400
17,518,401
Specialty Retail - 0.5%
 
 
 
ARCLANDS CORP (c)
 
2,194,589
26,615,032
TOTAL CONSUMER DISCRETIONARY
 
 
139,631,365
 
 
 
 
Consumer Staples - 1.1%
 
 
 
Consumer Staples Distribution & Retail - 0.7%
 
 
 
Tsuruha Holdings Inc (c)
 
402,400
32,295,006
Food Products - 0.4%
 
 
 
S Foods Inc
 
1,137,623
21,442,817
TOTAL CONSUMER STAPLES
 
 
53,737,823
 
 
 
 
Energy - 0.5%
 
 
 
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Itochu Enex Co Ltd
 
53,600
578,061
San-Ai Obbli Co Ltd
 
2,034,900
23,867,166
 
 
 
24,445,227
Financials - 1.3%
 
 
 
Banks - 1.3%
 
 
 
Hokuhoku Financial Group Inc
 
1,769,400
31,494,775
Kyoto Financial Group Inc (c)
 
1,846,900
31,530,864
 
 
 
63,025,639
Health Care - 1.1%
 
 
 
Health Care Providers & Services - 1.1%
 
 
 
As One Corp
 
1,409,100
22,287,590
Ship Healthcare Holdings Inc
 
2,284,800
33,062,325
 
 
 
55,349,915
Industrials - 7.8%
 
 
 
Commercial Services & Supplies - 0.3%
 
 
 
Prestige International Inc
 
3,604,500
16,915,789
Electrical Equipment - 0.6%
 
 
 
Fuji Electric Co Ltd
 
715,400
31,811,517
Industrial Conglomerates - 0.5%
 
 
 
Hikari Tsushin Inc
 
90,000
24,913,974
Machinery - 1.5%
 
 
 
Ebara Corp
 
2,538,600
38,134,330
Kawasaki Heavy Industries Ltd
 
600,000
35,791,017
 
 
 
73,925,347
Professional Services - 3.0%
 
 
 
BayCurrent Inc
 
984,700
53,059,188
Funai Soken Holdings Inc
 
1,552,300
24,753,420
MEITEC Group Holdings Inc
 
1,123,100
23,026,771
Persol Holdings Co Ltd
 
13,000,500
23,449,636
TKC Corp
 
632,000
17,769,198
 
 
 
142,058,213
Trading Companies & Distributors - 1.1%
 
 
 
Inaba Denki Sangyo Co Ltd
 
1,432,300
37,645,709
Mitani Corp
 
1,302,442
17,170,955
 
 
 
54,816,664
Transportation Infrastructure - 0.8%
 
 
 
Kamigumi Co Ltd
 
1,567,600
38,307,416
TOTAL INDUSTRIALS
 
 
382,748,920
 
 
 
 
Information Technology - 4.7%
 
 
 
Electronic Equipment, Instruments & Components - 1.4%
 
 
 
Amano Corp
 
746,850
21,734,807
Dexerials Corp
 
2,081,600
24,371,230
Maruwa Co Ltd/Aichi
 
120,300
24,450,399
 
 
 
70,556,436
IT Services - 1.6%
 
 
 
Dentsu Soken Inc
 
460,000
20,075,535
NSD Co Ltd
 
1,421,900
33,404,407
TIS Inc
 
855,200
24,708,569
 
 
 
78,188,511
Semiconductors & Semiconductor Equipment - 0.7%
 
 
 
Renesas Electronics Corp
 
2,940,200
34,504,023
Software - 1.0%
 
 
 
Justsystems Corp
 
606,900
14,474,255
Systena Corp
 
3,524,100
9,168,871
WingArc1st Inc
 
875,889
23,339,888
 
 
 
46,983,014
TOTAL INFORMATION TECHNOLOGY
 
 
230,231,984
 
 
 
 
Materials - 1.4%
 
 
 
Chemicals - 1.4%
 
 
 
Kuraray Co Ltd
 
2,684,600
31,360,130
NOF Corp (c)
 
2,488,200
37,328,221
 
 
 
68,688,351
Real Estate - 0.2%
 
 
 
Real Estate Management & Development - 0.2%
 
 
 
Starts Corp Inc
 
550,000
14,925,164
Utilities - 0.6%
 
 
 
Electric Utilities - 0.6%
 
 
 
Kansai Electric Power Co Inc/The
 
2,332,500
28,737,418
TOTAL JAPAN
 
 
1,093,535,515
KOREA (SOUTH) - 1.0%
 
 
 
Industrials - 0.6%
 
 
 
Electrical Equipment - 0.6%
 
 
 
Vitzrocell Co Ltd (a)
 
1,609,341
26,981,306
Materials - 0.4%
 
 
 
Chemicals - 0.4%
 
 
 
Soulbrain Co Ltd
 
161,800
19,669,661
TOTAL KOREA (SOUTH)
 
 
46,650,967
MEXICO - 3.5%
 
 
 
Consumer Staples - 1.7%
 
 
 
Consumer Staples Distribution & Retail - 0.8%
 
 
 
Grupo Comercial Chedraui SA de CV (c)
 
5,952,400
38,496,871
Food Products - 0.9%
 
 
 
Gruma SAB de CV Series B
 
2,239,500
42,797,227
TOTAL CONSUMER STAPLES
 
 
81,294,098
 
 
 
 
Financials - 1.4%
 
 
 
Capital Markets - 0.5%
 
 
 
Bolsa Mexicana de Valores SAB de CV
 
11,240,882
23,587,481
Insurance - 0.9%
 
 
 
Qualitas Controladora SAB de CV (c)
 
4,041,435
44,535,025
TOTAL FINANCIALS
 
 
68,122,506
 
 
 
 
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
Genomma Lab Internacional SAB de CV
 
17,240,361
20,264,160
TOTAL MEXICO
 
 
169,680,764
NETHERLANDS - 1.3%
 
 
 
Consumer Staples - 0.5%
 
 
 
Consumer Staples Distribution & Retail - 0.5%
 
 
 
Acomo NV
 
915,999
22,465,977
Financials - 0.3%
 
 
 
Capital Markets - 0.3%
 
 
 
Van Lanschot Kempen NV depository receipt
 
283,041
16,368,825
Industrials - 0.5%
 
 
 
Professional Services - 0.5%
 
 
 
Arcadis NV
 
475,950
22,969,066
TOTAL NETHERLANDS
 
 
61,803,868
NORWAY - 1.8%
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Broadline Retail - 0.8%
 
 
 
Europris ASA (d)(e)
 
5,267,900
39,040,611
Financials - 0.9%
 
 
 
Banks - 0.9%
 
 
 
SpareBank 1 SMN
 
2,308,400
41,746,196
Real Estate - 0.1%
 
 
 
Real Estate Management & Development - 0.1%
 
 
 
Selvaag Bolig ASA
 
2,186,000
7,301,795
TOTAL NORWAY
 
 
88,088,602
PERU - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Intercorp Financial Services Inc (United States) (d)
 
683,100
23,136,597
PHILIPPINES - 1.4%
 
 
 
Consumer Staples - 1.0%
 
 
 
Food Products - 1.0%
 
 
 
Century Pacific Food Inc
 
69,526,800
47,504,258
Real Estate - 0.4%
 
 
 
Real Estate Management & Development - 0.4%
 
 
 
Robinsons Land Corp
 
91,729,000
19,206,770
TOTAL PHILIPPINES
 
 
66,711,028
PUERTO RICO - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Liberty Latin America Ltd Class A (b)(c)
 
1,358,941
7,365,460
ROMANIA - 0.8%
 
 
 
Financials - 0.8%
 
 
 
Banks - 0.8%
 
 
 
Banca Transilvania SA
 
6,387,994
40,936,193
SINGAPORE - 1.5%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Specialty Retail - 0.4%
 
 
 
Hour Glass Ltd/The
 
15,272,380
18,431,626
Industrials - 0.6%
 
 
 
Construction & Engineering - 0.2%
 
 
 
Boustead Singapore Ltd
 
15,826,266
12,591,888
Professional Services - 0.4%
 
 
 
HRnetgroup Ltd (d)
 
34,654,100
18,424,761
TOTAL INDUSTRIALS
 
 
31,016,649
 
 
 
 
Real Estate - 0.5%
 
 
 
Industrial REITs - 0.5%
 
 
 
Mapletree Industrial Trust
 
16,650,531
25,756,381
TOTAL SINGAPORE
 
 
75,204,656
SOUTH AFRICA - 0.7%
 
 
 
Consumer Discretionary - 0.7%
 
 
 
Specialty Retail - 0.7%
 
 
 
Pepkor Holdings Ltd (c)(d)(e)
 
22,117,500
31,889,865
SPAIN - 3.6%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Automobile Components - 0.5%
 
 
 
CIE Automotive SA (c)
 
997,300
26,267,648
Consumer Staples - 0.5%
 
 
 
Food Products - 0.5%
 
 
 
Viscofan SA
 
331,632
23,893,840
Financials - 1.0%
 
 
 
Insurance - 1.0%
 
 
 
Grupo Catalana Occidente SA
 
857,122
47,675,641
Industrials - 1.6%
 
 
 
Air Freight & Logistics - 1.1%
 
 
 
Logista Integral SA
 
1,620,600
55,297,209
Commercial Services & Supplies - 0.5%
 
 
 
Prosegur Comp Securidad SA
 
8,217,481
22,854,021
TOTAL INDUSTRIALS
 
 
78,151,230
 
 
 
 
TOTAL SPAIN
 
 
175,988,359
SWEDEN - 2.0%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Specialty Retail - 0.2%
 
 
 
Haypp Group AB (b)
 
1,232,700
12,983,173
Industrials - 0.8%
 
 
 
Machinery - 0.5%
 
 
 
Beijer Alma AB B Shares
 
1,050,000
21,835,394
Trading Companies & Distributors - 0.3%
 
 
 
Alligo AB B Shares
 
1,372,997
15,654,055
TOTAL INDUSTRIALS
 
 
37,489,449
 
 
 
 
Materials - 1.0%
 
 
 
Chemicals - 0.4%
 
 
 
Hexpol AB B Shares
 
2,197,800
19,032,214
Metals & Mining - 0.6%
 
 
 
Granges AB
 
2,249,076
28,085,818
TOTAL MATERIALS
 
 
47,118,032
 
 
 
 
TOTAL SWEDEN
 
 
97,590,654
SWITZERLAND - 0.3%
 
 
 
Industrials - 0.3%
 
 
 
Machinery - 0.3%
 
 
 
Anhui Heli Co Ltd A ELS (Ubs Ag Londn Branch Warrant Program) warrants 12/8/2025 (b)(e)
 
8,014,256
17,528,169
TAIWAN - 2.9%
 
 
 
Communication Services - 0.7%
 
 
 
Entertainment - 0.7%
 
 
 
International Games System Co Ltd
 
1,337,000
34,593,723
Industrials - 0.5%
 
 
 
Professional Services - 0.2%
 
 
 
Sporton International Inc
 
2,313,977
12,111,118
Trading Companies & Distributors - 0.3%
 
 
 
Lumax International Corp Ltd
 
4,537,292
13,482,961
TOTAL INDUSTRIALS
 
 
25,594,079
 
 
 
 
Information Technology - 1.5%
 
 
 
Electronic Equipment, Instruments & Components - 1.5%
 
 
 
Test Research Co Ltd
 
7,960,000
26,627,137
Tripod Technology Corp
 
5,125,000
29,531,313
Yageo Corp
 
1,185,149
16,958,952
 
 
 
73,117,402
Materials - 0.2%
 
 
 
Chemicals - 0.2%
 
 
 
Yung Chi Paint & Varnish Manufacturing Co Ltd
 
3,312,000
7,787,191
TOTAL TAIWAN
 
 
141,092,395
THAILAND - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Star Petroleum Refining PCL
 
82,343,000
13,441,765
UNITED KINGDOM - 13.4%
 
 
 
Communication Services - 0.6%
 
 
 
Media - 0.6%
 
 
 
Informa PLC
 
2,777,133
26,936,498
Consumer Discretionary - 0.7%
 
 
 
Hotels, Restaurants & Leisure - 0.4%
 
 
 
On the Beach Group PLC (d)(e)
 
4,997,336
17,648,867
Household Durables - 0.3%
 
 
 
Vistry Group PLC (b)
 
1,963,198
16,462,099
TOTAL CONSUMER DISCRETIONARY
 
 
34,110,966
 
 
 
 
Consumer Staples - 2.3%
 
 
 
Food Products - 2.3%
 
 
 
Cranswick PLC
 
508,900
35,131,331
Premier Foods PLC
 
19,512,907
51,801,664
Tate & Lyle PLC
 
3,640,843
27,075,005
 
 
 
114,008,000
Energy - 0.5%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Subsea 7 SA
 
1,651,200
24,839,264
Financials - 3.3%
 
 
 
Banks - 0.3%
 
 
 
Close Brothers Group PLC (b)
 
3,500,000
15,150,134
Capital Markets - 1.0%
 
 
 
Intermediate Capital Group PLC
 
975,000
24,376,416
Rathbones Group PLC
 
1,142,700
23,909,157
 
 
 
48,285,573
Insurance - 2.0%
 
 
 
Direct Line Insurance Group PLC
 
6,560,900
24,744,703
Hiscox Ltd
 
2,803,648
41,063,275
Lancashire Holdings Ltd
 
2,403,500
18,033,703
Sabre Insurance Group PLC (d)(e)
 
9,855,200
16,522,603
 
 
 
100,364,284
TOTAL FINANCIALS
 
 
163,799,991
 
 
 
 
Health Care - 0.6%
 
 
 
Health Care Equipment & Supplies - 0.6%
 
 
 
ConvaTec Group PLC (d)(e)
 
8,515,700
29,484,373
Industrials - 3.9%
 
 
 
Commercial Services & Supplies - 0.6%
 
 
 
Mears Group PLC (a)
 
5,828,589
30,100,072
Industrial Conglomerates - 0.7%
 
 
 
DCC PLC
 
531,100
34,582,960
Machinery - 0.5%
 
 
 
Bodycote PLC
 
2,311,471
14,663,168
Luxfer Holdings PLC
 
1,099,959
11,835,558
 
 
 
26,498,726
Passenger Airlines - 0.6%
 
 
 
JET2 PLC
 
1,381,000
29,134,461
Trading Companies & Distributors - 1.5%
 
 
 
Ashtead Technology Holdings plc (a)(c)
 
7,210,800
47,808,921
RS GROUP PLC
 
2,670,653
18,347,569
 
 
 
66,156,490
TOTAL INDUSTRIALS
 
 
186,472,709
 
 
 
 
Real Estate - 1.5%
 
 
 
Real Estate Management & Development - 1.5%
 
 
 
Grainger PLC
 
9,396,166
26,922,881
LSL Property Services PLC
 
4,351,335
16,237,268
Savills PLC
 
2,648,800
32,723,617
 
 
 
75,883,766
TOTAL UNITED KINGDOM
 
 
655,535,567
UNITED STATES - 2.9%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Diversified Consumer Services - 0.4%
 
 
 
Adtalem Global Education Inc (b)
 
202,400
21,494,880
Energy - 1.0%
 
 
 
Oil, Gas & Consumable Fuels - 1.0%
 
 
 
Antero Resources Corp (b)
 
966,800
33,673,644
Core Natural Resources Inc
 
190,000
13,719,900
 
 
 
47,393,544
Materials - 1.5%
 
 
 
Construction Materials - 1.2%
 
 
 
GCC SAB de CV
 
1,468,100
12,311,213
RHI Magnesita NV
 
1,056,191
43,846,296
 
 
 
56,157,509
Containers & Packaging - 0.3%
 
 
 
Smurfit WestRock PLC
 
353,100
14,837,262
TOTAL MATERIALS
 
 
70,994,771
 
 
 
 
TOTAL UNITED STATES
 
 
139,883,195
 
TOTAL COMMON STOCKS
 (Cost $3,973,905,399)
 
 
 
4,711,455,687
 
 
 
 
Money Market Funds - 1.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
48,270,809
48,280,463
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
36,592,303
36,595,962
 
TOTAL MONEY MARKET FUNDS
 (Cost $84,876,426)
 
 
 
84,876,425
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.0%
 (Cost $4,058,781,825)
 
 
 
4,796,332,112
NET OTHER ASSETS (LIABILITIES) - 2.0%  
100,258,265
NET ASSETS - 100.0%
4,896,590,377
 
 
Legend
 
(a)
Affiliated company
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $324,762,600 or 6.6% of net assets.
 
(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 $274,113,583 or 5.6% of net assets.
 
(f)
Level 3 security
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
83,365,948
295,856,408
330,941,893
1,625,509
-
-
48,280,463
48,270,809
0.1%
Fidelity Securities Lending Cash Central Fund
48,249
341,327,983
304,780,269
115,097
-
(1)
36,595,962
36,592,303
0.1%
Total
83,414,197
637,184,391
635,722,162
1,740,606
-
(1)
84,876,425
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
Ashtead Technology Holdings plc
45,808,505
5,013,661
-
-
-
(3,013,245)
47,808,921
7,210,800
Genesis Land Development Corp
14,606,233
-
-
296,507
-
(3,577,759)
11,028,474
4,888,699
Mears Group PLC
36,775,536
-
12,636,508
-
(1,381,825)
7,342,869
30,100,072
5,828,589
Mincon Group Plc
6,475,519
-
-
149,472
-
(773,769)
5,701,750
13,529,844
Servcorp Ltd
23,181,584
-
-
618,425
-
(335,640)
22,845,944
7,066,585
Vitzrocell Co Ltd
21,869,198
-
-
425,532
-
5,112,108
26,981,306
1,609,341
Total
148,716,575
5,013,661
12,636,508
1,489,936
(1,381,825)
4,754,564
144,466,467
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
224,286,464
189,692,741
34,593,723
-
Consumer Discretionary
497,785,565
404,196,482
93,589,083
-
Consumer Staples
521,043,122
429,455,805
91,587,317
-
Energy
168,102,361
154,660,596
13,441,765
-
Financials
771,755,013
646,797,336
124,957,677
-
Health Care
295,077,507
295,077,507
-
-
Industrials
1,142,859,886
831,389,578
311,470,308
-
Information Technology
374,330,218
266,708,793
107,621,425
-
Materials
394,966,712
270,128,385
124,838,326
1
Real Estate
292,511,421
182,805,002
109,706,419
-
Utilities
28,737,418
-
28,737,418
-
 Money Market Funds
84,876,425
84,876,425
-
-
 Total Investments in Securities:
4,796,332,112
3,755,788,650
1,040,543,461
1
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $34,696,918) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,867,672,144)
$
4,566,989,220
 
 
Fidelity Central Funds (cost $84,876,426)
84,876,425
 
 
Other affiliated issuers (cost $106,233,255)
144,466,467
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,058,781,825)
 
 
$
4,796,332,112
Foreign currency held at value (cost $86,234,798)
 
 
87,799,834
Receivable for investments sold
 
 
24,626,579
Receivable for fund shares sold
 
 
2,728,283
Dividends receivable
 
 
28,367,659
Reclaims receivable
 
 
5,598,360
Distributions receivable from Fidelity Central Funds
 
 
225,932
Prepaid expenses
 
 
1,419
Other receivables
 
 
128,993
  Total assets
 
 
4,945,809,171
Liabilities
 
 
 
 
Payable for investments purchased
$
1,242,586
 
 
Payable for fund shares redeemed
2,906,845
 
 
Accrued management fee
3,828,791
 
 
Distribution and service plan fees payable
43,140
 
 
Deferred taxes
4,508,668
 
 
Other payables and accrued expenses
96,896
 
 
Collateral on securities loaned
36,591,868
 
 
  Total liabilities
 
 
 
49,218,794
Net Assets  
 
 
$
4,896,590,377
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,211,533,969
Total accumulated earnings (loss)
 
 
 
685,056,408
Net Assets
 
 
$
4,896,590,377
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($134,065,506 ÷ 4,100,934 shares)(a)
 
 
$
32.69
Maximum offering price per share (100/94.25 of $32.69)
 
 
$
34.68
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($17,953,441 ÷ 552,075 shares)(a)
 
 
$
32.52
Maximum offering price per share (100/96.50 of $32.52)
 
 
$
33.70
Class C :
 
 
 
 
Net Asset Value and offering price per share ($11,452,084 ÷ 365,417 shares)(a)
 
 
$
31.34
International Small Cap :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,570,567,665 ÷ 46,958,807 shares)
 
 
$
33.45
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,303,439,299 ÷ 38,699,154 shares)
 
 
$
33.68
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,859,112,382 ÷ 55,267,247 shares)
 
 
$
33.64
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends (including $1,489,936 earned from affiliated issuers)
 
 
$
70,634,920
Income from Fidelity Central Funds (including $115,097 from security lending)
 
 
1,740,606
 Income before foreign taxes withheld
 
 
$
72,375,526
Less foreign taxes withheld
 
 
(4,591,451)
 Total income
 
 
 
67,784,075
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
19,776,764
 
 
 Performance adjustment
1,944,991
 
 
Distribution and service plan fees
263,605
 
 
Custodian fees and expenses
209,129
 
 
Independent trustees' fees and expenses
10,334
 
 
Registration fees
115,692
 
 
Audit fees
57,943
 
 
Legal
2,902
 
 
Miscellaneous
42,580
 
 
 Total expenses before reductions
 
22,423,940
 
 
 Expense reductions
 
(1,727)
 
 
 Total expenses after reductions
 
 
 
22,422,213
Net Investment income (loss)
 
 
 
45,361,862
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $252,510)
 
42,964,689
 
 
   Affiliated issuers
 
(1,381,825)
 
 
 Foreign currency transactions
 
(1,208,703)
 
 
Total net realized gain (loss)
 
 
 
40,374,161
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,693,220)  
 
232,431,894
 
 
   Fidelity Central Funds
 
(1)
 
 
   Other affiliated issuers
 
4,754,564
 
 
 Assets and liabilities in foreign currencies
 
4,606,747
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
241,793,204
Net gain (loss)
 
 
 
282,167,365
Net increase (decrease) in net assets resulting from operations
 
 
$
327,529,227
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
45,361,862
$
97,982,787
Net realized gain (loss)
 
40,374,161
 
37,452,111
Change in net unrealized appreciation (depreciation)
 
241,793,204
 
563,297,242
Net increase (decrease) in net assets resulting from operations
 
327,529,227
 
698,732,140
Distributions to shareholders
 
(120,637,857)
 
(81,035,424)
 
 
 
 
 
Share transactions - net increase (decrease)
 
(88,591,400)
 
505,200,813
Total increase (decrease) in net assets
 
118,299,970
 
1,122,897,529
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,778,290,407
 
3,655,392,878
End of period
$
4,896,590,377
$
4,778,290,407
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Small Cap Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.28
$
26.84
$
23.88
$
34.31
$
24.75
$
26.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.25
 
.58
 
.44
 
.58
 
.31
 
.27
     Net realized and unrealized gain (loss)
 
1.88
 
4.37
 
2.63
 
(8.74)
 
9.42
 
(1.26)
  Total from investment operations
 
2.13  
 
4.95  
 
3.07  
 
(8.16)  
 
9.73
 
(.99)
  Distributions from net investment income
 
(.72)
 
(.51)
 
(.11)
 
(.75)
 
(.17)
 
(.44)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.52)
 
-
 
(.14)
     Total distributions
 
(.72)
 
(.51)
 
(.11)
 
(2.27)
 
(.17)
 
(.58)
  Net asset value, end of period
$
32.69
$
31.28
$
26.84
$
23.88
$
34.31
$
24.75
 Total Return C,D,E
 
6.96
%
 
18.59%
 
12.87%
 
(25.19)%
 
39.43%
 
(3.91)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.25% H
 
1.32%
 
1.43%
 
1.29%
 
1.29%
 
1.36%
    Expenses net of fee waivers, if any
 
1.25
% H
 
1.32%
 
1.43%
 
1.29%
 
1.29%
 
1.36%
    Expenses net of all reductions, if any
 
1.25% H
 
1.32%
 
1.43%
 
1.29%
 
1.29%
 
1.35%
    Net investment income (loss)
 
1.63% H
 
1.85%
 
1.56%
 
2.06%
 
.95%
 
1.09%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
134,066
$
124,941
$
108,866
$
95,906
$
136,131
$
92,044
    Portfolio turnover rate I
 
18
% H
 
17%
 
10%
 
17%
 
28%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.11
$
26.69
$
23.73
$
34.12
$
24.62
$
26.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.50
 
.36
 
.50
 
.22
 
.19
     Net realized and unrealized gain (loss)
 
1.87
 
4.35
 
2.64
 
(8.70)
 
9.38
 
(1.25)
  Total from investment operations
 
2.08  
 
4.85  
 
3.00  
 
(8.20)  
 
9.60
 
(1.06)
  Distributions from net investment income
 
(.67)
 
(.43)
 
(.04)
 
(.66)
 
(.10)
 
(.36)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.52)
 
-
 
(.14)
     Total distributions
 
(.67)
 
(.43)
 
(.04)
 
(2.19) C
 
(.10)
 
(.50)
  Net asset value, end of period
$
32.52
$
31.11
$
26.69
$
23.73
$
34.12
$
24.62
 Total Return D,E,F
 
6.82
%
 
18.27%
 
12.62%
 
(25.43)%
 
39.07%
 
(4.19)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.50% I
 
1.58%
 
1.71%
 
1.57%
 
1.57%
 
1.67%
    Expenses net of fee waivers, if any
 
1.50
% I
 
1.57%
 
1.70%
 
1.56%
 
1.57%
 
1.67%
    Expenses net of all reductions, if any
 
1.50% I
 
1.57%
 
1.70%
 
1.56%
 
1.57%
 
1.65%
    Net investment income (loss)
 
1.38% I
 
1.60%
 
1.29%
 
1.79%
 
.68%
 
.78%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,953
$
19,033
$
15,515
$
13,761
$
19,926
$
12,492
    Portfolio turnover rate J
 
18
% I
 
17%
 
10%
 
17%
 
28%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
29.87
$
25.64
$
22.88
$
32.93
$
23.80
$
25.27
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.33
 
.21
 
.35
 
.06
 
.08
     Net realized and unrealized gain (loss)
 
1.80
 
4.19
 
2.55
 
(8.40)
 
9.07
 
(1.23)
  Total from investment operations
 
1.93  
 
4.52  
 
2.76  
 
(8.05)  
 
9.13
 
(1.15)
  Distributions from net investment income
 
(.46)
 
(.29)
 
-
 
(.48)
 
-
 
(.18)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.52)
 
-
 
(.14)
     Total distributions
 
(.46)
 
(.29)
 
-
 
(2.00)
 
-
 
(.32)
  Net asset value, end of period
$
31.34
$
29.87
$
25.64
$
22.88
$
32.93
$
23.80
 Total Return C,D,E
 
6.55
%
 
17.68%
 
12.06%
 
(25.77)%
 
38.36%
 
(4.65)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.00% H
 
2.06%
 
2.20%
 
2.06%
 
2.05%
 
2.13%
    Expenses net of fee waivers, if any
 
2.00
% H
 
2.06%
 
2.19%
 
2.05%
 
2.05%
 
2.13%
    Expenses net of all reductions, if any
 
2.00% H
 
2.06%
 
2.19%
 
2.05%
 
2.05%
 
2.11%
    Net investment income (loss)
 
.88% H
 
1.11%
 
.80%
 
1.30%
 
.19%
 
.32%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,452
$
12,577
$
12,603
$
13,556
$
21,683
$
17,659
    Portfolio turnover rate I
 
18
% H
 
17%
 
10%
 
17%
 
28%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® International Small Cap Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
32.03
$
27.46
$
24.43
$
35.05
$
25.28
$
26.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.68
 
.52
 
.67
 
.41
 
.34
     Net realized and unrealized gain (loss)
 
1.93
 
4.48
 
2.70
 
(8.94)
 
9.61
 
(1.27)
  Total from investment operations
 
2.23  
 
5.16  
 
3.22  
 
(8.27)  
 
10.02
 
(.93)
  Distributions from net investment income
 
(.81)
 
(.59)
 
(.19)
 
(.83)
 
(.25)
 
(.51)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.52)
 
-
 
(.14)
     Total distributions
 
(.81)
 
(.59)
 
(.19)
 
(2.35)
 
(.25)
 
(.65)
  Net asset value, end of period
$
33.45
$
32.03
$
27.46
$
24.43
$
35.05
$
25.28
 Total Return C,D
 
7.13
%
 
18.93%
 
13.19%
 
(25.01)%
 
39.83%
 
(3.61)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95% G
 
1.04%
 
1.17%
 
1.02%
 
1.01%
 
1.08%
    Expenses net of fee waivers, if any
 
.95
% G
 
1.04%
 
1.16%
 
1.02%
 
1.01%
 
1.08%
    Expenses net of all reductions, if any
 
.95% G
 
1.04%
 
1.16%
 
1.02%
 
1.01%
 
1.07%
    Net investment income (loss)
 
1.92% G
 
2.13%
 
1.83%
 
2.33%
 
1.23%
 
1.37%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,570,568
$
1,590,236
$
1,342,755
$
1,145,773
$
1,534,214
$
1,122,746
    Portfolio turnover rate H
 
18
% G
 
17%
 
10%
 
17%
 
28%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
32.25
$
27.66
$
24.60
$
35.27
$
25.44
$
27.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.67
 
.53
 
.68
 
.41
 
.35
     Net realized and unrealized gain (loss)
 
1.93
 
4.51
 
2.71
 
(8.99)
 
9.67
 
(1.28)
  Total from investment operations
 
2.23  
 
5.18  
 
3.24  
 
(8.31)  
 
10.08
 
(.93)
  Distributions from net investment income
 
(.80)
 
(.59)
 
(.18)
 
(.84)
 
(.25)
 
(.52)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.52)
 
-
 
(.14)
     Total distributions
 
(.80)
 
(.59)
 
(.18)
 
(2.36)
 
(.25)
 
(.66)
  Net asset value, end of period
$
33.68
$
32.25
$
27.66
$
24.60
$
35.27
$
25.44
 Total Return C,D
 
7.08
%
 
18.90%
 
13.20%
 
(24.98)%
 
39.80%
 
(3.62)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.00% G
 
1.08%
 
1.16%
 
1.02%
 
1.02%
 
1.08%
    Expenses net of fee waivers, if any
 
1.00
% G
 
1.08%
 
1.15%
 
1.01%
 
1.02%
 
1.08%
    Expenses net of all reductions, if any
 
1.00% G
 
1.08%
 
1.15%
 
1.01%
 
1.02%
 
1.06%
    Net investment income (loss)
 
1.88% G
 
2.09%
 
1.84%
 
2.34%
 
1.22%
 
1.38%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,303,439
$
1,304,244
$
924,094
$
696,515
$
1,080,258
$
605,100
    Portfolio turnover rate H
 
18
% G
 
17%
 
10%
 
17%
 
28%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
32.23
$
27.65
$
24.59
$
35.26
$
25.43
$
27.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.71
 
.56
 
.70
 
.45
 
.38
     Net realized and unrealized gain (loss)
 
1.93
 
4.50
 
2.72
 
(8.97)
 
9.67
 
(1.28)
  Total from investment operations
 
2.25  
 
5.21  
 
3.28  
 
(8.27)  
 
10.12
 
(.90)
  Distributions from net investment income
 
(.84)
 
(.63)
 
(.22)
 
(.88)
 
(.29)
 
(.56)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.52)
 
-
 
(.14)
     Total distributions
 
(.84)
 
(.63)
 
(.22)
 
(2.40)
 
(.29)
 
(.70)
  Net asset value, end of period
$
33.64
$
32.23
$
27.65
$
24.59
$
35.26
$
25.43
 Total Return C,D
 
7.16
%
 
19.01%
 
13.38%
 
(24.89)%
 
39.99%
 
(3.51)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88% G
 
.96%
 
1.03%
 
.89%
 
.89%
 
.94%
    Expenses net of fee waivers, if any
 
.88
% G
 
.96%
 
1.03%
 
.89%
 
.89%
 
.94%
    Expenses net of all reductions, if any
 
.88% G
 
.96%
 
1.03%
 
.89%
 
.89%
 
.93%
    Net investment income (loss)
 
1.99% G
 
2.21%
 
1.96%
 
2.47%
 
1.35%
 
1.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,859,112
$
1,727,260
$
1,251,559
$
965,701
$
739,757
$
275,127
    Portfolio turnover rate H
 
18
% G
 
17%
 
10%
 
17%
 
28%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to
wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,123,249,681
Gross unrealized depreciation
(447,335,159)
Net unrealized appreciation (depreciation)
$675,914,522
Tax cost
$4,120,417,590
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(48,289,622)
 Long-term
(11,173,625)
Total capital loss carryforward
$(59,463,247)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Small Cap Fund
414,938,503
541,261,979
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
1.02
Class M
1.02
Class C
1.02
International Small Cap
1.00
Class I
1.00
Class Z
.87
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.90
Class M
.90
Class C
.90
International Small Cap
.85
Class I
.90
Class Z
.78
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity International Small Cap Fund
MSCI ACWI (All Country World Index) ex USA Small Cap Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .08%.
 
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%
158,460
3,595
Class M
 .25%
 .25%
46,632
 473
Class C
 .75%
 .25%
58,513
 6,463
 
 
 
263,605
10,531
 
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
5,294
Class M
425
Class CA
96
 
5,815
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
798
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 12,405,986
 3,665,819
 (1,558,056)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity International Small Cap Fund
3,668
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
12,109
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,727.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity International Small Cap Fund
 
 
Distributions to shareholders
 
 
Class A
$2,901,411
$2,098,372
Class M
410,420
241,727
Class C
186,204
139,497
International Small Cap
39,749,892
27,992,078
Class I
31,846,159
20,805,567
Class Z
45,543,771
29,758,183
Total  
$120,637,857
$81,035,424
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity International Small Cap Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
577,315
727,649
$17,737,407
$22,252,808
Reinvestment of distributions
94,214
71,368
2,884,846
2,084,465
Shares redeemed
(564,843)
(860,161)
(17,483,809)
(26,602,775)
Net increase (decrease)
106,686
(61,144)
$3,138,444
$(2,265,502)
Class M
 
 
 
 
Shares sold
54,908
123,660
$1,688,890
$3,890,067
Reinvestment of distributions
13,431
8,280
409,526
241,156
Shares redeemed
(128,128)
(101,426)
(3,841,524)
(3,110,795)
Net increase (decrease)
(59,789)
30,514
$(1,743,108)
$1,020,428
Class C
 
 
 
 
Shares sold
18,544
57,296
$551,348
$1,707,164
Reinvestment of distributions
6,318
4,960
185,987
139,376
Shares redeemed
(80,562)
(132,703)
(2,400,502)
(3,971,313)
Net increase (decrease)
(55,700)
(70,447)
$(1,663,167)
$(2,124,773)
International Small Cap
 
 
 
 
Shares sold
6,777,539
10,622,095
$211,932,927
$338,221,799
Reinvestment of distributions
1,091,550
843,925
34,154,601
25,168,669
Shares redeemed
(10,562,816)
(10,703,729)
(330,413,759)
(336,929,002)
Net increase (decrease)
(2,693,727)
762,291
$(84,326,231)
$26,461,466
Class I
 
 
 
 
Shares sold
6,914,024
13,931,167
$218,212,461
$442,942,466
Reinvestment of distributions
980,060
673,230
30,891,485
20,225,978
Shares redeemed
(9,642,671)
(7,562,762)
(306,152,811)
(242,340,980)
Net increase (decrease)
(1,748,587)
7,041,635
$(57,048,865)
$220,827,464
Class Z
 
 
 
 
Shares sold
7,516,330
16,036,560
$238,067,237
$510,478,803
Reinvestment of distributions
967,209
663,553
30,428,407
19,900,821
Shares redeemed
(6,811,874)
(8,375,022)
(215,444,117)
(269,097,894)
Net increase (decrease)
1,671,665
8,325,091
$53,051,527
$261,281,730
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.800662.121
ISC-SANN-0625
Fidelity® Total International Equity Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Total International Equity Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Total International Equity Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
AUSTRALIA - 1.1%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Whitehaven Coal Ltd
 
14,276
45,665
Financials - 0.4%
 
 
 
Banks - 0.1%
 
 
 
Commonwealth Bank of Australia
 
2,478
264,128
Capital Markets - 0.3%
 
 
 
Macquarie Group Ltd
 
10,055
1,242,547
Insurance - 0.0%
 
 
 
Steadfast Group Ltd
 
41,846
157,252
TOTAL FINANCIALS
 
 
1,663,927
 
 
 
 
Materials - 0.7%
 
 
 
Metals & Mining - 0.7%
 
 
 
BHP Group Ltd
 
89,545
2,134,184
Glencore PLC
 
311,247
1,020,497
Imdex Ltd
 
87,017
164,618
 
 
 
3,319,299
TOTAL AUSTRALIA
 
 
5,028,891
BAILIWICK OF JERSEY - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Capital Markets - 0.0%
 
 
 
JTC PLC (a)(b)
 
10,743
119,405
BELGIUM - 0.7%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
KBC Ancora
 
5,284
344,792
KBC Group NV
 
15,601
1,432,622
 
 
 
1,777,414
Health Care - 0.2%
 
 
 
Pharmaceuticals - 0.2%
 
 
 
UCB SA
 
5,871
1,071,803
Industrials - 0.1%
 
 
 
Trading Companies & Distributors - 0.1%
 
 
 
Azelis Group NV
 
25,055
387,151
TOTAL BELGIUM
 
 
3,236,368
BRAZIL - 2.3%
 
 
 
Energy - 0.5%
 
 
 
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Petroleo Brasileiro SA ADR
 
190,282
2,148,284
Financials - 0.7%
 
 
 
Banks - 0.7%
 
 
 
Itau Unibanco Holding SA
 
512,001
3,209,958
Industrials - 0.4%
 
 
 
Ground Transportation - 0.4%
 
 
 
Localiza Rent a Car SA
 
223,682
1,693,238
Materials - 0.7%
 
 
 
Metals & Mining - 0.7%
 
 
 
Gerdau SA ADR
 
436,090
1,138,195
Vale SA ADR
 
226,093
2,104,926
 
 
 
3,243,121
TOTAL BRAZIL
 
 
10,294,601
CANADA - 7.2%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Hotels, Restaurants & Leisure - 0.3%
 
 
 
Restaurant Brands International Inc
 
22,924
1,477,105
Consumer Staples - 0.5%
 
 
 
Consumer Staples Distribution & Retail - 0.5%
 
 
 
Alimentation Couche-Tard Inc
 
43,175
2,253,644
Energy - 1.0%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Pason Systems Inc
 
6,589
52,479
Oil, Gas & Consumable Fuels - 1.0%
 
 
 
Cameco Corp
 
22,983
1,037,453
Canadian Natural Resources Ltd
 
58,164
1,669,061
Suncor Energy Inc
 
53,110
1,875,762
 
 
 
4,582,276
TOTAL ENERGY
 
 
4,634,755
 
 
 
 
Financials - 2.2%
 
 
 
Banks - 1.2%
 
 
 
Royal Bank of Canada
 
28,211
3,386,098
Toronto Dominion Bank
 
25,019
1,598,668
 
 
 
4,984,766
Capital Markets - 0.5%
 
 
 
Brookfield Asset Management Ltd Class A
 
24,050
1,283,271
TMX Group Ltd
 
27,011
1,094,664
 
 
 
2,377,935
Insurance - 0.5%
 
 
 
Intact Financial Corp
 
10,745
2,386,332
TOTAL FINANCIALS
 
 
9,749,033
 
 
 
 
Industrials - 1.1%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
CAE Inc (c)
 
11,701
292,737
Ground Transportation - 1.0%
 
 
 
Canadian Pacific Kansas City Ltd
 
63,203
4,590,539
Trading Companies & Distributors - 0.0%
 
 
 
Richelieu Hardware Ltd
 
8,844
209,200
TOTAL INDUSTRIALS
 
 
5,092,476
 
 
 
 
Information Technology - 0.8%
 
 
 
Software - 0.8%
 
 
 
Constellation Software Inc/Canada
 
950
3,423,714
Constellation Software Inc/Canada warrants 3/31/2040 (c)(d)
 
921
0
Lumine Group Inc Subordinate Voting Shares (b)(c)
 
3,200
103,456
 
 
 
3,527,170
Materials - 1.3%
 
 
 
Chemicals - 0.2%
 
 
 
Nutrien Ltd
 
19,410
1,108,057
Metals & Mining - 1.1%
 
 
 
Franco-Nevada Corp
 
24,806
4,262,868
Osisko Gold Royalties Ltd
 
9,863
236,380
 
 
 
4,499,248
TOTAL MATERIALS
 
 
5,607,305
 
 
 
 
TOTAL CANADA
 
 
32,341,488
CHILE - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Antofagasta PLC
 
63,202
1,375,465
CHINA - 9.7%
 
 
 
Communication Services - 2.9%
 
 
 
Interactive Media & Services - 2.9%
 
 
 
Tencent Holdings Ltd
 
210,692
12,905,086
Consumer Discretionary - 3.0%
 
 
 
Broadline Retail - 1.7%
 
 
 
Alibaba Group Holding Ltd ADR
 
42,137
5,032,422
PDD Holdings Inc Class A ADR (c)
 
24,345
2,570,102
 
 
 
7,602,524
Diversified Consumer Services - 0.3%
 
 
 
TAL Education Group Class A ADR (c)
 
137,804
1,205,785
Hotels, Restaurants & Leisure - 0.6%
 
 
 
Meituan B Shares (a)(b)(c)
 
129,218
2,139,519
Shangri-La Asia Ltd
 
980,093
548,456
 
 
 
2,687,975
Household Durables - 0.4%
 
 
 
Haier Smart Home Co Ltd A Shares (China)
 
521,300
1,779,758
TOTAL CONSUMER DISCRETIONARY
 
 
13,276,042
 
 
 
 
Consumer Staples - 0.0%
 
 
 
Personal Care Products - 0.0%
 
 
 
Chlitina Holding Ltd
 
13,197
46,949
Financials - 1.5%
 
 
 
Banks - 0.4%
 
 
 
China Construction Bank Corp H Shares
 
2,468,792
2,030,906
Insurance - 1.1%
 
 
 
China Life Insurance Co Ltd H Shares
 
1,785,267
3,268,708
PICC Property & Casualty Co Ltd H Shares
 
879,568
1,621,773
 
 
 
4,890,481
TOTAL FINANCIALS
 
 
6,921,387
 
 
 
 
Health Care - 1.2%
 
 
 
Biotechnology - 0.2%
 
 
 
Akeso Inc (a)(b)(c)
 
100,000
1,112,100
Life Sciences Tools & Services - 0.6%
 
 
 
Wuxi Apptec Co Ltd H Shares (a)(b)
 
275,203
2,134,388
Pharmaceuticals - 0.4%
 
 
 
Hansoh Pharmaceutical Group Co Ltd (a)(b)
 
647,203
2,011,139
TOTAL HEALTH CARE
 
 
5,257,627
 
 
 
 
Industrials - 1.1%
 
 
 
Ground Transportation - 0.3%
 
 
 
Full Truck Alliance Co Ltd ADR
 
134,108
1,523,466
Machinery - 0.8%
 
 
 
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
354,200
3,482,390
TOTAL INDUSTRIALS
 
 
5,005,856
 
 
 
 
TOTAL CHINA
 
 
43,412,947
DENMARK - 0.7%
 
 
 
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
Novo Nordisk A/S Series B
 
35,238
2,356,068
Industrials - 0.2%
 
 
 
Air Freight & Logistics - 0.2%
 
 
 
DSV A/S
 
3,858
817,741
TOTAL DENMARK
 
 
3,173,809
EGYPT - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
Integrated Diagnostics Holdings PLC (a)(b)(c)
 
69,838
24,163
FINLAND - 0.9%
 
 
 
Financials - 0.5%
 
 
 
Insurance - 0.5%
 
 
 
Mandatum Holding Oy
 
24,277
170,898
Sampo Oyj A Shares
 
168,818
1,691,321
 
 
 
1,862,219
Industrials - 0.3%
 
 
 
Machinery - 0.3%
 
 
 
Kone Oyj B Shares
 
24,313
1,501,093
Utilities - 0.1%
 
 
 
Electric Utilities - 0.1%
 
 
 
Fortum Oyj
 
30,326
506,562
TOTAL FINLAND
 
 
3,869,874
FRANCE - 7.1%
 
 
 
Communication Services - 0.2%
 
 
 
Entertainment - 0.1%
 
 
 
Vivendi SE
 
112,132
347,297
Media - 0.1%
 
 
 
Canal+ SA
 
98,642
224,140
Louis Hachette Group
 
93,308
145,765
 
 
 
369,905
TOTAL COMMUNICATION SERVICES
 
 
717,202
 
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Textiles, Apparel & Luxury Goods - 0.8%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
6,618
3,665,904
Consumer Staples - 0.5%
 
 
 
Beverages - 0.0%
 
 
 
Laurent-Perrier
 
491
53,954
Food Products - 0.5%
 
 
 
Danone SA
 
26,541
2,283,758
TOTAL CONSUMER STAPLES
 
 
2,337,712
 
 
 
 
Energy - 0.5%
 
 
 
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
TotalEnergies SE
 
35,773
2,037,458
Financials - 1.2%
 
 
 
Banks - 0.4%
 
 
 
BNP Paribas SA
 
23,322
1,976,061
Insurance - 0.8%
 
 
 
AXA SA
 
76,020
3,595,434
TOTAL FINANCIALS
 
 
5,571,495
 
 
 
 
Health Care - 0.6%
 
 
 
Health Care Equipment & Supplies - 0.6%
 
 
 
EssilorLuxottica SA
 
8,662
2,479,681
Pharmaceuticals - 0.0%
 
 
 
Vetoquinol SA
 
1,515
127,690
TOTAL HEALTH CARE
 
 
2,607,371
 
 
 
 
Industrials - 2.8%
 
 
 
Aerospace & Defense - 2.2%
 
 
 
Airbus SE
 
16,745
2,841,468
LISI SA
 
3,180
99,608
Safran SA
 
24,254
6,454,465
 
 
 
9,395,541
Building Products - 0.1%
 
 
 
Cie de Saint-Gobain SA
 
5,191
564,355
Electrical Equipment - 0.5%
 
 
 
Legrand SA
 
21,314
2,342,405
TOTAL INDUSTRIALS
 
 
12,302,301
 
 
 
 
Information Technology - 0.1%
 
 
 
IT Services - 0.0%
 
 
 
Alten SA
 
3,114
260,873
Software - 0.1%
 
 
 
Lectra
 
14,561
375,271
TOTAL INFORMATION TECHNOLOGY
 
 
636,144
 
 
 
 
Materials - 0.4%
 
 
 
Chemicals - 0.4%
 
 
 
Air Liquide SA
 
8,911
1,831,016
TOTAL FRANCE
 
 
31,706,603
GERMANY - 7.2%
 
 
 
Communication Services - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
CTS Eventim AG & Co KGaA
 
8,798
1,034,555
Interactive Media & Services - 0.0%
 
 
 
Scout24 SE (a)(b)
 
1,690
200,450
TOTAL COMMUNICATION SERVICES
 
 
1,235,005
 
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Bayerische Motoren Werke AG
 
3,260
274,396
Financials - 2.1%
 
 
 
Banks - 0.1%
 
 
 
Commerzbank AG
 
23,617
621,240
Capital Markets - 1.0%
 
 
 
Deutsche Bank AG
 
36,069
938,980
Deutsche Boerse AG
 
11,001
3,543,356
 
 
 
4,482,336
Insurance - 1.0%
 
 
 
Hannover Rueck SE
 
5,415
1,732,349
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (c)
 
3,974
2,720,638
 
 
 
4,452,987
TOTAL FINANCIALS
 
 
9,556,563
 
 
 
 
Health Care - 0.4%
 
 
 
Health Care Providers & Services - 0.3%
 
 
 
Fresenius SE & Co KGaA (c)
 
30,459
1,442,329
Pharmaceuticals - 0.1%
 
 
 
Bayer AG
 
13,612
355,131
TOTAL HEALTH CARE
 
 
1,797,460
 
 
 
 
Industrials - 1.6%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
Rheinmetall AG
 
2,032
3,460,604
Air Freight & Logistics - 0.3%
 
 
 
Deutsche Post AG
 
26,496
1,132,121
Industrial Conglomerates - 0.5%
 
 
 
Siemens AG
 
9,668
2,226,166
Machinery - 0.0%
 
 
 
Daimler Truck Holding AG
 
9,680
385,564
Stabilus SE
 
1,138
31,327
 
 
 
416,891
TOTAL INDUSTRIALS
 
 
7,235,782
 
 
 
 
Information Technology - 2.1%
 
 
 
Software - 2.1%
 
 
 
SAP SE
 
32,896
9,624,996
Materials - 0.3%
 
 
 
Chemicals - 0.3%
 
 
 
BASF SE (c)
 
14,602
745,717
Covestro AG
 
6,253
420,772
 
 
 
1,166,489
Real Estate - 0.2%
 
 
 
Real Estate Management & Development - 0.2%
 
 
 
Vonovia SE
 
23,333
773,958
Utilities - 0.1%
 
 
 
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
RWE AG
 
11,773
457,194
TOTAL GERMANY
 
 
32,121,843
GREECE - 1.0%
 
 
 
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
Eurobank Ergasias Services and Holdings SA
 
615,561
1,746,978
National Bank of Greece SA
 
262,296
2,761,638
 
 
 
4,508,616
Industrials - 0.0%
 
 
 
Transportation Infrastructure - 0.0%
 
 
 
Athens International Airport SA
 
5,000
51,771
TOTAL GREECE
 
 
4,560,387
HONG KONG - 0.2%
 
 
 
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Prudential PLC
 
81,199
863,371
Prudential PLC rights (c)(e)(f)
 
94,230
15,858
 
 
 
 
TOTAL HONG KONG
 
 
879,229
HUNGARY - 0.9%
 
 
 
Financials - 0.5%
 
 
 
Banks - 0.5%
 
 
 
OTP Bank Nyrt
 
29,973
2,206,429
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
Richter Gedeon Nyrt
 
53,228
1,610,269
TOTAL HUNGARY
 
 
3,816,698
INDIA - 2.9%
 
 
 
Energy - 0.3%
 
 
 
Oil, Gas & Consumable Fuels - 0.3%
 
 
 
Reliance Industries Ltd
 
37,771
626,310
Reliance Industries Ltd GDR (a)
 
11,970
781,641
 
 
 
1,407,951
Financials - 1.5%
 
 
 
Banks - 1.5%
 
 
 
HDFC Bank Ltd
 
171,307
3,885,782
ICICI Bank Ltd
 
137,012
2,299,950
 
 
 
6,185,732
Financial Services - 0.0%
 
 
 
Jio Financial Services Ltd (c)
 
22,121
68,228
TOTAL FINANCIALS
 
 
6,253,960
 
 
 
 
Industrials - 0.4%
 
 
 
Construction & Engineering - 0.4%
 
 
 
Larsen & Toubro Ltd
 
50,737
2,005,579
Information Technology - 0.4%
 
 
 
IT Services - 0.4%
 
 
 
Tata Consultancy Services Ltd
 
48,027
1,957,799
Materials - 0.3%
 
 
 
Construction Materials - 0.3%
 
 
 
JK Cement Ltd
 
24,545
1,478,065
TOTAL INDIA
 
 
13,103,354
INDONESIA - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Banks - 0.1%
 
 
 
Bank Central Asia Tbk PT
 
1,176,473
625,520
IRELAND - 0.1%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Household Durables - 0.0%
 
 
 
Cairn Homes PLC
 
29,274
64,294
Industrials - 0.1%
 
 
 
Trading Companies & Distributors - 0.1%
 
 
 
AerCap Holdings NV
 
1,809
191,755
Real Estate - 0.0%
 
 
 
Residential REITs - 0.0%
 
 
 
Irish Residential Properties Reit PLC
 
68,257
78,871
TOTAL IRELAND
 
 
334,920
ISRAEL - 0.1%
 
 
 
Financials - 0.0%
 
 
 
Capital Markets - 0.0%
 
 
 
Tel Aviv Stock Exchange Ltd
 
7,100
87,153
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Teva Pharmaceutical Industries Ltd ADR (c)
 
18,111
280,902
Information Technology - 0.0%
 
 
 
Communications Equipment - 0.0%
 
 
 
Ituran Location and Control Ltd
 
5,021
180,455
TOTAL ISRAEL
 
 
548,510
ITALY - 1.8%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Prada Spa (c)
 
115,300
721,034
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Eni SpA
 
77,168
1,105,164
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
Mediobanca Banca di Credito Finanziario SpA
 
99,065
2,018,381
UniCredit SpA
 
44,663
2,598,532
 
 
 
4,616,913
Industrials - 0.4%
 
 
 
Electrical Equipment - 0.1%
 
 
 
Prysmian SpA
 
7,590
416,935
Machinery - 0.2%
 
 
 
Interpump Group SpA
 
20,395
694,983
Passenger Airlines - 0.1%
 
 
 
Ryanair Holdings PLC ADR
 
13,529
647,498
TOTAL INDUSTRIALS
 
 
1,759,416
 
 
 
 
TOTAL ITALY
 
 
8,202,527
JAPAN - 10.1%
 
 
 
Communication Services - 0.9%
 
 
 
Entertainment - 0.7%
 
 
 
Daiichikosho Co Ltd
 
3,127
36,501
Nintendo Co Ltd
 
37,757
3,134,587
 
 
 
3,171,088
Interactive Media & Services - 0.1%
 
 
 
LY Corp
 
160,042
605,282
Wireless Telecommunication Services - 0.1%
 
 
 
SoftBank Group Corp
 
8,584
434,090
TOTAL COMMUNICATION SERVICES
 
 
4,210,460
 
 
 
 
Consumer Discretionary - 1.2%
 
 
 
Automobile Components - 0.0%
 
 
 
Denso Corp
 
10,723
138,455
Shoei Co Ltd
 
2,405
28,124
 
 
 
166,579
Automobiles - 0.5%
 
 
 
Toyota Motor Corp
 
104,873
2,003,013
Distributors - 0.0%
 
 
 
Central Automotive Products Ltd
 
4,800
56,869
Diversified Consumer Services - 0.0%
 
 
 
Aucnet Inc
 
7,074
61,152
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Curves Holdings Co Ltd
 
34,991
167,883
Gift Holdings Inc
 
4,310
108,519
Koshidaka Holdings Co Ltd
 
21,530
152,538
Monogatari Corp/The
 
5,471
142,342
 
 
 
571,282
Household Durables - 0.4%
 
 
 
Sony Group Corp
 
44,892
1,184,377
Sumitomo Forestry Co Ltd
 
15,997
459,614
 
 
 
1,643,991
Leisure Products - 0.0%
 
 
 
Yonex Co Ltd
 
2,468
40,288
Specialty Retail - 0.2%
 
 
 
USS Co Ltd
 
90,191
901,405
TOTAL CONSUMER DISCRETIONARY
 
 
5,444,579
 
 
 
 
Consumer Staples - 0.1%
 
 
 
Consumer Staples Distribution & Retail - 0.1%
 
 
 
Daikokutenbussan Co Ltd
 
1,428
75,904
Kusuri no Aoki Holdings Co Ltd
 
3,360
80,135
YAKUODO Holdings Co Ltd
 
4,000
56,651
 
 
 
212,690
Personal Care Products - 0.0%
 
 
 
Artnature Inc
 
6,599
36,784
TOTAL CONSUMER STAPLES
 
 
249,474
 
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Inpex Corp
 
39,079
488,859
San-Ai Obbli Co Ltd
 
6,954
81,563
 
 
 
570,422
Financials - 2.1%
 
 
 
Banks - 1.3%
 
 
 
Mitsubishi UFJ Financial Group Inc
 
237,188
2,988,362
Sumitomo Mitsui Financial Group Inc
 
120,365
2,871,574
 
 
 
5,859,936
Financial Services - 0.3%
 
 
 
ORIX Corp
 
59,212
1,187,795
Insurance - 0.5%
 
 
 
Tokio Marine Holdings Inc
 
52,421
2,101,158
TOTAL FINANCIALS
 
 
9,148,889
 
 
 
 
Health Care - 0.4%
 
 
 
Health Care Equipment & Supplies - 0.4%
 
 
 
Hoya Corp
 
11,628
1,368,222
Medikit Co Ltd
 
3,557
61,473
Nagaileben Co Ltd
 
9,300
136,918
Paramount Bed Holdings Co Ltd
 
2,998
48,205
Techno Medica Co Ltd
 
500
6,330
 
 
 
1,621,148
Health Care Technology - 0.0%
 
 
 
Software Service Inc
 
832
73,377
TOTAL HEALTH CARE
 
 
1,694,525
 
 
 
 
Industrials - 3.1%
 
 
 
Commercial Services & Supplies - 0.0%
 
 
 
Japan Elevator Service Holdings Co Ltd
 
6,547
141,261
Pronexus Inc
 
5,993
51,052
 
 
 
192,313
Construction & Engineering - 0.2%
 
 
 
Hibiya Engineering Ltd
 
1,500
36,666
SHO-BOND Holdings Co Ltd
 
22,464
804,575
 
 
 
841,241
Industrial Conglomerates - 0.6%
 
 
 
Hitachi Ltd
 
111,408
2,753,506
Machinery - 0.8%
 
 
 
Fujitec Co Ltd
 
4,328
169,512
Komatsu Ltd
 
25,100
725,881
MINEBEA MITSUMI Inc
 
21,951
321,715
Mitsubishi Heavy Industries Ltd
 
89,473
1,763,768
Mitsuboshi Belting Ltd
 
1,484
37,105
Moriya Transportation Engineering & Manufacturing Co Ltd
 
2,000
39,026
NS Tool Co Ltd
 
8,179
40,500
Tocalo Co Ltd
 
6,600
75,795
 
 
 
3,173,302
Professional Services - 1.0%
 
 
 
Funai Soken Holdings Inc
 
3,180
50,709
Recruit Holdings Co Ltd
 
70,800
3,923,404
 
 
 
3,974,113
Trading Companies & Distributors - 0.5%
 
 
 
ITOCHU Corp
 
26,452
1,352,833
Mitsui & Co Ltd
 
52,077
1,053,055
 
 
 
2,405,888
TOTAL INDUSTRIALS
 
 
13,340,363
 
 
 
 
Information Technology - 1.9%
 
 
 
Electronic Equipment, Instruments & Components - 1.1%
 
 
 
Ai Holdings Corp
 
2,201
32,527
Azbil Corp
 
204,589
1,762,859
Ibiden Co Ltd
 
7,824
216,257
Keyence Corp
 
6,584
2,752,716
 
 
 
4,764,359
IT Services - 0.5%
 
 
 
Fujitsu Ltd
 
52,345
1,162,868
NSD Co Ltd
 
8,842
207,723
Obic Co Ltd
 
2,526
88,175
TIS Inc
 
25,335
731,983
 
 
 
2,190,749
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
Renesas Electronics Corp
 
51,067
599,285
Software - 0.0%
 
 
 
Broadleaf Co Ltd
 
20,657
99,977
m-up Holdings Inc
 
5,322
70,238
Miroku Jyoho Service Co Ltd
 
3,298
42,649
WingArc1st Inc
 
2,178
58,037
 
 
 
270,901
Technology Hardware, Storage & Peripherals - 0.2%
 
 
 
FUJIFILM Holdings Corp
 
44,400
909,418
TOTAL INFORMATION TECHNOLOGY
 
 
8,734,712
 
 
 
 
Materials - 0.3%
 
 
 
Chemicals - 0.3%
 
 
 
Kansai Paint Co Ltd
 
3,754
56,449
Nihon Parkerizing Co Ltd
 
13,566
112,623
Shin-Etsu Chemical Co Ltd
 
39,915
1,214,673
SK Kaken Co Ltd
 
2,933
182,774
 
 
 
1,566,519
Real Estate - 0.0%
 
 
 
Real Estate Management & Development - 0.0%
 
 
 
Goldcrest Co Ltd
 
7,610
174,309
TOTAL JAPAN
 
 
45,134,252
KOREA (SOUTH) - 2.7%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Automobile Components - 0.4%
 
 
 
Hyundai Mobis Co Ltd
 
8,915
1,669,992
Consumer Staples - 0.0%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
BGF retail Co Ltd
 
943
71,112
Industrials - 0.5%
 
 
 
Aerospace & Defense - 0.5%
 
 
 
Korea Aerospace Industries Ltd
 
35,605
2,079,712
Information Technology - 1.8%
 
 
 
Technology Hardware, Storage & Peripherals - 1.8%
 
 
 
Samsung Electronics Co Ltd
 
207,989
8,098,583
TOTAL KOREA (SOUTH)
 
 
11,919,399
MALAYSIA - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
CIMB Group Holdings Bhd
 
1,182,300
1,953,047
MEXICO - 2.5%
 
 
 
Communication Services - 0.5%
 
 
 
Wireless Telecommunication Services - 0.5%
 
 
 
America Movil SAB de CV ADR
 
123,206
2,124,071
Consumer Staples - 1.5%
 
 
 
Beverages - 0.4%
 
 
 
Fomento Economico Mexicano SAB de CV ADR
 
18,777
1,977,406
Consumer Staples Distribution & Retail - 1.1%
 
 
 
Wal-Mart de Mexico SAB de CV Series V
 
1,547,569
4,904,588
TOTAL CONSUMER STAPLES
 
 
6,881,994
 
 
 
 
Financials - 0.2%
 
 
 
Banks - 0.2%
 
 
 
Grupo Financiero Banorte SAB de CV
 
107,127
920,580
Materials - 0.3%
 
 
 
Construction Materials - 0.3%
 
 
 
Cemex SAB de CV ADR
 
218,300
1,346,911
TOTAL MEXICO
 
 
11,273,556
NETHERLANDS - 1.5%
 
 
 
Communication Services - 0.0%
 
 
 
Media - 0.0%
 
 
 
Havas NV
 
89,469
147,796
Industrials - 0.3%
 
 
 
Machinery - 0.1%
 
 
 
Aalberts NV
 
13,075
431,622
Aalberts NV rights (c)(e)
 
13,075
16,737
 
 
 
448,359
Trading Companies & Distributors - 0.2%
 
 
 
IMCD NV
 
6,034
798,742
TOTAL INDUSTRIALS
 
 
1,247,101
 
 
 
 
Information Technology - 1.2%
 
 
 
Semiconductors & Semiconductor Equipment - 1.2%
 
 
 
ASML Holding NV
 
7,028
4,637,673
BE Semiconductor Industries NV
 
7,398
789,809
 
 
 
5,427,482
TOTAL NETHERLANDS
 
 
6,822,379
NORWAY - 0.1%
 
 
 
Health Care - 0.0%
 
 
 
Health Care Equipment & Supplies - 0.0%
 
 
 
Medistim ASA (c)
 
2,242
34,589
Industrials - 0.1%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Kongsberg Gruppen ASA
 
1,631
261,502
TOTAL NORWAY
 
 
296,091
PERU - 0.6%
 
 
 
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
Credicorp Ltd
 
13,869
2,804,173
PHILIPPINES - 0.0%
 
 
 
Industrials - 0.0%
 
 
 
Transportation Infrastructure - 0.0%
 
 
 
International Container Terminal Services Inc
 
13,200
80,825
POLAND - 0.6%
 
 
 
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
Powszechna Kasa Oszczednosci Bank Polski SA
 
135,200
2,588,932
RUSSIA - 0.0%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
LUKOIL PJSC ADR (c)(d)
 
15,040
0
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
Sberbank of Russia PJSC ADR (c)(d)
 
62,556
1
TOTAL RUSSIA
 
 
1
SINGAPORE - 0.6%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Singapore Telecommunications Ltd
 
289,400
837,291
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
United Overseas Bank Ltd
 
62,801
1,667,922
TOTAL SINGAPORE
 
 
2,505,213
SOUTH AFRICA - 1.5%
 
 
 
Communication Services - 0.4%
 
 
 
Wireless Telecommunication Services - 0.4%
 
 
 
MTN Group Ltd
 
263,950
1,741,243
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Thungela Resources Ltd (United Kingdom)
 
4,647
23,162
Financials - 0.3%
 
 
 
Financial Services - 0.3%
 
 
 
FirstRand Ltd
 
344,164
1,343,815
Materials - 0.8%
 
 
 
Metals & Mining - 0.8%
 
 
 
Anglo American PLC
 
39,856
1,088,004
Impala Platinum Holdings Ltd (c)
 
388,383
2,309,763
 
 
 
3,397,767
TOTAL SOUTH AFRICA
 
 
6,505,987
SPAIN - 1.3%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Hotels, Restaurants & Leisure - 0.3%
 
 
 
Amadeus IT Group SA Class A
 
14,993
1,175,010
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
Banco Santander SA (f)
 
546,822
3,829,547
Bankinter SA
 
73,155
848,626
 
 
 
4,678,173
Industrials - 0.0%
 
 
 
Machinery - 0.0%
 
 
 
Fluidra SA
 
1,941
44,681
TOTAL SPAIN
 
 
5,897,864
SWEDEN - 3.6%
 
 
 
Communication Services - 0.0%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
Hemnet Group AB (c)
 
3,838
131,434
Consumer Discretionary - 0.1%
 
 
 
Automobile Components - 0.1%
 
 
 
Autoliv Inc
 
7,104
662,306
Financials - 0.5%
 
 
 
Financial Services - 0.5%
 
 
 
Investor AB B Shares
 
83,213
2,456,228
Health Care - 0.0%
 
 
 
Life Sciences Tools & Services - 0.0%
 
 
 
AddLife AB B Shares
 
3,782
71,605
Industrials - 2.6%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
INVISIO AB
 
4,091
163,801
Building Products - 0.6%
 
 
 
Assa Abloy AB B Shares
 
77,657
2,357,200
Machinery - 1.6%
 
 
 
Atlas Copco AB A Shares
 
307,668
4,769,960
Epiroc AB A Shares
 
100,313
2,167,022
 
 
 
6,936,982
Trading Companies & Distributors - 0.4%
 
 
 
AddTech AB B Shares
 
45,066
1,513,468
Bergman & Beving AB B Shares
 
5,200
157,364
 
 
 
1,670,832
TOTAL INDUSTRIALS
 
 
11,128,815
 
 
 
 
Information Technology - 0.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
Lagercrantz Group AB B Shares
 
69,568
1,577,705
Real Estate - 0.0%
 
 
 
Real Estate Management & Development - 0.0%
 
 
 
John Mattson Fastighetsforetagen AB (c)
 
11,796
74,690
TOTAL SWEDEN
 
 
16,102,783
SWITZERLAND - 2.1%
 
 
 
Financials - 1.8%
 
 
 
Capital Markets - 0.8%
 
 
 
UBS Group AG
 
92,061
2,776,275
UBS Group AG (United States)
 
20,323
614,363
 
 
 
3,390,638
Insurance - 1.0%
 
 
 
Swiss Life Holding AG
 
1,446
1,440,131
Zurich Insurance Group AG
 
4,352
3,086,747
 
 
 
4,526,878
TOTAL FINANCIALS
 
 
7,917,516
 
 
 
 
Health Care - 0.0%
 
 
 
Life Sciences Tools & Services - 0.0%
 
 
 
Tecan Group AG
 
265
51,244
Industrials - 0.3%
 
 
 
Machinery - 0.3%
 
 
 
Schindler Holding AG
 
3,914
1,426,463
Schindler Holding AG
 
298
105,429
 
 
 
1,531,892
TOTAL SWITZERLAND
 
 
9,500,652
TAIWAN - 3.7%
 
 
 
Communication Services - 0.0%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
Addcn Technology Co Ltd
 
21,069
114,918
Consumer Discretionary - 0.4%
 
 
 
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Eclat Textile Co Ltd (c)
 
152,392
1,982,369
Industrials - 0.3%
 
 
 
Machinery - 0.3%
 
 
 
Hiwin Technologies Corp
 
204,056
1,405,753
Information Technology - 3.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Yageo Corp
 
76,809
1,099,102
Semiconductors & Semiconductor Equipment - 2.8%
 
 
 
eMemory Technology Inc
 
1,461
117,407
MediaTek Inc
 
45,564
1,932,289
Taiwan Semiconductor Manufacturing Co Ltd
 
354,271
10,018,065
 
 
 
12,067,761
TOTAL INFORMATION TECHNOLOGY
 
 
13,166,863
 
 
 
 
TOTAL TAIWAN
 
 
16,669,903
TURKEY - 0.3%
 
 
 
Industrials - 0.3%
 
 
 
Electrical Equipment - 0.3%
 
 
 
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
446,869
1,166,661
UNITED ARAB EMIRATES - 0.4%
 
 
 
Energy - 0.4%
 
 
 
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
Adnoc Gas PLC
 
2,335,600
2,015,723
UNITED KINGDOM - 9.8%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
Baltic Classifieds Group PLC
 
48,435
219,468
Rightmove PLC
 
56,614
556,666
 
 
 
776,134
Consumer Discretionary - 2.4%
 
 
 
Broadline Retail - 0.1%
 
 
 
B&M European Value Retail SA
 
56,625
253,861
Hotels, Restaurants & Leisure - 1.7%
 
 
 
Compass Group PLC
 
127,294
4,291,695
Dp Poland PLC (c)
 
226,282
27,141
Flutter Entertainment PLC (United Kingdom) (c)
 
1,344
321,690
InterContinental Hotels Group PLC ADR
 
25,466
2,747,527
 
 
 
7,388,053
Household Durables - 0.4%
 
 
 
Barratt Redrow PLC
 
322,919
2,004,590
Leisure Products - 0.2%
 
 
 
Games Workshop Group PLC
 
4,319
886,989
Specialty Retail - 0.0%
 
 
 
JD Sports Fashion PLC
 
149,748
156,821
TOTAL CONSUMER DISCRETIONARY
 
 
10,690,314
 
 
 
 
Consumer Staples - 0.7%
 
 
 
Consumer Staples Distribution & Retail - 0.2%
 
 
 
Tesco PLC
 
151,831
751,412
Tobacco - 0.5%
 
 
 
Imperial Brands PLC
 
57,574
2,362,436
TOTAL CONSUMER STAPLES
 
 
3,113,848
 
 
 
 
Financials - 2.8%
 
 
 
Banks - 1.3%
 
 
 
HSBC Holdings PLC
 
202,165
2,253,610
Lloyds Banking Group PLC
 
2,211,307
2,172,561
Standard Chartered PLC
 
87,700
1,263,165
 
 
 
5,689,336
Capital Markets - 1.3%
 
 
 
3i Group PLC
 
18,723
1,061,426
London Stock Exchange Group PLC
 
29,627
4,613,266
 
 
 
5,674,692
Insurance - 0.2%
 
 
 
Beazley PLC
 
79,906
941,910
TOTAL FINANCIALS
 
 
12,305,938
 
 
 
 
Health Care - 0.2%
 
 
 
Pharmaceuticals - 0.2%
 
 
 
Astrazeneca PLC
 
7,518
1,077,079
Industrials - 2.5%
 
 
 
Aerospace & Defense - 1.5%
 
 
 
Avon Technologies PLC
 
2,000
36,249
BAE Systems PLC
 
246,593
5,716,676
Rolls-Royce Holdings PLC
 
94,534
956,918
 
 
 
6,709,843
Machinery - 0.1%
 
 
 
Bodycote PLC
 
33,432
212,081
Spirax Group PLC
 
380
29,753
 
 
 
241,834
Marine Transportation - 0.0%
 
 
 
Clarkson PLC
 
1,774
77,664
Professional Services - 0.7%
 
 
 
RELX PLC
 
60,627
3,308,728
Trading Companies & Distributors - 0.2%
 
 
 
Bunzl PLC
 
17,866
561,430
Diploma PLC
 
2,247
118,645
Howden Joinery Group PLC
 
31,478
322,601
 
 
 
1,002,676
TOTAL INDUSTRIALS
 
 
11,340,745
 
 
 
 
Information Technology - 0.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Oxford Instruments PLC
 
3,177
69,437
Spectris PLC
 
37,763
1,006,536
 
 
 
1,075,973
Software - 0.2%
 
 
 
Sage Group PLC/The
 
55,255
911,274
TOTAL INFORMATION TECHNOLOGY
 
 
1,987,247
 
 
 
 
Materials - 0.6%
 
 
 
Metals & Mining - 0.6%
 
 
 
Anglogold Ashanti Plc
 
62,017
2,614,637
Real Estate - 0.0%
 
 
 
Residential REITs - 0.0%
 
 
 
UNITE Group PLC/The
 
12,506
143,417
TOTAL UNITED KINGDOM
 
 
44,049,359
UNITED STATES - 11.1%
 
 
 
Consumer Staples - 0.1%
 
 
 
Consumer Staples Distribution & Retail - 0.1%
 
 
 
PriceSmart Inc
 
5,409
548,959
Energy - 0.9%
 
 
 
Oil, Gas & Consumable Fuels - 0.9%
 
 
 
Shell PLC ADR
 
63,087
4,067,850
Financials - 3.2%
 
 
 
Capital Markets - 1.4%
 
 
 
Moody's Corp
 
7,189
3,257,480
Morningstar Inc
 
910
259,094
S&P Global Inc
 
5,771
2,885,789
 
 
 
6,402,363
Financial Services - 1.1%
 
 
 
Mastercard Inc Class A
 
4,276
2,343,505
Visa Inc Class A
 
7,374
2,547,717
 
 
 
4,891,222
Insurance - 0.7%
 
 
 
Marsh & McLennan Cos Inc
 
14,275
3,218,584
TOTAL FINANCIALS
 
 
14,512,169
 
 
 
 
Health Care - 0.8%
 
 
 
Pharmaceuticals - 0.8%
 
 
 
GSK PLC
 
29,349
580,602
Roche Holding AG
 
8,556
2,797,697
 
 
 
3,378,299
Industrials - 2.2%
 
 
 
Commercial Services & Supplies - 0.4%
 
 
 
GFL Environmental Inc Subordinate Voting Shares
 
31,975
1,595,503
Electrical Equipment - 0.7%
 
 
 
GE Vernova Inc
 
8,636
3,202,402
Machinery - 0.2%
 
 
 
Otis Worldwide Corp
 
11,090
1,067,634
Professional Services - 0.8%
 
 
 
Experian PLC
 
71,494
3,556,901
Trading Companies & Distributors - 0.1%
 
 
 
Ferguson Enterprises Inc (United Kingdom)
 
2,723
457,609
TOTAL INDUSTRIALS
 
 
9,880,049
 
 
 
 
Materials - 3.9%
 
 
 
Chemicals - 1.7%
 
 
 
Linde PLC
 
13,785
6,247,776
Sherwin-Williams Co/The
 
3,956
1,396,151
 
 
 
7,643,927
Construction Materials - 2.2%
 
 
 
CRH PLC
 
83,126
7,931,883
Holcim AG
 
15,781
1,763,495
 
 
 
9,695,378
TOTAL MATERIALS
 
 
17,339,305
 
 
 
 
TOTAL UNITED STATES
 
 
49,726,631
 
TOTAL COMMON STOCKS
 (Cost $350,628,109)
 
 
 
435,790,033
 
 
 
 
Convertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
CHINA - 0.0%
 
 
 
Communication Services - 0.0%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
ByteDance Ltd Series E1 (c)(d)(g)
  (Cost $63,224)
 
577
122,491
 
 
 
 
Non-Convertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
GERMANY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Porsche Automobil Holding SE
  (Cost $441,454)
 
7,660
315,828
 
 
 
 
Money Market Funds - 4.2%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 
4.33
16,011,115
16,014,317
Fidelity Securities Lending Cash Central Fund (h)(i)
 
4.33
2,941,456
2,941,750
 
TOTAL MONEY MARKET FUNDS
 (Cost $18,956,063)
 
 
 
18,956,067
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
 (Cost $370,088,850)
 
 
 
455,184,419
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(6,746,721)
NET ASSETS - 100.0%
448,437,698
 
 
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 $8,522,805 or 1.9% of net assets.
 
(b)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,844,620 or 1.7% of net assets.
 
(c)
Non-income producing
 
(d)
Level 3 security
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Security or a portion of the security is on loan at period end.
 
(g)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $122,491 or 0.0% of net assets.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd Series E1
11/18/20
63,224
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
9,756,116
174,144,628
167,886,427
204,117
-
-
16,014,317
16,011,115
0.0%
Fidelity Securities Lending Cash Central Fund
897,547
29,399,439
27,355,236
6,455
-
-
2,941,750
2,941,456
0.0%
Total
10,653,663
203,544,067
195,241,663
210,572
-
-
18,956,067
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
24,940,640
6,909,386
18,031,254
-
Consumer Discretionary
41,103,345
22,248,263
18,855,082
-
Consumer Staples
15,503,692
9,988,025
5,515,667
-
Energy
18,056,434
13,752,978
4,303,456
-
Financials
121,906,604
67,406,872
54,499,731
1
Health Care
21,313,004
13,133,336
8,179,668
-
Industrials
91,552,258
33,889,724
57,662,534
-
Information Technology
54,919,156
16,646,628
38,272,528
-
Materials
44,285,899
30,535,867
13,750,032
-
Real Estate
1,245,245
471,287
773,958
-
Utilities
963,756
506,562
457,194
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
122,491
-
-
122,491
 Non-Convertible Preferred Stocks
 
 
 
 
Consumer Discretionary
315,828
-
315,828
-
 Money Market Funds
18,956,067
18,956,067
-
-
 Total Investments in Securities:
455,184,419
234,444,995
220,616,932
122,492
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,681,342) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $351,132,787)
$
436,228,352
 
 
Fidelity Central Funds (cost $18,956,063)
18,956,067
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $370,088,850)
 
 
$
455,184,419
Cash
 
 
49,769
Foreign currency held at value (cost $55,088)
 
 
55,397
Receivable for investments sold
 
 
550,140
Receivable for fund shares sold
 
 
1,959,891
Dividends receivable
 
 
1,238,324
Reclaims receivable
 
 
410,177
Interest receivable
 
 
43
Distributions receivable from Fidelity Central Funds
 
 
53,704
Prepaid expenses
 
 
86
Receivable from investment adviser for expense reductions
 
 
13,371
Other receivables
 
 
64,771
  Total assets
 
 
459,580,092
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
6,641,017
 
 
Delayed delivery
32,596
 
 
Payable for fund shares redeemed
960,673
 
 
Accrued management fee
296,599
 
 
Distribution and service plan fees payable
13,487
 
 
Other payables and accrued expenses
256,272
 
 
Collateral on securities loaned
2,941,750
 
 
  Total liabilities
 
 
 
11,142,394
Net Assets  
 
 
$
448,437,698
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
370,229,528
Total accumulated earnings (loss)
 
 
 
78,208,170
Net Assets
 
 
$
448,437,698
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($30,595,164 ÷ 2,468,729 shares)(a)
 
 
$
12.39
Maximum offering price per share (100/94.25 of $12.39)
 
 
$
13.15
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($13,081,227 ÷ 1,047,478 shares)(a)
 
 
$
12.49
Maximum offering price per share (100/96.50 of $12.49)
 
 
$
12.94
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,845,527 ÷ 229,401 shares)(a)
 
 
$
12.40
Total International Equity :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($281,010,942 ÷ 22,605,792 shares)
 
 
$
12.43
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($85,017,883 ÷ 6,867,101 shares)
 
 
$
12.38
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($35,886,955 ÷ 2,875,458 shares)
 
 
$
12.48
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
4,142,401
Non-Cash dividends
 
 
529,286
Income from Fidelity Central Funds (including $6,455 from security lending)
 
 
210,572
 Income before foreign taxes withheld
 
 
$
4,882,259
Less foreign taxes withheld
 
 
(382,368)
 Total income
 
 
 
4,499,891
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
1,473,489
 
 
 Performance adjustment
56,459
 
 
Distribution and service plan fees
80,182
 
 
Custodian fees and expenses
74,598
 
 
Independent trustees' fees and expenses
726
 
 
Registration fees
56,479
 
 
Audit fees
47,685
 
 
Legal
1,462
 
 
Miscellaneous
2,386
 
 
 Total expenses before reductions
 
1,793,466
 
 
 Expense reductions
 
(37,160)
 
 
 Total expenses after reductions
 
 
 
1,756,306
Net Investment income (loss)
 
 
 
2,743,585
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $76,797)
 
(823,709)
 
 
 Foreign currency transactions
 
(58,447)
 
 
Total net realized gain (loss)
 
 
 
(882,156)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $77,622)  
 
21,113,488
 
 
 Assets and liabilities in foreign currencies
 
51,688
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
21,165,176
Net gain (loss)
 
 
 
20,283,020
Net increase (decrease) in net assets resulting from operations
 
 
$
23,026,605
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,743,585
$
3,732,888
Net realized gain (loss)
 
(882,156)
 
4,359,942
Change in net unrealized appreciation (depreciation)
 
21,165,176
 
50,001,353
Net increase (decrease) in net assets resulting from operations
 
23,026,605
 
58,094,183
Distributions to shareholders
 
(4,837,858)
 
(3,300,481)
 
 
 
 
 
Share transactions - net increase (decrease)
 
110,489,613
 
42,264,083
Total increase (decrease) in net assets
 
128,678,360
 
97,057,785
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
319,759,338
 
222,701,553
End of period
$
448,437,698
$
319,759,338
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Total International Equity Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.84
$
9.56
$
8.56
$
12.48
$
9.60
$
9.34
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.13
 
.13
 
.15
 
.11 C
 
.05
     Net realized and unrealized gain (loss)
 
.61
 
2.27
 
.95
 
(3.10)
 
3.03
 
.35
  Total from investment operations
 
.69  
 
2.40  
 
1.08  
 
(2.95)  
 
3.14
 
.40
  Distributions from net investment income
 
(.14)
 
(.12)
 
(.08)
 
(.19)
 
(.06)
 
(.14)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.77)
 
(.20)
 
-
     Total distributions
 
(.14)
 
(.12)
 
(.08)
 
(.97) D
 
(.26)
 
(.14)
  Net asset value, end of period
$
12.39
$
11.84
$
9.56
$
8.56
$
12.48
$
9.60
 Total Return E,F,G
 
5.91
%
 
25.25%
 
12.66%
 
(25.44)%
 
33.04%
 
4.31%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.25% J
 
1.28%
 
1.39%
 
1.56%
 
1.60%
 
1.66%
    Expenses net of fee waivers, if any
 
1.20
% J
 
1.24%
 
1.29%
 
1.30%
 
1.34%
 
1.39%
    Expenses net of all reductions, if any
 
1.20% J
 
1.24%
 
1.29%
 
1.30%
 
1.34%
 
1.37%
    Net investment income (loss)
 
1.31% J
 
1.11%
 
1.33%
 
1.55%
 
.91% C
 
.58%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,595
$
24,152
$
17,343
$
12,786
$
8,642
$
6,091
    Portfolio turnover rate K
 
42
% J
 
33%
 
28%
 
31%
 
39%
 
37%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Total International Equity Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.91
$
9.62
$
8.61
$
12.53
$
9.65
$
9.38
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.10
 
.11
 
.13
 
.08 C
 
.03
     Net realized and unrealized gain (loss)
 
.63
 
2.28
 
.95
 
(3.12)
 
3.04
 
.36
  Total from investment operations
 
.69  
 
2.38  
 
1.06  
 
(2.99)  
 
3.12
 
.39
  Distributions from net investment income
 
(.11)
 
(.09)
 
(.05)
 
(.15)
 
(.04)
 
(.12)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.77)
 
(.20)
 
-
     Total distributions
 
(.11)
 
(.09)
 
(.05)
 
(.93) D
 
(.24)
 
(.12)
  Net asset value, end of period
$
12.49
$
11.91
$
9.62
$
8.61
$
12.53
$
9.65
 Total Return E,F,G
 
5.83
%
 
24.91%
 
12.34%
 
(25.59)%
 
32.63%
 
4.13%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.50% J
 
1.52%
 
1.66%
 
1.80%
 
1.83%
 
1.90%
    Expenses net of fee waivers, if any
 
1.45
% J
 
1.48%
 
1.54%
 
1.55%
 
1.59%
 
1.64%
    Expenses net of all reductions, if any
 
1.45% J
 
1.48%
 
1.54%
 
1.55%
 
1.59%
 
1.62%
    Net investment income (loss)
 
1.06% J
 
.87%
 
1.09%
 
1.29%
 
.65% C
 
.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,081
$
13,015
$
10,624
$
9,876
$
12,936
$
10,620
    Portfolio turnover rate K
 
42
% J
 
33%
 
28%
 
31%
 
39%
 
37%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Total International Equity Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.79
$
9.53
$
8.53
$
12.41
$
9.57
$
9.30
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.04
 
.06
 
.08
 
.02 C
 
(.02)
     Net realized and unrealized gain (loss)
 
.62
 
2.27
 
.95
 
(3.11)
 
3.02
 
.36
  Total from investment operations
 
.65  
 
2.31  
 
1.01  
 
(3.03)  
 
3.04
 
.34
  Distributions from net investment income
 
(.04)
 
(.05)
 
(.01)
 
(.07)
 
-
 
(.07)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.77)
 
(.20)
 
-
     Total distributions
 
(.04)
 
(.05)
 
(.01)
 
(.85) D
 
(.20)
 
(.07)
  Net asset value, end of period
$
12.40
$
11.79
$
9.53
$
8.53
$
12.41
$
9.57
 Total Return E,F,G
 
5.55
%
 
24.28%
 
11.82%
 
(26.04)%
 
32.00%
 
3.62%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.00% J
 
2.02%
 
2.18%
 
2.34%
 
2.40%
 
2.46%
    Expenses net of fee waivers, if any
 
1.95
% J
 
1.99%
 
2.04%
 
2.05%
 
2.10%
 
2.14%
    Expenses net of all reductions, if any
 
1.95% J
 
1.99%
 
2.04%
 
2.05%
 
2.10%
 
2.12%
    Net investment income (loss)
 
.55% J
 
.36%
 
.58%
 
.79%
 
.15% C
 
(.17)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,846
$
2,950
$
2,475
$
1,893
$
1,982
$
1,827
    Portfolio turnover rate K
 
42
% J
 
33%
 
28%
 
31%
 
39%
 
37%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12)%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® Total International Equity Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.90
$
9.60
$
8.60
$
12.54
$
9.64
$
9.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.16
 
.16
 
.18
 
.14 C
 
.08
     Net realized and unrealized gain (loss)
 
.62
 
2.28
 
.94
 
(3.12)
 
3.04
 
.35
  Total from investment operations
 
.71  
 
2.44  
 
1.10  
 
(2.94)  
 
3.18
 
.43
  Distributions from net investment income
 
(.18)
 
(.14)
 
(.10)
 
(.23)
 
(.08)
 
(.16)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.77)
 
(.20)
 
-
     Total distributions
 
(.18)
 
(.14)
 
(.10)
 
(1.00)
 
(.28)
 
(.16)
  Net asset value, end of period
$
12.43
$
11.90
$
9.60
$
8.60
$
12.54
$
9.64
 Total Return D,E
 
6.05
%
 
25.68%
 
12.80%
 
(25.25)%
 
33.37%
 
4.65%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95% H
 
.99%
 
1.11%
 
1.23%
 
1.27%
 
1.34%
    Expenses net of fee waivers, if any
 
.95
% H
 
.99%
 
1.04%
 
1.05%
 
1.09%
 
1.14%
    Expenses net of all reductions, if any
 
.95% H
 
.99%
 
1.04%
 
1.05%
 
1.09%
 
1.12%
    Net investment income (loss)
 
1.56% H
 
1.36%
 
1.58%
 
1.79%
 
1.16% C
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
281,011
$
163,406
$
108,561
$
86,458
$
82,604
$
61,362
    Portfolio turnover rate I
 
42
% H
 
33%
 
28%
 
31%
 
39%
 
37%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Total International Equity Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.85
$
9.56
$
8.56
$
12.49
$
9.60
$
9.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.16
 
.16
 
.17
 
.14 C
 
.08
     Net realized and unrealized gain (loss)
 
.62
 
2.27
 
.94
 
(3.10)
 
3.03
 
.34
  Total from investment operations
 
.71  
 
2.43  
 
1.10  
 
(2.93)  
 
3.17
 
.42
  Distributions from net investment income
 
(.18)
 
(.14)
 
(.10)
 
(.23)
 
(.08)
 
(.17)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.77)
 
(.20)
 
-
     Total distributions
 
(.18)
 
(.14)
 
(.10)
 
(1.00)
 
(.28)
 
(.17)
  Net asset value, end of period
$
12.38
$
11.85
$
9.56
$
8.56
$
12.49
$
9.60
 Total Return D,E
 
6.05
%
 
25.69%
 
12.86%
 
(25.28)%
 
33.40%
 
4.50%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% H
 
.99%
 
1.09%
 
1.22%
 
1.26%
 
1.33%
    Expenses net of fee waivers, if any
 
.95
% H
 
.97%
 
1.04%
 
1.04%
 
1.06%
 
1.14%
    Expenses net of all reductions, if any
 
.95% H
 
.97%
 
1.04%
 
1.04%
 
1.06%
 
1.13%
    Net investment income (loss)
 
1.56% H
 
1.38%
 
1.58%
 
1.80%
 
1.18% C
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
85,018
$
69,379
$
57,299
$
35,423
$
5,714
$
2,073
    Portfolio turnover rate I
 
42
% H
 
33%
 
28%
 
31%
 
39%
 
37%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Total International Equity Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.93
$
9.63
$
8.61
$
12.53
$
9.62
$
9.36
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.17
 
.17
 
.19
 
.16 C
 
.09
     Net realized and unrealized gain (loss)
 
.63
 
2.28
 
.95
 
(3.11)
 
3.03
 
.35
  Total from investment operations
 
.73  
 
2.45  
 
1.12  
 
(2.92)  
 
3.19
 
.44
  Distributions from net investment income
 
(.18)
 
(.15)
 
(.10)
 
(.23)
 
(.08)
 
(.18)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.77)
 
(.20)
 
-
     Total distributions
 
(.18)
 
(.15)
 
(.10)
 
(1.00)
 
(.28)
 
(.18)
  Net asset value, end of period
$
12.48
$
11.93
$
9.63
$
8.61
$
12.53
$
9.62
 Total Return D,E
 
6.17
%
 
25.73%
 
13.04%
 
(25.09)%
 
33.54%
 
4.74%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.85% H
 
.89%
 
.95%
 
1.10%
 
1.16%
 
1.22%
    Expenses net of fee waivers, if any
 
.80
% H
 
.85%
 
.89%
 
.90%
 
.94%
 
.98%
    Expenses net of all reductions, if any
 
.80% H
 
.85%
 
.89%
 
.90%
 
.94%
 
.97%
    Net investment income (loss)
 
1.71% H
 
1.50%
 
1.74%
 
1.94%
 
1.31% C
 
.99%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
35,887
$
46,858
$
26,401
$
7,681
$
5,752
$
3,422
    Portfolio turnover rate I
 
42
% H
 
33%
 
28%
 
31%
 
39%
 
37%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total International Equity, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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. 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 and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$98,049,766
Gross unrealized depreciation
(17,139,797)
Net unrealized appreciation (depreciation)
$80,909,969
Tax cost
$374,274,450
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(4,514,700)
 Long-term
-
Total capital loss carryforward
$(4,514,700)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Total International Equity Fund
180,463,821
73,432,459
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
Total International Equity
.87
Class I
.85
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Total International Equity
.82
Class I
.85
Class Z
.72
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Total International Equity Fund
MSCI All Country World ex USA Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Total International Equity. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±0.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .03%.
 
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%
32,888
1,062
Class M
 .25%
 .25%
32,606
330
Class C
 .75%
 .25%
14,688
2,604
 
 
 
80,182
3,996
 
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
8,937
Class M
354
Class CA
19
 
9,310
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
 267
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 7,556,437
 1,262,489
 1,307
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Total International Equity Fund
270
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
651
 -
-
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, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement ($)
Class A
1.20%
6,163
Class M
1.45%
3,019
Class C
1.95%
657
Total International Equity
.95%
4,599
Class I
.95%
12,103
Class Z
.80%
9,826
 
 
36,367
 
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 $793.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Total International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$294,865
$214,708
Class M
118,208
103,563
Class C
10,828
12,847
Total International Equity
2,693,319
1,657,937
Class I
1,209,622
886,527
Class Z
511,016
424,899
Total  
$4,837,858
$3,300,481
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Total International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
618,445
549,290
$7,384,893
$6,240,487
Reinvestment of distributions
25,108
20,725
294,592
213,883
Shares redeemed
(214,692)
(344,770)
(2,567,644)
(3,941,834)
Net increase (decrease)
428,861
225,245
$5,111,841
$2,512,536
Class M
 
 
 
 
Shares sold
57,011
137,040
$686,899
$1,587,737
Reinvestment of distributions
9,993
9,958
118,147
103,562
Shares redeemed
(112,228)
(159,164)
(1,363,391)
(1,820,564)
Net increase (decrease)
(45,224)
(12,166)
$(558,345)
$(129,265)
Class C
 
 
 
 
Shares sold
33,320
57,438
$402,295
$630,153
Reinvestment of distributions
926
1,241
10,828
12,847
Shares redeemed
(54,987)
(68,257)
(641,806)
(785,305)
Net increase (decrease)
(20,741)
(9,578)
$(228,683)
$(142,305)
Total International Equity
 
 
 
 
Shares sold
11,296,090
4,737,578
$135,145,569
$54,385,150
Reinvestment of distributions
200,010
144,359
2,352,232
1,492,669
Shares redeemed
(2,624,783)
(2,451,059)
(31,060,537)
(27,787,042)
Net increase (decrease)
8,871,317
2,430,878
$106,437,264
$28,090,777
Class I
 
 
 
 
Shares sold
2,533,110
2,162,129
$30,083,298
$24,037,565
Reinvestment of distributions
101,172
85,453
1,185,843
880,163
Shares redeemed
(1,622,860)
(2,382,839)
(19,003,595)
(26,892,945)
Net increase (decrease)
1,011,422
(135,257)
$12,265,546
$(1,975,217)
Class Z
 
 
 
 
Shares sold
1,346,988
2,618,679
$16,053,422
$30,191,085
Reinvestment of distributions
40,881
37,496
482,408
388,454
Shares redeemed
(2,439,323)
(1,471,673)
(29,073,840)
(16,671,982)
Net increase (decrease)
(1,051,454)
1,184,502
$(12,538,010)
$13,907,557
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.912361.115
TIE-SANN-0625
Fidelity® International Growth Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® International Growth Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® International Growth Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8%
 
 
Shares
Value ($)
 
BELGIUM - 0.1%
 
 
 
Industrials - 0.1%
 
 
 
Trading Companies & Distributors - 0.1%
 
 
 
Azelis Group NV
 
992,905
15,342,441
CANADA - 2.4%
 
 
 
Industrials - 1.3%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
CAE Inc (a)
 
533,511
13,347,450
Ground Transportation - 1.1%
 
 
 
Canadian Pacific Kansas City Ltd
 
916,400
66,559,649
TOTAL INDUSTRIALS
 
 
79,907,099
 
 
 
 
Materials - 1.1%
 
 
 
Metals & Mining - 1.1%
 
 
 
Franco-Nevada Corp
 
428,080
73,564,799
TOTAL CANADA
 
 
153,471,898
CHINA - 0.8%
 
 
 
Communication Services - 0.8%
 
 
 
Interactive Media & Services - 0.8%
 
 
 
Tencent Holdings Ltd
 
808,800
49,539,772
Consumer Discretionary - 0.0%
 
 
 
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Trip.com Group Ltd ADR
 
37,400
2,206,226
TOTAL CHINA
 
 
51,745,998
DENMARK - 1.8%
 
 
 
Health Care - 1.8%
 
 
 
Pharmaceuticals - 1.8%
 
 
 
Novo Nordisk A/S Series B
 
1,727,300
115,489,980
FINLAND - 1.1%
 
 
 
Industrials - 1.1%
 
 
 
Machinery - 1.1%
 
 
 
Kone Oyj B Shares
 
1,115,704
68,883,928
FRANCE - 12.5%
 
 
 
Consumer Discretionary - 2.6%
 
 
 
Textiles, Apparel & Luxury Goods - 2.6%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
306,545
169,804,238
Health Care - 1.4%
 
 
 
Health Care Equipment & Supplies - 1.4%
 
 
 
EssilorLuxottica SA
 
325,921
93,301,794
Industrials - 8.3%
 
 
 
Aerospace & Defense - 6.6%
 
 
 
Airbus SE
 
768,400
130,390,212
Safran SA
 
1,113,000
296,191,095
 
 
 
426,581,307
Electrical Equipment - 1.7%
 
 
 
Legrand SA
 
978,100
107,493,024
TOTAL INDUSTRIALS
 
 
534,074,331
 
 
 
 
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Lectra
 
397,459
10,243,447
TOTAL FRANCE
 
 
807,423,810
GERMANY - 9.1%
 
 
 
Communication Services - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
CTS Eventim AG & Co KGaA
 
165,100
19,414,081
Financials - 2.0%
 
 
 
Capital Markets - 2.0%
 
 
 
Deutsche Boerse AG
 
400,900
129,127,444
Information Technology - 6.8%
 
 
 
Software - 6.8%
 
 
 
SAP SE
 
1,509,600
441,691,809
TOTAL GERMANY
 
 
590,233,334
INDIA - 1.0%
 
 
 
Energy - 0.4%
 
 
 
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
Reliance Industries Ltd
 
1,733,300
28,741,237
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
HDFC Bank Ltd
 
1,490,891
33,818,098
Financial Services - 0.0%
 
 
 
Jio Financial Services Ltd (a)
 
970,400
2,993,029
TOTAL FINANCIALS
 
 
36,811,127
 
 
 
 
TOTAL INDIA
 
 
65,552,364
ITALY - 0.9%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Textiles, Apparel & Luxury Goods - 0.5%
 
 
 
Prada Spa (a)
 
5,520,400
34,522,074
Industrials - 0.4%
 
 
 
Machinery - 0.4%
 
 
 
Interpump Group SpA
 
740,226
25,224,036
TOTAL ITALY
 
 
59,746,110
JAPAN - 8.8%
 
 
 
Communication Services - 0.8%
 
 
 
Entertainment - 0.8%
 
 
 
Nintendo Co Ltd
 
599,200
49,745,589
Consumer Discretionary - 0.4%
 
 
 
Specialty Retail - 0.4%
 
 
 
USS Co Ltd
 
3,222,800
32,209,967
Health Care - 0.9%
 
 
 
Health Care Equipment & Supplies - 0.9%
 
 
 
Hoya Corp
 
468,400
55,114,843
Industrials - 3.8%
 
 
 
Construction & Engineering - 0.4%
 
 
 
SHO-BOND Holdings Co Ltd
 
752,000
26,933,781
Machinery - 0.6%
 
 
 
Komatsu Ltd
 
1,306,100
37,771,851
Professional Services - 2.8%
 
 
 
Recruit Holdings Co Ltd
 
3,248,400
180,011,032
TOTAL INDUSTRIALS
 
 
244,716,664
 
 
 
 
Information Technology - 2.9%
 
 
 
Electronic Equipment, Instruments & Components - 2.9%
 
 
 
Azbil Corp
 
6,730,712
57,995,784
Keyence Corp
 
301,748
126,158,314
 
 
 
184,154,098
TOTAL JAPAN
 
 
565,941,161
NETHERLANDS - 4.7%
 
 
 
Industrials - 0.7%
 
 
 
Machinery - 0.1%
 
 
 
Aalberts NV
 
260,700
8,606,033
Aalberts NV rights (a)(b)
 
254,800
326,174
 
 
 
8,932,207
Trading Companies & Distributors - 0.6%
 
 
 
IMCD NV
 
279,146
36,951,539
TOTAL INDUSTRIALS
 
 
45,883,746
 
 
 
 
Information Technology - 4.0%
 
 
 
Semiconductors & Semiconductor Equipment - 4.0%
 
 
 
ASML Holding NV
 
337,742
222,870,922
BE Semiconductor Industries NV
 
299,464
31,970,712
 
 
 
254,841,634
TOTAL NETHERLANDS
 
 
300,725,380
SPAIN - 0.8%
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Hotels, Restaurants & Leisure - 0.8%
 
 
 
Amadeus IT Group SA Class A
 
688,000
53,918,947
SWEDEN - 8.1%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Automobile Components - 0.4%
 
 
 
Autoliv Inc (c)
 
306,769
28,600,074
Industrials - 7.2%
 
 
 
Building Products - 1.7%
 
 
 
Assa Abloy AB B Shares
 
3,563,710
108,172,806
Machinery - 5.0%
 
 
 
Atlas Copco AB A Shares
 
14,119,100
218,896,812
Epiroc AB A Shares
 
4,603,417
99,445,809
 
 
 
318,342,621
Trading Companies & Distributors - 0.5%
 
 
 
AddTech AB B Shares
 
982,490
32,995,319
TOTAL INDUSTRIALS
 
 
459,510,746
 
 
 
 
Information Technology - 0.5%
 
 
 
Electronic Equipment, Instruments & Components - 0.5%
 
 
 
Lagercrantz Group AB B Shares
 
1,511,600
34,280,970
TOTAL SWEDEN
 
 
522,391,790
SWITZERLAND - 3.1%
 
 
 
Financials - 2.0%
 
 
 
Capital Markets - 2.0%
 
 
 
UBS Group AG
 
4,224,732
127,404,834
Industrials - 1.1%
 
 
 
Machinery - 1.1%
 
 
 
Schindler Holding AG
 
175,048
63,796,497
Schindler Holding AG
 
18,350
6,492,033
 
 
 
70,288,530
TOTAL SWITZERLAND
 
 
197,693,364
TAIWAN - 1.8%
 
 
 
Information Technology - 1.8%
 
 
 
Semiconductors & Semiconductor Equipment - 1.8%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
4,200,000
118,767,466
UNITED KINGDOM - 14.4%
 
 
 
Communication Services - 0.3%
 
 
 
Interactive Media & Services - 0.3%
 
 
 
Rightmove PLC
 
1,946,773
19,141,957
Consumer Discretionary - 5.3%
 
 
 
Hotels, Restaurants & Leisure - 5.1%
 
 
 
Compass Group PLC
 
5,841,600
196,948,515
InterContinental Hotels Group PLC ADR (c)
 
1,211,470
130,705,498
 
 
 
327,654,013
Leisure Products - 0.2%
 
 
 
Games Workshop Group PLC
 
65,000
13,348,990
TOTAL CONSUMER DISCRETIONARY
 
 
341,003,003
 
 
 
 
Financials - 3.2%
 
 
 
Capital Markets - 3.2%
 
 
 
3i Group PLC
 
859,200
48,708,941
London Stock Exchange Group PLC
 
996,300
155,135,394
 
 
 
203,844,335
Industrials - 4.6%
 
 
 
Aerospace & Defense - 2.2%
 
 
 
BAE Systems PLC
 
6,230,136
144,430,975
Professional Services - 2.4%
 
 
 
RELX PLC
 
2,782,200
151,838,983
TOTAL INDUSTRIALS
 
 
296,269,958
 
 
 
 
Information Technology - 1.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
Spectris PLC
 
1,112,257
29,646,098
Software - 0.6%
 
 
 
Sage Group PLC/The
 
2,309,600
38,090,299
TOTAL INFORMATION TECHNOLOGY
 
 
67,736,397
 
 
 
 
TOTAL UNITED KINGDOM
 
 
927,995,650
UNITED STATES - 24.4%
 
 
 
Consumer Staples - 0.3%
 
 
 
Consumer Staples Distribution & Retail - 0.3%
 
 
 
PriceSmart Inc (c)
 
192,598
19,546,771
Financials - 10.1%
 
 
 
Capital Markets - 4.4%
 
 
 
Moody's Corp
 
329,900
149,484,288
S&P Global Inc
 
264,800
132,413,240
 
 
 
281,897,528
Financial Services - 3.5%
 
 
 
Mastercard Inc Class A
 
196,200
107,529,372
Visa Inc Class A
 
338,360
116,903,380
 
 
 
224,432,752
Insurance - 2.2%
 
 
 
Marsh & McLennan Cos Inc
 
655,051
147,694,349
TOTAL FINANCIALS
 
 
654,024,629
 
 
 
 
Industrials - 5.6%
 
 
 
Electrical Equipment - 2.3%
 
 
 
GE Vernova Inc
 
396,300
146,955,966
Machinery - 0.8%
 
 
 
Otis Worldwide Corp
 
508,900
48,991,803
Professional Services - 2.5%
 
 
 
Experian PLC
 
3,280,900
163,228,176
TOTAL INDUSTRIALS
 
 
359,175,945
 
 
 
 
Materials - 8.4%
 
 
 
Chemicals - 4.5%
 
 
 
Linde PLC
 
490,779
222,435,766
Sherwin-Williams Co/The
 
196,311
69,282,078
 
 
 
291,717,844
Construction Materials - 3.9%
 
 
 
CRH PLC
 
2,625,266
250,502,882
TOTAL MATERIALS
 
 
542,220,726
 
 
 
 
TOTAL UNITED STATES
 
 
1,574,968,071
 
TOTAL COMMON STOCKS
 (Cost $3,998,447,448)
 
 
 
6,190,291,692
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
CHINA - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
ByteDance Ltd Series E1 (a)(d)(e)
  (Cost $6,992,914)
 
63,819
13,548,136
 
 
 
 
Money Market Funds - 5.0%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
4.33
230,276,796
230,322,851
Fidelity Securities Lending Cash Central Fund (f)(g)
 
4.33
91,619,695
91,628,857
 
TOTAL MONEY MARKET FUNDS
 (Cost $321,951,708)
 
 
 
321,951,708
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $4,327,392,070)
 
 
 
6,525,791,536
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(67,452,815)
NET ASSETS - 100.0%
6,458,338,721
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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 $13,548,136 or 0.2% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd Series E1
11/18/20
6,992,915
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
148,770,998
838,820,578
757,268,725
3,433,638
-
-
230,322,851
230,276,796
0.4%
Fidelity Securities Lending Cash Central Fund
144,986,916
228,039,235
281,397,294
166,106
-
-
91,628,857
91,619,695
0.3%
Total
293,757,914
1,066,859,813
1,038,666,019
3,599,744
-
-
321,951,708
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
137,841,399
38,556,038
99,285,361
-
Consumer Discretionary
662,264,529
295,511,776
366,752,753
-
Consumer Staples
19,546,771
19,546,771
-
-
Energy
28,741,237
-
28,741,237
-
Financials
1,151,212,369
781,429,463
369,782,906
-
Health Care
263,906,617
93,301,794
170,604,823
-
Industrials
2,199,277,424
879,749,270
1,319,528,154
-
Information Technology
1,111,715,821
425,098,232
686,617,589
-
Materials
615,785,525
615,785,525
-
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
13,548,136
-
-
13,548,136
 Money Market Funds
321,951,708
321,951,708
-
-
 Total Investments in Securities:
6,525,791,536
3,470,930,577
3,041,312,823
13,548,136
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $90,450,699) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,005,440,362)
$
6,203,839,828
 
 
Fidelity Central Funds (cost $321,951,708)
321,951,708
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,327,392,070)
 
 
$
6,525,791,536
Foreign currency held at value (cost $942,100)
 
 
942,146
Receivable for investments sold
 
 
17,571,213
Receivable for fund shares sold
 
 
3,650,329
Dividends receivable
 
 
12,526,772
Reclaims receivable
 
 
15,704,590
Interest receivable
 
 
393
Distributions receivable from Fidelity Central Funds
 
 
680,003
Prepaid expenses
 
 
1,741
Other receivables
 
 
10,284
  Total assets
 
 
6,576,879,007
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
10,469,519
 
 
Delayed delivery
326,175
 
 
Payable for fund shares redeemed
8,848,086
 
 
Accrued management fee
4,182,878
 
 
Distribution and service plan fees payable
69,478
 
 
Other payables and accrued expenses
3,015,996
 
 
Collateral on securities loaned
91,628,154
 
 
  Total liabilities
 
 
 
118,540,286
Net Assets  
 
 
$
6,458,338,721
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,281,426,272
Total accumulated earnings (loss)
 
 
 
2,176,912,449
Net Assets
 
 
$
6,458,338,721
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($205,869,806 ÷ 9,929,602 shares)(a)
 
 
$
20.73
Maximum offering price per share (100/94.25 of $20.73)
 
 
$
21.99
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($30,235,530 ÷ 1,473,388 shares)(a)
 
 
$
20.52
Maximum offering price per share (100/96.50 of $20.52)
 
 
$
21.26
Class C :
 
 
 
 
Net Asset Value and offering price per share ($20,627,624 ÷ 1,050,586 shares)(a)
 
 
$
19.63
International Growth :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,605,862,650 ÷ 76,674,636 shares)
 
 
$
20.94
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,869,466,678 ÷ 89,537,053 shares)
 
 
$
20.88
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,726,276,433 ÷ 130,461,036 shares)
 
 
$
20.90
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
45,552,945
Foreign Tax Reclaims
 
 
4,583,010
Interest  
 
 
122
Income from Fidelity Central Funds (including $166,106 from security lending)
 
 
3,599,744
 Income before foreign taxes withheld
 
 
$
53,735,821
Less foreign taxes withheld
 
 
(3,958,427)
 Total income
 
 
 
49,777,394
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
23,560,458
 
 
 Performance adjustment
2,830,088
 
 
Distribution and service plan fees
445,909
 
 
Custodian fees and expenses
156,234
 
 
Independent trustees' fees and expenses
13,628
 
 
Registration fees
85,919
 
 
Audit fees
61,602
 
 
Legal
4,284
 
 
Miscellaneous
58,325
 
 
 Total expenses before reductions
 
27,216,447
 
 
 Expense reductions
 
(463)
 
 
 Total expenses after reductions
 
 
 
27,215,984
Net Investment income (loss)
 
 
 
22,561,410
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(20,710,303)
 
 
 Foreign currency transactions
 
(249,818)
 
 
Total net realized gain (loss)
 
 
 
(20,960,121)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $1,465,834)  
 
195,930,024
 
 
 Assets and liabilities in foreign currencies
 
984,125
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
196,914,149
Net gain (loss)
 
 
 
175,954,028
Net increase (decrease) in net assets resulting from operations
 
 
$
198,515,438
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
22,561,410
$
31,462,911
Net realized gain (loss)
 
(20,960,121)
 
104,369,251
Change in net unrealized appreciation (depreciation)
 
196,914,149
 
924,053,495
Net increase (decrease) in net assets resulting from operations
 
198,515,438
 
1,059,885,657
Distributions to shareholders
 
(52,532,043)
 
(24,060,084)
 
 
 
 
 
Share transactions - net increase (decrease)
 
265,740,024
 
670,552,377
Total increase (decrease) in net assets
 
411,723,419
 
1,706,377,950
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,046,615,302
 
4,340,237,352
End of period
$
6,458,338,721
$
6,046,615,302
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Growth Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.21
$
16.19
$
14.89
$
21.04
$
16.06
$
15.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.06
 
.04
 
- C
 
(.04)
 
(.01)
     Net realized and unrealized gain (loss)
 
.58
 
4.00
 
1.49
 
(5.80)
 
5.02
 
1.16
  Total from investment operations
 
.62  
 
4.06  
 
1.53  
 
(5.80)  
 
4.98
 
1.15
  Distributions from net investment income
 
(.02)
 
(.04)
 
-
 
(.03)
 
-
 
(.12)
  Distributions from net realized gain
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
-
     Total distributions
 
(.10) D
 
(.04)
 
(.23)
 
(.35)
 
-
 
(.12)
  Net asset value, end of period
$
20.73
$
20.21
$
16.19
$
14.89
$
21.04
$
16.06
 Total Return E,F,G
 
3.05
%
 
25.08%
 
10.26%
 
(28.00)%
 
31.01%
 
7.66%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.15% J
 
1.18%
 
1.21%
 
1.30%
 
1.28%
 
1.30%
    Expenses net of fee waivers, if any
 
1.15
% J
 
1.18%
 
1.21%
 
1.30%
 
1.28%
 
1.30%
    Expenses net of all reductions, if any
 
1.15% J
 
1.18%
 
1.21%
 
1.30%
 
1.28%
 
1.29%
    Net investment income (loss)
 
.41% J
 
.28%
 
.23%
 
.02%
 
(.20)%
 
(.08)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
205,870
$
204,716
$
171,656
$
157,490
$
232,527
$
174,561
    Portfolio turnover rate K
 
31
% J
 
31%
 
22%
 
22%
 
21%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Growth Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.00
$
16.04
$
14.79
$
20.92
$
16.01
$
14.99
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
.01
 
(.01)
 
(.04)
 
(.09)
 
(.06)
     Net realized and unrealized gain (loss)
 
.57
 
3.95
 
1.49
 
(5.77)
 
5.00
 
1.15
  Total from investment operations
 
.59  
 
3.96  
 
1.48  
 
(5.81)  
 
4.91
 
1.09
  Distributions from net investment income
 
-
 
-
 
-
 
-
 
-
 
(.07)
  Distributions from net realized gain
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
-
     Total distributions
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
(.07)
  Net asset value, end of period
$
20.52
$
20.00
$
16.04
$
14.79
$
20.92
$
16.01
 Total Return C,D,E
 
2.96
%
 
24.69%
 
9.99%
 
(28.18)%
 
30.67%
 
7.27%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.40% H
 
1.44%
 
1.48%
 
1.57%
 
1.55%
 
1.59%
    Expenses net of fee waivers, if any
 
1.40
% H
 
1.43%
 
1.48%
 
1.57%
 
1.55%
 
1.59%
    Expenses net of all reductions, if any
 
1.40% H
 
1.43%
 
1.47%
 
1.57%
 
1.55%
 
1.58%
    Net investment income (loss)
 
.16% H
 
.03%
 
(.03)%
 
(.25)%
 
(.48)%
 
(.37)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,236
$
31,196
$
27,016
$
26,250
$
38,761
$
30,353
    Portfolio turnover rate I
 
31
% H
 
31%
 
22%
 
22%
 
21%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Growth Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.19
$
15.46
$
14.33
$
20.39
$
15.68
$
14.68
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03)
 
(.09)
 
(.09)
 
(.13)
 
(.18)
 
(.13)
     Net realized and unrealized gain (loss)
 
.54
 
3.82
 
1.45
 
(5.61)
 
4.89
 
1.13
  Total from investment operations
 
.51  
 
3.73  
 
1.36  
 
(5.74)  
 
4.71
 
1.00
  Distributions from net realized gain
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
-
     Total distributions
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
-
  Net asset value, end of period
$
19.63
$
19.19
$
15.46
$
14.33
$
20.39
$
15.68
 Total Return C,D,E
 
2.67
%
 
24.13%
 
9.47%
 
(28.58)%
 
30.04%
 
6.81%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.90% H
 
1.94%
 
1.98%
 
2.07%
 
2.05%
 
2.07%
    Expenses net of fee waivers, if any
 
1.90
% H
 
1.94%
 
1.97%
 
2.06%
 
2.05%
 
2.07%
    Expenses net of all reductions, if any
 
1.90% H
 
1.94%
 
1.97%
 
2.06%
 
2.05%
 
2.06%
    Net investment income (loss)
 
(.34)% H
 
(.48)%
 
(.53)%
 
(.74)%
 
(.97)%
 
(.85)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,628
$
24,523
$
27,270
$
33,575
$
58,867
$
55,013
    Portfolio turnover rate I
 
31
% H
 
31%
 
22%
 
22%
 
21%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® International Growth Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.44
$
16.38
$
15.05
$
21.26
$
16.20
$
15.16
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.11
 
.09
 
.05
 
.02
 
.03
     Net realized and unrealized gain (loss)
 
.59
 
4.04
 
1.51
 
(5.85)
 
5.06
 
1.17
  Total from investment operations
 
.66  
 
4.15  
 
1.60  
 
(5.80)  
 
5.08
 
1.20
  Distributions from net investment income
 
(.08)
 
(.09)
 
(.04)
 
(.09)
 
(.02)
 
(.16)
  Distributions from net realized gain
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
-
     Total distributions
 
(.16) C
 
(.09)
 
(.27)
 
(.41)
 
(.02)
 
(.16)
  Net asset value, end of period
$
20.94
$
20.44
$
16.38
$
15.05
$
21.26
$
16.20
 Total Return D,E
 
3.21
%
 
25.41%
 
10.59%
 
(27.79)%
 
31.38%
 
7.93%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.86% H
 
.89%
 
.93%
 
1.01%
 
.99%
 
1.01%
    Expenses net of fee waivers, if any
 
.86
% H
 
.89%
 
.92%
 
1.01%
 
.99%
 
1.01%
    Expenses net of all reductions, if any
 
.86% H
 
.89%
 
.92%
 
1.01%
 
.99%
 
1.00%
    Net investment income (loss)
 
.70% H
 
.57%
 
.52%
 
.31%
 
.09%
 
.21%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,605,863
$
1,591,303
$
1,277,884
$
1,194,442
$
1,773,433
$
1,292,392
    Portfolio turnover rate I
 
31
% H
 
31%
 
22%
 
22%
 
21%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Growth Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.38
$
16.34
$
15.01
$
21.20
$
16.16
$
15.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.11
 
.09
 
.05
 
.01
 
.03
     Net realized and unrealized gain (loss)
 
.59
 
4.02
 
1.50
 
(5.83)
 
5.05
 
1.16
  Total from investment operations
 
.66  
 
4.13  
 
1.59  
 
(5.78)  
 
5.06
 
1.19
  Distributions from net investment income
 
(.08)
 
(.09)
 
(.03)
 
(.09)
 
(.02)
 
(.16)
  Distributions from net realized gain
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
-
     Total distributions
 
(.16) C
 
(.09)
 
(.26)
 
(.41)
 
(.02)
 
(.16)
  Net asset value, end of period
$
20.88
$
20.38
$
16.34
$
15.01
$
21.20
$
16.16
 Total Return D,E
 
3.22
%
 
25.34%
 
10.59%
 
(27.78)%
 
31.36%
 
7.90%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90% H
 
.92%
 
.94%
 
1.02%
 
1.00%
 
1.01%
    Expenses net of fee waivers, if any
 
.90
% H
 
.92%
 
.93%
 
1.02%
 
1.00%
 
1.01%
    Expenses net of all reductions, if any
 
.90% H
 
.92%
 
.93%
 
1.02%
 
1.00%
 
1.00%
    Net investment income (loss)
 
.66% H
 
.54%
 
.51%
 
.30%
 
.07%
 
.21%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,869,467
$
1,821,120
$
1,441,605
$
1,373,850
$
2,035,690
$
1,382,837
    Portfolio turnover rate I
 
31
% H
 
31%
 
22%
 
22%
 
21%
 
23%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Growth Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.43
$
16.38
$
15.05
$
21.25
$
16.19
$
15.16
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.14
 
.11
 
.08
 
.04
 
.05
     Net realized and unrealized gain (loss)
 
.59
 
4.03
 
1.51
 
(5.85)
 
5.06
 
1.16
  Total from investment operations
 
.67  
 
4.17  
 
1.62  
 
(5.77)  
 
5.10
 
1.21
  Distributions from net investment income
 
(.13)
 
(.12)
 
(.06)
 
(.11)
 
(.04)
 
(.18)
  Distributions from net realized gain
 
(.07)
 
-
 
(.23)
 
(.32)
 
-
 
-
     Total distributions
 
(.20)
 
(.12)
 
(.29)
 
(.43)
 
(.04)
 
(.18)
  Net asset value, end of period
$
20.90
$
20.43
$
16.38
$
15.05
$
21.25
$
16.19
 Total Return C,D
 
3.28
%
 
25.53%
 
10.74%
 
(27.68)%
 
31.55%
 
8.01%
 Ratios to Average Net Assets A,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% G
 
.79%
 
.80%
 
.89%
 
.87%
 
.88%
    Expenses net of fee waivers, if any
 
.78
% G
 
.79%
 
.79%
 
.89%
 
.87%
 
.88%
    Expenses net of all reductions, if any
 
.78% G
 
.79%
 
.79%
 
.89%
 
.87%
 
.87%
    Net investment income (loss)
 
.78% G
 
.67%
 
.65%
 
.43%
 
.20%
 
.34%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,726,276
$
2,373,757
$
1,394,806
$
989,259
$
1,277,877
$
1,350,267
    Portfolio turnover rate H
 
31
% G
 
31%
 
22%
 
22%
 
21%
 
23%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
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. Fund offers Class A, Class M, Class C, International Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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 and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,294,293,924
Gross unrealized depreciation
(102,077,459)
Net unrealized appreciation (depreciation)
$2,192,216,465
Tax cost
$4,333,575,071
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Growth Fund
1,121,336,677
959,548,560
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.87
Class M
.87
Class C
.87
International Growth
.84
Class I
.85
Class Z
.71
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.80
Class M
.80
Class C
.80
International Growth
.76
Class I
.80
Class Z
.68
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity International Growth Fund
MSCI EAFE Growth Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .09%.
 
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%
256,236
7,522
Class M
 .25%
 .25%
77,162
802
Class C
 .75%
 .25%
112,511
9,721
 
 
 
445,909
18,045
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
 15,208
Class M
 832
Class CA
 204
 
16,244
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
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
 1,227
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 87,710,906
 27,823,399
 1,989,966
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity International Growth Fund
4,921
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity International Growth Fund
17,181
 180
-
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 $463.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity International Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$961,001
 $381,205
Class M
 111,260
 -
Class C
 87,826
 -
International Growth
 11,811,561
 7,052,424
Class I
 14,013,519
 7,886,338
Class Z
 25,546,876
 8,740,117
Total  
$52,532,043
$24,060,084
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity International Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
643,704
1,361,726
$13,132,854
$26,631,593
Reinvestment of distributions
46,688
21,028
959,433
380,612
Shares redeemed
(890,719)
(1,854,663)
(18,204,974)
(36,470,900)
Net increase (decrease)
(200,327)
(471,909)
$(4,112,687)
$(9,458,695)
Class M
 
 
 
 
Shares sold
50,456
108,808
$1,008,477
$2,130,923
Reinvestment of distributions
5,288
-
107,663
-
Shares redeemed
(141,795)
(234,072)
(2,889,395)
(4,543,640)
Net increase (decrease)
(86,051)
(125,264)
$(1,773,255)
$(2,412,717)
Class C
 
 
 
 
Shares sold
62,857
107,281
$1,225,448
$2,006,178
Reinvestment of distributions
4,496
-
87,769
-
Shares redeemed
(294,578)
(593,274)
(5,724,188)
(11,112,046)
Net increase (decrease)
(227,225)
(485,993)
$(4,410,971)
$(9,105,868)
International Growth
 
 
 
 
Shares sold
7,794,506
14,283,815
$162,479,956
$286,244,273
Reinvestment of distributions
511,084
347,988
10,599,872
6,354,264
Shares redeemed
(9,476,053)
(14,803,330)
(195,596,290)
(295,979,856)
Net increase (decrease)
(1,170,463)
(171,527)
$(22,516,462)
$(3,381,319)
Class I
 
 
 
 
Shares sold
10,960,393
21,361,727
$225,266,328
$425,487,377
Reinvestment of distributions
667,402
424,789
13,801,873
7,735,409
Shares redeemed
(11,434,004)
(20,686,405)
(235,726,272)
(410,163,686)
Net increase (decrease)
193,791
1,100,111
$3,341,929
$23,059,100
Class Z
 
 
 
 
Shares sold
30,127,547
68,973,110
$618,409,913
$1,408,702,342
Reinvestment of distributions
901,011
267,865
18,632,896
4,883,179
Shares redeemed
(16,745,307)
(38,217,356)
(341,831,339)
(741,733,645)
Net increase (decrease)
14,283,251
31,023,619
$295,211,470
$671,851,876
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.912353.115
IGF-SANN-0625
Fidelity® Emerging Markets Discovery Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Emerging Markets Discovery Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Emerging Markets Discovery Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0%
 
 
Shares
Value ($)
 
BRAZIL - 13.1%
 
 
 
Consumer Discretionary - 2.7%
 
 
 
Diversified Consumer Services - 1.2%
 
 
 
Afya Ltd Class A (a)
 
664,959
12,634,221
Specialty Retail - 1.0%
 
 
 
Lojas Renner SA
 
4,098,874
10,552,065
Textiles, Apparel & Luxury Goods - 0.5%
 
 
 
Azzas 2154 SA
 
856,827
4,807,163
Consumer Staples - 0.8%
 
 
 
Consumer Staples Distribution & Retail - 0.8%
 
 
 
Atacadao SA
 
5,656,194
8,521,441
Energy - 1.0%
 
 
 
Oil, Gas & Consumable Fuels - 1.0%
 
 
 
PRIO SA/Brazil (b)
 
1,803,560
10,713,022
Financials - 1.2%
 
 
 
Insurance - 1.2%
 
 
 
Caixa Seguridade Participacoes S/A
 
4,188,090
12,073,188
Health Care - 1.2%
 
 
 
Pharmaceuticals - 1.2%
 
 
 
Hypera SA
 
2,985,959
12,690,648
Industrials - 3.9%
 
 
 
Commercial Services & Supplies - 1.2%
 
 
 
Orizon Valorizacao de Residuos SA (b)
 
1,385,510
11,972,443
Ground Transportation - 2.7%
 
 
 
Localiza Rent a Car SA
 
2,072,529
15,688,721
Rumo SA
 
3,356,356
11,473,407
 
 
 
27,162,128
TOTAL INDUSTRIALS
 
 
39,134,571
 
 
 
 
Real Estate - 0.9%
 
 
 
Real Estate Management & Development - 0.9%
 
 
 
LOG Commercial Properties e Participacoes SA
 
2,403,756
8,894,721
Utilities - 1.4%
 
 
 
Electric Utilities - 1.3%
 
 
 
Equatorial Energia SA
 
2,089,524
13,553,013
Water Utilities - 0.1%
 
 
 
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
56,300
1,129,838
TOTAL UTILITIES
 
 
14,682,851
 
 
 
 
TOTAL BRAZIL
 
 
134,703,891
CHILE - 1.3%
 
 
 
Financials - 1.3%
 
 
 
Banks - 1.3%
 
 
 
Banco de Chile ADR
 
450,779
13,306,996
CHINA - 17.5%
 
 
 
Communication Services - 2.5%
 
 
 
Entertainment - 2.0%
 
 
 
DouYu International Holdings Ltd ADR
 
574,703
4,281,536
NetEase Cloud Music Inc (b)(d)(e)
 
297,780
6,930,385
Tencent Music Entertainment Group Class A ADR
 
674,430
9,050,851
 
 
 
20,262,772
Interactive Media & Services - 0.5%
 
 
 
Tongdao Liepin Group (d)
 
11,271,997
5,304,914
TOTAL COMMUNICATION SERVICES
 
 
25,567,686
 
 
 
 
Consumer Discretionary - 3.4%
 
 
 
Diversified Consumer Services - 1.5%
 
 
 
Fu Shou Yuan International Group Ltd
 
17,498,916
7,942,156
TAL Education Group Class A ADR (b)
 
822,230
7,194,512
 
 
 
15,136,668
Household Durables - 0.9%
 
 
 
Haier Smart Home Co Ltd A Shares (China)
 
2,617,041
8,934,778
Textiles, Apparel & Luxury Goods - 1.0%
 
 
 
Li Ning Co Ltd
 
5,506,190
10,436,458
TOTAL CONSUMER DISCRETIONARY
 
 
34,507,904
 
 
 
 
Consumer Staples - 3.1%
 
 
 
Beverages - 2.2%
 
 
 
China Resources Beer Holdings Co Ltd
 
3,290,583
11,625,403
Tsingtao Brewery Co Ltd H Shares
 
1,465,536
10,374,172
 
 
 
21,999,575
Personal Care Products - 0.9%
 
 
 
Proya Cosmetics Co Ltd A Shares (China)
 
726,769
9,538,264
TOTAL CONSUMER STAPLES
 
 
31,537,839
 
 
 
 
Financials - 1.1%
 
 
 
Financial Services - 1.1%
 
 
 
Far East Horizon Ltd
 
14,294,244
11,076,952
Industrials - 6.4%
 
 
 
Construction & Engineering - 1.0%
 
 
 
China Communications Services Corp Ltd H Shares
 
3,262,794
1,703,842
Sinopec Engineering Group Co Ltd H Shares
 
13,545,172
9,658,157
 
 
 
11,361,999
Ground Transportation - 1.2%
 
 
 
Full Truck Alliance Co Ltd ADR
 
1,042,320
11,840,755
Machinery - 2.9%
 
 
 
Airtac International Group
 
409,330
11,220,301
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
1,327,897
13,055,490
Zhejiang Dingli Machinery Co Ltd A Shares (China)
 
922,540
5,514,172
 
 
 
29,789,963
Marine Transportation - 1.3%
 
 
 
SITC International Holdings Co Ltd
 
4,729,210
13,079,782
TOTAL INDUSTRIALS
 
 
66,072,499
 
 
 
 
Utilities - 1.0%
 
 
 
Water Utilities - 1.0%
 
 
 
Guangdong Investment Ltd
 
13,565,540
10,984,526
TOTAL CHINA
 
 
179,747,406
GEORGIA - 1.5%
 
 
 
Financials - 1.5%
 
 
 
Banks - 1.5%
 
 
 
Lion Finance Group PLC
 
194,166
15,525,902
GREECE - 2.5%
 
 
 
Consumer Discretionary - 1.7%
 
 
 
Hotels, Restaurants & Leisure - 1.7%
 
 
 
OPAP SA
 
770,090
17,072,799
Industrials - 0.8%
 
 
 
Transportation Infrastructure - 0.8%
 
 
 
Athens International Airport SA
 
863,430
8,940,169
TOTAL GREECE
 
 
26,012,968
HONG KONG - 1.1%
 
 
 
Consumer Staples - 1.1%
 
 
 
Food Products - 1.1%
 
 
 
WH Group Ltd (d)(e)
 
12,305,733
11,011,629
HUNGARY - 1.1%
 
 
 
Health Care - 1.1%
 
 
 
Pharmaceuticals - 1.1%
 
 
 
Richter Gedeon Nyrt
 
367,685
11,123,311
INDIA - 11.9%
 
 
 
Consumer Discretionary - 1.3%
 
 
 
Automobiles - 1.3%
 
 
 
Eicher Motors Ltd
 
209,973
13,808,270
Financials - 3.9%
 
 
 
Consumer Finance - 2.6%
 
 
 
Manappuram Finance Ltd
 
4,848,793
13,229,401
Shriram Finance Ltd
 
1,863,845
13,488,423
 
 
 
26,717,824
Insurance - 1.3%
 
 
 
HDFC Life Insurance Co Ltd (d)(e)
 
1,475,620
12,955,883
TOTAL FINANCIALS
 
 
39,673,707
 
 
 
 
Health Care - 2.4%
 
 
 
Health Care Providers & Services - 1.4%
 
 
 
Max Healthcare Institute Ltd
 
1,070,650
13,872,046
Pharmaceuticals - 1.0%
 
 
 
Torrent Pharmaceuticals Ltd
 
277,028
10,879,959
TOTAL HEALTH CARE
 
 
24,752,005
 
 
 
 
Industrials - 3.6%
 
 
 
Aerospace & Defense - 2.3%
 
 
 
Bharat Electronics Ltd
 
3,003,123
11,155,041
Hindustan Aeronautics Ltd (d)
 
229,700
12,164,133
 
 
 
23,319,174
Air Freight & Logistics - 0.2%
 
 
 
Delhivery Ltd (b)
 
746,513
2,694,220
Professional Services - 1.1%
 
 
 
Computer Age Management Services Ltd
 
241,310
11,112,156
TOTAL INDUSTRIALS
 
 
37,125,550
 
 
 
 
Materials - 0.7%
 
 
 
Construction Materials - 0.7%
 
 
 
Deccan Cements Ltd (c)
 
730,039
6,734,715
TOTAL INDIA
 
 
122,094,247
INDONESIA - 4.1%
 
 
 
Consumer Staples - 2.0%
 
 
 
Consumer Staples Distribution & Retail - 1.0%
 
 
 
Sumber Alfaria Trijaya Tbk PT
 
77,901,530
10,084,716
Food Products - 1.0%
 
 
 
First Resources Ltd
 
9,109,441
10,539,468
TOTAL CONSUMER STAPLES
 
 
20,624,184
 
 
 
 
Energy - 1.0%
 
 
 
Oil, Gas & Consumable Fuels - 1.0%
 
 
 
United Tractors Tbk PT
 
7,241,990
9,897,044
Financials - 1.1%
 
 
 
Banks - 1.1%
 
 
 
Bank Syariah Indonesia Tbk PT
 
64,586,910
11,108,452
TOTAL INDONESIA
 
 
41,629,680
KOREA (SOUTH) - 7.6%
 
 
 
Consumer Discretionary - 2.1%
 
 
 
Household Durables - 1.2%
 
 
 
Coway Co Ltd
 
203,909
12,529,034
Textiles, Apparel & Luxury Goods - 0.9%
 
 
 
Misto Holdings Corp
 
353,785
9,181,034
TOTAL CONSUMER DISCRETIONARY
 
 
21,710,068
 
 
 
 
Consumer Staples - 1.0%
 
 
 
Tobacco - 1.0%
 
 
 
KT&G Corp
 
132,920
10,706,550
Financials - 1.9%
 
 
 
Insurance - 1.9%
 
 
 
DB Insurance Co Ltd
 
169,175
10,876,809
Hyundai Marine & Fire Insurance Co Ltd (b)
 
545,889
8,524,013
 
 
 
19,400,822
Industrials - 1.2%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
Korea Aerospace Industries Ltd
 
204,579
11,949,595
Materials - 1.4%
 
 
 
Chemicals - 1.4%
 
 
 
Hansol Chemical Co Ltd
 
85,668
6,966,420
Soulbrain Co Ltd
 
58,867
7,156,329
 
 
 
14,122,749
TOTAL KOREA (SOUTH)
 
 
77,889,784
MEXICO - 5.5%
 
 
 
Consumer Staples - 1.4%
 
 
 
Consumer Staples Distribution & Retail - 1.2%
 
 
 
Grupo Comercial Chedraui SA de CV (a)
 
1,834,473
11,864,369
Food Products - 0.2%
 
 
 
Gruma SAB de CV Series B
 
166,186
3,175,843
TOTAL CONSUMER STAPLES
 
 
15,040,212
 
 
 
 
Financials - 2.5%
 
 
 
Banks - 1.1%
 
 
 
Regional SAB de CV
 
1,659,922
11,623,390
Insurance - 1.4%
 
 
 
Qualitas Controladora SAB de CV (a)
 
1,253,563
13,813,771
TOTAL FINANCIALS
 
 
25,437,161
 
 
 
 
Real Estate - 1.6%
 
 
 
Diversified REITs - 0.8%
 
 
 
Fibra Uno Administracion SA de CV
 
6,293,836
8,116,627
Industrial REITs - 0.8%
 
 
 
FIBRA Macquarie Mexico (d)(e)
 
5,190,385
8,136,072
TOTAL REAL ESTATE
 
 
16,252,699
 
 
 
 
TOTAL MEXICO
 
 
56,730,072
PANAMA - 1.1%
 
 
 
Industrials - 1.1%
 
 
 
Passenger Airlines - 1.1%
 
 
 
Copa Holdings SA Class A
 
123,010
11,287,398
PHILIPPINES - 0.8%
 
 
 
Real Estate - 0.8%
 
 
 
Real Estate Management & Development - 0.8%
 
 
 
Robinsons Land Corp
 
37,129,529
7,774,404
POLAND - 2.7%
 
 
 
Consumer Discretionary - 1.2%
 
 
 
Broadline Retail - 1.2%
 
 
 
Allegro.eu SA (b)(d)(e)
 
1,441,260
12,569,582
Consumer Staples - 1.5%
 
 
 
Consumer Staples Distribution & Retail - 1.5%
 
 
 
Dino Polska SA (b)(d)(e)
 
106,210
14,858,751
TOTAL POLAND
 
 
27,428,333
RUSSIA - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
TCS Group Holding PLC Class A GDR (Russia) (b)(d)(f)
 
59,253
0
Real Estate - 0.0%
 
 
 
Real Estate Management & Development - 0.0%
 
 
 
LSR Group PJSC (b)(f)
 
67,346
0
TOTAL RUSSIA
 
 
0
SAUDI ARABIA - 2.0%
 
 
 
Financials - 1.0%
 
 
 
Insurance - 1.0%
 
 
 
Bupa Arabia for Cooperative Insurance Co
 
223,471
10,008,965
Industrials - 1.0%
 
 
 
Commercial Services & Supplies - 1.0%
 
 
 
Catrion Catering Holding Co
 
332,270
10,435,065
TOTAL SAUDI ARABIA
 
 
20,444,030
SOUTH AFRICA - 2.0%
 
 
 
Financials - 1.0%
 
 
 
Financial Services - 1.0%
 
 
 
FirstRand Ltd
 
2,600,746
10,154,811
Industrials - 1.0%
 
 
 
Industrial Conglomerates - 1.0%
 
 
 
Bidvest Group Ltd
 
807,107
10,194,465
TOTAL SOUTH AFRICA
 
 
20,349,276
TAIWAN - 17.8%
 
 
 
Communication Services - 1.1%
 
 
 
Entertainment - 1.1%
 
 
 
International Games System Co Ltd
 
433,490
11,216,180
Consumer Discretionary - 3.0%
 
 
 
Broadline Retail - 1.0%
 
 
 
Poya International Co Ltd
 
662,167
9,894,338
Household Durables - 1.1%
 
 
 
Nien Made Enterprise Co Ltd
 
917,960
11,218,739
Textiles, Apparel & Luxury Goods - 0.9%
 
 
 
Makalot Industrial Co Ltd
 
1,041,768
9,250,828
TOTAL CONSUMER DISCRETIONARY
 
 
30,363,905
 
 
 
 
Financials - 0.8%
 
 
 
Financial Services - 0.8%
 
 
 
Chailease Holding Co Ltd
 
2,462,621
8,843,050
Industrials - 3.1%
 
 
 
Commercial Services & Supplies - 0.8%
 
 
 
Cleanaway Co Ltd
 
1,513,105
8,574,847
Construction & Engineering - 1.2%
 
 
 
Acter Group Corp Ltd
 
941,050
11,822,510
Electrical Equipment - 1.1%
 
 
 
Bizlink Holding Inc
 
646,178
10,916,779
TOTAL INDUSTRIALS
 
 
31,314,136
 
 
 
 
Information Technology - 9.8%
 
 
 
Electronic Equipment, Instruments & Components - 4.3%
 
 
 
Chroma ATE Inc
 
1,269,030
11,577,343
E Ink Holdings Inc
 
1,543,150
10,758,282
Unimicron Technology Corp
 
3,754,564
11,054,090
Yageo Corp
 
744,300
10,650,600
 
 
 
44,040,315
Semiconductors & Semiconductor Equipment - 3.6%
 
 
 
ASPEED Technology Inc
 
108,390
10,176,581
eMemory Technology Inc
 
133,300
10,712,082
King Yuan Electronics Co Ltd
 
3,016,050
8,185,530
Nanya Technology Corp (b)
 
7,154,900
8,062,078
 
 
 
37,136,271
Technology Hardware, Storage & Peripherals - 1.9%
 
 
 
Advantech Co Ltd
 
914,070
9,556,829
Innodisk Corp
 
1,351,270
9,833,437
 
 
 
19,390,266
TOTAL INFORMATION TECHNOLOGY
 
 
100,566,852
 
 
 
 
TOTAL TAIWAN
 
 
182,304,123
TURKEY - 0.7%
 
 
 
Consumer Discretionary - 0.7%
 
 
 
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
Mavi Giyim Sanayi Ve Ticaret AS Class B (d)(e)
 
9,092,273
7,624,379
UNITED ARAB EMIRATES - 1.9%
 
 
 
Energy - 0.9%
 
 
 
Energy Equipment & Services - 0.9%
 
 
 
ADNOC Drilling Co PJSC
 
6,948,450
9,269,518
Real Estate - 1.0%
 
 
 
Real Estate Management & Development - 1.0%
 
 
 
Aldar Properties PJSC
 
4,469,541
10,051,159
TOTAL UNITED ARAB EMIRATES
 
 
19,320,677
UNITED STATES - 1.3%
 
 
 
Financials - 1.3%
 
 
 
Consumer Finance - 1.3%
 
 
 
FirstCash Holdings Inc
 
96,640
12,945,894
VIETNAM - 0.5%
 
 
 
Information Technology - 0.5%
 
 
 
IT Services - 0.5%
 
 
 
FPT Corp
 
1,512,114
6,395,468
 
TOTAL COMMON STOCKS
 (Cost $913,282,647)
 
 
 
1,005,649,868
 
 
 
 
Money Market Funds - 6.3%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
34,075,764
34,082,579
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
31,216,985
31,220,107
 
TOTAL MONEY MARKET FUNDS
 (Cost $65,302,686)
 
 
 
65,302,686
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.3%
 (Cost $978,585,333)
 
 
 
1,070,952,554
NET OTHER ASSETS (LIABILITIES) - (4.3)%  
(44,496,088)
NET ASSETS - 100.0%
1,026,456,466
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated company
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $91,555,728 or 8.9% of net assets.
 
(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 $74,086,681 or 7.2% of net assets.
 
(f)
Level 3 security
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
15,114,149
147,533,640
128,565,210
295,680
-
-
34,082,579
34,075,764
0.1%
Fidelity Securities Lending Cash Central Fund
14,200,460
103,354,164
86,334,517
52,158
-
-
31,220,107
31,216,985
0.1%
Total
29,314,609
250,887,804
214,899,727
347,838
-
-
65,302,686
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
Deccan Cements Ltd
5,077,547
-
-
-
-
1,657,168
6,734,715
730,039
Total
5,077,547
-
-
-
-
1,657,168
6,734,715
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
36,783,866
25,567,686
11,216,180
-
Consumer Discretionary
165,650,356
90,833,335
74,817,021
-
Consumer Staples
112,300,606
71,431,608
40,868,998
-
Energy
29,879,584
19,982,540
9,897,044
-
Financials
189,555,900
110,529,869
79,026,031
-
Health Care
48,565,964
23,813,959
24,752,005
-
Industrials
226,453,448
116,274,204
110,179,244
-
Information Technology
106,962,320
-
106,962,320
-
Materials
20,857,464
-
20,857,464
-
Real Estate
42,972,983
35,198,579
7,774,404
-
Utilities
25,667,377
25,667,377
-
-
 Money Market Funds
65,302,686
65,302,686
-
-
 Total Investments in Securities:
1,070,952,554
584,601,843
486,350,711
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $30,063,891) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $908,187,119)
$
998,915,153
 
 
Fidelity Central Funds (cost $65,302,686)
65,302,686
 
 
Other affiliated issuers (cost $5,095,528)
6,734,715
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $978,585,333)
 
 
$
1,070,952,554
Foreign currency held at value (cost $434,614)
 
 
426,800
Receivable for investments sold
 
 
443,277
Receivable for fund shares sold
 
 
706,201
Dividends receivable
 
 
2,645,944
Distributions receivable from Fidelity Central Funds
 
 
140,721
Prepaid expenses
 
 
376
Other receivables
 
 
116,866
  Total assets
 
 
1,075,432,739
Liabilities
 
 
 
 
Payable for investments purchased
$
9,372,308
 
 
Payable for fund shares redeemed
699,704
 
 
Accrued management fee
758,947
 
 
Distribution and service plan fees payable
9,796
 
 
Deferred taxes
6,831,144
 
 
Other payables and accrued expenses
84,267
 
 
Collateral on securities loaned
31,220,107
 
 
  Total liabilities
 
 
 
48,976,273
Net Assets  
 
 
$
1,026,456,466
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
944,686,465
Total accumulated earnings (loss)
 
 
 
81,770,001
Net Assets
 
 
$
1,026,456,466
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($29,973,276 ÷ 1,890,309 shares)(a)
 
 
$
15.86
Maximum offering price per share (100/94.25 of $15.86)
 
 
$
16.83
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,363,528 ÷ 275,099 shares)(a)
 
 
$
15.86
Maximum offering price per share (100/96.50 of $15.86)
 
 
$
16.44
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,636,646 ÷ 171,050 shares)(a)
 
 
$
15.41
Emerging Markets Discovery :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($377,585,776 ÷ 23,633,672 shares)
 
 
$
15.98
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($488,797,847 ÷ 30,529,263 shares)
 
 
$
16.01
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($123,099,393 ÷ 7,699,045 shares)
 
 
$
15.99
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
14,396,995
Special dividends
 
 
5,712,548
Interest  
 
 
45
Income from Fidelity Central Funds (including $52,158 from security lending)
 
 
347,838
 Income before foreign taxes withheld
 
 
$
20,457,426
Less foreign taxes withheld
 
 
(1,456,145)
 Total income
 
 
 
19,001,281
Expenses
 
 
 
 
Management fee
$
4,894,403
 
 
Distribution and service plan fees
62,209
 
 
Custodian fees and expenses
164,492
 
 
Independent trustees' fees and expenses
2,441
 
 
Registration fees
72,172
 
 
Audit fees
53,442
 
 
Legal
1,101
 
 
Interest
39,496
 
 
Miscellaneous
10,809
 
 
 Total expenses
 
 
 
5,300,565
Net Investment income (loss)
 
 
 
13,700,716
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $2,263,080)
 
15,213,845
 
 
 Foreign currency transactions
 
(66,374)
 
 
Total net realized gain (loss)
 
 
 
15,147,471
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,123,686)  
 
(33,042,713)
 
 
   Affiliated issuers
 
1,657,168
 
 
 Assets and liabilities in foreign currencies
 
37,881
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(31,347,664)
Net gain (loss)
 
 
 
(16,200,193)
Net increase (decrease) in net assets resulting from operations
 
 
$
(2,499,477)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
13,700,716
$
32,737,820
Net realized gain (loss)
 
15,147,471
 
2,744,550
Change in net unrealized appreciation (depreciation)
 
(31,347,664)
 
109,422,927
Net increase (decrease) in net assets resulting from operations
 
(2,499,477)
 
144,905,297
Distributions to shareholders
 
(42,386,248)
 
(23,040,155)
 
 
 
 
 
Share transactions - net increase (decrease)
 
(111,895,418)
 
132,171,089
Total increase (decrease) in net assets
 
(156,781,143)
 
254,036,231
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,183,237,609
 
929,201,378
End of period
$
1,026,456,466
$
1,183,237,609
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Emerging Markets Discovery Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.44
$
14.69
$
12.89
$
18.36
$
13.93
$
13.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18 C
 
.40 D
 
.31
 
.31
 
.11
 
.04
     Net realized and unrealized gain (loss)
 
(.19)
 
1.65
 
1.69
 
(3.92)
 
4.37
 
.34
  Total from investment operations
 
(.01)  
 
2.05  
 
2.00  
 
(3.61)  
 
4.48
 
.38
  Distributions from net investment income
 
(.57)
 
(.30)
 
(.20)
 
(.37)
 
(.05)
 
(.11)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.49)
 
-
 
-
     Total distributions
 
(.57)
 
(.30)
 
(.20)
 
(1.86)
 
(.05)
 
(.11)
  Net asset value, end of period
$
15.86
$
16.44
$
14.69
$
12.89
$
18.36
$
13.93
 Total Return E,F,G
 
-
% H
 
14.09%
 
15.56%
 
(21.58)%
 
32.23%
 
2.76%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.27% K
 
1.30%
 
1.43%
 
1.49%
 
1.49%
 
1.54%
    Expenses net of fee waivers, if any
 
1.27
% K
 
1.29%
 
1.42%
 
1.49%
 
1.49%
 
1.53%
    Expenses net of all reductions, if any
 
1.27% K
 
1.29%
 
1.42%
 
1.49%
 
1.49%
 
1.51%
    Net investment income (loss)
 
1.78% C,K
 
2.45% D
 
2.07%
 
2.11%
 
.60%
 
.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
29,973
$
30,907
$
23,373
$
16,063
$
18,900
$
11,745
    Portfolio turnover rate L
 
38
% K
 
29%
 
30%
 
33%
 
64%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. 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 1.24%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.99%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HAmount represents less than .005%.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Emerging Markets Discovery Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.39
$
14.65
$
12.85
$
18.30
$
13.89
$
13.62
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16 C
 
.36 D
 
.27
 
.27
 
.06
 
- E
     Net realized and unrealized gain (loss)
 
(.19)
 
1.65
 
1.68
 
(3.91)
 
4.36
 
.34
  Total from investment operations
 
(.03)  
 
2.01  
 
1.95  
 
(3.64)  
 
4.42
 
.34
  Distributions from net investment income
 
(.50)
 
(.27)
 
(.15)
 
(.32)
 
(.01)
 
(.07)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.49)
 
-
 
-
     Total distributions
 
(.50)
 
(.27)
 
(.15)
 
(1.81)
 
(.01)
 
(.07)
  Net asset value, end of period
$
15.86
$
16.39
$
14.65
$
12.85
$
18.30
$
13.89
 Total Return F,G,H
 
(.15)
%
 
13.80%
 
15.25%
 
(21.77)%
 
31.82%
 
2.49%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.52% K
 
1.50%
 
1.69%
 
1.75%
 
1.76%
 
1.83%
    Expenses net of fee waivers, if any
 
1.52
% K
 
1.50%
 
1.69%
 
1.75%
 
1.76%
 
1.83%
    Expenses net of all reductions, if any
 
1.52% K
 
1.50%
 
1.68%
 
1.75%
 
1.76%
 
1.80%
    Net investment income (loss)
 
1.53% C,K
 
2.25% D
 
1.80%
 
1.85%
 
.33%
 
.03%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,364
$
5,103
$
6,560
$
4,355
$
6,095
$
4,552
    Portfolio turnover rate L
 
38
% K
 
29%
 
30%
 
33%
 
64%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. 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 .99%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.78%.
EAmount represents less than $.005 per share.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Emerging Markets Discovery Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.92
$
14.23
$
12.47
$
17.78
$
13.55
$
13.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12 C
 
.27 D
 
.19
 
.19
 
(.03)
 
(.06)
     Net realized and unrealized gain (loss)
 
(.18)
 
1.59
 
1.65
 
(3.81)
 
4.26
 
.32
  Total from investment operations
 
(.06)  
 
1.86  
 
1.84  
 
(3.62)  
 
4.23
 
.26
  Distributions from net investment income
 
(.45)
 
(.17)
 
(.08)
 
(.20)
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.49)
 
-
 
-
     Total distributions
 
(.45)
 
(.17)
 
(.08)
 
(1.69)
 
-
 
-
  Net asset value, end of period
$
15.41
$
15.92
$
14.23
$
12.47
$
17.78
$
13.55
 Total Return E,F,G
 
(.38)
%
 
13.16%
 
14.76%
 
(22.21)%
 
31.22%
 
1.96%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.02% J
 
2.02%
 
2.20%
 
2.25%
 
2.25%
 
2.32%
    Expenses net of fee waivers, if any
 
2.02
% J
 
2.02%
 
2.19%
 
2.25%
 
2.25%
 
2.31%
    Expenses net of all reductions, if any
 
2.02% J
 
2.02%
 
2.19%
 
2.25%
 
2.25%
 
2.29%
    Net investment income (loss)
 
1.03% C,J
 
1.73% D
 
1.29%
 
1.35%
 
(.16)%
 
(.45)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,637
$
3,146
$
3,300
$
3,079
$
4,995
$
5,080
    Portfolio turnover rate K
 
38
% J
 
29%
 
30%
 
33%
 
64%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. 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 .49%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.26%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® Emerging Markets Discovery Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.57
$
14.80
$
12.98
$
18.48
$
14.02
$
13.75
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20 C
 
.45 D
 
.35
 
.36
 
.16
 
.08
     Net realized and unrealized gain (loss)
 
(.18)
 
1.66
 
1.71
 
(3.95)
 
4.40
 
.34
  Total from investment operations
 
.02  
 
2.11  
 
2.06  
 
(3.59)  
 
4.56
 
.42
  Distributions from net investment income
 
(.61)
 
(.34)
 
(.24)
 
(.42)
 
(.10)
 
(.15)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.49)
 
-
 
-
     Total distributions
 
(.61)
 
(.34)
 
(.24)
 
(1.91)
 
(.10)
 
(.15)
  Net asset value, end of period
$
15.98
$
16.57
$
14.80
$
12.98
$
18.48
$
14.02
 Total Return E,F
 
.16
%
 
14.38%
 
15.94%
 
(21.37)%
 
32.63%
 
3.07%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% I
 
1.01%
 
1.15%
 
1.19%
 
1.19%
 
1.23%
    Expenses net of fee waivers, if any
 
.98
% I
 
1.00%
 
1.15%
 
1.19%
 
1.18%
 
1.23%
    Expenses net of all reductions, if any
 
.98% I
 
1.00%
 
1.15%
 
1.19%
 
1.18%
 
1.20%
    Net investment income (loss)
 
2.08% C,I
 
2.74% D
 
2.34%
 
2.41%
 
.90%
 
.63%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
377,586
$
411,220
$
368,811
$
248,805
$
283,133
$
189,784
    Portfolio turnover rate J
 
38
% I
 
29%
 
30%
 
33%
 
64%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. 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 1.54%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.28%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Emerging Markets Discovery Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.61
$
14.85
$
13.03
$
18.54
$
14.06
$
13.79
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20 C
 
.45 D
 
.36
 
.34
 
.16
 
.08
     Net realized and unrealized gain (loss)
 
(.19)
 
1.66
 
1.71
 
(3.95)
 
4.41
 
.34
  Total from investment operations
 
.01  
 
2.11  
 
2.07  
 
(3.61)  
 
4.57
 
.42
  Distributions from net investment income
 
(.61)
 
(.35)
 
(.25)
 
(.41)
 
(.09)
 
(.15)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.49)
 
-
 
-
     Total distributions
 
(.61)
 
(.35)
 
(.25)
 
(1.90)
 
(.09)
 
(.15)
  Net asset value, end of period
$
16.01
$
16.61
$
14.85
$
13.03
$
18.54
$
14.06
 Total Return E,F
 
.12
%
 
14.34%
 
15.99%
 
(21.37)%
 
32.62%
 
3.07%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02% I
 
1.04%
 
1.12%
 
1.17%
 
1.19%
 
1.24%
    Expenses net of fee waivers, if any
 
1.02
% I
 
1.04%
 
1.11%
 
1.16%
 
1.19%
 
1.23%
    Expenses net of all reductions, if any
 
1.02% I
 
1.04%
 
1.11%
 
1.16%
 
1.19%
 
1.21%
    Net investment income (loss)
 
2.03% C,I
 
2.71% D
 
2.37%
 
2.44%
 
.90%
 
.63%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
488,798
$
553,444
$
404,844
$
129,250
$
27,397
$
28,034
    Portfolio turnover rate J
 
38
% I
 
29%
 
30%
 
33%
 
64%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. 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 1.49%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.24%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Emerging Markets Discovery Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.59
$
14.82
$
13.00
$
18.51
$
14.04
$
13.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21 C
 
.46 D
 
.38
 
.37
 
.19
 
.10
     Net realized and unrealized gain (loss)
 
(.19)
 
1.67
 
1.70
 
(3.95)
 
4.40
 
.35
  Total from investment operations
 
.02  
 
2.13  
 
2.08  
 
(3.58)  
 
4.59
 
.45
  Distributions from net investment income
 
(.62)
 
(.36)
 
(.26)
 
(.44)
 
(.12)
 
(.18)
  Distributions from net realized gain
 
-
 
-
 
-
 
(1.49)
 
-
 
-
     Total distributions
 
(.62)
 
(.36)
 
(.26)
 
(1.93)
 
(.12)
 
(.18)
  Net asset value, end of period
$
15.99
$
16.59
$
14.82
$
13.00
$
18.51
$
14.04
 Total Return E,F
 
.17
%
 
14.54%
 
16.10%
 
(21.27)%
 
32.82%
 
3.24%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90% I
 
.93%
 
.99%
 
1.03%
 
1.05%
 
1.09%
    Expenses net of fee waivers, if any
 
.90
% I
 
.92%
 
.98%
 
1.03%
 
1.05%
 
1.08%
    Expenses net of all reductions, if any
 
.90% I
 
.92%
 
.98%
 
1.03%
 
1.05%
 
1.06%
    Net investment income (loss)
 
2.16% C,I
 
2.82% D
 
2.50%
 
2.57%
 
1.04%
 
.78%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
123,099
$
179,418
$
122,312
$
29,546
$
16,365
$
11,561
    Portfolio turnover rate J
 
38
% I
 
29%
 
30%
 
33%
 
64%
 
43%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. 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 1.62%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.35%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
 
1. Organization.
Fidelity Emerging Markets Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets Discovery, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$191,138,620
Gross unrealized depreciation
(111,481,503)
Net unrealized appreciation (depreciation)
$79,657,117
Tax cost
$991,295,436
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(6,274,551)
 Long-term
-
Total capital loss carryforward
$(6,274,551)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Markets Discovery Fund
199,183,069
354,933,250
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
1.02
Class M
1.02
Class C
1.02
Emerging Markets Discovery
1.00
Class I
1.01
Class Z
.88
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.96
Class M
.96
Class C
.96
Emerging Markets Discovery
.91
Class I
.96
Class Z
.83
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
36,503
2,378
Class M
 .25%
 .25%
 11,462
 104
Class C
 .75%
 .25%
 14,244
 2,354
 
 
 
62,209
4,836
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
 2,522
Class M
 238
Class CA
 60
 
 2,820
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
 916
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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
 6,161,980
4.61%
 38,691
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 2,310,090
 19,814,965
 6,744,507
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Emerging Markets Discovery Fund
836
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Emerging Markets Discovery Fund
5,649
 238
-
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 Markets Discovery Fund
858,286
4.83%
 805
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Emerging Markets Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$1,053,053
 $509,536
Class M
 149,825
 117,571
Class C
 88,170
 40,122
Emerging Markets Discovery
 14,364,018
 8,637,465
Class I
 20,784,903
 10,634,852
Class Z
 5,946,279
 3,100,609
Total  
$42,386,248
$23,040,155
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Emerging Markets Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
177,231
589,656
$2,755,459
$9,506,630
Reinvestment of distributions
67,073
32,877
1,051,706
509,269
Shares redeemed
(234,138)
(333,376)
(3,658,141)
(5,440,815)
Net increase (decrease)
10,166
289,157
$149,024
$4,575,084
Class M
 
 
 
 
Shares sold
13,090
32,443
$201,543
$528,491
Reinvestment of distributions
9,543
7,600
149,825
117,571
Shares redeemed
(58,926)
(176,394)
(920,547)
(2,861,973)
Net increase (decrease)
(36,293)
(136,351)
$(569,179)
$(2,215,911)
Class C
 
 
 
 
Shares sold
19,950
39,779
$305,733
$631,296
Reinvestment of distributions
5,770
2,657
88,170
40,122
Shares redeemed
(52,204)
(76,848)
(792,881)
(1,216,417)
Net increase (decrease)
(26,484)
(34,412)
$(398,978)
$(544,999)
Emerging Markets Discovery
 
 
 
 
Shares sold
3,401,248
8,550,200
$53,181,948
$138,799,157
Reinvestment of distributions
813,454
500,754
12,836,304
7,796,740
Shares redeemed
(5,398,786)
(9,155,683)
(84,706,546)
(150,486,850)
Net increase (decrease)
(1,184,084)
(104,729)
$(18,688,294)
$(3,890,953)
Class I
 
 
 
 
Shares sold
9,343,738
21,327,643
$146,926,222
$346,080,275
Reinvestment of distributions
1,255,207
647,193
19,844,830
10,102,677
Shares redeemed
(13,384,523)
(15,930,728)
(209,647,269)
(262,986,812)
Net increase (decrease)
(2,785,578)
6,044,108
$(42,876,217)
$93,196,140
Class Z
 
 
 
 
Shares sold
1,592,674
6,301,582
$24,765,237
$103,483,546
Reinvestment of distributions
327,837
169,011
5,176,545
2,631,506
Shares redeemed
(5,037,203)
(3,907,594)
(79,453,556)
(65,063,324)
Net increase (decrease)
(3,116,692)
2,562,999
$(49,511,774)
$41,051,728
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.931240.113
EMD-TEK-SANN-0625
Fidelity® Global Equity Income Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Global Equity Income Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Global Equity Income Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8%
 
 
Shares
Value ($)
 
BELGIUM - 1.0%
 
 
 
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
KBC Group NV
 
19,137
1,757,328
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
UCB SA
 
5,932
1,082,939
TOTAL BELGIUM
 
 
2,840,267
BRAZIL - 0.6%
 
 
 
Utilities - 0.6%
 
 
 
Electric Utilities - 0.6%
 
 
 
Equatorial Energia SA
 
286,974
1,861,363
CANADA - 4.9%
 
 
 
Communication Services - 0.4%
 
 
 
Diversified Telecommunication Services - 0.4%
 
 
 
Quebecor Inc Class B
 
39,400
1,080,885
Consumer Discretionary - 0.2%
 
 
 
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Restaurant Brands International Inc
 
13,500
869,871
Consumer Staples - 1.9%
 
 
 
Consumer Staples Distribution & Retail - 1.9%
 
 
 
Alimentation Couche-Tard Inc
 
50,483
2,635,106
Metro Inc/CN
 
37,234
2,869,389
 
 
 
5,504,495
Energy - 1.7%
 
 
 
Oil, Gas & Consumable Fuels - 1.7%
 
 
 
Canadian Natural Resources Ltd
 
51,442
1,476,168
Cenovus Energy Inc
 
24,000
282,548
Imperial Oil Ltd
 
23,380
1,577,039
PrairieSky Royalty Ltd
 
92,106
1,550,689
 
 
 
4,886,444
Information Technology - 0.7%
 
 
 
Software - 0.7%
 
 
 
Constellation Software Inc/Canada
 
581
2,093,872
Constellation Software Inc/Canada warrants 3/31/2040 (a)(b)
 
581
0
 
 
 
2,093,872
TOTAL CANADA
 
 
14,435,567
DENMARK - 0.2%
 
 
 
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Tryg A/S
 
29,100
694,266
FINLAND - 0.3%
 
 
 
Communication Services - 0.3%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Elisa Oyj A Shares
 
19,148
1,019,949
FRANCE - 3.4%
 
 
 
Consumer Discretionary - 0.7%
 
 
 
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
3,887
2,153,123
Consumer Staples - 0.4%
 
 
 
Food Products - 0.4%
 
 
 
Danone SA
 
12,500
1,075,580
Energy - 0.7%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Vallourec SACA (b)
 
72,000
1,329,921
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Gaztransport Et Technigaz SA
 
4,700
765,648
TOTAL ENERGY
 
 
2,095,569
 
 
 
 
Financials - 0.2%
 
 
 
Capital Markets - 0.2%
 
 
 
Amundi SA (c)(d)
 
7,939
623,713
Industrials - 1.0%
 
 
 
Aerospace & Defense - 1.0%
 
 
 
Airbus SE
 
7,918
1,343,610
Thales SA
 
5,700
1,596,697
 
 
 
2,940,307
Information Technology - 0.4%
 
 
 
IT Services - 0.4%
 
 
 
Capgemini SE
 
7,109
1,134,968
TOTAL FRANCE
 
 
10,023,260
GERMANY - 7.1%
 
 
 
Communication Services - 1.1%
 
 
 
Diversified Telecommunication Services - 1.1%
 
 
 
Deutsche Telekom AG
 
91,799
3,297,193
Industrials - 6.0%
 
 
 
Aerospace & Defense - 5.2%
 
 
 
Rheinmetall AG
 
8,947
15,237,212
Industrial Conglomerates - 0.8%
 
 
 
Siemens AG
 
9,621
2,215,344
TOTAL INDUSTRIALS
 
 
17,452,556
 
 
 
 
TOTAL GERMANY
 
 
20,749,749
HONG KONG - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Insurance - 0.4%
 
 
 
AIA Group Ltd
 
162,086
1,214,497
HUNGARY - 0.5%
 
 
 
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
Richter Gedeon Nyrt
 
51,700
1,564,043
INDIA - 0.3%
 
 
 
Financials - 0.2%
 
 
 
Banks - 0.2%
 
 
 
HDFC Bank Ltd ADR
 
7,879
572,725
Information Technology - 0.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Redington Ltd
 
71,339
207,128
TOTAL INDIA
 
 
779,853
IRELAND - 1.5%
 
 
 
Consumer Staples - 0.3%
 
 
 
Food Products - 0.3%
 
 
 
Kerry Group PLC Class A
 
7,600
802,851
Financials - 0.2%
 
 
 
Banks - 0.2%
 
 
 
AIB Group PLC
 
111,300
748,054
Information Technology - 1.0%
 
 
 
IT Services - 1.0%
 
 
 
Accenture PLC Class A
 
9,787
2,927,781
TOTAL IRELAND
 
 
4,478,686
ITALY - 1.0%
 
 
 
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
24,300
1,427,340
Industrials - 0.5%
 
 
 
Electrical Equipment - 0.5%
 
 
 
Prysmian SpA
 
26,900
1,477,676
TOTAL ITALY
 
 
2,905,016
JAPAN - 6.0%
 
 
 
Communication Services - 1.0%
 
 
 
Entertainment - 1.0%
 
 
 
Capcom Co Ltd
 
44,236
1,280,548
Nintendo Co Ltd
 
19,200
1,593,985
 
 
 
2,874,533
Consumer Discretionary - 2.1%
 
 
 
Automobiles - 0.5%
 
 
 
Toyota Motor Corp
 
69,070
1,319,197
Household Durables - 1.3%
 
 
 
Sony Group Corp
 
143,380
3,782,766
Leisure Products - 0.3%
 
 
 
Roland Corp
 
41,535
919,417
TOTAL CONSUMER DISCRETIONARY
 
 
6,021,380
 
 
 
 
Health Care - 0.2%
 
 
 
Health Care Equipment & Supplies - 0.2%
 
 
 
Hoya Corp
 
6,132
721,529
Industrials - 1.7%
 
 
 
Electrical Equipment - 0.1%
 
 
 
Fuji Electric Co Ltd
 
5,300
235,673
Industrial Conglomerates - 1.0%
 
 
 
Hitachi Ltd
 
121,251
2,996,781
Machinery - 0.1%
 
 
 
Ebara Corp
 
18,900
283,912
Trading Companies & Distributors - 0.5%
 
 
 
Inaba Denki Sangyo Co Ltd
 
58,899
1,548,066
TOTAL INDUSTRIALS
 
 
5,064,432
 
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
Renesas Electronics Corp
 
75,479
885,766
Materials - 0.7%
 
 
 
Chemicals - 0.7%
 
 
 
Shin-Etsu Chemical Co Ltd
 
63,026
1,917,975
TOTAL JAPAN
 
 
17,485,615
KENYA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Wireless Telecommunication Services - 0.1%
 
 
 
Safaricom PLC
 
1,360,546
184,525
KOREA (SOUTH) - 0.8%
 
 
 
Information Technology - 0.8%
 
 
 
Technology Hardware, Storage & Peripherals - 0.8%
 
 
 
Samsung Electronics Co Ltd
 
57,722
2,247,554
NETHERLANDS - 1.6%
 
 
 
Information Technology - 1.6%
 
 
 
Semiconductors & Semiconductor Equipment - 1.6%
 
 
 
NXP Semiconductors NV
 
24,645
4,542,320
SOUTH AFRICA - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Broadline Retail - 0.2%
 
 
 
Naspers Ltd Class N
 
1,900
499,716
SWITZERLAND - 1.2%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Cie Financiere Richemont SA Series A
 
6,840
1,208,664
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
Galderma Group AG
 
11,194
1,300,666
Materials - 0.3%
 
 
 
Chemicals - 0.3%
 
 
 
Sika AG
 
4,091
1,022,372
TOTAL SWITZERLAND
 
 
3,531,702
TAIWAN - 2.3%
 
 
 
Information Technology - 2.3%
 
 
 
Semiconductors & Semiconductor Equipment - 2.3%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
240,452
6,799,494
UNITED KINGDOM - 7.6%
 
 
 
Consumer Discretionary - 1.6%
 
 
 
Broadline Retail - 0.2%
 
 
 
B&M European Value Retail SA
 
131,196
588,178
Hotels, Restaurants & Leisure - 1.0%
 
 
 
Compass Group PLC
 
83,146
2,803,253
Leisure Products - 0.2%
 
 
 
Games Workshop Group PLC
 
2,700
554,496
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Burberry Group PLC
 
67,200
654,446
TOTAL CONSUMER DISCRETIONARY
 
 
4,600,373
 
 
 
 
Consumer Staples - 1.1%
 
 
 
Beverages - 0.2%
 
 
 
Diageo PLC
 
23,820
668,875
Food Products - 0.2%
 
 
 
Premier Foods PLC
 
273,400
725,805
Personal Care Products - 0.7%
 
 
 
Unilever PLC
 
26,901
1,712,784
TOTAL CONSUMER STAPLES
 
 
3,107,464
 
 
 
 
Financials - 1.3%
 
 
 
Banks - 0.4%
 
 
 
Lloyds Banking Group PLC
 
859,800
844,735
Starling Bank Ltd Class D (a)(b)(e)
 
83,600
269,621
 
 
 
1,114,356
Capital Markets - 0.8%
 
 
 
London Stock Exchange Group PLC
 
15,200
2,366,815
Insurance - 0.1%
 
 
 
Hiscox Ltd
 
31,873
466,824
TOTAL FINANCIALS
 
 
3,947,995
 
 
 
 
Health Care - 1.1%
 
 
 
Pharmaceuticals - 1.1%
 
 
 
Astrazeneca PLC ADR
 
43,637
3,132,700
Industrials - 2.5%
 
 
 
Aerospace & Defense - 1.4%
 
 
 
BAE Systems PLC
 
105,774
2,452,120
Rolls-Royce Holdings PLC
 
147,800
1,496,102
 
 
 
3,948,222
Professional Services - 0.9%
 
 
 
RELX PLC
 
48,295
2,635,707
Trading Companies & Distributors - 0.2%
 
 
 
RS GROUP PLC
 
95,777
657,995
TOTAL INDUSTRIALS
 
 
7,241,924
 
 
 
 
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Halma PLC
 
9,000
330,563
TOTAL UNITED KINGDOM
 
 
22,361,019
UNITED STATES - 57.5%
 
 
 
Communication Services - 4.6%
 
 
 
Diversified Telecommunication Services - 0.8%
 
 
 
AT&T Inc
 
45,494
1,260,184
Verizon Communications Inc
 
24,882
1,096,301
 
 
 
2,356,485
Entertainment - 0.7%
 
 
 
Walt Disney Co/The
 
23,330
2,121,864
Interactive Media & Services - 1.2%
 
 
 
Alphabet Inc Class A
 
22,528
3,577,446
Media - 0.4%
 
 
 
Comcast Corp Class A
 
38,121
1,303,738
Wireless Telecommunication Services - 1.5%
 
 
 
T-Mobile US Inc
 
16,677
4,118,385
TOTAL COMMUNICATION SERVICES
 
 
13,477,918
 
 
 
 
Consumer Discretionary - 4.5%
 
 
 
Diversified Consumer Services - 0.9%
 
 
 
H&R Block Inc
 
44,439
2,682,782
Hotels, Restaurants & Leisure - 1.0%
 
 
 
McDonald's Corp
 
7,393
2,363,172
Starbucks Corp
 
6,900
552,345
 
 
 
2,915,517
Specialty Retail - 2.0%
 
 
 
Lowe's Cos Inc
 
9,607
2,147,741
TJX Cos Inc/The
 
27,526
3,542,047
 
 
 
5,689,788
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Samsonite Group SA (c)(d)
 
202,500
363,975
Tapestry Inc
 
20,950
1,480,118
 
 
 
1,844,093
TOTAL CONSUMER DISCRETIONARY
 
 
13,132,180
 
 
 
 
Consumer Staples - 5.6%
 
 
 
Beverages - 1.3%
 
 
 
Coca-Cola Co/The
 
37,732
2,737,457
Keurig Dr Pepper Inc
 
32,628
1,128,602
 
 
 
3,866,059
Consumer Staples Distribution & Retail - 2.5%
 
 
 
Albertsons Cos Inc Class A
 
22,700
498,946
BJ's Wholesale Club Holdings Inc (b)
 
9,831
1,155,732
Costco Wholesale Corp
 
1,724
1,714,518
Target Corp
 
7,745
748,942
Walmart Inc
 
30,944
3,009,305
 
 
 
7,127,443
Food Products - 0.7%
 
 
 
Mondelez International Inc
 
9,931
676,599
Nestle SA
 
13,842
1,473,306
 
 
 
2,149,905
Household Products - 1.1%
 
 
 
Procter & Gamble Co/The
 
19,390
3,152,232
TOTAL CONSUMER STAPLES
 
 
16,295,639
 
 
 
 
Energy - 2.3%
 
 
 
Oil, Gas & Consumable Fuels - 2.3%
 
 
 
Exxon Mobil Corp
 
31,804
3,359,457
Hess Corp
 
8,598
1,109,572
Phillips 66
 
4,378
455,575
Shell PLC
 
43,111
1,391,267
Valero Energy Corp
 
3,491
405,269
 
 
 
6,721,140
Financials - 11.1%
 
 
 
Banks - 5.9%
 
 
 
Bank of America Corp
 
75,351
3,004,998
JPMorgan Chase & Co
 
20,822
5,093,479
M&T Bank Corp
 
13,545
2,299,399
PNC Financial Services Group Inc/The
 
15,747
2,530,385
US Bancorp
 
38,400
1,549,056
Wells Fargo & Co
 
38,516
2,735,021
 
 
 
17,212,338
Capital Markets - 1.3%
 
 
 
Blackrock Inc
 
1,100
1,005,686
Charles Schwab Corp/The
 
25,100
2,043,140
MSCI Inc
 
1,589
866,180
 
 
 
3,915,006
Consumer Finance - 0.7%
 
 
 
Capital One Financial Corp
 
11,948
2,153,746
Financial Services - 0.3%
 
 
 
Apollo Global Management Inc
 
6,300
859,824
Insurance - 2.9%
 
 
 
Chubb Ltd
 
7,427
2,124,716
Hartford Insurance Group Inc/The
 
28,928
3,548,598
The Travelers Companies, Inc.
 
10,224
2,700,465
 
 
 
8,373,779
TOTAL FINANCIALS
 
 
32,514,693
 
 
 
 
Health Care - 8.1%
 
 
 
Biotechnology - 2.7%
 
 
 
AbbVie Inc
 
23,673
4,618,602
Gilead Sciences Inc
 
29,705
3,164,771
 
 
 
7,783,373
Health Care Providers & Services - 0.9%
 
 
 
UnitedHealth Group Inc
 
6,599
2,715,093
Life Sciences Tools & Services - 0.8%
 
 
 
Danaher Corp
 
11,965
2,384,983
Pharmaceuticals - 3.7%
 
 
 
Eli Lilly & Co
 
4,338
3,899,645
GSK PLC
 
62,700
1,240,375
Merck & Co Inc
 
27,468
2,340,274
Roche Holding AG
 
6,620
2,164,651
Sanofi SA
 
10,512
1,149,926
 
 
 
10,794,871
TOTAL HEALTH CARE
 
 
23,678,320
 
 
 
 
Industrials - 3.5%
 
 
 
Aerospace & Defense - 1.7%
 
 
 
GE Aerospace
 
18,624
3,753,481
General Dynamics Corp
 
3,318
902,894
 
 
 
4,656,375
Building Products - 0.4%
 
 
 
Johnson Controls International plc
 
14,548
1,220,577
Commercial Services & Supplies - 0.2%
 
 
 
Veralto Corp
 
6,671
639,749
Electrical Equipment - 0.6%
 
 
 
GE Vernova Inc
 
4,791
1,776,599
Ground Transportation - 0.3%
 
 
 
Norfolk Southern Corp
 
4,300
963,415
Machinery - 0.3%
 
 
 
Crane Co
 
5,414
871,546
TOTAL INDUSTRIALS
 
 
10,128,261
 
 
 
 
Information Technology - 10.9%
 
 
 
Communications Equipment - 1.0%
 
 
 
Cisco Systems Inc
 
48,975
2,827,327
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Crane NXT Co
 
5,914
277,485
IT Services - 0.8%
 
 
 
Amdocs Ltd
 
26,626
2,358,531
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
Broadcom Inc
 
3,579
688,850
Software - 4.2%
 
 
 
Microsoft Corp
 
31,444
12,428,555
Technology Hardware, Storage & Peripherals - 4.6%
 
 
 
Apple Inc
 
62,685
13,320,563
TOTAL INFORMATION TECHNOLOGY
 
 
31,901,311
 
 
 
 
Materials - 2.3%
 
 
 
Chemicals - 1.4%
 
 
 
Linde PLC
 
8,568
3,883,275
Containers & Packaging - 0.7%
 
 
 
Ball Corp
 
12,898
669,922
Crown Holdings Inc
 
14,982
1,443,216
 
 
 
2,113,138
Metals & Mining - 0.2%
 
 
 
Freeport-McMoRan Inc
 
19,603
706,295
TOTAL MATERIALS
 
 
6,702,708
 
 
 
 
Real Estate - 1.1%
 
 
 
Specialized REITs - 1.1%
 
 
 
American Tower Corp
 
5,819
1,311,660
Lamar Advertising Co Class A
 
17,463
1,987,464
 
 
 
3,299,124
Utilities - 3.5%
 
 
 
Electric Utilities - 1.5%
 
 
 
NextEra Energy Inc
 
31,837
2,129,259
PG&E Corp
 
34,085
563,084
Southern Co/The
 
17,868
1,641,891
 
 
 
4,334,234
Gas Utilities - 0.2%
 
 
 
Southwest Gas Holdings Inc
 
6,800
491,028
Independent Power and Renewable Electricity Producers - 1.0%
 
 
 
Vistra Corp
 
22,229
2,881,545
Multi-Utilities - 0.8%
 
 
 
Ameren Corp
 
15,843
1,572,259
WEC Energy Group Inc
 
7,715
844,947
 
 
 
2,417,206
TOTAL UTILITIES
 
 
10,124,013
 
 
 
 
TOTAL UNITED STATES
 
 
167,975,307
ZAMBIA - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
First Quantum Minerals Ltd (b)
 
61,057
819,792
 
TOTAL COMMON STOCKS
 (Cost $197,897,662)
 
 
 
289,013,560
 
 
 
 
Money Market Funds - 1.0%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 (Cost $3,040,371)
 
4.33
3,039,763
3,040,371
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
 (Cost $200,938,033)
 
 
 
292,053,931
NET OTHER ASSETS (LIABILITIES) - 0.2%  
691,059
NET ASSETS - 100.0%
292,744,990
 
 
Legend
 
(a)
Level 3 security
 
(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 $987,688 or 0.3% of net assets.
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $987,688 or 0.3% 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 $269,621 or 0.1% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Starling Bank Ltd Class D
6/18/21 - 4/05/22
170,981
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
7,369,184
31,072,259
35,401,072
174,080
-
-
3,040,371
3,039,763
0.0%
Fidelity Securities Lending Cash Central Fund
-
10,088,225
10,088,225
991
-
-
-
-
0.0%
Total
7,369,184
41,160,484
45,489,297
175,071
-
-
3,040,371
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
21,935,003
17,043,825
4,891,178
-
Consumer Discretionary
28,485,307
16,563,858
11,921,449
-
Consumer Staples
26,786,029
21,855,484
4,930,545
-
Energy
13,703,153
12,311,886
1,391,267
-
Financials
42,073,271
36,629,549
5,174,101
269,621
Health Care
32,907,537
27,631,056
5,276,481
-
Industrials
44,305,156
12,334,322
31,970,834
-
Information Technology
53,070,757
41,795,847
11,274,910
-
Materials
10,462,847
7,522,500
2,940,347
-
Real Estate
3,299,124
3,299,124
-
-
Utilities
11,985,376
11,985,376
-
-
 Money Market Funds
3,040,371
3,040,371
-
-
 Total Investments in Securities:
292,053,931
212,013,198
79,771,112
269,621
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $197,897,662)
$
289,013,560
 
 
Fidelity Central Funds (cost $3,040,371)
3,040,371
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $200,938,033)
 
 
$
292,053,931
Foreign currency held at value (cost $15,171)
 
 
15,240
Receivable for fund shares sold
 
 
332,692
Dividends receivable
 
 
432,895
Reclaims receivable
 
 
294,242
Distributions receivable from Fidelity Central Funds
 
 
10,128
Prepaid expenses
 
 
47
Receivable from investment adviser for expense reductions
 
 
18,486
Other receivables
 
 
429
  Total assets
 
 
293,158,090
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
99,175
 
 
Accrued management fee
192,029
 
 
Distribution and service plan fees payable
16,165
 
 
Deferred taxes
28,724
 
 
Audit fee payable
74,309
 
 
Other payables and accrued expenses
2,698
 
 
  Total liabilities
 
 
 
413,100
Net Assets  
 
 
$
292,744,990
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
208,013,881
Total accumulated earnings (loss)
 
 
 
84,731,109
Net Assets
 
 
$
292,744,990
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($24,812,637 ÷ 1,162,269 shares)(a)
 
 
$
21.35
Maximum offering price per share (100/94.25 of $21.35)
 
 
$
22.65
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($18,809,340 ÷ 881,424 shares)(a)
 
 
$
21.34
Maximum offering price per share (100/96.50 of $21.34)
 
 
$
22.11
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,401,777 ÷ 206,705 shares)(a)
 
 
$
21.29
Fidelity Global Equity Income Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($201,173,284 ÷ 9,425,499 shares)
 
 
$
21.34
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($16,597,237 ÷ 777,601 shares)
 
 
$
21.34
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($26,950,715 ÷ 1,262,399 shares)
 
 
$
21.35
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
2,752,277
Income from Fidelity Central Funds (including $991 from security lending)
 
 
175,071
 Income before foreign taxes withheld
 
 
$
2,927,348
Less foreign taxes withheld
 
 
(141,450)
 Total income
 
 
 
2,785,898
Expenses
 
 
 
 
Management fee
$
1,145,812
 
 
Distribution and service plan fees
98,279
 
 
Custodian fees and expenses
8,073
 
 
Independent trustees' fees and expenses
576
 
 
Registration fees
129,631
 
 
Audit fees
66,076
 
 
Legal
5,543
 
 
Miscellaneous
347
 
 
 Total expenses before reductions
 
1,454,337
 
 
 Expense reductions
 
(98,216)
 
 
 Total expenses after reductions
 
 
 
1,356,121
Net Investment income (loss)
 
 
 
1,429,777
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
725,820
 
 
 Foreign currency transactions
 
(34,716)
 
 
Total net realized gain (loss)
 
 
 
691,104
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $6,327)  
 
13,314,519
 
 
 Assets and liabilities in foreign currencies
 
13,741
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
13,328,260
Net gain (loss)
 
 
 
14,019,364
Net increase (decrease) in net assets resulting from operations
 
 
$
15,449,141
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,429,777
$
1,828,545
Net realized gain (loss)
 
691,104
 
4,323,676
Change in net unrealized appreciation (depreciation)
 
13,328,260
 
29,455,406
Net increase (decrease) in net assets resulting from operations
 
15,449,141
 
35,607,627
Distributions to shareholders
 
(2,882,254)
 
(1,803,376)
 
 
 
 
 
Share transactions - net increase (decrease)
 
22,480,650
 
75,952,778
Total increase (decrease) in net assets
 
35,047,537
 
109,757,029
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
257,697,453
 
147,940,424
End of period
$
292,744,990
$
257,697,453
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Global Equity Income Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
20.36
$
21.10
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
(.01)
     Net realized and unrealized gain (loss)
 
1.10
 
(.73) D
  Total from investment operations
 
1.18  
 
(.74)  
  Distributions from net investment income
 
(.06)
 
-
  Distributions from net realized gain
 
(.13)
 
-
     Total distributions
 
(.19)
 
-
  Net asset value, end of period
$
21.35
$
20.36
 Total Return E,F,G
 
5.83
%
 
(3.51)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.27% J
 
1.06% J,K
    Expenses net of fee waivers, if any
 
1.20
% J
 
1.05% J,K
    Expenses net of all reductions, if any
 
1.19% J
 
1.05% J,K
    Net investment income (loss)
 
.80% J
 
(.82)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
24,813
$
24,403
    Portfolio turnover rate L
 
12
% J
 
29% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAudit fees are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Global Equity Income Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
20.36
$
21.10
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.06
 
(.01)
     Net realized and unrealized gain (loss)
 
1.09
 
(.73) D
  Total from investment operations
 
1.15  
 
(.74)  
  Distributions from net investment income
 
(.04)
 
-
  Distributions from net realized gain
 
(.13)
 
-
     Total distributions
 
(.17)
 
-
  Net asset value, end of period
$
21.34
$
20.36
 Total Return E,F,G
 
5.69
%
 
(3.51)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.51% J
 
1.31% J,K
    Expenses net of fee waivers, if any
 
1.44
% J
 
1.31% J,K
    Expenses net of all reductions, if any
 
1.44% J
 
1.31% J,K
    Net investment income (loss)
 
.55% J
 
(1.07)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,809
$
16,568
    Portfolio turnover rate L
 
12
% J
 
29% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAudit fees are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Global Equity Income Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
20.35
$
21.10
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.01
 
(.01)
     Net realized and unrealized gain (loss)
 
1.08
 
(.74) D
  Total from investment operations
 
1.09  
 
(.75)  
  Distributions from net investment income
 
(.02)
 
-
  Distributions from net realized gain
 
(.13)
 
-
     Total distributions
 
(.15)
 
-
  Net asset value, end of period
$
21.29
$
20.35
 Total Return E,F,G
 
5.39
%
 
(3.55)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
2.02% J
 
1.81% J,K
    Expenses net of fee waivers, if any
 
1.94
% J
 
1.80% J,K
    Expenses net of all reductions, if any
 
1.94% J
 
1.80% J,K
    Net investment income (loss)
 
.05% J
 
(1.57)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,402
$
4,953
    Portfolio turnover rate L
 
12
% J
 
29% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GTotal returns for periods of less than one year are not annualized.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAudit fees are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Global Equity Income Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.36
$
16.19
$
15.58
$
19.80
$
15.12
$
14.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.22
 
.22
 
.20
 
.15
 
.16
     Net realized and unrealized gain (loss)
 
1.00
 
4.17
 
.62
 
(2.21)
 
5.07
 
.48
  Total from investment operations
 
1.11  
 
4.39  
 
.84  
 
(2.01)  
 
5.22
 
.64
  Distributions from net investment income
 
-
 
(.22)
 
(.23)
 
(.17)
 
(.16)
 
(.15)
  Distributions from net realized gain
 
(.13)
 
-
 
-
 
(2.04)
 
(.38)
 
(.01)
     Total distributions
 
(.13)
 
(.22)
 
(.23)
 
(2.21)
 
(.54)
 
(.16)
  Net asset value, end of period
$
21.34
$
20.36
$
16.19
$
15.58
$
19.80
$
15.12
 Total Return C,D
 
5.97
%
 
27.18%
 
5.36%
 
(11.45)%
 
35.09%
 
4.44%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97% G
 
.93%
 
1.00%
 
.98%
 
1.02%
 
1.09%
    Expenses net of fee waivers, if any
 
.90
% G
 
.92%
 
1.00%
 
.98%
 
1.02%
 
1.09%
    Expenses net of all reductions, if any
 
.90% G
 
.92%
 
1.00%
 
.98%
 
1.02%
 
1.09%
    Net investment income (loss)
 
1.09% G
 
1.15%
 
1.33%
 
1.22%
 
.84%
 
1.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
201,173
$
166,803
$
147,940
$
139,355
$
92,918
$
66,715
    Portfolio turnover rate H
 
12
% G
 
29% I
 
30%
 
61%
 
43%
 
48%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Global Equity Income Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
20.36
$
21.10
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
- D
     Net realized and unrealized gain (loss)
 
1.09
 
(.74) E
  Total from investment operations
 
1.20  
 
(.74)  
  Distributions from net investment income
 
(.09)
 
-
  Distributions from net realized gain
 
(.13)
 
-
     Total distributions
 
(.22)
 
-
  Net asset value, end of period
$
21.34
$
20.36
 Total Return F,G
 
5.94
%
 
(3.51)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.00% J
 
.80% J,K
    Expenses net of fee waivers, if any
 
.93
% J
 
.80% J,K
    Expenses net of all reductions, if any
 
.93% J
 
.80% J,K
    Net investment income (loss)
 
1.06% J
 
(.57)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,597
$
14,026
    Portfolio turnover rate L
 
12
% J
 
29% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
EThe 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.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAudit fees are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Global Equity Income Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
20.36
$
21.10
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
- D
     Net realized and unrealized gain (loss)
 
1.10
 
(.74) E
  Total from investment operations
 
1.22  
 
(.74)  
  Distributions from net investment income
 
(.10)
 
-
  Distributions from net realized gain
 
(.13)
 
-
     Total distributions
 
(.23)
 
-
  Net asset value, end of period
$
21.35
$
20.36
 Total Return F,G
 
6.04
%
 
(3.51)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
.87% J
 
.64% J,K
    Expenses net of fee waivers, if any
 
.80
% J
 
.64% J,K
    Expenses net of all reductions, if any
 
.80% J
 
.64% J,K
    Net investment income (loss)
 
1.19% J
 
(.41)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,951
$
30,944
    Portfolio turnover rate L
 
12
% J
 
29% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
EThe 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.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAudit fees are not annualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
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. 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 October 18, 2024. The Fund offers Class A, Class M, Class C, Global Equity Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$99,765,890
Gross unrealized depreciation
(9,300,683)
Net unrealized appreciation (depreciation)
$90,465,207
Tax cost
$201,588,724
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(5,856,214)
 Long-term
-
Total capital loss carryforward
$(5,856,214)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Global Equity Income Fund
40,502,872
15,808,348
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.86
Class C
.88
Fidelity Global Equity Income Fund
.86
Class I
.85
Class Z
.72
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.87
Class M
.86
Class C
.87
Fidelity Global Equity Income Fund
.82
Class I
.85
Class Z
.72
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
30,973
1,234
Class M
 .25%
 .25%
 43,680
 835
Class C
 .75%
 .25%
 23,626
 2,577
 
 
 
98,279
4,646
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
 6,919
Class CA
 33
 
6,952
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
 174
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Global Equity Income Fund
 7,463,986
 1,370,884
 13,744
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Global Equity Income Fund
206
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
105
 -
-
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, 2026. 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
1.30%
 -
Class M
1.55%
 -
Class C
2.05%
 -
Fidelity Global Equity Income Fund
.90%
 4,640
Class I
1.05%
 -
Class Z
.90%
-
 
 
4,640
 
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 $367.
 
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 $93,209.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024A
Fidelity Global Equity Income Fund
 
 
Distributions to shareholders
 
 
Class A
$224,606
 $ -
Class M
 139,880
 -
Class C
 35,015
 -
Fidelity Global Equity Income Fund
 1,998,326
 1,803,376
Class I
 177,737
 -
Class Z
306,690
-
Total  
$2,882,254
$1,803,376
 
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Global Equity Income Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
137,900
13,802
$2,869,385
$287,423
Issued in exchange for the shares of the Acquired Fund(s)
-
1,194,022
-
24,716,232
 
Reinvestment of distributions
11,037
-
224,402
-
Shares redeemed
(185,192)
(9,300)
(3,853,360)
(192,220)
Net increase (decrease)
(36,255)
1,198,524
$(759,573)
$24,811,435
Class M
 
 
 
 
Shares sold
148,215
21,406
$3,116,946
$444,749
Issued in exchange for the shares of the Acquired Fund(s)
-
810,080
-
16,768,677
 
Reinvestment of distributions
6,872
-
139,880
-
Shares redeemed
(87,379)
(17,770)
(1,794,580)
(367,978)
Net increase (decrease)
67,708
813,716
$1,462,246
$16,845,448
Class C
 
 
 
 
Shares sold
9,150
4,787
$192,618
$100,926
Issued in exchange for the shares of the Acquired Fund(s)
-
238,738
-
4,939,487
 
Reinvestment of distributions
1,726
-
35,015
-
Shares redeemed
(47,554)
(142)
(988,139)
(2,945)
Net increase (decrease)
(36,678)
243,383
$(760,506)
$5,037,468
Fidelity Global Equity Income Fund
 
 
 
 
Shares sold
2,254,985
1,679,995
$47,193,939
$32,230,191
Reinvestment of distributions
87,882
82,061
1,776,678
1,584,378
Shares redeemed
(1,109,256)
(2,706,097)
(22,931,660)
(50,277,215)
Net increase (decrease)
1,233,611
(944,041)
$26,038,957
$(16,462,646)
Class I
 
 
 
 
Shares sold
253,215
4,818
$5,311,967
$101,465
Issued in exchange for the shares of the Acquired Fund(s)
-
685,565
-
14,191,192
 
Reinvestment of distributions
8,477
-
171,794
-
Shares redeemed
(172,943)
(1,531)
(3,620,293)
(31,412)
Net increase (decrease)
88,749
688,852
$1,863,468
$14,261,245
Class Z
 
 
 
 
Shares sold
117,424
11,434
$2,447,637
$238,032
Issued in exchange for the shares of the Acquired Fund(s)
-
1,515,595
-
31,372,832
 
Reinvestment of distributions
14,318
-
289,828
-
Shares redeemed
(389,032)
(7,340)
(8,101,407)
(151,036)
Net increase (decrease)
(257,290)
1,519,689
$(5,363,942)
$31,459,828
 
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Prior Fiscal Year Reorganization Information.
On October 25, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Global Equity Income Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired 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 Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired 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.
 
Acquired Fund and Share Class
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Advisor Global Equity Income Fund
91,300,657
28,301,146
 
 
 
Class A
 
 
24,716,232
1,194,022
1.0649033816
Class M
 
 
16,768,677
810,080
1.0640193237
Class C
 
 
4,939,487
238,738
1.0519091348
Class I
 
 
14,191,192
685,565
1.0661111111
Class Z
 
 
31,372,832
1,515,595
1.0742801932
 
Acquiring Fund
Net Assets $
Total net assets after the acquisition $
Fidelity Global Equity Income Fund
169,611,375
261,599,795
 
Pro forma results of operations of the combined entity for the entire period ended October 31, 2024, 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)
$2,998,559
Total net realized gain (loss)
7,713,721
Total change in net unrealized appreciation (depreciation)
50,804,014
Net increase (decrease) in net assets resulting from operations
$61,516,294
 
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 have been included in the Fidelity Global Equity Income Fund Statement of Operations since October 25, 2024.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.938166.112
GED-SANN-0625
Fidelity® International Capital Appreciation K6 Fund
 
 
Semi-Annual Report
April 30, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® International Capital Appreciation K6 Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® International Capital Appreciation K6 Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
BRAZIL - 1.6%
 
 
 
Consumer Discretionary - 1.6%
 
 
 
Broadline Retail - 1.6%
 
 
 
MercadoLibre Inc (a)
 
11,313
26,368,906
CANADA - 7.0%
 
 
 
Financials - 1.6%
 
 
 
Capital Markets - 1.6%
 
 
 
Brookfield Asset Management Ltd Class A (United States) (b)
 
501,687
26,754,968
Industrials - 1.3%
 
 
 
Professional Services - 1.3%
 
 
 
Thomson Reuters Corp
 
120,405
22,404,972
Information Technology - 4.1%
 
 
 
IT Services - 2.2%
 
 
 
Shopify Inc Class A (United States) (a)
 
369,850
35,135,750
Software - 1.9%
 
 
 
Constellation Software Inc/Canada
 
9,009
32,467,623
Constellation Software Inc/Canada warrants 3/31/2040 (a)(c)
 
9,222
1
 
 
 
32,467,624
TOTAL INFORMATION TECHNOLOGY
 
 
67,603,374
 
 
 
 
TOTAL CANADA
 
 
116,763,314
CHINA - 3.1%
 
 
 
Communication Services - 3.0%
 
 
 
Interactive Media & Services - 3.0%
 
 
 
Tencent Holdings Ltd
 
807,993
49,490,342
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Trip.com Group Ltd ADR
 
47,117
2,779,432
TOTAL CHINA
 
 
52,269,774
DENMARK - 1.7%
 
 
 
Industrials - 1.7%
 
 
 
Air Freight & Logistics - 1.7%
 
 
 
DSV A/S
 
136,046
28,836,296
FRANCE - 8.6%
 
 
 
Consumer Discretionary - 1.8%
 
 
 
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Hermes International SCA
 
10,872
29,448,381
Health Care - 1.4%
 
 
 
Health Care Equipment & Supplies - 1.4%
 
 
 
EssilorLuxottica SA
 
86,484
24,757,878
Industrials - 3.6%
 
 
 
Aerospace & Defense - 1.9%
 
 
 
Safran SA
 
116,465
30,993,618
Building Products - 1.7%
 
 
 
Cie de Saint-Gobain SA
 
263,636
28,661,983
TOTAL INDUSTRIALS
 
 
59,655,601
 
 
 
 
Materials - 1.8%
 
 
 
Chemicals - 1.8%
 
 
 
Air Liquide SA
 
143,325
29,450,164
TOTAL FRANCE
 
 
143,312,024
GERMANY - 12.3%
 
 
 
Communication Services - 1.8%
 
 
 
Diversified Telecommunication Services - 1.8%
 
 
 
Deutsche Telekom AG
 
889,117
31,934,881
Financials - 3.4%
 
 
 
Capital Markets - 1.5%
 
 
 
Deutsche Boerse AG
 
80,244
25,846,103
Insurance - 1.9%
 
 
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a)
 
44,119
30,204,281
TOTAL FINANCIALS
 
 
56,050,384
 
 
 
 
Industrials - 2.6%
 
 
 
Aerospace & Defense - 0.7%
 
 
 
MTU Aero Engines AG
 
36,158
12,448,227
Electrical Equipment - 1.9%
 
 
 
Siemens Energy AG (a)
 
394,210
30,426,580
TOTAL INDUSTRIALS
 
 
42,874,807
 
 
 
 
Information Technology - 2.5%
 
 
 
Software - 2.5%
 
 
 
SAP SE
 
144,677
42,330,847
Materials - 2.0%
 
 
 
Construction Materials - 2.0%
 
 
 
Heidelberg Materials AG
 
165,845
32,737,656
TOTAL GERMANY
 
 
205,928,575
INDIA - 7.0%
 
 
 
Communication Services - 1.8%
 
 
 
Wireless Telecommunication Services - 1.8%
 
 
 
Bharti Airtel Ltd
 
1,334,091
29,387,799
Financials - 3.7%
 
 
 
Banks - 3.7%
 
 
 
HDFC Bank Ltd
 
1,397,021
31,688,832
ICICI Bank Ltd
 
1,834,169
30,789,247
 
 
 
62,478,079
Industrials - 1.5%
 
 
 
Construction & Engineering - 1.5%
 
 
 
Larsen & Toubro Ltd
 
628,471
24,842,783
TOTAL INDIA
 
 
116,708,661
ISRAEL - 0.8%
 
 
 
Financials - 0.8%
 
 
 
Banks - 0.8%
 
 
 
Bank Hapoalim BM
 
951,800
13,940,709
ITALY - 1.2%
 
 
 
Consumer Discretionary - 1.2%
 
 
 
Automobiles - 1.2%
 
 
 
Ferrari NV (Italy)
 
44,226
20,120,731
JAPAN - 6.0%
 
 
 
Consumer Discretionary - 1.9%
 
 
 
Household Durables - 1.9%
 
 
 
Sony Group Corp
 
1,241,637
32,757,857
Industrials - 4.1%
 
 
 
Industrial Conglomerates - 2.1%
 
 
 
Hitachi Ltd
 
1,430,358
35,352,035
Machinery - 2.0%
 
 
 
Mitsubishi Heavy Industries Ltd
 
1,664,044
32,803,045
TOTAL INDUSTRIALS
 
 
68,155,080
 
 
 
 
TOTAL JAPAN
 
 
100,912,937
NETHERLANDS - 5.4%
 
 
 
Industrials - 1.7%
 
 
 
Professional Services - 1.7%
 
 
 
Wolters Kluwer NV
 
164,378
28,947,218
Information Technology - 3.7%
 
 
 
Semiconductors & Semiconductor Equipment - 3.7%
 
 
 
ASM International NV
 
50,521
24,341,074
ASML Holding NV
 
55,778
36,807,072
 
 
 
61,148,146
TOTAL NETHERLANDS
 
 
90,095,364
SPAIN - 1.4%
 
 
 
Industrials - 1.3%
 
 
 
Transportation Infrastructure - 1.3%
 
 
 
Aena SME SA (d)(e)
 
84,600
21,218,779
Utilities - 0.1%
 
 
 
Electric Utilities - 0.1%
 
 
 
Iberdrola SA
 
131,000
2,361,388
TOTAL SPAIN
 
 
23,580,167
SWEDEN - 0.6%
 
 
 
Industrials - 0.6%
 
 
 
Machinery - 0.6%
 
 
 
Atlas Copco AB A Shares
 
621,951
9,642,476
SWITZERLAND - 4.9%
 
 
 
Financials - 4.9%
 
 
 
Capital Markets - 3.2%
 
 
 
Partners Group Holding AG
 
18,077
23,555,841
UBS Group AG
 
976,340
29,443,391
 
 
 
52,999,232
Insurance - 1.7%
 
 
 
Zurich Insurance Group AG
 
41,286
29,282,956
TOTAL SWITZERLAND
 
 
82,282,188
TAIWAN - 4.2%
 
 
 
Information Technology - 4.2%
 
 
 
Semiconductors & Semiconductor Equipment - 4.2%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
2,466,502
69,747,665
UNITED KINGDOM - 8.5%
 
 
 
Consumer Discretionary - 1.3%
 
 
 
Hotels, Restaurants & Leisure - 1.3%
 
 
 
InterContinental Hotels Group PLC
 
212,454
22,670,946
Financials - 3.3%
 
 
 
Capital Markets - 3.3%
 
 
 
3i Group PLC
 
523,713
29,689,835
London Stock Exchange Group PLC
 
165,564
25,780,223
 
 
 
55,470,058
Industrials - 3.9%
 
 
 
Aerospace & Defense - 2.1%
 
 
 
Rolls-Royce Holdings PLC
 
3,415,712
34,575,458
Professional Services - 1.8%
 
 
 
RELX PLC
 
549,288
29,977,475
TOTAL INDUSTRIALS
 
 
64,552,933
 
 
 
 
TOTAL UNITED KINGDOM
 
 
142,693,937
UNITED STATES - 24.0%
 
 
 
Communication Services - 1.9%
 
 
 
Entertainment - 1.9%
 
 
 
Spotify Technology SA (a)
 
52,587
32,287,366
Financials - 8.3%
 
 
 
Capital Markets - 2.6%
 
 
 
Moody's Corp
 
47,511
21,528,184
S&P Global Inc
 
43,988
21,996,200
 
 
 
43,524,384
Financial Services - 3.0%
 
 
 
Mastercard Inc Class A
 
43,846
24,030,238
Visa Inc Class A
 
72,079
24,903,295
 
 
 
48,933,533
Insurance - 2.7%
 
 
 
Arthur J Gallagher & Co
 
70,354
22,561,825
Marsh & McLennan Cos Inc
 
95,958
21,635,650
 
 
 
44,197,475
TOTAL FINANCIALS
 
 
136,655,392
 
 
 
 
Industrials - 7.9%
 
 
 
Building Products - 1.5%
 
 
 
Trane Technologies PLC
 
65,782
25,214,898
Commercial Services & Supplies - 1.3%
 
 
 
Waste Connections Inc
 
109,403
21,606,815
Construction & Engineering - 1.5%
 
 
 
Ferrovial SE
 
528,600
25,677,595
Electrical Equipment - 2.1%
 
 
 
Schneider Electric SE
 
147,487
34,459,716
Professional Services - 1.5%
 
 
 
Experian PLC
 
490,919
24,423,729
TOTAL INDUSTRIALS
 
 
131,382,753
 
 
 
 
Information Technology - 3.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.7%
 
 
 
Broadcom Inc
 
148,199
28,523,862
Software - 1.4%
 
 
 
Synopsys Inc (a)
 
50,688
23,266,298
TOTAL INFORMATION TECHNOLOGY
 
 
51,790,160
 
 
 
 
Materials - 2.8%
 
 
 
Chemicals - 1.2%
 
 
 
Linde PLC
 
46,291
20,980,470
Construction Materials - 1.6%
 
 
 
Holcim AG
 
235,370
26,302,123
TOTAL MATERIALS
 
 
47,282,593
 
 
 
 
TOTAL UNITED STATES
 
 
399,398,264
 
TOTAL COMMON STOCKS
 (Cost $1,184,432,911)
 
 
 
1,642,601,988
 
 
 
 
Money Market Funds - 0.9%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
4.33
16,379,724
16,383,000
Fidelity Securities Lending Cash Central Fund (f)(g)
 
4.33
203,205
203,225
 
TOTAL MONEY MARKET FUNDS
 (Cost $16,586,225)
 
 
 
16,586,225
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.2%
 (Cost $1,201,019,136)
 
 
 
1,659,188,213
NET OTHER ASSETS (LIABILITIES) - 0.8%  
12,623,548
NET ASSETS - 100.0%
1,671,811,761
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $21,218,779 or 1.3% of net assets.
 
(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 $21,218,779 or 1.3% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
-
326,431,652
310,048,652
282,114
-
-
16,383,000
16,379,724
0.0%
Fidelity Securities Lending Cash Central Fund
28,492,200
74,113,253
102,402,228
8,305
-
-
203,225
203,205
0.0%
Total
28,492,200
400,544,905
412,450,880
290,419
-
-
16,586,225
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
143,100,388
32,287,366
110,813,022
-
Consumer Discretionary
134,146,253
78,717,450
55,428,803
-
Financials
433,631,778
230,350,301
203,281,477
-
Health Care
24,757,878
24,757,878
-
-
Industrials
502,513,698
167,160,980
335,352,718
-
Information Technology
292,620,192
180,541,679
112,078,512
1
Materials
109,470,413
53,718,126
55,752,287
-
Utilities
2,361,388
-
2,361,388
-
 Money Market Funds
16,586,225
16,586,225
-
-
 Total Investments in Securities:
1,659,188,213
784,120,005
875,068,207
1
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $197,054) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,184,432,911)
$
1,642,601,988
 
 
Fidelity Central Funds (cost $16,586,225)
16,586,225
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,201,019,136)
 
 
$
1,659,188,213
Foreign currency held at value (cost $1,882,567)
 
 
1,884,061
Receivable for investments sold
 
 
19,505,567
Receivable for fund shares sold
 
 
1,185,045
Dividends receivable
 
 
1,875,981
Reclaims receivable
 
 
2,977,276
Distributions receivable from Fidelity Central Funds
 
 
46,422
Other receivables
 
 
24,784
  Total assets
 
 
1,686,687,349
Liabilities
 
 
 
 
Payable for investments purchased
$
8,230,802
 
 
Payable for fund shares redeemed
1,008,604
 
 
Accrued management fee
853,196
 
 
Deferred taxes
4,549,620
 
 
Other payables and accrued expenses
30,141
 
 
Collateral on securities loaned
203,225
 
 
  Total liabilities
 
 
 
14,875,588
Net Assets  
 
 
$
1,671,811,761
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,191,133,050
Total accumulated earnings (loss)
 
 
 
480,678,711
Net Assets
 
 
$
1,671,811,761
Net Asset Value, offering price and redemption price per share ($1,671,811,761 ÷ 96,722,508 shares)
 
 
$
17.28
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
8,840,741
Foreign Tax Reclaims
 
 
1,250,224
Income from Fidelity Central Funds (including $8,305 from security lending)
 
 
290,419
 Income before foreign taxes withheld
 
 
$
10,381,384
Less foreign taxes withheld
 
 
(1,198,830)
 Total income
 
 
 
9,182,554
Expenses
 
 
 
 
Management fee
$
5,258,190
 
 
Independent trustees' fees and expenses
3,555
 
 
Interest
37,199
 
 
 Total expenses before reductions
 
5,298,944
 
 
 Expense reductions
 
(707)
 
 
 Total expenses after reductions
 
 
 
5,298,237
Net Investment income (loss)
 
 
 
3,884,317
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $445,626)
 
32,963,181
 
 
 Foreign currency transactions
 
310,063
 
 
Total net realized gain (loss)
 
 
 
33,273,244
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $577,368)  
 
51,602,487
 
 
 Assets and liabilities in foreign currencies
 
246,137
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
51,848,624
Net gain (loss)
 
 
 
85,121,868
Net increase (decrease) in net assets resulting from operations
 
 
$
89,006,185
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,884,317
$
10,703,959
Net realized gain (loss)
 
33,273,244
 
89,865,881
Change in net unrealized appreciation (depreciation)
 
51,848,624
 
261,153,684
Net increase (decrease) in net assets resulting from operations
 
89,006,185
 
361,723,524
Distributions to shareholders
 
(45,040,106)
 
(5,644,723)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
265,908,136
 
853,341,623
  Reinvestment of distributions
 
44,942,135
 
5,644,723
Cost of shares redeemed
 
(303,638,022)
 
(686,774,012)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
7,212,249
 
172,212,334
Total increase (decrease) in net assets
 
51,178,328
 
528,291,135
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,620,633,433
 
1,092,342,298
End of period
$
1,671,811,761
$
1,620,633,433
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
15,900,160
 
53,488,845
  Issued in reinvestment of distributions
 
2,687,927
 
386,361
Redeemed
 
(18,168,674)
 
(41,290,018)
Net increase (decrease)
 
419,413
 
12,585,188
 
 
 
 
 
Financial Highlights
 
Fidelity® International Capital Appreciation K6 Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.83
$
13.05
$
11.29
$
17.82
$
13.99
$
12.40
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.11
 
.08
 
.06
 
.05
 
.08
     Net realized and unrealized gain (loss)
 
.88
 
3.74
 
1.73
 
(5.14)
 
3.85
 
1.62
  Total from investment operations
 
.92  
 
3.85  
 
1.81  
 
(5.08)  
 
3.90
 
1.70
  Distributions from net investment income
 
(.17)
 
(.07)
 
(.05)
 
(.04)
 
(.07)
 
(.11)
  Distributions from net realized gain
 
(.31)
 
-
 
-
 
(1.41)
 
-
 
-
     Total distributions
 
(.47) C
 
(.07)
 
(.05)
 
(1.45)
 
(.07)
 
(.11)
  Net asset value, end of period
$
17.28
$
16.83
$
13.05
$
11.29
$
17.82
$
13.99
 Total Return D,E
 
5.58
%
 
29.54%
 
16.02%
 
(30.83)%
 
27.93%
 
13.82%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65% H
 
.66%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of fee waivers, if any
 
.65
% H
 
.66%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of all reductions, if any
 
.65% H
 
.66%
 
.65%
 
.65%
 
.65%
 
.61%
    Net investment income (loss)
 
.48% H
 
.66%
 
.59%
 
.44%
 
.29%
 
.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,671,812
$
1,620,633
$
1,092,342
$
763,118
$
923,233
$
760,960
    Portfolio turnover rate I
 
96
% H
 
84%
 
78%
 
119% J
 
149%
 
138%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity International Capital Appreciation K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$460,308,597
Gross unrealized depreciation
(10,550,887)
Net unrealized appreciation (depreciation)
$449,757,710
Tax cost
$1,209,430,503
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Capital Appreciation K6 Fund
772,003,672
811,883,932
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
 541
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity International Capital Appreciation K6 Fund 
 Borrower
 9,721,033
4.59%
 37,199
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 45,181,755
 58,673,378
 5,327,014
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
784
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $707.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9883990.107
IVFK6-SANN-0625
Fidelity® International Small Cap Opportunities Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® International Small Cap Opportunities Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® International Small Cap Opportunities Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.5%
 
 
Shares
Value ($)
 
AUSTRALIA - 2.2%
 
 
 
Energy - 0.3%
 
 
 
Oil, Gas & Consumable Fuels - 0.3%
 
 
 
Whitehaven Coal Ltd
 
1,135,000
3,630,565
Financials - 0.9%
 
 
 
Insurance - 0.9%
 
 
 
Steadfast Group Ltd
 
3,356,460
12,613,122
Materials - 1.0%
 
 
 
Metals & Mining - 1.0%
 
 
 
Imdex Ltd
 
6,980,074
13,204,871
TOTAL AUSTRALIA
 
 
29,448,558
BAILIWICK OF JERSEY - 0.7%
 
 
 
Financials - 0.7%
 
 
 
Capital Markets - 0.7%
 
 
 
JTC PLC (a)(b)
 
900,000
10,003,246
BELGIUM - 2.6%
 
 
 
Financials - 2.1%
 
 
 
Banks - 2.1%
 
 
 
KBC Ancora
 
424,745
27,715,529
Industrials - 0.5%
 
 
 
Trading Companies & Distributors - 0.5%
 
 
 
Azelis Group NV
 
420,600
6,499,142
TOTAL BELGIUM
 
 
34,214,671
CANADA - 4.0%
 
 
 
Energy - 0.3%
 
 
 
Energy Equipment & Services - 0.3%
 
 
 
McCoy Global Inc
 
47,215
116,102
Pason Systems Inc (c)
 
547,900
4,363,806
 
 
 
4,479,908
Industrials - 1.6%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
CAE Inc (d)
 
110,600
2,767,006
Trading Companies & Distributors - 1.4%
 
 
 
Richelieu Hardware Ltd (c)
 
746,706
17,662,906
TOTAL INDUSTRIALS
 
 
20,429,912
 
 
 
 
Information Technology - 0.7%
 
 
 
Software - 0.7%
 
 
 
Lumine Group Inc Subordinate Voting Shares (b)(d)
 
285,000
9,214,021
Materials - 1.4%
 
 
 
Metals & Mining - 1.4%
 
 
 
Osisko Gold Royalties Ltd
 
792,100
18,983,740
TOTAL CANADA
 
 
53,107,581
CHINA - 0.3%
 
 
 
Consumer Staples - 0.3%
 
 
 
Personal Care Products - 0.3%
 
 
 
Chlitina Holding Ltd
 
1,048,842
3,731,314
EGYPT - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
Integrated Diagnostics Holdings PLC (a)(b)(d)
 
5,696,716
1,971,064
FRANCE - 2.5%
 
 
 
Consumer Staples - 0.2%
 
 
 
Beverages - 0.2%
 
 
 
Laurent-Perrier
 
39,132
4,300,076
Health Care - 0.8%
 
 
 
Pharmaceuticals - 0.8%
 
 
 
Vetoquinol SA
 
121,442
10,235,622
Industrials - 0.6%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
LISI SA
 
254,584
7,974,412
Information Technology - 0.9%
 
 
 
Software - 0.9%
 
 
 
Lectra
 
450,006
11,597,707
TOTAL FRANCE
 
 
34,107,817
GERMANY - 5.5%
 
 
 
Communication Services - 3.9%
 
 
 
Entertainment - 2.7%
 
 
 
CTS Eventim AG & Co KGaA
 
305,392
35,910,993
Interactive Media & Services - 1.2%
 
 
 
Scout24 SE (a)(b)
 
135,700
16,095,295
TOTAL COMMUNICATION SERVICES
 
 
52,006,288
 
 
 
 
Industrials - 1.6%
 
 
 
Aerospace & Defense - 1.4%
 
 
 
Rheinmetall AG
 
11,200
19,074,190
Machinery - 0.2%
 
 
 
Stabilus SE
 
89,195
2,455,383
TOTAL INDUSTRIALS
 
 
21,529,573
 
 
 
 
TOTAL GERMANY
 
 
73,535,861
GREECE - 0.3%
 
 
 
Industrials - 0.3%
 
 
 
Transportation Infrastructure - 0.3%
 
 
 
Athens International Airport SA
 
388,700
4,024,697
IRELAND - 2.0%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Household Durables - 0.4%
 
 
 
Cairn Homes PLC
 
2,335,691
5,129,854
Industrials - 1.1%
 
 
 
Trading Companies & Distributors - 1.1%
 
 
 
AerCap Holdings NV
 
140,200
14,861,200
Real Estate - 0.5%
 
 
 
Residential REITs - 0.5%
 
 
 
Irish Residential Properties Reit PLC
 
5,454,557
6,302,779
TOTAL IRELAND
 
 
26,293,833
ISRAEL - 1.7%
 
 
 
Financials - 0.6%
 
 
 
Capital Markets - 0.6%
 
 
 
Tel Aviv Stock Exchange Ltd
 
665,296
8,166,629
Information Technology - 1.1%
 
 
 
Communications Equipment - 1.1%
 
 
 
Ituran Location and Control Ltd
 
402,877
14,479,400
TOTAL ISRAEL
 
 
22,646,029
ITALY - 2.1%
 
 
 
Industrials - 2.1%
 
 
 
Machinery - 2.1%
 
 
 
Interpump Group SpA
 
812,640
27,691,625
JAPAN - 26.5%
 
 
 
Communication Services - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Daiichikosho Co Ltd
 
258,100
3,012,790
Consumer Discretionary - 5.9%
 
 
 
Automobile Components - 0.1%
 
 
 
Shoei Co Ltd
 
186,604
2,182,137
Distributors - 0.4%
 
 
 
Central Automotive Products Ltd
 
469,500
5,562,547
Diversified Consumer Services - 0.4%
 
 
 
Aucnet Inc
 
563,954
4,875,137
Hotels, Restaurants & Leisure - 3.6%
 
 
 
Curves Holdings Co Ltd
 
2,807,078
13,468,006
Gift Holdings Inc (c)
 
345,000
8,686,530
Koshidaka Holdings Co Ltd (c)
 
2,055,775
14,564,975
Monogatari Corp/The (c)
 
438,700
11,413,932
 
 
 
48,133,443
Leisure Products - 0.3%
 
 
 
Yonex Co Ltd
 
221,000
3,607,595
Specialty Retail - 1.1%
 
 
 
USS Co Ltd
 
1,537,130
15,362,699
TOTAL CONSUMER DISCRETIONARY
 
 
79,723,558
 
 
 
 
Consumer Staples - 1.6%
 
 
 
Consumer Staples Distribution & Retail - 1.3%
 
 
 
Daikokutenbussan Co Ltd (c)
 
117,100
6,224,368
Kusuri no Aoki Holdings Co Ltd
 
243,500
5,807,351
YAKUODO Holdings Co Ltd
 
411,500
5,828,000
 
 
 
17,859,719
Food Products - 0.1%
 
 
 
Iwatsuka Confectionery Co Ltd
 
37,800
888,292
Personal Care Products - 0.2%
 
 
 
Artnature Inc
 
521,000
2,904,161
TOTAL CONSUMER STAPLES
 
 
21,652,172
 
 
 
 
Energy - 0.5%
 
 
 
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
San-Ai Obbli Co Ltd
 
605,800
7,105,375
Health Care - 2.0%
 
 
 
Health Care Equipment & Supplies - 1.6%
 
 
 
Medikit Co Ltd
 
291,800
5,042,928
Nagaileben Co Ltd
 
745,427
10,974,429
Paramount Bed Holdings Co Ltd
 
238,520
3,835,204
Techno Medica Co Ltd
 
80,791
1,022,742
 
 
 
20,875,303
Health Care Technology - 0.4%
 
 
 
Software Service Inc
 
66,400
5,856,092
TOTAL HEALTH CARE
 
 
26,731,395
 
 
 
 
Industrials - 5.2%
 
 
 
Commercial Services & Supplies - 1.1%
 
 
 
Japan Elevator Service Holdings Co Ltd
 
525,000
11,327,634
Pronexus Inc
 
477,000
4,063,407
 
 
 
15,391,041
Construction & Engineering - 1.5%
 
 
 
Hibiya Engineering Ltd
 
16,800
410,659
SHO-BOND Holdings Co Ltd
 
559,400
20,035,581
 
 
 
20,446,240
Machinery - 2.3%
 
 
 
Fujitec Co Ltd
 
347,300
13,602,463
Mitsuboshi Belting Ltd
 
117,580
2,939,911
Moriya Transportation Engineering & Manufacturing Co Ltd
 
151,700
2,960,155
NS Tool Co Ltd
 
648,900
3,213,185
Tocalo Co Ltd
 
608,636
6,989,651
 
 
 
29,705,365
Professional Services - 0.3%
 
 
 
Funai Soken Holdings Inc
 
224,350
3,577,549
TOTAL INDUSTRIALS
 
 
69,120,195
 
 
 
 
Information Technology - 8.0%
 
 
 
Electronic Equipment, Instruments & Components - 3.7%
 
 
 
Ai Holdings Corp
 
172,500
2,549,255
Azbil Corp
 
5,348,368
46,084,693
 
 
 
48,633,948
IT Services - 2.7%
 
 
 
Digital Hearts Holdings Co Ltd
 
231,314
1,601,629
NSD Co Ltd
 
719,949
16,913,615
Obic Co Ltd
 
202,000
7,051,210
TIS Inc
 
319,700
9,236,821
 
 
 
34,803,275
Software - 1.6%
 
 
 
Broadleaf Co Ltd
 
1,922,198
9,303,126
m-up Holdings Inc
 
357,450
4,717,500
Miroku Jyoho Service Co Ltd
 
261,700
3,384,273
WingArc1st Inc
 
170,100
4,532,669
 
 
 
21,937,568
TOTAL INFORMATION TECHNOLOGY
 
 
105,374,791
 
 
 
 
Materials - 2.1%
 
 
 
Chemicals - 2.1%
 
 
 
Kansai Paint Co Ltd
 
274,100
4,121,660
Nihon Parkerizing Co Ltd
 
1,117,678
9,278,807
SK Kaken Co Ltd
 
235,400
14,669,283
 
 
 
28,069,750
Real Estate - 1.0%
 
 
 
Real Estate Management & Development - 1.0%
 
 
 
Goldcrest Co Ltd (c)
 
610,730
13,988,955
TOTAL JAPAN
 
 
354,778,981
KOREA (SOUTH) - 0.4%
 
 
 
Consumer Staples - 0.4%
 
 
 
Consumer Staples Distribution & Retail - 0.4%
 
 
 
BGF retail Co Ltd
 
79,256
5,976,740
NETHERLANDS - 4.7%
 
 
 
Industrials - 3.3%
 
 
 
Machinery - 2.0%
 
 
 
Aalberts NV
 
770,397
25,431,767
Aalberts NV rights (d)(e)
 
769,097
984,537
 
 
 
26,416,304
Trading Companies & Distributors - 1.3%
 
 
 
IMCD NV
 
130,449
17,267,994
TOTAL INDUSTRIALS
 
 
43,684,298
 
 
 
 
Information Technology - 1.4%
 
 
 
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
BE Semiconductor Industries NV (c)
 
175,429
18,728,762
TOTAL NETHERLANDS
 
 
62,413,060
NORWAY - 1.8%
 
 
 
Health Care - 0.2%
 
 
 
Health Care Equipment & Supplies - 0.2%
 
 
 
Medistim ASA (d)
 
185,242
2,857,848
Industrials - 1.6%
 
 
 
Aerospace & Defense - 1.6%
 
 
 
Kongsberg Gruppen ASA
 
130,981
21,000,472
TOTAL NORWAY
 
 
23,858,320
PHILIPPINES - 0.5%
 
 
 
Industrials - 0.5%
 
 
 
Transportation Infrastructure - 0.5%
 
 
 
International Container Terminal Services Inc
 
1,020,000
6,245,551
SPAIN - 0.3%
 
 
 
Industrials - 0.3%
 
 
 
Machinery - 0.3%
 
 
 
Fluidra SA
 
154,201
3,549,632
SWEDEN - 14.1%
 
 
 
Communication Services - 0.8%
 
 
 
Interactive Media & Services - 0.8%
 
 
 
Hemnet Group AB (d)
 
313,320
10,729,804
Consumer Discretionary - 0.7%
 
 
 
Automobile Components - 0.7%
 
 
 
Autoliv Inc
 
98,000
9,136,540
Health Care - 0.4%
 
 
 
Life Sciences Tools & Services - 0.4%
 
 
 
AddLife AB B Shares
 
301,520
5,708,774
Industrials - 6.6%
 
 
 
Aerospace & Defense - 1.0%
 
 
 
INVISIO AB
 
328,163
13,139,422
Trading Companies & Distributors - 5.6%
 
 
 
AddTech AB B Shares
 
1,848,275
62,071,291
Bergman & Beving AB B Shares
 
417,154
12,624,028
 
 
 
74,695,319
TOTAL INDUSTRIALS
 
 
87,834,741
 
 
 
 
Information Technology - 5.2%
 
 
 
Electronic Equipment, Instruments & Components - 5.2%
 
 
 
Lagercrantz Group AB B Shares
 
3,050,212
69,174,535
Real Estate - 0.4%
 
 
 
Real Estate Management & Development - 0.4%
 
 
 
John Mattson Fastighetsforetagen AB (d)
 
942,052
5,964,884
TOTAL SWEDEN
 
 
188,549,278
SWITZERLAND - 0.3%
 
 
 
Health Care - 0.3%
 
 
 
Life Sciences Tools & Services - 0.3%
 
 
 
Tecan Group AG
 
21,050
4,070,491
TAIWAN - 1.4%
 
 
 
Communication Services - 0.7%
 
 
 
Interactive Media & Services - 0.7%
 
 
 
Addcn Technology Co Ltd
 
1,688,028
9,207,124
Information Technology - 0.7%
 
 
 
Semiconductors & Semiconductor Equipment - 0.7%
 
 
 
eMemory Technology Inc
 
117,000
9,402,202
TOTAL TAIWAN
 
 
18,609,326
TURKEY - 0.1%
 
 
 
Industrials - 0.1%
 
 
 
Electrical Equipment - 0.1%
 
 
 
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
759,300
1,982,339
UNITED KINGDOM - 15.1%
 
 
 
Communication Services - 2.2%
 
 
 
Interactive Media & Services - 2.2%
 
 
 
Baltic Classifieds Group PLC
 
3,964,002
17,961,607
Rightmove PLC
 
1,137,993
11,189,498
 
 
 
29,151,105
Consumer Discretionary - 4.2%
 
 
 
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Dp Poland PLC (d)
 
18,541,591
2,223,934
InterContinental Hotels Group PLC ADR
 
224,300
24,199,727
 
 
 
26,423,661
Leisure Products - 2.2%
 
 
 
Games Workshop Group PLC
 
146,200
30,024,958
TOTAL CONSUMER DISCRETIONARY
 
 
56,448,619
 
 
 
 
Industrials - 4.8%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Avon Technologies PLC
 
165,000
2,990,578
Machinery - 1.4%
 
 
 
Bodycote PLC
 
2,684,726
17,030,968
Spirax Group PLC
 
29,691
2,324,690
 
 
 
19,355,658
Marine Transportation - 0.5%
 
 
 
Clarkson PLC
 
156,153
6,836,253
Trading Companies & Distributors - 2.7%
 
 
 
Diploma PLC
 
180,000
9,504,283
Howden Joinery Group PLC
 
2,529,700
25,925,537
 
 
 
35,429,820
TOTAL INDUSTRIALS
 
 
64,612,309
 
 
 
 
Information Technology - 3.0%
 
 
 
Electronic Equipment, Instruments & Components - 2.5%
 
 
 
Oxford Instruments PLC
 
283,100
6,187,513
Spectris PLC
 
1,035,478
27,599,631
 
 
 
33,787,144
Software - 0.5%
 
 
 
Sage Group PLC/The
 
393,700
6,492,964
TOTAL INFORMATION TECHNOLOGY
 
 
40,280,108
 
 
 
 
Real Estate - 0.9%
 
 
 
Residential REITs - 0.9%
 
 
 
UNITE Group PLC/The
 
1,052,900
12,074,535
TOTAL UNITED KINGDOM
 
 
202,566,676
UNITED STATES - 2.4%
 
 
 
Consumer Staples - 0.7%
 
 
 
Consumer Staples Distribution & Retail - 0.7%
 
 
 
PriceSmart Inc
 
97,060
9,850,619
Financials - 1.7%
 
 
 
Capital Markets - 1.7%
 
 
 
Morningstar Inc
 
79,321
22,584,276
TOTAL UNITED STATES
 
 
32,434,895
 
TOTAL COMMON STOCKS
 (Cost $875,175,082)
 
 
 
1,225,811,585
 
 
 
 
International Equity Funds - 4.9%
 
 
Shares
Value ($)
 
iShares MSCI EAFE Small-Cap ETF (c)
 (Cost $62,198,061)
 
990,000
65,835,000
 
 
 
 
Money Market Funds - 6.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
4.33
32,440,379
32,446,867
Fidelity Securities Lending Cash Central Fund (f)(g)
 
4.33
57,130,334
57,136,047
 
TOTAL MONEY MARKET FUNDS
 (Cost $89,582,914)
 
 
 
89,582,914
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.1%
 (Cost $1,026,956,057)
 
 
 
1,381,229,499
NET OTHER ASSETS (LIABILITIES) - (3.1)%  
(40,931,808)
NET ASSETS - 100.0%
1,340,297,691
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
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 $28,069,605 or 2.1% of net assets.
 
(b)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $37,283,626 or 2.8% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Non-income producing
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
34,774,965
178,337,076
180,665,174
810,365
-
-
32,446,867
32,440,379
0.1%
Fidelity Securities Lending Cash Central Fund
18,102,100
458,225,829
419,191,882
59,890
-
-
57,136,047
57,130,334
0.2%
Total
52,877,065
636,562,905
599,857,056
870,255
-
-
89,582,914
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
104,107,111
94,899,987
9,207,124
-
Consumer Discretionary
150,438,571
150,438,571
-
-
Consumer Staples
45,510,921
35,802,867
9,708,054
-
Energy
15,215,848
11,585,283
3,630,565
-
Financials
81,082,802
68,469,680
12,613,122
-
Health Care
51,575,194
51,575,194
-
-
Industrials
401,040,098
375,720,357
25,319,741
-
Information Technology
278,251,526
268,849,324
9,402,202
-
Materials
60,258,361
47,053,490
13,204,871
-
Real Estate
38,331,153
38,331,153
-
-
 International Equity Funds
65,835,000
65,835,000
-
-
 Money Market Funds
89,582,914
89,582,914
-
-
 Total Investments in Securities:
1,381,229,499
1,298,143,820
83,085,679
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $54,071,793) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $937,373,143)
$
1,291,646,585
 
 
Fidelity Central Funds (cost $89,582,914)
89,582,914
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,026,956,057)
 
 
$
1,381,229,499
Foreign currency held at value (cost $162,079)
 
 
160,543
Receivable for investments sold
 
 
7,665,149
Receivable for fund shares sold
 
 
1,817,851
Dividends receivable
 
 
7,848,789
Reclaims receivable
 
 
2,263,856
Distributions receivable from Fidelity Central Funds
 
 
147,019
Prepaid expenses
 
 
377
Other receivables
 
 
2,880
  Total assets
 
 
1,401,135,963
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
275,020
 
 
Delayed delivery
984,537
 
 
Payable for fund shares redeemed
1,261,459
 
 
Accrued management fee
1,121,599
 
 
Distribution and service plan fees payable
11,815
 
 
Other payables and accrued expenses
44,185
 
 
Collateral on securities loaned
57,139,657
 
 
  Total liabilities
 
 
 
60,838,272
Net Assets  
 
 
$
1,340,297,691
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
923,805,986
Total accumulated earnings (loss)
 
 
 
416,491,705
Net Assets
 
 
$
1,340,297,691
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($33,507,100 ÷ 1,614,239 shares)(a)
 
 
$
20.76
Maximum offering price per share (100/94.25 of $20.76)
 
 
$
22.03
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($9,092,903 ÷ 446,103 shares)(a)
 
 
$
20.38
Maximum offering price per share (100/96.50 of $20.38)
 
 
$
21.12
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,908,221 ÷ 98,890 shares)(a)
 
 
$
19.30
International Small Cap Opportunities :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($657,935,621 ÷ 31,003,481 shares)
 
 
$
21.22
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($188,618,746 ÷ 8,903,961 shares)
 
 
$
21.18
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($449,235,100 ÷ 21,272,408 shares)
 
 
$
21.12
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
14,246,897
Foreign Tax Reclaims
 
 
1,260,972
Income from Fidelity Central Funds (including $59,890 from security lending)
 
 
870,255
 Income before foreign taxes withheld
 
 
$
16,378,124
Less foreign taxes withheld
 
 
(1,102,548)
 Total income
 
 
 
15,275,576
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
5,814,214
 
 
 Performance adjustment
138,068
 
 
Distribution and service plan fees
74,459
 
 
Custodian fees and expenses
41,986
 
 
Independent trustees' fees and expenses
2,838
 
 
Registration fees
60,160
 
 
Audit fees
43,869
 
 
Legal
975
 
 
Miscellaneous
6,361
 
 
 Total expenses before reductions
 
6,182,930
 
 
 Expense reductions
 
(297)
 
 
 Total expenses after reductions
 
 
 
6,182,633
Net Investment income (loss)
 
 
 
9,092,943
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
64,358,871
 
 
 Foreign currency transactions
 
(273,783)
 
 
Total net realized gain (loss)
 
 
 
64,085,088
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
31,613,065
 
 
 Assets and liabilities in foreign currencies
 
454,372
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
32,067,437
Net gain (loss)
 
 
 
96,152,525
Net increase (decrease) in net assets resulting from operations
 
 
$
105,245,468
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,092,943
$
13,006,743
Net realized gain (loss)
 
64,085,088
 
66,758,616
Change in net unrealized appreciation (depreciation)
 
32,067,437
 
179,564,617
Net increase (decrease) in net assets resulting from operations
 
105,245,468
 
259,329,976
Distributions to shareholders
 
(77,968,307)
 
(42,624,195)
 
 
 
 
 
Share transactions - net increase (decrease)
 
41,488,587
 
79,946,440
Total increase (decrease) in net assets
 
68,765,748
 
296,652,221
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,271,531,943
 
974,879,722
End of period
$
1,340,297,691
$
1,271,531,943
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Small Cap Opportunities Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.36
$
16.75
$
17.17
$
28.35
$
20.86
$
19.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.15
 
.10
 
.06
 
(.06)
 
(.04)
     Net realized and unrealized gain (loss)
 
1.49
 
4.14
 
.61
 
(8.93)
 
7.55
 
2.05
  Total from investment operations
 
1.60  
 
4.29  
 
.71  
 
(8.87)  
 
7.49
 
2.01
  Distributions from net investment income
 
(.25)
 
(.12)
 
-
 
-
 
-
 
(.11)
  Distributions from net realized gain
 
(.95)
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
     Total distributions
 
(1.20)
 
(.68)
 
(1.13)
 
(2.31)
 
-
 
(.17) C
  Net asset value, end of period
$
20.76
$
20.36
$
16.75
$
17.17
$
28.35
$
20.86
 Total Return D,E,F
 
8.16
%
 
26.06%
 
3.74%
 
(33.79)%
 
35.91%
 
10.58%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.24% I
 
1.27%
 
1.31%
 
1.49%
 
1.50%
 
1.57%
    Expenses net of fee waivers, if any
 
1.24
% I
 
1.26%
 
1.31%
 
1.48%
 
1.50%
 
1.57%
    Expenses net of all reductions, if any
 
1.24% I
 
1.26%
 
1.31%
 
1.48%
 
1.50%
 
1.56%
    Net investment income (loss)
 
1.08% I
 
.77%
 
.56%
 
.30%
 
(.25)%
 
(.20)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
33,507
$
32,876
$
26,559
$
26,380
$
45,981
$
37,771
    Portfolio turnover rate J
 
30
% I
 
27%
 
10%
 
13%
 
21%
 
20%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Opportunities Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.98
$
16.43
$
16.91
$
28.02
$
20.67
$
18.85
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.10
 
.06
 
.01
 
(.13)
 
(.09)
     Net realized and unrealized gain (loss)
 
1.46
 
4.07
 
.59
 
(8.81)
 
7.48
 
2.03
  Total from investment operations
 
1.54  
 
4.17  
 
.65  
 
(8.80)  
 
7.35
 
1.94
  Distributions from net investment income
 
(.19)
 
(.06)
 
-
 
-
 
-
 
(.06)
  Distributions from net realized gain
 
(.95)
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
     Total distributions
 
(1.14)
 
(.62)
 
(1.13)
 
(2.31)
 
-
 
(.12) C
  Net asset value, end of period
$
20.38
$
19.98
$
16.43
$
16.91
$
28.02
$
20.67
 Total Return D,E,F
 
7.99
%
 
25.80%
 
3.43%
 
(33.95)%
 
35.56%
 
10.29%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.49% I
 
1.53%
 
1.57%
 
1.74%
 
1.75%
 
1.84%
    Expenses net of fee waivers, if any
 
1.49
% I
 
1.52%
 
1.56%
 
1.74%
 
1.75%
 
1.84%
    Expenses net of all reductions, if any
 
1.49% I
 
1.52%
 
1.56%
 
1.74%
 
1.75%
 
1.83%
    Net investment income (loss)
 
.83% I
 
.51%
 
.31%
 
.05%
 
(.50)%
 
(.47)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,093
$
9,933
$
9,589
$
10,115
$
16,378
$
13,141
    Portfolio turnover rate J
 
30
% I
 
27%
 
10%
 
13%
 
21%
 
20%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Opportunities Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.95
$
15.64
$
16.22
$
27.10
$
20.09
$
18.31
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
- C
 
(.04)
 
(.09)
 
(.25)
 
(.18)
     Net realized and unrealized gain (loss)
 
1.39
 
3.87
 
.59
 
(8.48)
 
7.26
 
1.96
  Total from investment operations
 
1.42  
 
3.87  
 
.55  
 
(8.57)  
 
7.01
 
1.78
  Distributions from net investment income
 
(.12)
 
-
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(.95)
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
-
     Total distributions
 
(1.07)
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
-
  Net asset value, end of period
$
19.30
$
18.95
$
15.64
$
16.22
$
27.10
$
20.09
 Total Return D,E,F
 
7.77
%
 
25.11%
 
2.93%
 
(34.28)%
 
34.89%
 
9.72%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.99% I
 
2.02%
 
2.10%
 
2.26%
 
2.26%
 
2.33%
    Expenses net of fee waivers, if any
 
1.99
% I
 
2.02%
 
2.10%
 
2.25%
 
2.26%
 
2.33%
    Expenses net of all reductions, if any
 
1.99% I
 
2.02%
 
2.10%
 
2.25%
 
2.26%
 
2.33%
    Net investment income (loss)
 
.33% I
 
.01%
 
(.23)%
 
(.47)%
 
(1.01)%
 
(.96)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,908
$
2,035
$
2,036
$
3,314
$
6,770
$
7,253
    Portfolio turnover rate J
 
30
% I
 
27%
 
10%
 
13%
 
21%
 
20%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® International Small Cap Opportunities Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.81
$
17.12
$
17.47
$
28.77
$
21.10
$
19.24
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.21
 
.16
 
.13
 
.01
 
.02
     Net realized and unrealized gain (loss)
 
1.52
 
4.23
 
.63
 
(9.09)
 
7.66
 
2.07
  Total from investment operations
 
1.66  
 
4.44  
 
.79  
 
(8.96)  
 
7.67
 
2.09
  Distributions from net investment income
 
(.30)
 
(.19)
 
- C
 
(.04)
 
-
 
(.17)
  Distributions from net realized gain
 
(.95)
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
     Total distributions
 
(1.25)
 
(.75)
 
(1.14) D
 
(2.34) D
 
-
 
(.23) D
  Net asset value, end of period
$
21.22
$
20.81
$
17.12
$
17.47
$
28.77
$
21.10
 Total Return E,F
 
8.33
%
 
26.39%
 
4.11%
 
(33.62)%
 
36.35%
 
10.90%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% I
 
.98%
 
1.01%
 
1.19%
 
1.21%
 
1.26%
    Expenses net of fee waivers, if any
 
.94
% I
 
.98%
 
1.00%
 
1.19%
 
1.20%
 
1.26%
    Expenses net of all reductions, if any
 
.94% I
 
.98%
 
1.00%
 
1.19%
 
1.20%
 
1.25%
    Net investment income (loss)
 
1.38% I
 
1.05%
 
.87%
 
.60%
 
.05%
 
.11%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
657,936
$
636,948
$
632,320
$
700,271
$
1,268,421
$
1,152,472
    Portfolio turnover rate J
 
30
% I
 
27%
 
10%
 
13%
 
21%
 
20%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Opportunities Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.77
$
17.09
$
17.46
$
28.75
$
21.09
$
19.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.21
 
.15
 
.13
 
.01
 
.02
     Net realized and unrealized gain (loss)
 
1.51
 
4.21
 
.62
 
(9.07)
 
7.65
 
2.07
  Total from investment operations
 
1.65  
 
4.42  
 
.77  
 
(8.94)  
 
7.66
 
2.09
  Distributions from net investment income
 
(.29)
 
(.18)
 
(.01)
 
(.04)
 
-
 
(.16)
  Distributions from net realized gain
 
(.95)
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
     Total distributions
 
(1.24)
 
(.74)
 
(1.14)
 
(2.35)
 
-
 
(.22) C
  Net asset value, end of period
$
21.18
$
20.77
$
17.09
$
17.46
$
28.75
$
21.09
 Total Return D,E
 
8.26
%
 
26.37%
 
4.02%
 
(33.60)%
 
36.32%
 
10.90%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.99% H
 
.99%
 
1.05%
 
1.20%
 
1.22%
 
1.28%
    Expenses net of fee waivers, if any
 
.99
% H
 
.98%
 
1.04%
 
1.19%
 
1.22%
 
1.27%
    Expenses net of all reductions, if any
 
.99% H
 
.98%
 
1.04%
 
1.19%
 
1.22%
 
1.27%
    Net investment income (loss)
 
1.33% H
 
1.05%
 
.83%
 
.59%
 
.04%
 
.09%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
188,619
$
221,654
$
81,122
$
82,705
$
141,310
$
113,041
    Portfolio turnover rate I
 
30
% H
 
27%
 
10%
 
13%
 
21%
 
20%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® International Small Cap Opportunities Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.74
$
17.07
$
17.44
$
28.73
$
21.05
$
19.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.23
 
.18
 
.15
 
.04
 
.05
     Net realized and unrealized gain (loss)
 
1.52
 
4.21
 
.62
 
(9.05)
 
7.64
 
2.05
  Total from investment operations
 
1.67  
 
4.44  
 
.80  
 
(8.90)  
 
7.68
 
2.10
  Distributions from net investment income
 
(.34)
 
(.21)
 
(.04)
 
(.08)
 
-
 
(.20)
  Distributions from net realized gain
 
(.95)
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
     Total distributions
 
(1.29)
 
(.77)
 
(1.17)
 
(2.39)
 
-
 
(.25)
  Net asset value, end of period
$
21.12
$
20.74
$
17.07
$
17.44
$
28.73
$
21.05
 Total Return C,D
 
8.40
%
 
26.53%
 
4.19%
 
(33.52)%
 
36.48%
 
11.03%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.86% G
 
.87%
 
.89%
 
1.07%
 
1.09%
 
1.14%
    Expenses net of fee waivers, if any
 
.86
% G
 
.87%
 
.88%
 
1.07%
 
1.09%
 
1.13%
    Expenses net of all reductions, if any
 
.86% G
 
.87%
 
.88%
 
1.07%
 
1.09%
 
1.13%
    Net investment income (loss)
 
1.46% G
 
1.16%
 
.98%
 
.72%
 
.16%
 
.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
449,235
$
368,086
$
223,254
$
219,360
$
309,803
$
82,476
    Portfolio turnover rate H
 
30
% G
 
27%
 
10%
 
13%
 
21%
 
20%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap Opportunities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.  
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, 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
$437,335,148
Gross unrealized depreciation
(92,642,108)
Net unrealized appreciation (depreciation)
$344,693,040
Tax cost
$1,036,536,459
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Small Cap Opportunities Fund
188,377,844
235,208,784
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
1.02
Class M
1.02
Class C
1.02
International Small Cap Opportunities
.99
Class I
1.02
Class Z
.88
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.94
Class M
.94
Class C
.94
International Small Cap Opportunities
.90
Class I
.95
Class Z
.82
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity International Small Cap Opportunities Fund
MSCI EAFE Small Cap Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap Opportunities. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .02%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
40,949
1,699
Class M
 .25%
 .25%
23,690
284
Class C
 .75%
 .25%
9,820
1,671
 
 
 
74,459
3,654
 
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
3,719
Class M
111
Class CA
27
 
3,857
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
179
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
13,880,439
7,770,667
5,757,758
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity International Small Cap Opportunities Fund
1,020
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
6,429
 -
-
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 $297.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity International Small Cap Opportunities Fund
 
 
Distributions to shareholders
 
 
Class A
$1,902,866
 $1,071,393
Class M
 561,660
 359,747
Class C
 112,453
 67,234
International Small Cap Opportunities
 38,399,271
 27,456,391
Class I
 13,413,028
 3,627,918
Class Z
23,579,029
10,041,512
Total  
$77,968,307
$42,624,195
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity International Small Cap Opportunities Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
138,517
225,403
$2,774,070
$4,421,268
Reinvestment of distributions
88,165
57,351
1,736,854
1,052,398
Shares redeemed
(227,498)
(253,463)
(4,583,889)
(4,972,403)
Net increase (decrease)
(816)
29,291
$(72,965)
$501,263
Class M
 
 
 
 
Shares sold
12,193
13,011
$237,078
$253,332
Reinvestment of distributions
26,375
19,865
510,610
358,562
Shares redeemed
(89,709)
(119,085)
(1,722,277)
(2,319,634)
Net increase (decrease)
(51,141)
(86,209)
$(974,589)
$(1,707,740)
Class C
 
 
 
 
Shares sold
5,001
17,556
$92,616
$327,256
Reinvestment of distributions
6,125
3,896
112,453
67,013
Shares redeemed
(19,631)
(44,237)
(365,114)
(801,985)
Net increase (decrease)
(8,505)
(22,785)
$(160,045)
$(407,716)
International Small Cap Opportunities
 
 
 
 
Shares sold
3,983,821
7,348,249
$81,129,097
$150,444,534
Reinvestment of distributions
1,573,114
1,228,945
31,635,332
22,993,567
Shares redeemed
(5,159,083)
(14,912,938)
(103,861,687)
(304,809,170)
Net increase (decrease)
397,852
(6,335,744)
$8,902,742
$(131,371,069)
Class I
 
 
 
 
Shares sold
1,906,305
11,400,627
$38,424,830
$231,485,694
Reinvestment of distributions
647,836
186,259
13,008,545
3,479,316
Shares redeemed
(4,324,260)
(5,660,385)
(88,196,618)
(117,402,312)
Net increase (decrease)
(1,770,119)
5,926,501
$(36,763,243)
$117,562,698
Class Z
 
 
 
 
Shares sold
3,495,510
6,196,097
$70,071,354
$127,736,617
Reinvestment of distributions
1,086,298
493,559
21,736,824
9,199,948
Shares redeemed
(1,053,117)
(2,022,168)
(21,251,491)
(41,567,561)
Net increase (decrease)
3,528,691
4,667,488
$70,556,687
$95,369,004
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.>
 
Fund
% of shares held
Fidelity International Small Cap Opportunities Fund 
26%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.815078.119
ILS-SANN-0625
Fidelity® International Discovery Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® International Discovery Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® International Discovery Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.9%
 
 
Shares
Value ($)
 
AUSTRALIA - 1.5%
 
 
 
Communication Services - 0.3%
 
 
 
Interactive Media & Services - 0.3%
 
 
 
CAR Group Ltd
 
1,275,761
27,230,227
Consumer Discretionary - 0.7%
 
 
 
Hotels, Restaurants & Leisure - 0.7%
 
 
 
Aristocrat Leisure Ltd
 
1,630,630
69,642,654
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Inc Class A (a)(b)(c)
 
5,900
6,814,500
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
Brazilian Rare Earths Ltd (c)
 
3,982,215
5,762,274
IperionX Ltd (c)(d)
 
21,820,344
50,052,311
 
 
 
55,814,585
TOTAL AUSTRALIA
 
 
159,501,966
BAILIWICK OF JERSEY - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Capital Markets - 0.4%
 
 
 
JTC PLC (e)(f)
 
3,573,397
39,717,300
BELGIUM - 0.8%
 
 
 
Health Care - 0.8%
 
 
 
Pharmaceuticals - 0.8%
 
 
 
UCB SA
 
430,749
78,637,011
BRAZIL - 1.5%
 
 
 
Consumer Discretionary - 1.3%
 
 
 
Broadline Retail - 1.3%
 
 
 
MercadoLibre Inc (c)
 
55,051
128,315,623
Financials - 0.2%
 
 
 
Banks - 0.2%
 
 
 
NU Holdings Ltd/Cayman Islands Class A (c)
 
1,990,930
24,747,260
TOTAL BRAZIL
 
 
153,062,883
CANADA - 3.5%
 
 
 
Energy - 0.9%
 
 
 
Oil, Gas & Consumable Fuels - 0.9%
 
 
 
Cameco Corp
 
993,617
44,851,868
Canadian Natural Resources Ltd
 
1,580,280
45,347,365
 
 
 
90,199,233
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Definity Financial Corp
 
504,279
25,170,055
Information Technology - 2.4%
 
 
 
Software - 2.4%
 
 
 
Constellation Software Inc/Canada
 
67,024
241,548,448
Constellation Software Inc/Canada warrants 3/31/2040 (a)(c)
 
50,942
4
Lumine Group Inc Subordinate Voting Shares (c)(f)
 
158,132
5,112,392
 
 
 
246,660,844
TOTAL CANADA
 
 
362,030,132
CHINA - 1.5%
 
 
 
Communication Services - 0.6%
 
 
 
Interactive Media & Services - 0.6%
 
 
 
Tencent Holdings Ltd
 
1,051,600
64,411,504
Consumer Discretionary - 0.6%
 
 
 
Automobiles - 0.5%
 
 
 
BYD Co Ltd H Shares
 
952,000
45,216,426
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Trip.com Group Ltd ADR
 
216,760
12,786,672
TOTAL CONSUMER DISCRETIONARY
 
 
58,003,098
 
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
1,102,200
28,576,552
TOTAL CHINA
 
 
150,991,154
DENMARK - 1.8%
 
 
 
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Tryg A/S
 
1,078,046
25,719,962
Health Care - 1.2%
 
 
 
Pharmaceuticals - 1.2%
 
 
 
Novo Nordisk A/S Series B
 
1,803,824
120,606,494
Industrials - 0.4%
 
 
 
Air Freight & Logistics - 0.4%
 
 
 
DSV A/S
 
182,700
38,725,073
TOTAL DENMARK
 
 
185,051,529
FRANCE - 9.9%
 
 
 
Consumer Discretionary - 1.8%
 
 
 
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Hermes International SCA
 
69,901
189,336,949
Consumer Staples - 1.1%
 
 
 
Food Products - 1.1%
 
 
 
Danone SA
 
1,299,200
111,791,503
Financials - 2.8%
 
 
 
Banks - 0.5%
 
 
 
BNP Paribas SA
 
631,667
53,520,816
Insurance - 2.3%
 
 
 
AXA SA
 
5,056,799
239,165,867
TOTAL FINANCIALS
 
 
292,686,683
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Equipment & Supplies - 1.3%
 
 
 
EssilorLuxottica SA
 
450,862
129,068,803
Industrials - 1.8%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
Dassault Aviation SA
 
29,315
10,527,411
Safran SA
 
553,075
147,184,088
Thales SA
 
110,998
31,093,022
 
 
 
188,804,521
Materials - 1.1%
 
 
 
Chemicals - 1.1%
 
 
 
Air Liquide SA
 
540,768
111,116,040
TOTAL FRANCE
 
 
1,022,804,499
GERMANY - 9.6%
 
 
 
Communication Services - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
CTS Eventim AG & Co KGaA
 
250,700
29,479,770
Consumer Discretionary - 0.6%
 
 
 
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
adidas AG
 
262,144
59,898,815
Financials - 1.2%
 
 
 
Insurance - 1.2%
 
 
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (c)
 
187,982
128,694,240
Health Care - 0.3%
 
 
 
Health Care Providers & Services - 0.3%
 
 
 
Fresenius SE & Co KGaA (c)
 
636,009
30,117,017
Industrials - 4.4%
 
 
 
Aerospace & Defense - 2.9%
 
 
 
Rheinmetall AG
 
173,874
296,116,579
Industrial Conglomerates - 1.5%
 
 
 
Siemens AG
 
695,537
160,155,266
TOTAL INDUSTRIALS
 
 
456,271,845
 
 
 
 
Information Technology - 2.8%
 
 
 
Software - 2.8%
 
 
 
SAP SE
 
973,621
284,870,443
TOTAL GERMANY
 
 
989,332,130
HUNGARY - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Pharmaceuticals - 0.2%
 
 
 
Richter Gedeon Nyrt
 
846,525
25,609,314
INDIA - 1.2%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Broadline Retail - 0.1%
 
 
 
Lenskart Solutions Pvt Ltd (a)(b)
 
3,274,000
10,915,462
Financials - 0.8%
 
 
 
Banks - 0.6%
 
 
 
HDFC Bank Ltd
 
2,191,519
49,710,545
Capital Markets - 0.2%
 
 
 
360 ONE WAM Ltd
 
2,167,100
25,208,312
TOTAL FINANCIALS
 
 
74,918,857
 
 
 
 
Industrials - 0.3%
 
 
 
Professional Services - 0.3%
 
 
 
Computer Age Management Services Ltd
 
717,700
33,049,580
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Pine Labs Pvt Ltd (a)(b)(c)
 
8,672
4,014,356
TOTAL INDIA
 
 
122,898,255
IRELAND - 1.7%
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Dalata Hotel Group PLC
 
3,653,493
20,942,629
Household Durables - 0.6%
 
 
 
Cairn Homes PLC
 
26,071,501
57,260,567
TOTAL CONSUMER DISCRETIONARY
 
 
78,203,196
 
 
 
 
Industrials - 0.9%
 
 
 
Building Products - 0.9%
 
 
 
Kingspan Group PLC
 
1,092,637
91,968,081
TOTAL IRELAND
 
 
170,171,277
ISRAEL - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
IT Services - 0.1%
 
 
 
Wix.com Ltd (c)
 
59,430
10,078,734
ITALY - 5.7%
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Automobiles - 0.8%
 
 
 
Ferrari NV (g)
 
176,242
81,385,031
Financials - 4.6%
 
 
 
Banks - 4.3%
 
 
 
FinecoBank Banca Fineco SpA
 
1,617,890
32,193,601
Intesa Sanpaolo SpA
 
11,040,100
58,935,236
UniCredit SpA
 
5,981,202
347,991,459
 
 
 
439,120,296
Financial Services - 0.3%
 
 
 
BFF Bank SpA (c)(e)(f)
 
3,140,339
29,634,250
TOTAL FINANCIALS
 
 
468,754,546
 
 
 
 
Health Care - 0.3%
 
 
 
Pharmaceuticals - 0.3%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
651,751
38,282,727
TOTAL ITALY
 
 
588,422,304
JAPAN - 16.1%
 
 
 
Communication Services - 1.1%
 
 
 
Entertainment - 1.1%
 
 
 
Nintendo Co Ltd
 
1,347,900
111,902,668
Consumer Discretionary - 3.1%
 
 
 
Broadline Retail - 0.7%
 
 
 
Pan Pacific International Holdings Corp
 
2,194,144
67,675,025
Household Durables - 1.2%
 
 
 
Sony Group Corp
 
4,609,815
121,619,815
Specialty Retail - 1.2%
 
 
 
Fast Retailing Co Ltd
 
387,980
127,624,031
TOTAL CONSUMER DISCRETIONARY
 
 
316,918,871
 
 
 
 
Financials - 3.2%
 
 
 
Banks - 1.8%
 
 
 
Mitsubishi UFJ Financial Group Inc
 
8,990,686
113,274,812
Sumitomo Mitsui Financial Group Inc
 
3,179,818
75,861,597
 
 
 
189,136,409
Financial Services - 0.6%
 
 
 
ORIX Corp
 
3,155,174
63,292,889
Insurance - 0.8%
 
 
 
Tokio Marine Holdings Inc
 
2,041,364
81,822,719
TOTAL FINANCIALS
 
 
334,252,017
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Equipment & Supplies - 0.8%
 
 
 
Hoya Corp
 
690,421
81,239,208
Pharmaceuticals - 0.5%
 
 
 
Daiichi Sankyo Co Ltd
 
1,957,017
50,061,728
TOTAL HEALTH CARE
 
 
131,300,936
 
 
 
 
Industrials - 6.7%
 
 
 
Industrial Conglomerates - 2.8%
 
 
 
Hitachi Ltd
 
11,525,355
284,855,084
Machinery - 1.5%
 
 
 
IHI Corp
 
567,000
44,414,342
Mitsubishi Heavy Industries Ltd
 
5,791,091
114,158,891
 
 
 
158,573,233
Professional Services - 0.8%
 
 
 
BayCurrent Inc
 
587,200
31,640,454
Timee Inc (c)
 
2,312,900
27,758,682
Visional Inc (c)
 
360,594
21,810,162
 
 
 
81,209,298
Trading Companies & Distributors - 1.6%
 
 
 
ITOCHU Corp
 
3,232,367
165,312,753
TOTAL INDUSTRIALS
 
 
689,950,368
 
 
 
 
Information Technology - 0.7%
 
 
 
Semiconductors & Semiconductor Equipment - 0.7%
 
 
 
Advantest Corp
 
1,297,100
54,265,410
Tokyo Seimitsu Co Ltd
 
398,311
22,202,676
 
 
 
76,468,086
TOTAL JAPAN
 
 
1,660,792,946
KAZAKHSTAN - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Consumer Finance - 0.1%
 
 
 
Kaspi.KZ JSC ADR
 
131,410
11,549,625
KOREA (SOUTH) - 0.6%
 
 
 
Information Technology - 0.6%
 
 
 
Semiconductors & Semiconductor Equipment - 0.6%
 
 
 
SK Hynix Inc
 
486,840
60,620,011
LUXEMBOURG - 0.5%
 
 
 
Financials - 0.5%
 
 
 
Capital Markets - 0.5%
 
 
 
CVC Capital Partners PLC (c)(e)(f)
 
3,113,018
55,085,218
NETHERLANDS - 5.7%
 
 
 
Communication Services - 0.5%
 
 
 
Entertainment - 0.5%
 
 
 
Universal Music Group NV
 
1,727,500
50,797,950
Financials - 0.9%
 
 
 
Banks - 0.9%
 
 
 
ING Groep NV
 
4,691,479
91,105,315
Industrials - 2.0%
 
 
 
Professional Services - 1.7%
 
 
 
Wolters Kluwer NV
 
968,185
170,498,862
Trading Companies & Distributors - 0.3%
 
 
 
IMCD NV
 
242,944
32,159,353
TOTAL INDUSTRIALS
 
 
202,658,215
 
 
 
 
Information Technology - 2.3%
 
 
 
Semiconductors & Semiconductor Equipment - 2.2%
 
 
 
ASML Holding NV
 
230,562
152,144,434
BE Semiconductor Industries NV (g)
 
704,050
75,164,226
 
 
 
227,308,660
Software - 0.1%
 
 
 
Topicus.com Inc (c)
 
101,061
12,094,185
TOTAL INFORMATION TECHNOLOGY
 
 
239,402,845
 
 
 
 
TOTAL NETHERLANDS
 
 
583,964,325
SINGAPORE - 0.8%
 
 
 
Communication Services - 0.8%
 
 
 
Entertainment - 0.8%
 
 
 
Sea Ltd Class A ADR (c)
 
591,900
79,344,195
SPAIN - 2.1%
 
 
 
Financials - 2.1%
 
 
 
Banks - 2.1%
 
 
 
Banco Santander SA (g)
 
12,619,200
88,375,775
CaixaBank SA (g)
 
16,936,953
129,808,278
 
 
 
 
TOTAL SPAIN
 
 
218,184,053
SWEDEN - 3.6%
 
 
 
Financials - 1.5%
 
 
 
Financial Services - 1.5%
 
 
 
Investor AB B Shares
 
5,224,233
154,205,543
Industrials - 1.0%
 
 
 
Machinery - 1.0%
 
 
 
Indutrade AB
 
3,857,122
104,075,052
Information Technology - 1.1%
 
 
 
Electronic Equipment, Instruments & Components - 1.1%
 
 
 
Hexagon AB B Shares
 
3,539,600
34,449,399
Lagercrantz Group AB B Shares
 
3,266,697
74,084,112
 
 
 
108,533,511
Software - 0.0%
 
 
 
Kry International Ab (a)(b)(c)
 
194,526
3,836,620
TOTAL INFORMATION TECHNOLOGY
 
 
112,370,131
 
 
 
 
TOTAL SWEDEN
 
 
370,650,726
SWITZERLAND - 1.7%
 
 
 
Financials - 1.7%
 
 
 
Capital Markets - 1.7%
 
 
 
Partners Group Holding AG
 
60,346
78,635,879
UBS Group AG
 
3,077,270
92,800,934
 
 
 
 
TOTAL SWITZERLAND
 
 
171,436,813
TAIWAN - 1.9%
 
 
 
Information Technology - 1.9%
 
 
 
Semiconductors & Semiconductor Equipment - 1.9%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
6,894,000
194,948,312
UNITED KINGDOM - 17.6%
 
 
 
Communication Services - 2.0%
 
 
 
Diversified Telecommunication Services - 1.8%
 
 
 
Zegona Communications plc (c)
 
20,594,092
185,533,246
Interactive Media & Services - 0.2%
 
 
 
Baltic Classifieds Group PLC
 
4,756,761
21,553,740
TOTAL COMMUNICATION SERVICES
 
 
207,086,986
 
 
 
 
Consumer Discretionary - 3.2%
 
 
 
Hotels, Restaurants & Leisure - 2.4%
 
 
 
Compass Group PLC
 
5,152,249
173,707,168
Flutter Entertainment PLC (United Kingdom) (c)
 
305,257
73,064,154
 
 
 
246,771,322
Leisure Products - 0.8%
 
 
 
Games Workshop Group PLC
 
422,000
86,665,747
TOTAL CONSUMER DISCRETIONARY
 
 
333,437,069
 
 
 
 
Consumer Staples - 1.2%
 
 
 
Tobacco - 1.2%
 
 
 
Imperial Brands PLC
 
3,117,600
127,924,581
Financials - 5.3%
 
 
 
Banks - 1.0%
 
 
 
NatWest Group PLC
 
13,215,600
85,006,527
Starling Bank Ltd Class D (a)(b)(c)
 
6,223,100
20,070,331
 
 
 
105,076,858
Capital Markets - 4.1%
 
 
 
3i Group PLC
 
3,547,734
201,124,729
London Stock Exchange Group PLC
 
1,331,620
207,348,583
 
 
 
408,473,312
Financial Services - 0.2%
 
 
 
Revolut Group Holdings Ltd (a)(b)
 
25,338
19,100,545
TOTAL FINANCIALS
 
 
532,650,715
 
 
 
 
Health Care - 1.4%
 
 
 
Pharmaceuticals - 1.4%
 
 
 
Astrazeneca PLC
 
1,024,055
146,713,002
Industrials - 4.5%
 
 
 
Aerospace & Defense - 2.2%
 
 
 
BAE Systems PLC
 
7,419,708
172,008,390
Rolls-Royce Holdings PLC
 
5,273,900
53,384,918
 
 
 
225,393,308
Professional Services - 1.9%
 
 
 
RELX PLC
 
3,572,579
194,974,035
Trading Companies & Distributors - 0.4%
 
 
 
Diploma PLC
 
701,000
37,013,903
TOTAL INDUSTRIALS
 
 
457,381,246
 
 
 
 
TOTAL UNITED KINGDOM
 
 
1,805,193,599
UNITED STATES - 4.8%
 
 
 
Communication Services - 0.8%
 
 
 
Entertainment - 0.8%
 
 
 
Spotify Technology SA (c)
 
132,100
81,106,758
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Shell PLC
 
719,842
23,230,556
Health Care - 0.5%
 
 
 
Health Care Equipment & Supplies - 0.5%
 
 
 
Alcon AG (United States)
 
525,400
51,284,294
Industrials - 1.4%
 
 
 
Electrical Equipment - 1.4%
 
 
 
Schneider Electric SE
 
601,865
140,623,220
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Monday.com Ltd (c)
 
49,800
13,993,302
Materials - 1.8%
 
 
 
Chemicals - 0.5%
 
 
 
Linde PLC
 
119,432
54,130,165
Construction Materials - 1.3%
 
 
 
CRH PLC (United Kingdom)
 
1,245,142
116,722,248
James Hardie Industries PLC depository receipt (c)
 
730,048
17,135,837
 
 
 
133,858,085
TOTAL MATERIALS
 
 
187,988,250
 
 
 
 
TOTAL UNITED STATES
 
 
498,226,380
 
TOTAL COMMON STOCKS
 (Cost $6,429,450,889)
 
 
 
9,768,304,691
 
 
 
 
Convertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Inc Series A (a)(b)(c)
 
931
1,075,305
Canva Inc Series A2 (a)(b)(c)
 
169
195,195
 
 
 
 
TOTAL AUSTRALIA
 
 
1,270,500
CANADA - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Valsoft Corp Series A-1.2 (a)(b)
 
1,026
12,018,266
Valsoft Corp Series A-1.3 (a)(b)
 
363
4,252,077
Valsoft Corp Series A-1.4 (a)(b)
 
469
5,493,730
 
 
 
 
TOTAL CANADA
 
 
21,764,073
CHINA - 0.3%
 
 
 
Communication Services - 0.3%
 
 
 
Interactive Media & Services - 0.3%
 
 
 
ByteDance Ltd Series E1 (a)(b)(c)
 
131,235
27,859,878
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
dMed Biopharmaceutical Co Ltd Series C (a)(b)(c)
 
631,853
5,067,461
TOTAL CHINA
 
 
32,927,339
ESTONIA - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Bolt Technology OU Series E (a)(b)(c)
 
87,239
16,980,747
INDIA - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Pine Labs Pvt Ltd Series 1 (a)(b)(c)
 
20,726
9,594,273
Pine Labs Pvt Ltd Series A (a)(b)(c)
 
5,179
2,397,411
Pine Labs Pvt Ltd Series B (a)(b)(c)
 
5,635
2,608,498
Pine Labs Pvt Ltd Series B2 (a)(b)(c)
 
4,558
2,109,944
Pine Labs Pvt Ltd Series C (a)(b)(c)
 
8,478
3,924,551
Pine Labs Pvt Ltd Series C1 (a)(b)(c)
 
1,786
826,757
Pine Labs Pvt Ltd Series D (a)(b)(c)
 
1,910
884,158
 
 
 
 
TOTAL INDIA
 
 
22,345,592
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $86,987,981)
 
 
 
95,288,251
 
 
 
 
Money Market Funds - 5.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 
4.33
404,014,917
404,095,720
Fidelity Securities Lending Cash Central Fund (h)(i)
 
4.33
181,763,113
181,781,289
 
TOTAL MONEY MARKET FUNDS
 (Cost $585,877,009)
 
 
 
585,877,009
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
 (Cost $7,102,315,879)
 
 
 
10,449,469,951
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(153,277,798)
NET ASSETS - 100.0%
10,296,192,153
 
 
Legend
 
(a)
Level 3 security
 
(b)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $160,040,065 or 1.6% of net assets.
 
(c)
Non-income producing
 
(d)
Affiliated company
 
(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 $124,436,768 or 1.2% of net assets.
 
(f)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $129,549,160 or 1.3% of net assets.
 
(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 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 ($)
 
Bolt Technology OU Series E
1/03/22
22,664,387
 
 
 
ByteDance Ltd Series E1
11/18/20
14,379,968
 
 
 
Canva Inc Class A
3/18/24
6,293,300
 
 
 
Canva Inc Series A
9/22/23
993,061
 
 
 
Canva Inc Series A2
9/22/23
180,266
 
 
 
dMed Biopharmaceutical Co Ltd Series C
12/01/20
8,974,302
 
 
 
Kry International Ab
5/14/21 - 10/30/24
12,863,695
 
 
 
Lenskart Solutions Pvt Ltd
4/30/24
9,022,526
 
 
 
Pine Labs Pvt Ltd
6/30/21
3,233,849
 
 
 
Pine Labs Pvt Ltd Series 1
6/30/21
7,728,303
 
 
 
Pine Labs Pvt Ltd Series A
6/30/21
1,931,449
 
 
 
Pine Labs Pvt Ltd Series B
6/30/21
2,101,473
 
 
 
Pine Labs Pvt Ltd Series B2
6/30/21
1,699,903
 
 
 
Pine Labs Pvt Ltd Series C
6/30/21
3,161,514
 
 
 
Pine Labs Pvt Ltd Series C1
6/30/21
666,335
 
 
 
Pine Labs Pvt Ltd Series D
6/30/21
712,570
 
 
 
Revolut Group Holdings Ltd
12/27/24
22,037,614
 
 
 
Starling Bank Ltd Class D
6/18/21
11,126,191
 
 
 
Valsoft Corp Series A-1.2
3/14/25
12,018,266
 
 
 
Valsoft Corp Series A-1.3
3/17/25
3,603,455
 
 
 
Valsoft Corp Series A-1.4
3/17/25
6,172,730
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
267,528,251
1,630,168,992
1,493,601,523
4,715,285
-
-
404,095,720
404,014,917
0.7%
Fidelity Securities Lending Cash Central Fund
23,907,178
762,572,245
604,698,134
191,645
-
-
181,781,289
181,763,113
0.6%
Total
291,435,429
2,392,741,237
2,098,299,657
4,906,930
-
-
585,877,009
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
IperionX Ltd
48,120,514
-
1,433,760
-
348,533
3,017,024
50,052,311
21,820,344
Total
48,120,514
-
1,433,760
-
348,533
3,017,024
50,052,311
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
651,360,058
397,017,709
254,342,349
-
Consumer Discretionary
1,326,056,768
777,331,212
537,810,094
10,915,462
Consumer Staples
239,716,084
-
239,716,084
-
Energy
113,429,789
90,199,233
23,230,556
-
Financials
2,648,878,202
657,835,402
1,951,871,924
39,170,876
Health Care
751,619,598
352,999,166
398,620,432
-
Industrials
2,403,507,201
495,811,506
1,907,695,695
-
Information Technology
1,278,818,116
606,422,509
657,730,127
14,665,480
Materials
354,918,875
170,852,413
184,066,462
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
27,859,878
-
-
27,859,878
Health Care
5,067,461
-
-
5,067,461
Information Technology
62,360,912
-
-
62,360,912
 Money Market Funds
585,877,009
585,877,009
-
-
 Total Investments in Securities:
10,449,469,951
4,134,346,159
6,155,083,723
160,040,069
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
Beginning Balance ($)
Net Realized Gain (Loss) on Investement Securities ($)
Net Unrealized Gain (Loss) on Investement Securities ($)
Cost of Purchases ($)
Proceeds of Sales ($)
Amoritization/
Accretion ($)
Transfers into Level 3 ($)
Transfers out of Level 3 ($)
Ending Balance ($)
The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)
Common Stocks
48,790,355
407
(6,076,558)
22,037,614
-
-
-
-
64,751,818
(6,076,558)
Convertible Preferred Stocks
71,851,148
(222,389)
3,001,899
21,794,452
(1,136,859)
-
-
-
95,288,251
3,001,899
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
 
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $168,854,325) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,495,864,840)
$
9,813,540,631
 
 
Fidelity Central Funds (cost $585,877,009)
585,877,009
 
 
Other affiliated issuers (cost $20,574,030)
50,052,311
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,102,315,879)
 
 
$
10,449,469,951
Foreign currency held at value (cost $380,288)
 
 
379,137
Receivable for investments sold
 
 
1,327,806
Receivable for fund shares sold
 
 
2,785,484
Dividends receivable
 
 
27,805,122
Reclaims receivable
 
 
31,339,322
Distributions receivable from Fidelity Central Funds
 
 
1,257,124
Prepaid expenses
 
 
2,891
Other receivables
 
 
2,976,786
  Total assets
 
 
10,517,343,623
Liabilities
 
 
 
 
Payable for investments purchased
$
17,970,234
 
 
Payable for fund shares redeemed
12,234,519
 
 
Accrued management fee
5,056,129
 
 
Distribution and service plan fees payable
38,904
 
 
Deferred taxes
3,882,371
 
 
Other payables and accrued expenses
188,024
 
 
Collateral on securities loaned
181,781,289
 
 
  Total liabilities
 
 
 
221,151,470
Net Assets  
 
 
$
10,296,192,153
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,435,918,622
Total accumulated earnings (loss)
 
 
 
2,860,273,531
Net Assets
 
 
$
10,296,192,153
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($144,062,527 ÷ 2,786,143 shares)(a)
 
 
$
51.71
Maximum offering price per share (100/94.25 of $51.71)
 
 
$
54.86
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($18,084,526 ÷ 353,161 shares)(a)
 
 
$
51.21
Maximum offering price per share (100/96.50 of $51.21)
 
 
$
53.07
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,373,911 ÷ 86,535 shares)(a)
 
 
$
50.54
International Discovery :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,833,019,313 ÷ 73,510,519 shares)
 
 
$
52.14
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($556,757,913 ÷ 10,721,552 shares)
 
 
$
51.93
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($805,870,192 ÷ 15,539,305 shares)
 
 
$
51.86
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($4,934,023,771 ÷ 95,203,658 shares)
 
 
$
51.83
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
92,201,563
Foreign Tax Reclaims
 
 
8,427,184
Income from Fidelity Central Funds (including $191,645 from security lending)
 
 
4,906,930
 Income before foreign taxes withheld
 
 
$
105,535,677
Less foreign taxes withheld
 
 
(11,243,845)
 Total income
 
 
 
94,291,832
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
35,734,924
 
 
 Performance adjustment
(7,032,099)
 
 
Distribution and service plan fees
242,345
 
 
Custodian fees and expenses
288,638
 
 
Independent trustees' fees and expenses
21,627
 
 
Registration fees
129,376
 
 
Audit fees
81,878
 
 
Legal
6,292
 
 
Miscellaneous
16,431
 
 
 Total expenses before reductions
 
29,489,412
 
 
 Expense reductions
 
(5,321)
 
 
 Total expenses after reductions
 
 
 
29,484,091
Net Investment income (loss)
 
 
 
64,807,741
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $5,124,635)
 
(18,378,177)
 
 
   Affiliated issuers
 
348,533
 
 
 Foreign currency transactions
 
482,187
 
 
Total net realized gain (loss)
 
 
 
(17,547,457)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $8,524,003)  
 
618,721,919
 
 
   Affiliated issuers
 
3,017,024
 
 
 Assets and liabilities in foreign currencies
 
2,700,756
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
624,439,699
Net gain (loss)
 
 
 
606,892,242
Net increase (decrease) in net assets resulting from operations
 
 
$
671,699,983
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
64,807,741
$
124,753,922
Net realized gain (loss)
 
(17,547,457)
 
272,609,663
Change in net unrealized appreciation (depreciation)
 
624,439,699
 
1,734,690,881
Net increase (decrease) in net assets resulting from operations
 
671,699,983
 
2,132,054,466
Distributions to shareholders
 
(278,640,123)
 
(157,784,315)
 
 
 
 
 
Share transactions - net increase (decrease)
 
62,098,518
 
731,093,896
Total increase (decrease) in net assets
 
455,158,378
 
2,705,364,047
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
9,841,033,775
 
7,135,669,728
End of period
$
10,296,192,153
$
9,841,033,775
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Discovery Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.70
$
39.12
$
36.68
$
58.79
$
45.84
$
43.31
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.50
 
.49
 
.56 C
 
.18
 
.16
     Net realized and unrealized gain (loss)
 
3.01
 
10.78
 
1.95
 
(16.91)
 
14.60
 
3.27
  Total from investment operations
 
3.25  
 
11.28  
 
2.44  
 
(16.35)  
 
14.78
 
3.43
  Distributions from net investment income
 
(1.24)
 
(.70)
 
-
 
(1.38)
 
(.12)
 
(.62)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
     Total distributions
 
(1.24)
 
(.70)
 
-
 
(5.76)
 
(1.83)
 
(.90)
  Net asset value, end of period
$
51.71
$
49.70
$
39.12
$
36.68
$
58.79
$
45.84
 Total Return D,E,F
 
6.68
%
 
29.14%
 
6.65%
 
(30.57)%
 
32.86%
 
8.02%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91% I
 
.88%
 
1.00%
 
1.31%
 
1.32%
 
1.36%
    Expenses net of fee waivers, if any
 
.91
% I
 
.87%
 
.99%
 
1.30%
 
1.32%
 
1.36%
    Expenses net of all reductions, if any
 
.91% I
 
.87%
 
.99%
 
1.30%
 
1.32%
 
1.36%
    Net investment income (loss)
 
.98% I
 
1.05%
 
1.17%
 
1.27% C
 
.32%
 
.38%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
144,063
$
143,018
$
122,305
$
130,702
$
206,114
$
172,784
    Portfolio turnover rate J
 
52
% I
 
44% K
 
49% K
 
43% K
 
41% K
 
34% K
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .92%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.16
$
38.71
$
36.38
$
58.35
$
45.53
$
43.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.38
 
.38
 
.45 C
 
.04
 
.06
     Net realized and unrealized gain (loss)
 
2.98
 
10.67
 
1.95
 
(16.81)
 
14.51
 
3.24
  Total from investment operations
 
3.16  
 
11.05  
 
2.33  
 
(16.36)  
 
14.55
 
3.30
  Distributions from net investment income
 
(1.11)
 
(.60)
 
-
 
(1.23)
 
(.02)
 
(.51)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
     Total distributions
 
(1.11)
 
(.60)
 
-
 
(5.61)
 
(1.73)
 
(.78) D
  Net asset value, end of period
$
51.21
$
49.16
$
38.71
$
36.38
$
58.35
$
45.53
 Total Return E,F,G
 
6.56
%
 
28.81%
 
6.40%
 
(30.76)%
 
32.53%
 
7.77%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.16% J
 
1.13%
 
1.24%
 
1.55%
 
1.57%
 
1.61%
    Expenses net of fee waivers, if any
 
1.16
% J
 
1.12%
 
1.24%
 
1.55%
 
1.57%
 
1.61%
    Expenses net of all reductions, if any
 
1.16% J
 
1.12%
 
1.23%
 
1.55%
 
1.57%
 
1.60%
    Net investment income (loss)
 
.73% J
 
.80%
 
.93%
 
1.02% C
 
.07%
 
.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,085
$
17,503
$
15,275
$
16,100
$
25,178
$
21,333
    Portfolio turnover rate K
 
52
% J
 
44% L
 
49% L
 
43% L
 
41% L
 
34% L
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .67%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
48.41
$
38.06
$
35.96
$
57.59
$
45.18
$
42.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.14
 
.16
 
.21 C
 
(.27)
 
(.18)
     Net realized and unrealized gain (loss)
 
2.93
 
10.54
 
1.94
 
(16.66)
 
14.38
 
3.22
  Total from investment operations
 
2.99  
 
10.68  
 
2.10  
 
(16.45)  
 
14.11
 
3.04
  Distributions from net investment income
 
(.86)
 
(.33)
 
-
 
(.80)
 
-
 
(.19)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.38)
 
(1.70)
 
(.28)
     Total distributions
 
(.86)
 
(.33)
 
-
 
(5.18)
 
(1.70)
 
(.46) D
  Net asset value, end of period
$
50.54
$
48.41
$
38.06
$
35.96
$
57.59
$
45.18
 Total Return E,F,G
 
6.27
%
 
28.20%
 
5.84%
 
(31.14)%
 
31.79%
 
7.19%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.66% J
 
1.62%
 
1.77%
 
2.10%
 
2.14%
 
2.16%
    Expenses net of fee waivers, if any
 
1.66
% J
 
1.62%
 
1.76%
 
2.10%
 
2.13%
 
2.15%
    Expenses net of all reductions, if any
 
1.66% J
 
1.62%
 
1.76%
 
2.10%
 
2.13%
 
2.15%
    Net investment income (loss)
 
.23% J
 
.31%
 
.40%
 
.48% C
 
(.50)%
 
(.41)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,374
$
4,485
$
4,391
$
5,429
$
10,230
$
10,714
    Portfolio turnover rate K
 
52
% J
 
44% L
 
49% L
 
43% L
 
41% L
 
34% L
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® International Discovery Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
50.17
$
39.51
$
37.04
$
59.31
$
46.20
$
43.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.65
 
.63
 
.72 C
 
.36
 
.32
     Net realized and unrealized gain (loss)
 
3.03
 
10.86
 
1.98
 
(17.07)
 
14.71
 
3.29
  Total from investment operations
 
3.35  
 
11.51  
 
2.61  
 
(16.35)  
 
15.07
 
3.61
  Distributions from net investment income
 
(1.38)
 
(.85)
 
(.14)
 
(1.54)
 
(.25)
 
(.78)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
     Total distributions
 
(1.38)
 
(.85)
 
(.14)
 
(5.92)
 
(1.96)
 
(1.06)
  Net asset value, end of period
$
52.14
$
50.17
$
39.51
$
37.04
$
59.31
$
46.20
 Total Return D,E
 
6.83
%
 
29.52%
 
7.04%
 
(30.36)%
 
33.29%
 
8.39%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% H
 
.58%
 
.66%
 
.98%
 
.99%
 
1.02%
    Expenses net of fee waivers, if any
 
.62
% H
 
.58%
 
.65%
 
.97%
 
.99%
 
1.02%
    Expenses net of all reductions, if any
 
.62% H
 
.58%
 
.65%
 
.97%
 
.99%
 
1.01%
    Net investment income (loss)
 
1.27% H
 
1.35%
 
1.51%
 
1.60% C
 
.65%
 
.72%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,833,019
$
3,704,910
$
3,352,940
$
3,385,800
$
5,117,474
$
6,784,273
    Portfolio turnover rate I
 
52
% H
 
44% J
 
49% J
 
43% J
 
41% J
 
34% J
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® International Discovery Fund Class K
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
50.01
$
39.39
$
36.93
$
59.18
$
46.10
$
43.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.68
 
.68
 
.78 C
 
.41
 
.36
     Net realized and unrealized gain (loss)
 
3.02
 
10.83
 
1.96
 
(17.02)
 
14.67
 
3.29
  Total from investment operations
 
3.36  
 
11.51  
 
2.64  
 
(16.24)  
 
15.08
 
3.65
  Distributions from net investment income
 
(1.44)
 
(.89)
 
(.18)
 
(1.62)
 
(.29)
 
(.82)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
     Total distributions
 
(1.44)
 
(.89)
 
(.18)
 
(6.01) D
 
(2.00)
 
(1.10)
  Net asset value, end of period
$
51.93
$
50.01
$
39.39
$
36.93
$
59.18
$
46.10
 Total Return E,F
 
6.88
%
 
29.64%
 
7.15%
 
(30.28)%
 
33.40%
 
8.52%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55% I
 
.51%
 
.55%
 
.87%
 
.90%
 
.91%
    Expenses net of fee waivers, if any
 
.55
% I
 
.51%
 
.54%
 
.87%
 
.90%
 
.91%
    Expenses net of all reductions, if any
 
.55% I
 
.51%
 
.54%
 
.87%
 
.90%
 
.91%
    Net investment income (loss)
 
1.35% I
 
1.41%
 
1.62%
 
1.71% C
 
.74%
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
556,758
$
645,612
$
476,117
$
602,552
$
1,371,352
$
1,400,517
    Portfolio turnover rate J
 
52
% I
 
44% K
 
49% K
 
43% K
 
41% K
 
34% K
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.96
$
39.35
$
36.90
$
59.15
$
46.08
$
43.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.62
 
.63
 
.69 C
 
.35
 
.31
     Net realized and unrealized gain (loss)
 
3.02
 
10.83
 
1.96
 
(16.99)
 
14.67
 
3.28
  Total from investment operations
 
3.33  
 
11.45  
 
2.59  
 
(16.30)  
 
15.02
 
3.59
  Distributions from net investment income
 
(1.43)
 
(.84)
 
(.14)
 
(1.57)
 
(.24)
 
(.76)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
     Total distributions
 
(1.43)
 
(.84)
 
(.14)
 
(5.95)
 
(1.95)
 
(1.04)
  Net asset value, end of period
$
51.86
$
49.96
$
39.35
$
36.90
$
59.15
$
46.08
 Total Return D,E
 
6.82
%
 
29.49%
 
7.01%
 
(30.37)%
 
33.26%
 
8.37%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.66% H
 
.62%
 
.67%
 
.99%
 
1.02%
 
1.04%
    Expenses net of fee waivers, if any
 
.66
% H
 
.62%
 
.66%
 
.99%
 
1.02%
 
1.04%
    Expenses net of all reductions, if any
 
.66% H
 
.62%
 
.66%
 
.99%
 
1.02%
 
1.03%
    Net investment income (loss)
 
1.23% H
 
1.30%
 
1.50%
 
1.59% C
 
.62%
 
.70%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
805,870
$
776,727
$
496,845
$
509,367
$
565,667
$
388,405
    Portfolio turnover rate I
 
52
% H
 
44% J
 
49% J
 
43% J
 
41% J
 
34% J
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.93
$
39.33
$
36.88
$
59.14
$
46.07
$
43.52
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.68
 
.67
 
.76 C
 
.43
 
.36
     Net realized and unrealized gain (loss)
 
3.03
 
10.82
 
1.97
 
(16.99)
 
14.64
 
3.29
  Total from investment operations
 
3.36  
 
11.50  
 
2.64  
 
(16.23)  
 
15.07
 
3.65
  Distributions from net investment income
 
(1.46)
 
(.90)
 
(.19)
 
(1.65)
 
(.29)
 
(.82)
  Distributions from net realized gain
 
-
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
     Total distributions
 
(1.46)
 
(.90)
 
(.19)
 
(6.03)
 
(2.00)
 
(1.10)
  Net asset value, end of period
$
51.83
$
49.93
$
39.33
$
36.88
$
59.14
$
46.07
 Total Return D,E
 
6.89
%
 
29.65%
 
7.14%
 
(30.29)%
 
33.40%
 
8.53%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55% H
 
.52%
 
.55%
 
.87%
 
.90%
 
.91%
    Expenses net of fee waivers, if any
 
.55
% H
 
.51%
 
.54%
 
.87%
 
.90%
 
.91%
    Expenses net of all reductions, if any
 
.55% H
 
.51%
 
.54%
 
.87%
 
.90%
 
.91%
    Net investment income (loss)
 
1.35% H
 
1.41%
 
1.62%
 
1.71% C
 
.74%
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,934,024
$
4,548,779
$
2,667,797
$
2,720,340
$
3,972,323
$
53,963
    Portfolio turnover rate I
 
52
% H
 
44% J
 
49% J
 
43% J
 
41% J
 
34% J
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Discovery, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
$64,751,818
Market comparable
Enterprise value/Net income (EV/NI)
14.3 - 14.8 / 14.5
Increase
 
 
 
Enterprise value/Revenue multiple (EV/R)
2.3 - 12.3 / 7.8
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
1.7%
Increase
 
 
 
Term
2.0
Increase
 
 
 
Volatility
75.0%
Increase
Convertible Preferred Stocks
$95,288,251
Market comparable
Enterprise value/EBITDA multiple (EV/EBITDA)
14.0
Increase
 
 
 
Enterprise value/Revenue multiple (EV/R)
1.8 - 12.3 / 5.6
Increase
 
 
Market approach
Discount rate
10.0%
Decrease
 
 
 
Transaction price
$15.40
Increase
 
 
Black scholes
Discount rate
3.9%
Increase
 
 
 
Term
3.0
Increase
 
 
 
Volatility
60.0%
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$3,257,679,287
Gross unrealized depreciation
(144,721,503)
Net unrealized appreciation (depreciation)
$3,112,957,784
Tax cost
$7,336,512,167
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(278,889,671)
Total capital loss carryforward
$(278,889,671)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Discovery Fund
2,537,409,850
2,809,144,400
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity International Discovery Fund
872,951
9,303,152
36,396,996
 
Prior Year Unaffiliated Exchanges In-Kind.  Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity International Discovery Fund
95,277
4,686,699
 
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.84
Class M
.84
Class C
.84
International Discovery
.78
Class K
.68
Class I
.80
Class Z
.68
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.79
Class M
.79
Class C
.79
International Discovery
.75
Class K
.68
Class I
.79
Class Z
.68
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity International Discovery Fund
MSCI EAFE Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Discovery. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.14)%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
177,108
2,630
Class M
 .25%
 .25%
 43,618
525
Class C
 .75%
 .25%
 21,619
2,190
 
 
 
242,345
5,345
 
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
2,574
Class M
812
Class CA
69
 
3,455
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
 5,395
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 67,271,653
 155,775,810
 (19,831,663)
 
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity International Discovery Fund
7,736
 
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
19,898
 -
-
 
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $5,321.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity International Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$3,553,974
 $2,140,472
Class M
 392,108
 232,905
Class C
 79,580
 36,776
International Discovery
 101,373,792
70,858,650
Class K
 17,514,884
9,876,323
Class I
 22,644,236
10,533,622
Class Z
133,081,549
64,105,567
Total  
$278,640,123
$157,784,315
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity International Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
83,837
128,704
$4,169,580
$6,133,183
Reinvestment of distributions
71,602
50,196
3,507,794
2,114,271
Shares redeemed
(247,037)
(427,825)
(12,246,296)
(20,180,822)
Net increase (decrease)
(91,598)
(248,925)
$(4,568,922)
$(11,933,368)
Class M
 
 
 
 
Shares sold
10,697
11,065
$525,835
$514,154
Reinvestment of distributions
8,014
5,531
389,159
230,983
Shares redeemed
(21,562)
(55,236)
(1,053,015)
(2,576,685)
Net increase (decrease)
(2,851)
(38,640)
$(138,021)
$(1,831,548)
Class C
 
 
 
 
Shares sold
7,060
12,469
$342,124
$581,189
Reinvestment of distributions
1,644
889
78,954
36,710
Shares redeemed
(14,807)
(36,076)
(715,140)
(1,658,420)
Net increase (decrease)
(6,103)
(22,718)
$(294,062)
$(1,040,521)
International Discovery
 
 
 
 
Shares sold
3,232,410
6,202,249
$162,207,044
$302,448,143
Reinvestment of distributions
1,875,836
1,538,643
92,572,519
65,253,862
Shares redeemed
(5,445,231)
(18,763,133)
(272,134,567)
(912,040,994)
Net increase (decrease)
(336,985)
(11,022,241)
$(17,355,004)
$(544,338,989)
Class K
 
 
 
 
Shares sold
1,029,506
3,777,457
$51,173,820
$182,664,593
Reinvestment of distributions
356,501
233,814
17,514,884
9,876,323
Shares redeemed
(3,574,490)
(3,189,382)
(178,766,014)
(146,659,863)
Net increase (decrease)
(2,188,483)
821,889
$(110,077,310)
$45,881,053
Class I
 
 
 
 
Shares sold
4,653,727
5,546,246
$224,293,808
$270,048,189
Reinvestment of distributions
103,131
48,017
5,062,699
2,028,708
Shares redeemed
(4,763,369)
(2,674,032)
(230,277,332)
(125,179,604)
Net increase (decrease)
(6,511)
2,920,231
$(920,825)
$146,897,293
Class Z
 
 
 
 
Shares sold
4,352,151
22,189,059
$211,668,813
$1,054,486,022
Reinvestment of distributions
2,691,652
1,513,180
131,971,709
63,825,921
Shares redeemed
(2,935,938)
(433,995)
(148,187,860)
(20,851,967)
Net increase (decrease)
4,107,865
23,268,244
$195,452,662
$1,097,459,976
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity International Discovery Fund
37%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Discovery Fund
48%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.807261.120
IGI-SANN-0625
Fidelity's Broadly Diversified International Equity Funds
 
Fidelity® Diversified International Fund
Fidelity® International Capital Appreciation Fund
Fidelity® Overseas Fund
Fidelity® Worldwide Fund
 
 
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Diversified International Fund

Fidelity® International Capital Appreciation Fund

Fidelity® Overseas Fund

Fidelity® Worldwide Fund

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Diversified International Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.6%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Hotels, Restaurants & Leisure - 0.6%
 
 
 
Aristocrat Leisure Ltd
 
1,549,713
66,186,766
BELGIUM - 1.1%
 
 
 
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
KBC Group NV
 
741,100
68,054,340
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
UCB SA
 
344,120
62,822,126
TOTAL BELGIUM
 
 
130,876,466
BRAZIL - 0.8%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Broadline Retail - 0.6%
 
 
 
MercadoLibre Inc (a)
 
27,400
63,865,290
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Vale SA
 
2,638,100
24,572,032
TOTAL BRAZIL
 
 
88,437,322
CANADA - 4.8%
 
 
 
Consumer Staples - 0.6%
 
 
 
Consumer Staples Distribution & Retail - 0.6%
 
 
 
Alimentation Couche-Tard Inc
 
1,257,090
65,617,435
Energy - 1.7%
 
 
 
Oil, Gas & Consumable Fuels - 1.7%
 
 
 
Cameco Corp
 
395,181
17,838,469
Canadian Natural Resources Ltd
 
3,092,051
88,728,810
Imperial Oil Ltd
 
1,160,614
78,286,302
MEG Energy Corp
 
1,016,509
14,260,325
 
 
 
199,113,906
Industrials - 0.4%
 
 
 
Professional Services - 0.4%
 
 
 
Thomson Reuters Corp
 
314,544
58,530,373
Information Technology - 1.2%
 
 
 
Software - 1.2%
 
 
 
Constellation Software Inc/Canada
 
37,856
136,429,608
Constellation Software Inc/Canada warrants 3/31/2040 (a)(b)
 
50,399
4
 
 
 
136,429,612
Materials - 0.9%
 
 
 
Metals & Mining - 0.9%
 
 
 
Franco-Nevada Corp
 
599,651
103,048,976
TOTAL CANADA
 
 
562,740,302
CHILE - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Antofagasta PLC
 
1,695,900
36,907,856
CHINA - 0.6%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Broadline Retail - 0.6%
 
 
 
Prosus NV Class N
 
1,623,050
76,096,062
CONGO DEMOCRATIC REPUBLIC OF - 0.2%
 
 
 
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Ivanhoe Mine Ltd Class A (a)
 
2,251,288
19,988,224
DENMARK - 2.7%
 
 
 
Health Care - 1.3%
 
 
 
Pharmaceuticals - 1.3%
 
 
 
Novo Nordisk A/S Series B
 
2,320,448
155,148,783
Industrials - 1.4%
 
 
 
Air Freight & Logistics - 1.4%
 
 
 
DSV A/S
 
773,303
163,909,223
TOTAL DENMARK
 
 
319,058,006
FRANCE - 9.3%
 
 
 
Consumer Discretionary - 1.7%
 
 
 
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Accor SA
 
537,800
26,288,996
Textiles, Apparel & Luxury Goods - 1.5%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
292,555
162,054,768
TOTAL CONSUMER DISCRETIONARY
 
 
188,343,764
 
 
 
 
Consumer Staples - 0.2%
 
 
 
Food Products - 0.2%
 
 
 
Danone SA
 
326,056
28,055,950
Financials - 1.1%
 
 
 
Capital Markets - 0.2%
 
 
 
Amundi SA (c)(d)
 
349,469
27,455,384
Insurance - 0.9%
 
 
 
AXA SA
 
2,262,222
106,993,829
TOTAL FINANCIALS
 
 
134,449,213
 
 
 
 
Health Care - 1.2%
 
 
 
Health Care Equipment & Supplies - 1.2%
 
 
 
EssilorLuxottica SA
 
485,100
138,870,157
Industrials - 3.2%
 
 
 
Aerospace & Defense - 2.5%
 
 
 
Safran SA
 
470,591
125,233,480
Thales SA
 
583,917
163,568,212
 
 
 
288,801,692
Electrical Equipment - 0.7%
 
 
 
Legrand SA
 
729,066
80,124,229
TOTAL INDUSTRIALS
 
 
368,925,921
 
 
 
 
Information Technology - 0.7%
 
 
 
IT Services - 0.4%
 
 
 
Alten SA
 
67,715
5,672,773
Capgemini SE
 
235,130
37,539,054
 
 
 
43,211,827
Software - 0.3%
 
 
 
Dassault Systemes SE
 
1,047,418
39,253,170
TOTAL INFORMATION TECHNOLOGY
 
 
82,464,997
 
 
 
 
Materials - 1.2%
 
 
 
Chemicals - 1.2%
 
 
 
Air Liquide SA
 
705,954
145,058,164
TOTAL FRANCE
 
 
1,086,168,166
GERMANY - 11.9%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Deutsche Telekom AG
 
490,200
17,606,771
Financials - 5.5%
 
 
 
Capital Markets - 1.4%
 
 
 
Deutsche Boerse AG
 
493,849
159,065,749
Insurance - 4.1%
 
 
 
Allianz SE
 
579,817
239,798,793
Hannover Rueck SE
 
313,221
100,204,672
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a)
 
207,242
141,879,817
 
 
 
481,883,282
TOTAL FINANCIALS
 
 
640,949,031
 
 
 
 
Health Care - 1.2%
 
 
 
Health Care Providers & Services - 1.1%
 
 
 
Fresenius SE & Co KGaA (a)
 
2,720,295
128,814,483
Pharmaceuticals - 0.1%
 
 
 
Merck KGaA
 
123,692
17,081,174
TOTAL HEALTH CARE
 
 
145,895,657
 
 
 
 
Industrials - 1.5%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Rheinmetall AG
 
7,621
12,978,964
Electrical Equipment - 0.6%
 
 
 
Siemens Energy AG (a)
 
886,093
68,391,921
Industrial Conglomerates - 0.8%
 
 
 
Siemens AG
 
387,924
89,323,891
TOTAL INDUSTRIALS
 
 
170,694,776
 
 
 
 
Information Technology - 2.7%
 
 
 
Software - 2.7%
 
 
 
SAP SE
 
1,095,145
320,426,985
Materials - 0.8%
 
 
 
Construction Materials - 0.8%
 
 
 
Heidelberg Materials AG
 
492,995
97,316,775
TOTAL GERMANY
 
 
1,392,889,995
HONG KONG - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Insurance - 0.0%
 
 
 
AIA Group Ltd
 
1,556,239
11,660,768
INDIA - 1.5%
 
 
 
Financials - 1.3%
 
 
 
Banks - 1.1%
 
 
 
HDFC Bank Ltd
 
5,617,204
127,415,858
Capital Markets - 0.2%
 
 
 
Fairfax India Holdings Corp Subordinate Voting Shares (a)(c)(d)
 
1,206,268
20,566,869
TOTAL FINANCIALS
 
 
147,982,727
 
 
 
 
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Hindustan Aeronautics Ltd (d)
 
503,600
26,668,949
TOTAL INDIA
 
 
174,651,676
INDONESIA - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Bank Central Asia Tbk PT
 
96,369,256
51,238,629
IRELAND - 0.5%
 
 
 
Industrials - 0.5%
 
 
 
Building Products - 0.5%
 
 
 
Kingspan Group PLC
 
646,911
54,450,987
ITALY - 3.0%
 
 
 
Financials - 2.5%
 
 
 
Banks - 2.5%
 
 
 
FinecoBank Banca Fineco SpA
 
3,562,536
70,889,159
UniCredit SpA (e)
 
3,792,715
220,663,410
 
 
 
291,552,569
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
250,985
14,742,425
Industrials - 0.4%
 
 
 
Machinery - 0.1%
 
 
 
Interpump Group SpA
 
497,023
16,936,619
Passenger Airlines - 0.3%
 
 
 
Ryanair Holdings PLC ADR
 
508,645
24,343,750
TOTAL INDUSTRIALS
 
 
41,280,369
 
 
 
 
TOTAL ITALY
 
 
347,575,363
JAPAN - 17.6%
 
 
 
Communication Services - 1.6%
 
 
 
Entertainment - 1.6%
 
 
 
Capcom Co Ltd
 
1,665,683
48,218,365
Nintendo Co Ltd
 
1,631,297
135,430,290
 
 
 
183,648,655
Consumer Discretionary - 0.8%
 
 
 
Automobiles - 0.0%
 
 
 
Toyota Motor Corp
 
609,000
11,631,546
Household Durables - 0.1%
 
 
 
Panasonic Holdings Corp
 
1,061,500
12,171,126
Specialty Retail - 0.7%
 
 
 
Fast Retailing Co Ltd
 
264,762
87,092,103
TOTAL CONSUMER DISCRETIONARY
 
 
110,894,775
 
 
 
 
Financials - 3.1%
 
 
 
Banks - 1.1%
 
 
 
Sumitomo Mitsui Financial Group Inc
 
5,508,827
131,425,262
Financial Services - 0.6%
 
 
 
ORIX Corp
 
3,281,627
65,829,540
Insurance - 1.4%
 
 
 
Tokio Marine Holdings Inc
 
4,106,167
164,584,930
TOTAL FINANCIALS
 
 
361,839,732
 
 
 
 
Health Care - 1.1%
 
 
 
Health Care Equipment & Supplies - 1.1%
 
 
 
Hoya Corp
 
1,083,072
127,440,954
Industrials - 7.5%
 
 
 
Electrical Equipment - 0.5%
 
 
 
Fuji Electric Co Ltd
 
1,261,878
56,111,621
Industrial Conglomerates - 2.6%
 
 
 
Hitachi Ltd
 
12,129,791
299,794,030
Machinery - 2.2%
 
 
 
Ebara Corp
 
1,437,201
21,589,339
IHI Corp
 
225,355
17,652,547
Kawasaki Heavy Industries Ltd
 
631,849
37,690,864
Mitsubishi Heavy Industries Ltd
 
9,235,238
182,052,834
 
 
 
258,985,584
Professional Services - 0.4%
 
 
 
BayCurrent Inc
 
860,293
46,355,689
Trading Companies & Distributors - 1.8%
 
 
 
ITOCHU Corp
 
2,315,904
118,442,141
Mitsui & Co Ltd
 
3,534,582
71,473,215
MonotaRO Co Ltd
 
1,342,400
25,804,912
 
 
 
215,720,268
TOTAL INDUSTRIALS
 
 
876,967,192
 
 
 
 
Information Technology - 2.5%
 
 
 
IT Services - 0.7%
 
 
 
Fujitsu Ltd
 
3,545,908
78,773,986
Semiconductors & Semiconductor Equipment - 1.3%
 
 
 
Advantest Corp
 
1,061,500
44,408,860
Renesas Electronics Corp
 
3,268,605
38,357,942
Tokyo Electron Ltd
 
468,027
69,688,469
 
 
 
152,455,271
Technology Hardware, Storage & Peripherals - 0.5%
 
 
 
FUJIFILM Holdings Corp
 
2,924,145
59,893,474
TOTAL INFORMATION TECHNOLOGY
 
 
291,122,731
 
 
 
 
Materials - 1.0%
 
 
 
Chemicals - 1.0%
 
 
 
Shin-Etsu Chemical Co Ltd
 
3,797,700
115,569,682
TOTAL JAPAN
 
 
2,067,483,721
LUXEMBOURG - 0.5%
 
 
 
Financials - 0.5%
 
 
 
Capital Markets - 0.5%
 
 
 
CVC Capital Partners PLC (a)(c)(d)
 
3,253,333
57,568,108
MEXICO - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Construction Materials - 0.0%
 
 
 
Cemex SAB de CV ADR
 
2,155,297
13,298,181
NETHERLANDS - 4.3%
 
 
 
Health Care - 0.3%
 
 
 
Biotechnology - 0.3%
 
 
 
Argenx SE (a)
 
47,004
30,385,696
Industrials - 2.0%
 
 
 
Professional Services - 1.6%
 
 
 
Wolters Kluwer NV
 
1,059,513
186,581,863
Trading Companies & Distributors - 0.4%
 
 
 
IMCD NV
 
401,693
53,173,517
TOTAL INDUSTRIALS
 
 
239,755,380
 
 
 
 
Information Technology - 2.0%
 
 
 
Semiconductors & Semiconductor Equipment - 2.0%
 
 
 
ASML Holding NV depository receipt
 
250,180
167,140,254
BE Semiconductor Industries NV
 
424,694
45,340,240
NXP Semiconductors NV
 
92,161
16,986,194
 
 
 
229,466,688
TOTAL NETHERLANDS
 
 
499,607,764
SPAIN - 2.7%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Specialty Retail - 0.3%
 
 
 
Industria de Diseno Textil SA (e)
 
654,771
35,040,616
Financials - 2.4%
 
 
 
Banks - 2.4%
 
 
 
Banco Santander SA
 
24,609,286
172,345,689
CaixaBank SA
 
14,607,702
111,956,421
 
 
 
284,302,110
TOTAL SPAIN
 
 
319,342,726
SWEDEN - 3.1%
 
 
 
Financials - 1.2%
 
 
 
Financial Services - 1.2%
 
 
 
Investor AB B Shares
 
4,866,259
143,639,097
Industrials - 1.9%
 
 
 
Machinery - 1.9%
 
 
 
Atlas Copco AB A Shares
 
5,103,525
79,122,986
Epiroc AB A Shares
 
866,900
18,727,301
Epiroc AB B Shares
 
424,091
8,301,486
Indutrade AB
 
4,025,382
108,615,139
 
 
 
214,766,912
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Kry International Ab (a)(b)(f)
 
123,307
2,431,974
TOTAL SWEDEN
 
 
360,837,983
SWITZERLAND - 2.5%
 
 
 
Consumer Discretionary - 1.0%
 
 
 
Textiles, Apparel & Luxury Goods - 1.0%
 
 
 
Cie Financiere Richemont SA Series A
 
659,792
116,588,689
Financials - 1.5%
 
 
 
Capital Markets - 1.5%
 
 
 
Partners Group Holding AG
 
49,039
63,901,914
UBS Group AG
 
3,606,932
108,773,899
 
 
 
172,675,813
TOTAL SWITZERLAND
 
 
289,264,502
TAIWAN - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
802,797
133,818,232
UNITED KINGDOM - 15.8%
 
 
 
Consumer Discretionary - 2.3%
 
 
 
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Compass Group PLC
 
4,446,403
149,909,694
InterContinental Hotels Group PLC
 
834,725
89,073,429
 
 
 
238,983,123
Leisure Products - 0.3%
 
 
 
Games Workshop Group PLC
 
161,825
33,233,850
TOTAL CONSUMER DISCRETIONARY
 
 
272,216,973
 
 
 
 
Financials - 5.7%
 
 
 
Banks - 2.9%
 
 
 
HSBC Holdings PLC
 
3,600,418
40,135,210
Lloyds Banking Group PLC
 
146,529,966
143,962,524
NatWest Group PLC
 
20,121,632
129,428,103
Starling Bank Ltd Class D (a)(b)(f)
 
8,636,400
27,853,547
 
 
 
341,379,384
Capital Markets - 2.8%
 
 
 
3i Group PLC
 
2,153,262
122,070,662
London Stock Exchange Group PLC
 
1,353,378
210,736,554
 
 
 
332,807,216
TOTAL FINANCIALS
 
 
674,186,600
 
 
 
 
Health Care - 2.1%
 
 
 
Health Care Equipment & Supplies - 0.5%
 
 
 
ConvaTec Group PLC (c)(d)
 
16,790,343
58,134,120
Pharmaceuticals - 1.6%
 
 
 
Astrazeneca PLC
 
1,294,211
185,417,367
TOTAL HEALTH CARE
 
 
243,551,487
 
 
 
 
Industrials - 5.7%
 
 
 
Aerospace & Defense - 3.1%
 
 
 
BAE Systems PLC
 
7,052,132
163,487,010
Rolls-Royce Holdings PLC
 
20,180,464
204,276,233
 
 
 
367,763,243
Professional Services - 2.2%
 
 
 
Intertek Group PLC
 
485,100
29,635,228
RELX PLC (Netherlands)
 
4,138,454
224,004,471
 
 
 
253,639,699
Trading Companies & Distributors - 0.4%
 
 
 
Diploma PLC
 
226,800
11,975,397
RS GROUP PLC
 
4,865,760
33,428,104
 
 
 
45,403,501
TOTAL INDUSTRIALS
 
 
666,806,443
 
 
 
 
TOTAL UNITED KINGDOM
 
 
1,856,761,503
UNITED STATES - 10.8%
 
 
 
Communication Services - 0.7%
 
 
 
Entertainment - 0.7%
 
 
 
Spotify Technology SA (a)
 
143,339
88,007,278
Energy - 1.3%
 
 
 
Oil, Gas & Consumable Fuels - 1.3%
 
 
 
Shell PLC
 
4,885,822
157,673,993
Financials - 1.4%
 
 
 
Capital Markets - 0.2%
 
 
 
S&P Global Inc
 
57,298
28,651,865
Financial Services - 0.4%
 
 
 
Mastercard Inc Class A
 
75,510
41,384,011
Insurance - 0.8%
 
 
 
Marsh & McLennan Cos Inc
 
435,043
98,089,145
TOTAL FINANCIALS
 
 
168,125,021
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Equipment & Supplies - 1.3%
 
 
 
Alcon AG
 
1,551,872
149,781,455
Industrials - 2.3%
 
 
 
Electrical Equipment - 1.1%
 
 
 
Schneider Electric SE
 
566,501
132,360,570
Professional Services - 0.5%
 
 
 
Experian PLC
 
1,154,773
57,451,154
Trading Companies & Distributors - 0.7%
 
 
 
Ferguson Enterprises Inc (United Kingdom)
 
478,528
80,418,291
TOTAL INDUSTRIALS
 
 
270,230,015
 
 
 
 
Materials - 3.8%
 
 
 
Chemicals - 1.0%
 
 
 
Linde PLC
 
253,892
115,071,471
Construction Materials - 2.8%
 
 
 
CRH PLC (United Kingdom)
 
1,460,645
136,923,956
Holcim AG
 
1,412,239
157,814,859
James Hardie Industries PLC depository receipt (a)
 
794,031
18,637,659
 
 
 
313,376,474
TOTAL MATERIALS
 
 
428,447,945
 
 
 
 
TOTAL UNITED STATES
 
 
1,262,265,707
 
TOTAL COMMON STOCKS
 (Cost $7,400,601,996)
 
 
 
11,279,175,015
 
 
 
 
Convertible Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
CANADA - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Valsoft Corp Series A-1.2 (b)(f)
 
537
6,290,262
Valsoft Corp Series A-1.3 (b)(f)
 
190
2,225,604
Valsoft Corp Series A-1.4 (b)(f)
 
246
2,881,573
 
 
 
 
TOTAL CANADA
 
 
11,397,439
ESTONIA - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Bolt Technology OU Series E (a)(b)(f)
 
79,275
15,430,584
UNITED STATES - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
Wasabi Holdings Inc Series C (a)(b)(f)
 
2,976,172
30,446,240
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $64,344,376)
 
 
 
57,274,263
 
 
 
 
Money Market Funds - 4.3%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
370,249,766
370,323,816
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
139,916,509
139,930,501
 
TOTAL MONEY MARKET FUNDS
 (Cost $510,253,360)
 
 
 
510,254,317
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $7,975,199,732)
 
 
 
11,846,703,595
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(109,281,662)
NET ASSETS - 100.0%
11,737,421,933
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $163,724,481 or 1.4% of net assets.
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $190,393,430 or 1.6% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $87,559,784 or 0.7% of net assets.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
20,595,368
 
 
 
Kry International Ab
5/14/21 - 10/30/24
8,153,900
 
 
 
Starling Bank Ltd Class D
6/18/21
15,440,896
 
 
 
Valsoft Corp Series A-1.2
3/14/25
6,290,262
 
 
 
Valsoft Corp Series A-1.3
3/17/25
1,886,106
 
 
 
Valsoft Corp Series A-1.4
3/17/25
3,237,722
 
 
 
Wasabi Holdings Inc Series C
3/31/21
32,334,918
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
433,786,100
905,415,674
968,877,958
7,961,771
-
-
370,323,816
370,249,766
0.6%
Fidelity Securities Lending Cash Central Fund
81,050,500
741,671,496
682,791,495
135,731
-
-
139,930,501
139,916,509
0.5%
Total
514,836,600
1,647,087,170
1,651,669,453
8,097,502
-
-
510,254,317
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
289,262,704
136,225,643
153,037,061
-
Consumer Discretionary
929,232,935
158,428,752
770,804,183
-
Consumer Staples
93,673,385
65,617,435
28,055,950
-
Energy
356,787,899
199,113,906
157,673,993
-
Financials
3,208,223,758
1,001,524,152
2,178,846,059
27,853,547
Health Care
1,068,638,740
570,245,940
498,392,800
-
Industrials
3,152,986,540
1,014,050,424
2,138,936,116
-
Information Technology
1,196,161,219
505,387,301
688,341,940
2,431,978
Materials
984,207,835
547,127,471
437,080,364
-
 Convertible Preferred Stocks
 
 
 
 
Information Technology
57,274,263
-
-
57,274,263
 Money Market Funds
510,254,317
510,254,317
-
-
 Total Investments in Securities:
11,846,703,595
4,707,975,341
7,051,168,466
87,559,788
Fidelity® Diversified International Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $130,237,145) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $7,464,946,372)
$
11,336,449,278
 
 
Fidelity Central Funds (cost $510,253,360)
510,254,317
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,975,199,732)
 
 
$
11,846,703,595
Foreign currency held at value (cost $9,623,644)
 
 
9,603,889
Receivable for investments sold
 
 
42,973,660
Receivable for fund shares sold
 
 
3,151,776
Dividends receivable
 
 
34,715,243
Reclaims receivable
 
 
30,453,487
Distributions receivable from Fidelity Central Funds
 
 
1,124,120
Prepaid expenses
 
 
3,238
Other receivables
 
 
623,913
  Total assets
 
 
11,969,352,921
Liabilities
 
 
 
 
Payable for investments purchased
$
76,126,837
 
 
Payable for fund shares redeemed
3,984,739
 
 
Accrued management fee
6,317,018
 
 
Other payables and accrued expenses
5,571,893
 
 
Collateral on securities loaned
139,930,501
 
 
  Total liabilities
 
 
 
231,930,988
Net Assets  
 
 
$
11,737,421,933
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,415,529,800
Total accumulated earnings (loss)
 
 
 
4,321,892,133
Net Assets
 
 
$
11,737,421,933
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Diversified International :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($10,603,803,503 ÷ 229,405,219 shares)
 
 
$
46.22
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,133,618,430 ÷ 24,574,700 shares)
 
 
$
46.13
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
103,725,564
Income from Fidelity Central Funds (including $135,731 from security lending)
 
 
8,097,502
 Income before foreign taxes withheld
 
 
$
111,823,066
Less foreign taxes withheld
 
 
(8,641,790)
 Total income
 
 
 
103,181,276
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
42,116,343
 
 
 Performance adjustment
(7,214,021)
 
 
Custodian fees and expenses
344,065
 
 
Independent trustees' fees and expenses
24,398
 
 
Registration fees
68,253
 
 
Audit fees
64,882
 
 
Legal
311,870
 
 
Miscellaneous
18,486
 
 
 Total expenses
 
 
 
35,734,276
Net Investment income (loss)
 
 
 
67,447,000
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $4,100,400)
 
510,930,720
 
 
 Foreign currency transactions
 
(1,032,034)
 
 
Total net realized gain (loss)
 
 
 
509,898,686
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,637,027)  
 
163,423,681
 
 
 Assets and liabilities in foreign currencies
 
2,873,550
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
166,297,231
Net gain (loss)
 
 
 
676,195,917
Net increase (decrease) in net assets resulting from operations
 
 
$
743,642,917
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
67,447,000
$
152,336,940
Net realized gain (loss)
 
509,898,686
 
292,206,267
Change in net unrealized appreciation (depreciation)
 
166,297,231
 
1,669,974,321
Net increase (decrease) in net assets resulting from operations
 
743,642,917
 
2,114,517,528
Distributions to shareholders
 
(413,712,402)
 
(399,892,110)
 
 
 
 
 
Share transactions - net increase (decrease)
 
389,329,013
 
833,287,676
 
 
 
 
 
Total increase (decrease) in net assets
 
719,259,528
 
2,547,913,094
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
11,018,162,405
 
8,470,249,311
End of period
$
11,737,421,933
$
11,018,162,405
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Diversified International Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
44.97
$
37.63
$
33.99
$
53.38
$
41.61
$
38.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.26
 
.63
 
.57
 
.33
 
.16
 
.10
     Net realized and unrealized gain (loss)
 
2.65
 
8.47
 
3.56
 
(14.58)
 
12.07
 
3.37
  Total from investment operations
 
2.91  
 
9.10  
 
4.13  
 
(14.25)  
 
12.23
 
3.47
  Distributions from net investment income
 
(.87)
 
(.70)
 
(.14)
 
(.57)
 
(.02)
 
(.53)
  Distributions from net realized gain
 
(.79)
 
(1.06)
 
(.35)
 
(4.57)
 
(.45)
 
-
     Total distributions
 
(1.66)
 
(1.76)
 
(.49)
 
(5.14)
 
(.46) C
 
(.53)
  Net asset value, end of period
$
46.22
$
44.97
$
37.63
$
33.99
$
53.38
$
41.61
 Total Return D,E
 
6.68
%
 
24.85%
 
12.15%
 
(29.36)%
 
29.58%
 
9.07%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.64% H
 
.61%
 
.65%
 
.99%
 
1.01%
 
1.05%
    Expenses net of fee waivers, if any
 
.64
% H
 
.60%
 
.65%
 
.99%
 
1.01%
 
1.05%
    Expenses net of all reductions, if any
 
.64% H
 
.60%
 
.65%
 
.99%
 
1.01%
 
1.04%
    Net investment income (loss)
 
1.19% H
 
1.45%
 
1.45%
 
.80%
 
.32%
 
.26%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
10,603,803
$
9,913,806
$
7,407,098
$
7,230,515
$
11,529,722
$
9,419,192
    Portfolio turnover rate I,J
 
41
% H
 
35%
 
22%
 
20%
 
29%
 
29%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Diversified International Fund Class K
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
44.89
$
37.57
$
33.94
$
53.32
$
41.56
$
38.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28
 
.68
 
.61
 
.38
 
.21
 
.15
     Net realized and unrealized gain (loss)
 
2.64
 
8.44
 
3.56
 
(14.58)
 
12.06
 
3.37
  Total from investment operations
 
2.92  
 
9.12  
 
4.17  
 
(14.20)  
 
12.27
 
3.52
  Distributions from net investment income
 
(.89)
 
(.75)
 
(.19)
 
(.62)
 
(.06)
 
(.57)
  Distributions from net realized gain
 
(.79)
 
(1.06)
 
(.35)
 
(4.57)
 
(.45)
 
-
     Total distributions
 
(1.68)
 
(1.80) C
 
(.54)
 
(5.18) C
 
(.51)
 
(.57)
  Net asset value, end of period
$
46.13
$
44.89
$
37.57
$
33.94
$
53.32
$
41.56
 Total Return D,E
 
6.74
%
 
24.97%
 
12.29%
 
(29.31)%
 
29.71%
 
9.22%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.56% H
 
.50%
 
.54%
 
.88%
 
.91%
 
.94%
    Expenses net of fee waivers, if any
 
.56
% H
 
.50%
 
.54%
 
.88%
 
.91%
 
.94%
    Expenses net of all reductions, if any
 
.56% H
 
.50%
 
.54%
 
.88%
 
.91%
 
.93%
    Net investment income (loss)
 
1.26% H
 
1.56%
 
1.56%
 
.91%
 
.42%
 
.38%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,133,618
$
1,104,357
$
1,063,151
$
1,396,859
$
3,306,774
$
3,761,267
    Portfolio turnover rate I,J
 
41
% H
 
35%
 
22%
 
20%
 
29%
 
29%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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
$113,650
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation 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
$3,949,567,625
Gross unrealized depreciation
(183,893,876)
Net unrealized appreciation (depreciation)
$3,765,673,749
Tax cost
$8,081,029,846
 
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.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Diversified International Fund
2,301,147,986
2,226,233,016
 
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 Fund
1,513,290
67,940,579
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Diversified International Fund
2,676,493
43,852,349
110,362,436
 
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity Diversified International Fund
1,187,445
55,311,198
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Diversified International
.79
Class K
.68
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Diversified International
.75
Class K
.68
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Diversified International Fund
MSCI EAFE Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Diversified International. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.13)%.
 
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
 5,030
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 91,093,992
 100,458,810
 47,776,598
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Diversified International Fund
8,749
 
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
14,767
 -
-
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Diversified International Fund
 
 
Distributions to shareholders
 
 
Diversified International
$371,565,804
$350,399,026
Class K
42,146,598
49,493,084
Total  
$413,712,402
$399,892,110
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Diversified International Fund
 
 
 
 
Diversified International
 
 
 
 
Shares sold
17,724,081
34,479,828
$777,959,620
$1,495,985,575
Reinvestment of distributions
7,395,536
7,644,991
322,593,261
300,983,288
Shares redeemed
(16,154,597)
(18,521,934)
(710,741,550)
(803,075,098)
Net increase (decrease)
8,965,020
23,602,885
$389,811,331
$993,893,765
Class K
 
 
 
 
Shares sold
3,685,757
4,533,810
$163,418,793
$196,601,168
Reinvestment of distributions
967,876
1,259,505
42,121,949
49,460,747
Shares redeemed
(4,677,964)
(9,489,207)
(206,023,060)
(406,668,004)
Net increase (decrease)
(24,331)
(3,695,892)
$(482,318)
$(160,606,089)
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.>
 
 
Strategic Advisers Fidelity International Fund
Fidelity Diversified International Fund 
30%
 
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.
 
 
% of shares held
Fidelity Diversified International Fund 
35%
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Fidelity® International Capital Appreciation Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
BRAZIL - 1.6%
 
 
 
Consumer Discretionary - 1.6%
 
 
 
Broadline Retail - 1.6%
 
 
 
MercadoLibre Inc (a)
 
25,971
60,534,505
CANADA - 7.0%
 
 
 
Financials - 1.6%
 
 
 
Capital Markets - 1.6%
 
 
 
Brookfield Asset Management Ltd Class A (United States) (b)
 
1,142,346
60,921,312
Industrials - 1.3%
 
 
 
Professional Services - 1.3%
 
 
 
Thomson Reuters Corp
 
274,164
51,016,459
Information Technology - 4.1%
 
 
 
IT Services - 2.2%
 
 
 
Shopify Inc Class A (United States) (a)
 
841,994
79,989,430
Software - 1.9%
 
 
 
Constellation Software Inc/Canada
 
20,479
73,804,468
Constellation Software Inc/Canada warrants 3/31/2040 (a)(c)
 
38,399
3
 
 
 
73,804,471
TOTAL INFORMATION TECHNOLOGY
 
 
153,793,901
 
 
 
 
TOTAL CANADA
 
 
265,731,672
CHINA - 3.1%
 
 
 
Communication Services - 2.9%
 
 
 
Interactive Media & Services - 2.9%
 
 
 
Tencent Holdings Ltd
 
1,829,220
112,041,471
Consumer Discretionary - 0.2%
 
 
 
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Trip.com Group Ltd ADR
 
107,106
6,318,183
TOTAL CHINA
 
 
118,359,654
DENMARK - 1.7%
 
 
 
Industrials - 1.7%
 
 
 
Air Freight & Logistics - 1.7%
 
 
 
DSV A/S
 
309,759
65,656,485
FRANCE - 8.6%
 
 
 
Consumer Discretionary - 1.8%
 
 
 
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Hermes International SCA
 
24,808
67,196,049
Health Care - 1.4%
 
 
 
Health Care Equipment & Supplies - 1.4%
 
 
 
EssilorLuxottica SA
 
196,925
56,373,955
Industrials - 3.6%
 
 
 
Aerospace & Defense - 1.9%
 
 
 
Safran SA
 
265,192
70,572,784
Building Products - 1.7%
 
 
 
Cie de Saint-Gobain SA
 
600,302
65,263,643
TOTAL INDUSTRIALS
 
 
135,836,427
 
 
 
 
Materials - 1.8%
 
 
 
Chemicals - 1.8%
 
 
 
Air Liquide SA
 
326,352
67,058,225
TOTAL FRANCE
 
 
326,464,656
GERMANY - 12.3%
 
 
 
Communication Services - 1.9%
 
 
 
Diversified Telecommunication Services - 1.9%
 
 
 
Deutsche Telekom AG
 
2,013,243
72,310,706
Financials - 3.4%
 
 
 
Capital Markets - 1.5%
 
 
 
Deutsche Boerse AG
 
182,717
58,852,031
Insurance - 1.9%
 
 
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a)
 
100,463
68,777,912
TOTAL FINANCIALS
 
 
127,629,943
 
 
 
 
Industrials - 2.5%
 
 
 
Aerospace & Defense - 0.7%
 
 
 
MTU Aero Engines AG
 
81,713
28,131,589
Electrical Equipment - 1.8%
 
 
 
Siemens Energy AG (a)
 
884,489
68,268,118
TOTAL INDUSTRIALS
 
 
96,399,707
 
 
 
 
Information Technology - 2.5%
 
 
 
Software - 2.5%
 
 
 
SAP SE
 
329,037
96,272,488
Materials - 2.0%
 
 
 
Construction Materials - 2.0%
 
 
 
Heidelberg Materials AG
 
377,600
74,537,905
TOTAL GERMANY
 
 
467,150,749
INDIA - 7.0%
 
 
 
Communication Services - 1.8%
 
 
 
Wireless Telecommunication Services - 1.8%
 
 
 
Bharti Airtel Ltd
 
3,037,736
66,916,257
Financials - 3.7%
 
 
 
Banks - 3.7%
 
 
 
HDFC Bank Ltd
 
3,180,547
72,144,812
ICICI Bank Ltd
 
4,176,400
70,107,068
 
 
 
142,251,880
Industrials - 1.5%
 
 
 
Construction & Engineering - 1.5%
 
 
 
Larsen & Toubro Ltd
 
1,431,032
56,567,156
TOTAL INDIA
 
 
265,735,293
ISRAEL - 0.8%
 
 
 
Financials - 0.8%
 
 
 
Banks - 0.8%
 
 
 
Bank Hapoalim BM
 
2,157,436
31,599,274
ITALY - 1.2%
 
 
 
Consumer Discretionary - 1.2%
 
 
 
Automobiles - 1.2%
 
 
 
Ferrari NV (Italy)
 
100,704
45,815,543
JAPAN - 6.0%
 
 
 
Consumer Discretionary - 1.9%
 
 
 
Household Durables - 1.9%
 
 
 
Sony Group Corp
 
2,827,012
74,584,485
Industrials - 4.1%
 
 
 
Industrial Conglomerates - 2.1%
 
 
 
Hitachi Ltd
 
3,254,545
80,437,755
Machinery - 2.0%
 
 
 
Mitsubishi Heavy Industries Ltd
 
3,788,833
74,688,685
TOTAL INDUSTRIALS
 
 
155,126,440
 
 
 
 
TOTAL JAPAN
 
 
229,710,925
NETHERLANDS - 5.4%
 
 
 
Industrials - 1.7%
 
 
 
Professional Services - 1.7%
 
 
 
Wolters Kluwer NV
 
374,291
65,913,219
Information Technology - 3.7%
 
 
 
Semiconductors & Semiconductor Equipment - 3.7%
 
 
 
ASM International NV
 
115,037
55,424,953
ASML Holding NV
 
126,889
83,732,164
 
 
 
139,157,117
TOTAL NETHERLANDS
 
 
205,070,336
SPAIN - 1.4%
 
 
 
Industrials - 1.3%
 
 
 
Transportation Infrastructure - 1.3%
 
 
 
Aena SME SA (d)(e)
 
192,800
48,356,744
Utilities - 0.1%
 
 
 
Electric Utilities - 0.1%
 
 
 
Iberdrola SA
 
297,900
5,369,904
TOTAL SPAIN
 
 
53,726,648
SWEDEN - 0.6%
 
 
 
Industrials - 0.6%
 
 
 
Machinery - 0.6%
 
 
 
Atlas Copco AB A Shares
 
1,416,021
21,953,416
SWITZERLAND - 4.9%
 
 
 
Financials - 4.9%
 
 
 
Capital Markets - 3.2%
 
 
 
Partners Group Holding AG
 
41,023
53,456,396
UBS Group AG
 
2,223,134
67,042,837
 
 
 
120,499,233
Insurance - 1.7%
 
 
 
Zurich Insurance Group AG
 
94,047
66,704,794
TOTAL SWITZERLAND
 
 
187,204,027
TAIWAN - 4.2%
 
 
 
Information Technology - 4.2%
 
 
 
Semiconductors & Semiconductor Equipment - 4.2%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
5,633,325
159,298,984
UNITED KINGDOM - 8.5%
 
 
 
Consumer Discretionary - 1.3%
 
 
 
Hotels, Restaurants & Leisure - 1.3%
 
 
 
InterContinental Hotels Group PLC
 
474,544
50,638,547
Financials - 3.3%
 
 
 
Capital Markets - 3.3%
 
 
 
3i Group PLC
 
1,192,498
67,603,952
London Stock Exchange Group PLC
 
376,992
58,701,999
 
 
 
126,305,951
Industrials - 3.9%
 
 
 
Aerospace & Defense - 2.1%
 
 
 
Rolls-Royce Holdings PLC
 
7,774,774
78,699,952
Professional Services - 1.8%
 
 
 
RELX PLC
 
1,250,734
68,258,996
TOTAL INDUSTRIALS
 
 
146,958,948
 
 
 
 
TOTAL UNITED KINGDOM
 
 
323,903,446
UNITED STATES - 24.0%
 
 
 
Communication Services - 1.9%
 
 
 
Entertainment - 1.9%
 
 
 
Spotify Technology SA (a)
 
119,962
73,654,269
Financials - 8.3%
 
 
 
Capital Markets - 2.6%
 
 
 
Moody's Corp
 
108,324
49,083,771
S&P Global Inc
 
100,418
50,214,021
 
 
 
99,297,792
Financial Services - 3.0%
 
 
 
Mastercard Inc Class A
 
99,839
54,717,762
Visa Inc Class A
 
164,126
56,705,533
 
 
 
111,423,295
Insurance - 2.7%
 
 
 
Arthur J Gallagher & Co
 
160,197
51,373,576
Marsh & McLennan Cos Inc
 
218,497
49,264,519
 
 
 
100,638,095
TOTAL FINANCIALS
 
 
311,359,182
 
 
 
 
Industrials - 7.9%
 
 
 
Building Products - 1.5%
 
 
 
Trane Technologies PLC
 
149,850
57,439,004
Commercial Services & Supplies - 1.3%
 
 
 
Waste Connections Inc
 
249,112
49,198,987
Construction & Engineering - 1.5%
 
 
 
Ferrovial SE
 
1,208,800
58,719,404
Electrical Equipment - 2.1%
 
 
 
Schneider Electric SE
 
335,591
78,409,422
Professional Services - 1.5%
 
 
 
Experian PLC
 
1,117,828
55,613,102
TOTAL INDUSTRIALS
 
 
299,379,919
 
 
 
 
Information Technology - 3.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.7%
 
 
 
Broadcom Inc
 
337,451
64,949,194
Software - 1.4%
 
 
 
Synopsys Inc (a)
 
115,418
52,978,016
TOTAL INFORMATION TECHNOLOGY
 
 
117,927,210
 
 
 
 
Materials - 2.8%
 
 
 
Chemicals - 1.2%
 
 
 
Linde PLC
 
105,405
47,772,708
Construction Materials - 1.6%
 
 
 
Holcim AG
 
535,939
59,890,102
TOTAL MATERIALS
 
 
107,662,810
 
 
 
 
TOTAL UNITED STATES
 
 
909,983,390
 
TOTAL COMMON STOCKS
 (Cost $2,657,872,048)
 
 
 
3,737,899,003
 
 
 
 
Money Market Funds - 1.2%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
4.33
35,759,199
35,766,351
Fidelity Securities Lending Cash Central Fund (f)(g)
 
4.33
9,662,534
9,663,500
 
TOTAL MONEY MARKET FUNDS
 (Cost $45,429,851)
 
 
 
45,429,851
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.5%
 (Cost $2,703,301,899)
 
 
 
3,783,328,854
NET OTHER ASSETS (LIABILITIES) - 0.5%  
17,492,804
NET ASSETS - 100.0%
3,800,821,658
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $48,356,744 or 1.3% of net assets.
 
(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 $48,356,744 or 1.3% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
-
636,498,280
600,731,929
636,200
-
-
35,766,351
35,759,199
0.1%
Fidelity Securities Lending Cash Central Fund
35,530,000
36,718,868
62,585,368
17,156
-
-
9,663,500
9,662,534
0.0%
Total
35,530,000
673,217,148
663,317,297
653,356
-
-
45,429,851
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
324,922,703
73,654,269
251,268,434
-
Consumer Discretionary
305,087,312
179,864,280
125,223,032
-
Financials
987,271,569
524,379,001
462,892,568
-
Health Care
56,373,955
56,373,955
-
-
Industrials
1,143,164,920
380,728,822
762,436,098
-
Information Technology
666,449,700
410,878,225
255,571,472
3
Materials
249,258,940
122,310,613
126,948,327
-
Utilities
5,369,904
-
5,369,904
-
 Money Market Funds
45,429,851
45,429,851
-
-
 Total Investments in Securities:
3,783,328,854
1,793,619,016
1,989,709,835
3
Fidelity® International Capital Appreciation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $9,370,081) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,657,872,048)
$
3,737,899,003
 
 
Fidelity Central Funds (cost $45,429,851)
45,429,851
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,703,301,899)
 
 
$
3,783,328,854
Foreign currency held at value (cost $1,047,161)
 
 
1,055,515
Receivable for investments sold
 
 
44,884,057
Receivable for fund shares sold
 
 
1,643,229
Dividends receivable
 
 
4,350,459
Reclaims receivable
 
 
10,583,004
Distributions receivable from Fidelity Central Funds
 
 
132,442
Prepaid expenses
 
 
1,686
Receivable from investment adviser for expense reductions
 
 
70,000
Other receivables
 
 
1,862,131
  Total assets
 
 
3,847,911,377
Liabilities
 
 
 
 
Payable for investments purchased
$
19,933,665
 
 
Payable for fund shares redeemed
2,093,135
 
 
Accrued management fee
2,937,456
 
 
Deferred taxes
11,172,505
 
 
Other payables and accrued expenses
1,289,458
 
 
Collateral on securities loaned
9,663,500
 
 
  Total liabilities
 
 
 
47,089,719
Net Assets  
 
 
$
3,800,821,658
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,691,547,829
Total accumulated earnings (loss)
 
 
 
1,109,273,829
Net Assets
 
 
$
3,800,821,658
Net Asset Value, offering price and redemption price per share ($3,800,821,658 ÷ 128,729,277 shares)
 
 
$
29.53
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
19,888,174
Foreign Tax Reclaims
 
 
4,254,015
Income from Fidelity Central Funds (including $17,156 from security lending)
 
 
653,356
 Income before foreign taxes withheld
 
 
$
24,795,545
Less foreign taxes withheld
 
 
(2,605,898)
 Total income
 
 
 
22,189,647
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
13,851,882
 
 
 Performance adjustment
2,116,084
 
 
Custodian fees and expenses
136,110
 
 
Independent trustees' fees and expenses
8,934
 
 
Registration fees
50,667
 
 
Audit fees
61,913
 
 
Legal
4,410
 
 
Interest
92,559
 
 
Miscellaneous
165,403
 
 
 Total expenses before reductions
 
16,487,962
 
 
 Expense reductions
 
(756,328)
 
 
 Total expenses after reductions
 
 
 
15,731,634
Net Investment income (loss)
 
 
 
6,458,013
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $973,575)
 
50,200,158
 
 
 Foreign currency transactions
 
682,767
 
 
Total net realized gain (loss)
 
 
 
50,882,925
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,070,884)  
 
141,469,614
 
 
 Assets and liabilities in foreign currencies
 
814,255
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
142,283,869
Net gain (loss)
 
 
 
193,166,794
Net increase (decrease) in net assets resulting from operations
 
 
$
199,624,807
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,458,013
$
23,118,507
Net realized gain (loss)
 
50,882,925
 
1,150,726,190
Change in net unrealized appreciation (depreciation)
 
142,283,869
 
148,690,945
Net increase (decrease) in net assets resulting from operations
 
199,624,807
 
1,322,535,642
Distributions to shareholders
 
(141,566,132)
 
(18,874,608)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
436,919,404
 
888,745,860
  Reinvestment of distributions
 
105,987,905
 
15,731,033
Cost of shares redeemed
 
(396,643,227)
 
(2,763,954,753)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
146,264,082
 
(1,859,477,860)
Total increase (decrease) in net assets
 
204,322,757
 
(555,816,826)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,596,498,901
 
4,152,315,727
End of period
$
3,800,821,658
$
3,596,498,901
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
15,322,561
 
32,603,910
  Issued in reinvestment of distributions
 
3,708,464
 
621,044
Redeemed
 
(13,890,605)
 
(93,351,491)
Net increase (decrease)
 
5,140,420
 
(60,126,537)
 
 
 
 
 
Financial Highlights
 
Fidelity® International Capital Appreciation Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
29.10
$
22.60
$
19.51
$
30.93
$
24.57
$
22.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05
 
.12
 
.11
 
.02
 
(.02)
 
.06
     Net realized and unrealized gain (loss)
 
1.54
 
6.48
 
2.99
 
(8.86)
 
6.74
 
2.86
  Total from investment operations
 
1.59  
 
6.60  
 
3.10  
 
(8.84)  
 
6.72
 
2.92
  Distributions from net investment income
 
(.22)
 
(.10)
 
(.01)
 
-
 
(.05)
 
(.13)
  Distributions from net realized gain
 
(.94)
 
-
 
-
 
(2.58)
 
(.31)
 
(.62)
     Total distributions
 
(1.16)
 
(.10)
 
(.01)
 
(2.58)
 
(.36)
 
(.76) C
  Net asset value, end of period
$
29.53
$
29.10
$
22.60
$
19.51
$
30.93
$
24.57
 Total Return D,E
 
5.58
%
 
29.27%
 
15.89%
 
(30.97)%
 
27.56%
 
13.35%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91% H,I
 
.86%
 
.80%
 
.99%
 
1.00%
 
1.03%
    Expenses net of fee waivers, if any
 
.87
% H,I
 
.86%
 
.79%
 
.98%
 
1.00%
 
1.03%
    Expenses net of all reductions, if any
 
.87% H,I
 
.86%
 
.79%
 
.98%
 
1.00%
 
.99%
    Net investment income (loss)
 
.36% H,I
 
.43%
 
.48%
 
.10%
 
(.08)%
 
.25%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,800,822
$
3,596,499
$
4,152,316
$
3,823,263
$
5,851,757
$
4,514,343
    Portfolio turnover rate J
 
96
% I
 
78% K
 
79%
 
112% K
 
141%
 
135%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HProxy expenses are not annualized.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and 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
$1,099,725,220
Gross unrealized depreciation
(26,385,956)
Net unrealized appreciation (depreciation)
$1,073,339,264
Tax cost
$2,709,989,590
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Capital Appreciation Fund
1,723,402,922
1,760,382,341
 
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.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity International Capital Appreciation Fund
.83
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity International Capital Appreciation Fund
.77
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity International Capital Appreciation Fund
MSCI All Country World ex USA Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .12%.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity International Capital Appreciation Fund
 1,164
 
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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
 18,521,282
4.61%
 92,559
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 93,563,330
 143,203,167
 13,928,800
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity International Capital Appreciation Fund
73,272,626
681,502,360
2,203,307,882
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity International Capital Appreciation Fund
2,954
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
1,524
 -
-
8. Expense Reductions.
The investment adviser has voluntarily agreed to waive the Fund's management fee in an amount equal to $113,480 per month until April 30, 2026. During the period, this waiver reduced the Fund's management fee by $680,880.
 
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 $5,448.
 
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 $70,000.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
11. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor International Capital Appreciation Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Advisor International Capital Appreciation Fund equal in value to the net assets of the Fund on the day the reorganization is effective. 
 
The Funds shareholders approved the reorganization that is expected to become effective during July 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
 
Fidelity® Overseas Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8%
 
 
Shares
Value ($)
 
BAILIWICK OF JERSEY - 0.3%
 
 
 
Financials - 0.3%
 
 
 
Capital Markets - 0.3%
 
 
 
JTC PLC (a)(b)
 
1,730,500
19,234,019
BELGIUM - 1.1%
 
 
 
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
KBC Group NV
 
695,490
63,866,027
Industrials - 0.1%
 
 
 
Trading Companies & Distributors - 0.1%
 
 
 
Azelis Group NV
 
609,300
9,414,948
TOTAL BELGIUM
 
 
73,280,975
CANADA - 1.9%
 
 
 
Information Technology - 1.9%
 
 
 
Software - 1.9%
 
 
 
Constellation Software Inc/Canada
 
33,000
118,929,022
Constellation Software Inc/Canada warrants 3/31/2040 (c)(d)
 
62,100
5
Lumine Group Inc Subordinate Voting Shares (a)(c)
 
346,922
11,215,953
 
 
 
 
TOTAL CANADA
 
 
130,144,980
CHINA - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Trip.com Group Ltd ADR
 
87,890
5,184,630
DENMARK - 2.8%
 
 
 
Health Care - 0.7%
 
 
 
Pharmaceuticals - 0.7%
 
 
 
Novo Nordisk A/S Series B
 
730,100
48,815,628
Industrials - 1.7%
 
 
 
Air Freight & Logistics - 1.7%
 
 
 
DSV A/S
 
532,800
112,932,233
Materials - 0.4%
 
 
 
Chemicals - 0.4%
 
 
 
Novonesis Novozymes B Series B
 
471,536
30,493,472
TOTAL DENMARK
 
 
192,241,333
FRANCE - 11.3%
 
 
 
Consumer Discretionary - 2.5%
 
 
 
Hotels, Restaurants & Leisure - 1.0%
 
 
 
Accor SA
 
1,481,300
72,409,614
Textiles, Apparel & Luxury Goods - 1.5%
 
 
 
Hermes International SCA
 
6,848
18,548,796
LVMH Moet Hennessy Louis Vuitton SE
 
147,476
81,691,269
 
 
 
100,240,065
TOTAL CONSUMER DISCRETIONARY
 
 
172,649,679
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Equipment & Supplies - 1.3%
 
 
 
EssilorLuxottica SA
 
313,713
89,806,995
Industrials - 3.7%
 
 
 
Aerospace & Defense - 3.7%
 
 
 
Safran SA
 
554,800
147,643,144
Thales SA
 
364,100
101,992,553
 
 
 
249,635,697
Information Technology - 1.8%
 
 
 
IT Services - 0.4%
 
 
 
Alten SA
 
318,856
26,711,925
Software - 1.4%
 
 
 
Dassault Systemes SE
 
2,519,500
94,421,101
TOTAL INFORMATION TECHNOLOGY
 
 
121,133,026
 
 
 
 
Materials - 2.0%
 
 
 
Chemicals - 2.0%
 
 
 
Air Liquide SA
 
658,851
135,379,524
TOTAL FRANCE
 
 
768,604,921
GERMANY - 12.3%
 
 
 
Communication Services - 1.7%
 
 
 
Diversified Telecommunication Services - 1.7%
 
 
 
Deutsche Telekom AG
 
3,124,300
112,217,124
Financials - 6.1%
 
 
 
Capital Markets - 2.0%
 
 
 
Deutsche Boerse AG
 
431,191
138,883,990
Insurance - 4.1%
 
 
 
Allianz SE
 
359,801
148,805,304
Hannover Rueck SE
 
380,100
121,600,391
 
 
 
270,405,695
TOTAL FINANCIALS
 
 
409,289,685
 
 
 
 
Health Care - 0.6%
 
 
 
Health Care Providers & Services - 0.6%
 
 
 
Fresenius SE & Co KGaA (c)
 
926,800
43,886,881
Industrials - 0.5%
 
 
 
Aerospace & Defense - 0.5%
 
 
 
MTU Aero Engines AG
 
103,300
35,563,413
Information Technology - 3.4%
 
 
 
Software - 3.4%
 
 
 
SAP SE
 
792,000
231,730,202
TOTAL GERMANY
 
 
832,687,305
INDIA - 1.0%
 
 
 
Financials - 1.0%
 
 
 
Banks - 1.0%
 
 
 
HDFC Bank Ltd
 
2,902,100
65,828,758
INDONESIA - 0.9%
 
 
 
Financials - 0.9%
 
 
 
Banks - 0.9%
 
 
 
Bank Central Asia Tbk PT
 
111,642,900
59,359,483
IRELAND - 1.1%
 
 
 
Industrials - 1.1%
 
 
 
Building Products - 1.1%
 
 
 
Kingspan Group PLC
 
853,900
71,873,408
ITALY - 3.8%
 
 
 
Financials - 2.7%
 
 
 
Banks - 2.7%
 
 
 
FinecoBank Banca Fineco SpA
 
2,656,600
52,862,382
UniCredit SpA
 
2,285,600
132,978,168
 
 
 
185,840,550
Health Care - 0.9%
 
 
 
Pharmaceuticals - 0.9%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
1,012,830
59,491,884
Industrials - 0.2%
 
 
 
Machinery - 0.2%
 
 
 
GVS SpA (a)(b)(c)
 
299,900
1,452,396
Interpump Group SpA
 
293,100
9,987,713
 
 
 
11,440,109
TOTAL ITALY
 
 
256,772,543
JAPAN - 13.7%
 
 
 
Communication Services - 2.5%
 
 
 
Entertainment - 2.5%
 
 
 
Capcom Co Ltd
 
1,719,300
49,770,476
Nintendo Co Ltd
 
1,408,800
116,958,587
 
 
 
166,729,063
Consumer Staples - 1.3%
 
 
 
Food Products - 1.3%
 
 
 
Ajinomoto Co Inc
 
4,309,100
88,138,720
Financials - 2.2%
 
 
 
Insurance - 2.2%
 
 
 
Tokio Marine Holdings Inc
 
3,697,500
148,204,585
Health Care - 1.5%
 
 
 
Health Care Equipment & Supplies - 1.5%
 
 
 
Hoya Corp
 
871,800
102,581,383
Industrials - 4.5%
 
 
 
Industrial Conglomerates - 2.4%
 
 
 
Hitachi Ltd
 
6,474,950
160,031,723
Machinery - 1.4%
 
 
 
Ebara Corp
 
1,163,600
17,479,361
Mitsubishi Heavy Industries Ltd
 
3,888,100
76,645,520
 
 
 
94,124,881
Professional Services - 0.7%
 
 
 
BayCurrent Inc
 
897,700
48,371,313
TOTAL INDUSTRIALS
 
 
302,527,917
 
 
 
 
Information Technology - 1.7%
 
 
 
IT Services - 0.2%
 
 
 
TIS Inc
 
673,500
19,458,865
Semiconductors & Semiconductor Equipment - 0.6%
 
 
 
Tokyo Electron Ltd
 
268,700
40,008,998
Technology Hardware, Storage & Peripherals - 0.9%
 
 
 
FUJIFILM Holdings Corp
 
2,884,800
59,087,595
TOTAL INFORMATION TECHNOLOGY
 
 
118,555,458
 
 
 
 
TOTAL JAPAN
 
 
926,737,126
NETHERLANDS - 6.1%
 
 
 
Communication Services - 1.5%
 
 
 
Entertainment - 1.5%
 
 
 
Universal Music Group NV
 
3,467,700
101,969,350
Industrials - 2.7%
 
 
 
Professional Services - 2.0%
 
 
 
Wolters Kluwer NV
 
784,221
138,102,520
Trading Companies & Distributors - 0.7%
 
 
 
IMCD NV
 
365,524
48,385,699
TOTAL INDUSTRIALS
 
 
186,488,219
 
 
 
 
Information Technology - 1.9%
 
 
 
Semiconductors & Semiconductor Equipment - 1.8%
 
 
 
ASML Holding NV
 
181,861
120,007,369
Software - 0.1%
 
 
 
Topicus.com Inc (c)
 
69,488
8,315,777
TOTAL INFORMATION TECHNOLOGY
 
 
128,323,146
 
 
 
 
TOTAL NETHERLANDS
 
 
416,780,715
SPAIN - 3.2%
 
 
 
Financials - 3.2%
 
 
 
Banks - 3.2%
 
 
 
Banco Santander SA (e)
 
15,591,900
109,194,422
CaixaBank SA (e)
 
14,142,200
108,388,718
 
 
 
 
TOTAL SPAIN
 
 
217,583,140
SWEDEN - 2.7%
 
 
 
Health Care - 0.4%
 
 
 
Life Sciences Tools & Services - 0.4%
 
 
 
AddLife AB B Shares
 
1,577,972
29,876,248
Industrials - 2.3%
 
 
 
Machinery - 2.3%
 
 
 
Atlas Copco AB A Shares
 
4,959,444
76,889,213
Indutrade AB
 
2,761,316
74,507,393
 
 
 
151,396,606
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Kry International Ab (c)(d)(f)
 
129,627
2,556,623
TOTAL SWEDEN
 
 
183,829,477
SWITZERLAND - 1.4%
 
 
 
Financials - 1.4%
 
 
 
Capital Markets - 1.4%
 
 
 
Partners Group Holding AG
 
73,440
95,698,455
TAIWAN - 1.0%
 
 
 
Information Technology - 1.0%
 
 
 
Semiconductors & Semiconductor Equipment - 1.0%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
2,381,000
67,329,842
UNITED KINGDOM - 16.9%
 
 
 
Consumer Discretionary - 3.2%
 
 
 
Hotels, Restaurants & Leisure - 3.2%
 
 
 
Compass Group PLC
 
4,008,798
135,155,918
InterContinental Hotels Group PLC
 
782,063
83,453,872
 
 
 
218,609,790
Financials - 5.9%
 
 
 
Banks - 1.7%
 
 
 
NatWest Group PLC
 
18,105,700
116,461,051
Capital Markets - 4.2%
 
 
 
3i Group PLC
 
2,416,700
137,005,236
London Stock Exchange Group PLC
 
924,500
143,955,306
 
 
 
280,960,542
TOTAL FINANCIALS
 
 
397,421,593
 
 
 
 
Health Care - 0.3%
 
 
 
Health Care Equipment & Supplies - 0.3%
 
 
 
ConvaTec Group PLC (a)(b)
 
7,912,400
27,395,534
Industrials - 6.5%
 
 
 
Aerospace & Defense - 2.8%
 
 
 
BAE Systems PLC
 
2,360,200
54,715,658
Rolls-Royce Holdings PLC
 
13,307,400
134,703,817
 
 
 
189,419,475
Professional Services - 3.0%
 
 
 
Intertek Group PLC
 
625,300
38,200,182
RELX PLC
 
3,034,700
165,619,208
 
 
 
203,819,390
Trading Companies & Distributors - 0.7%
 
 
 
Diploma PLC
 
884,895
46,723,848
TOTAL INDUSTRIALS
 
 
439,962,713
 
 
 
 
Information Technology - 1.0%
 
 
 
Electronic Equipment, Instruments & Components - 1.0%
 
 
 
Halma PLC
 
1,807,482
66,387,390
TOTAL UNITED KINGDOM
 
 
1,149,777,020
UNITED STATES - 15.3%
 
 
 
Communication Services - 0.9%
 
 
 
Entertainment - 0.9%
 
 
 
Spotify Technology SA (c)
 
102,000
62,625,960
Financials - 4.5%
 
 
 
Capital Markets - 1.6%
 
 
 
S&P Global Inc
 
215,005
107,513,250
Financial Services - 1.3%
 
 
 
Visa Inc Class A
 
251,900
87,031,450
Insurance - 1.6%
 
 
 
Marsh & McLennan Cos Inc
 
493,700
111,314,539
TOTAL FINANCIALS
 
 
305,859,239
 
 
 
 
Health Care - 2.3%
 
 
 
Health Care Equipment & Supplies - 1.6%
 
 
 
Alcon AG
 
1,092,570
105,451,174
Life Sciences Tools & Services - 0.7%
 
 
 
Thermo Fisher Scientific Inc
 
118,800
50,965,200
TOTAL HEALTH CARE
 
 
156,416,374
 
 
 
 
Industrials - 3.3%
 
 
 
Electrical Equipment - 1.4%
 
 
 
Schneider Electric SE
 
413,200
96,542,438
Professional Services - 1.7%
 
 
 
Experian PLC
 
2,292,800
114,069,177
Trading Companies & Distributors - 0.2%
 
 
 
Ferguson Enterprises Inc (United Kingdom)
 
65,700
11,041,112
TOTAL INDUSTRIALS
 
 
221,652,727
 
 
 
 
Materials - 4.3%
 
 
 
Chemicals - 1.6%
 
 
 
Linde PLC
 
235,500
106,735,665
Construction Materials - 2.7%
 
 
 
CRH PLC
 
831,500
79,341,730
Holcim AG
 
948,570
106,000,784
 
 
 
185,342,514
TOTAL MATERIALS
 
 
292,078,179
 
 
 
 
TOTAL UNITED STATES
 
 
1,038,632,479
 
TOTAL COMMON STOCKS
 (Cost $4,760,113,305)
 
 
 
6,571,580,609
 
 
 
 
Money Market Funds - 4.6%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
177,723,786
177,759,330
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
132,956,584
132,969,879
 
TOTAL MONEY MARKET FUNDS
 (Cost $310,729,210)
 
 
 
310,729,209
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
 (Cost $5,070,842,515)
 
 
 
6,882,309,818
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(94,045,810)
NET ASSETS - 100.0%
6,788,264,008
 
 
Legend
 
(a)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $59,297,902 or 0.9% of net assets.
 
(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 $48,081,949 or 0.7% of net assets.
 
(c)
Non-income producing
 
(d)
Level 3 security
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,556,623 or 0.0% of net assets.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Kry International Ab
5/14/21 - 10/30/24
8,571,872
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
150,014,624
794,585,862
766,841,155
2,043,183
-
(1)
177,759,330
177,723,786
0.3%
Fidelity Securities Lending Cash Central Fund
13,619,083
209,770,381
90,419,585
83,373
-
-
132,969,879
132,956,584
0.4%
Total
163,633,707
1,004,356,243
857,260,740
2,126,556
-
(1)
310,729,209
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
443,541,497
112,396,436
331,145,061
-
Consumer Discretionary
396,444,099
96,143,040
300,301,059
-
Consumer Staples
88,138,720
-
88,138,720
-
Financials
1,968,185,534
768,314,935
1,199,870,599
-
Health Care
558,270,927
406,873,916
151,397,011
-
Industrials
1,792,887,990
562,141,845
1,230,746,145
-
Information Technology
866,160,667
371,026,301
492,577,738
2,556,628
Materials
457,951,175
216,570,867
241,380,308
-
 Money Market Funds
310,729,209
310,729,209
-
-
 Total Investments in Securities:
6,882,309,818
2,844,196,549
4,035,556,641
2,556,628
Fidelity® Overseas Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $121,716,604) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,760,113,305)
$
6,571,580,609
 
 
Fidelity Central Funds (cost $310,729,210)
310,729,209
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,070,842,515)
 
 
$
6,882,309,818
Foreign currency held at value (cost $1,636)
 
 
1,636
Receivable for investments sold
 
 
38,097,142
Receivable for fund shares sold
 
 
5,684,010
Dividends receivable
 
 
15,907,807
Reclaims receivable
 
 
35,001,721
Distributions receivable from Fidelity Central Funds
 
 
587,502
Prepaid expenses
 
 
2,824
Other receivables
 
 
48,119
  Total assets
 
 
6,977,640,579
Liabilities
 
 
 
 
Payable for investments purchased
$
47,476,717
 
 
Payable for fund shares redeemed
3,487,282
 
 
Accrued management fee
3,830,038
 
 
Other payables and accrued expenses
1,612,655
 
 
Collateral on securities loaned
132,969,879
 
 
  Total liabilities
 
 
 
189,376,571
Net Assets  
 
 
$
6,788,264,008
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,001,598,899
Total accumulated earnings (loss)
 
 
 
1,786,665,109
Net Assets
 
 
$
6,788,264,008
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Overseas :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($5,350,328,320 ÷ 76,743,857 shares)
 
 
$
69.72
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,437,935,688 ÷ 20,742,998 shares)
 
 
$
69.32
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
50,448,367
Foreign Tax Reclaims
 
 
5,630,951
Income from Fidelity Central Funds (including $83,373 from security lending)
 
 
2,126,556
 Income before foreign taxes withheld
 
 
$
58,205,874
Less foreign taxes withheld
 
 
(4,864,693)
 Total income
 
 
 
53,341,181
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
23,755,046
 
 
 Performance adjustment
(4,557,868)
 
 
Custodian fees and expenses
106,486
 
 
Independent trustees' fees and expenses
14,135
 
 
Registration fees
69,376
 
 
Audit fees
64,296
 
 
Legal
169,911
 
 
Miscellaneous
13,456
 
 
 Total expenses before reductions
 
19,634,838
 
 
 Expense reductions
 
(1,385)
 
 
 Total expenses after reductions
 
 
 
19,633,453
Net Investment income (loss)
 
 
 
33,707,728
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(13,310,859)
 
 
 Foreign currency transactions
 
414,960
 
 
Total net realized gain (loss)
 
 
 
(12,895,899)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $960,139)  
 
511,905,611
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
2,238,459
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
514,144,069
Net gain (loss)
 
 
 
501,248,170
Net increase (decrease) in net assets resulting from operations
 
 
$
534,955,898
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
33,707,728
$
116,959,291
Net realized gain (loss)
 
(12,895,899)
 
2,169,142,661
Change in net unrealized appreciation (depreciation)
 
514,144,069
 
(70,668,549)
Net increase (decrease) in net assets resulting from operations
 
534,955,898
 
2,215,433,403
Distributions to shareholders
 
(89,012,888)
 
(91,103,428)
 
 
 
 
 
Share transactions - net increase (decrease)
 
48,488,524
 
(3,207,644,234)
 
 
 
 
 
Total increase (decrease) in net assets
 
494,431,534
 
(1,083,314,259)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,293,832,474
 
7,377,146,733
End of period
$
6,788,264,008
$
6,293,832,474
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Overseas Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
65.03
$
52.19
$
46.55
$
69.79
$
50.91
$
49.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.85
 
.67
 
.47
 
.21
 
.13
     Net realized and unrealized gain (loss)
 
5.22
 
12.61
 
5.36
 
(20.64)
 
18.98
 
1.97
  Total from investment operations
 
5.56  
 
13.46  
 
6.03  
 
(20.17)  
 
19.19
 
2.10
  Distributions from net investment income
 
(.87)
 
(.62)
 
(.39)
 
(.20)
 
(.11)
 
(.70)
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.87)
 
(.21)
 
-
     Total distributions
 
(.87)
 
(.62)
 
(.39)
 
(3.07)
 
(.31) C
 
(.70)
  Net asset value, end of period
$
69.72
$
65.03
$
52.19
$
46.55
$
69.79
$
50.91
 Total Return D,E
 
8.64
%
 
25.94%
 
12.95%
 
(30.12)%
 
37.83%
 
4.25%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.63% H
 
.69%
 
.73%
 
.95%
 
.99%
 
1.04%
    Expenses net of fee waivers, if any
 
.63
% H
 
.69%
 
.72%
 
.95%
 
.98%
 
1.04%
    Expenses net of all reductions, if any
 
.63% H
 
.69%
 
.72%
 
.94%
 
.98%
 
1.03%
    Net investment income (loss)
 
1.04% H
 
1.34%
 
1.23%
 
.84%
 
.33%
 
.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,350,328
$
4,962,649
$
6,684,862
$
6,175,776
$
8,981,609
$
6,160,617
    Portfolio turnover rate I
 
51
% H
 
35% J
 
34%
 
25%
 
30% J
 
41%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Overseas Fund Class K
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
64.91
$
52.11
$
46.48
$
69.68
$
50.83
$
49.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.89
 
.73
 
.54
 
.27
 
.19
     Net realized and unrealized gain (loss)
 
5.18
 
12.59
 
5.34
 
(20.60)
 
18.95
 
1.96
  Total from investment operations
 
5.55  
 
13.48  
 
6.07  
 
(20.06)  
 
19.22
 
2.15
  Distributions from net investment income
 
(1.14)
 
(.68)
 
(.44)
 
(.26)
 
(.16)
 
(.75)
  Distributions from net realized gain
 
-
 
-
 
-
 
(2.87)
 
(.21)
 
-
     Total distributions
 
(1.14)
 
(.68)
 
(.44)
 
(3.14) C
 
(.37)
 
(.75)
  Net asset value, end of period
$
69.32
$
64.91
$
52.11
$
46.48
$
69.68
$
50.83
 Total Return D,E
 
8.69
%
 
26.04%
 
13.06%
 
(30.04)%
 
37.97%
 
4.36%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55% H
 
.64%
 
.62%
 
.84%
 
.89%
 
.94%
    Expenses net of fee waivers, if any
 
.55
% H
 
.63%
 
.61%
 
.84%
 
.88%
 
.93%
    Expenses net of all reductions, if any
 
.55% H
 
.63%
 
.61%
 
.84%
 
.88%
 
.93%
    Net investment income (loss)
 
1.12% H
 
1.40%
 
1.34%
 
.94%
 
.43%
 
.38%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,437,936
$
1,331,184
$
692,284
$
620,003
$
1,591,397
$
1,022,402
    Portfolio turnover rate I
 
51
% H
 
35% J
 
34%
 
25%
 
30% J
 
41%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
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
$19,059
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,869,476,325
Gross unrealized depreciation
(90,698,789)
Net unrealized appreciation (depreciation)
$1,778,777,536
Tax cost
$5,103,532,282
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Overseas Fund
1,597,280,588
1,643,747,941
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Overseas
.78
Class K
.68
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Overseas
.76
Class K
.68
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Overseas Fund
MSCI EAFE Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Overseas. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.14)%.
 
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
 150
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 86,976,173
 20,676,107
 (2,297,189)
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below;
along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Overseas Fund
73,699,426
1,994,718,961
5,011,560,962
 
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Overseas Fund
4,969
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
8,777
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,385.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Overseas Fund
 
 
Distributions to shareholders
 
 
Overseas
$65,840,551
$80,812,559
Class K
23,172,337
10,290,869
Total  
$89,012,888
$91,103,428
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Overseas Fund
 
 
 
 
Overseas
 
 
 
 
Shares sold
7,762,348
33,392,063
$507,860,283
$2,093,817,387
Reinvestment of distributions
761,890
1,223,215
49,385,702
70,139,126
Shares redeemed
(8,096,587)
(86,383,538)
(526,108,369)
(5,822,142,918)
Net increase (decrease)
427,651
(51,768,260)
$31,137,616
$(3,658,186,405)
Class K
 
 
 
 
Shares sold
2,745,281
10,389,470
$181,203,944
$652,824,553
Reinvestment of distributions
359,651
179,942
23,172,337
10,290,869
Shares redeemed
(2,869,581)
(3,346,586)
(187,025,373)
(212,573,251)
Net increase (decrease)
235,351
7,222,826
$17,350,908
$450,542,171
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Overseas Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on November 13, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Overseas Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Advisor Overseas Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Overseas Fund access to a larger portfolio with a similar investment objective.
 
A meeting of shareholders of Fidelity Advisor Overseas Fund is expected to be held during the third quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during November 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
 
Fidelity® Worldwide Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1%
 
 
Shares
Value ($)
 
AUSTRALIA - 1.5%
 
 
 
Communication Services - 0.6%
 
 
 
Interactive Media & Services - 0.6%
 
 
 
CAR Group Ltd
 
709,556
15,144,977
Consumer Discretionary - 0.2%
 
 
 
Specialty Retail - 0.2%
 
 
 
Lovisa Holdings Ltd
 
439,390
7,014,653
Financials - 0.3%
 
 
 
Insurance - 0.3%
 
 
 
nib holdings Ltd/Australia
 
1,873,683
8,174,213
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Deterra Royalties Ltd
 
2,088,759
4,870,035
Real Estate - 0.2%
 
 
 
Specialized REITs - 0.2%
 
 
 
National Storage REIT unit
 
4,853,097
7,136,065
TOTAL AUSTRALIA
 
 
42,339,943
AUSTRIA - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Construction Materials - 0.3%
 
 
 
Wienerberger AG
 
277,300
9,700,622
BELGIUM - 0.9%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
KBC Group NV
 
111,600
10,248,096
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
UCB SA
 
63,000
11,501,204
Industrials - 0.1%
 
 
 
Trading Companies & Distributors - 0.1%
 
 
 
Azelis Group NV
 
232,768
3,596,748
TOTAL BELGIUM
 
 
25,346,048
BRAZIL - 0.9%
 
 
 
Consumer Discretionary - 0.9%
 
 
 
Broadline Retail - 0.9%
 
 
 
MercadoLibre Inc (a)
 
11,000
25,639,350
CANADA - 3.6%
 
 
 
Energy - 1.8%
 
 
 
Oil, Gas & Consumable Fuels - 1.8%
 
 
 
PrairieSky Royalty Ltd
 
3,144,700
52,943,919
Information Technology - 1.0%
 
 
 
IT Services - 0.6%
 
 
 
Shopify Inc Class A (United States) (a)
 
171,000
16,245,000
Software - 0.4%
 
 
 
Constellation Software Inc/Canada
 
2,100
7,568,211
Constellation Software Inc/Canada warrants 3/31/2040 (a)(b)
 
3,700
0
Lumine Group Inc Subordinate Voting Shares (a)(c)
 
185,450
5,995,580
 
 
 
13,563,791
TOTAL INFORMATION TECHNOLOGY
 
 
29,808,791
 
 
 
 
Materials - 0.8%
 
 
 
Metals & Mining - 0.8%
 
 
 
Franco-Nevada Corp
 
128,500
22,082,500
TOTAL CANADA
 
 
104,835,210
CHINA - 1.3%
 
 
 
Communication Services - 0.6%
 
 
 
Interactive Media & Services - 0.6%
 
 
 
Tencent Holdings Ltd
 
262,800
16,096,751
Tencent Holdings Ltd ADR
 
5,000
305,300
 
 
 
16,402,051
Consumer Discretionary - 0.4%
 
 
 
Automobiles - 0.4%
 
 
 
BYD Co Ltd H Shares
 
238,500
11,327,855
Consumer Staples - 0.2%
 
 
 
Beverages - 0.2%
 
 
 
Kweichow Moutai Co Ltd A Shares (China)
 
27,700
5,894,559
Industrials - 0.1%
 
 
 
Ground Transportation - 0.1%
 
 
 
Full Truck Alliance Co Ltd ADR
 
483,100
5,488,016
TOTAL CHINA
 
 
39,112,481
DENMARK - 0.8%
 
 
 
Health Care - 0.3%
 
 
 
Pharmaceuticals - 0.3%
 
 
 
Novo Nordisk A/S Series B
 
137,300
9,180,092
Industrials - 0.5%
 
 
 
Air Freight & Logistics - 0.5%
 
 
 
DSV A/S
 
61,646
13,066,480
TOTAL DENMARK
 
 
22,246,572
FINLAND - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Paper & Forest Products - 0.3%
 
 
 
UPM-Kymmene Oyj
 
285,700
7,567,079
FRANCE - 1.5%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
7,200
3,988,291
Consumer Staples - 0.7%
 
 
 
Food Products - 0.7%
 
 
 
Danone SA
 
228,900
19,696,024
Health Care - 0.3%
 
 
 
Health Care Equipment & Supplies - 0.3%
 
 
 
EssilorLuxottica SA
 
32,700
9,361,068
Industrials - 0.4%
 
 
 
Aerospace & Defense - 0.4%
 
 
 
Thales SA
 
38,300
10,728,687
TOTAL FRANCE
 
 
43,774,070
GERMANY - 1.4%
 
 
 
Health Care - 0.3%
 
 
 
Health Care Providers & Services - 0.3%
 
 
 
Fresenius SE & Co KGaA (a)
 
160,000
7,576,501
Industrials - 0.5%
 
 
 
Air Freight & Logistics - 0.5%
 
 
 
Deutsche Post AG
 
365,511
15,617,557
Information Technology - 0.6%
 
 
 
Software - 0.6%
 
 
 
SAP SE
 
60,700
17,760,130
TOTAL GERMANY
 
 
40,954,188
HONG KONG - 0.9%
 
 
 
Financials - 0.9%
 
 
 
Insurance - 0.9%
 
 
 
Prudential PLC
 
2,394,386
25,458,977
Prudential PLC rights (a)(d)(e)
 
2,394,386
402,959
 
 
 
 
TOTAL HONG KONG
 
 
25,861,936
INDIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Pine Labs Pvt Ltd (a)(b)(f)
 
792
366,625
INDONESIA - 0.8%
 
 
 
Financials - 0.8%
 
 
 
Banks - 0.8%
 
 
 
Bank Central Asia Tbk PT
 
37,470,600
19,922,767
Bank Syariah Indonesia Tbk PT
 
25,640,800
4,410,020
 
 
 
 
TOTAL INDONESIA
 
 
24,332,787
IRELAND - 1.0%
 
 
 
Financials - 0.7%
 
 
 
Banks - 0.7%
 
 
 
AIB Group PLC
 
2,942,400
19,776,048
Financial Services - 0.0%
 
 
 
Circle Internet Financial LLC (b)
 
23,730
553,621
TOTAL FINANCIALS
 
 
20,329,669
 
 
 
 
Industrials - 0.3%
 
 
 
Building Products - 0.3%
 
 
 
Kingspan Group PLC
 
112,700
9,486,044
TOTAL IRELAND
 
 
29,815,713
ITALY - 1.7%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Automobile Components - 0.1%
 
 
 
Pirelli & C SpA (c)(g)
 
863,600
5,306,458
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Prada Spa (a)
 
1,685,600
10,540,977
TOTAL CONSUMER DISCRETIONARY
 
 
15,847,435
 
 
 
 
Financials - 0.5%
 
 
 
Financial Services - 0.5%
 
 
 
BFF Bank SpA (a)(c)(g)
 
1,435,530
13,546,581
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
186,060
10,928,843
Industrials - 0.3%
 
 
 
Electrical Equipment - 0.1%
 
 
 
Prysmian SpA
 
74,900
4,114,422
Machinery - 0.2%
 
 
 
Interpump Group SpA
 
160,100
5,455,588
TOTAL INDUSTRIALS
 
 
9,570,010
 
 
 
 
TOTAL ITALY
 
 
49,892,869
JAPAN - 3.8%
 
 
 
Communication Services - 0.6%
 
 
 
Entertainment - 0.6%
 
 
 
Nintendo Co Ltd
 
215,300
17,874,208
Consumer Discretionary - 1.1%
 
 
 
Broadline Retail - 0.2%
 
 
 
Pan Pacific International Holdings Corp
 
227,500
7,016,890
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Kyoritsu Maintenance Co Ltd (e)
 
218,300
4,609,370
Specialty Retail - 0.7%
 
 
 
Fast Retailing Co Ltd
 
27,100
8,914,407
USS Co Ltd
 
886,600
8,861,039
 
 
 
17,775,446
TOTAL CONSUMER DISCRETIONARY
 
 
29,401,706
 
 
 
 
Industrials - 0.9%
 
 
 
Professional Services - 0.6%
 
 
 
BayCurrent Inc
 
153,700
8,281,911
Timee Inc (a)
 
649,300
7,792,690
 
 
 
16,074,601
Trading Companies & Distributors - 0.3%
 
 
 
ITOCHU Corp
 
217,100
11,103,132
TOTAL INDUSTRIALS
 
 
27,177,733
 
 
 
 
Information Technology - 0.6%
 
 
 
IT Services - 0.2%
 
 
 
NSD Co Ltd
 
254,500
5,978,916
Semiconductors & Semiconductor Equipment - 0.4%
 
 
 
Advantest Corp
 
98,900
4,137,575
Renesas Electronics Corp
 
509,231
5,975,961
 
 
 
10,113,536
TOTAL INFORMATION TECHNOLOGY
 
 
16,092,452
 
 
 
 
Materials - 0.3%
 
 
 
Chemicals - 0.3%
 
 
 
NOF Corp
 
632,885
9,494,602
Real Estate - 0.3%
 
 
 
Real Estate Management & Development - 0.3%
 
 
 
Katitas Co Ltd
 
695,700
10,052,568
TOTAL JAPAN
 
 
110,093,269
LUXEMBOURG - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobile Components - 0.0%
 
 
 
Novem Group SA (a)
 
232,076
1,064,775
NETHERLANDS - 1.7%
 
 
 
Health Care - 0.9%
 
 
 
Biotechnology - 0.9%
 
 
 
Argenx SE ADR (a)
 
41,000
26,450,740
Industrials - 0.5%
 
 
 
Professional Services - 0.3%
 
 
 
Wolters Kluwer NV
 
52,100
9,174,890
Trading Companies & Distributors - 0.2%
 
 
 
IMCD NV
 
43,951
5,817,949
TOTAL INDUSTRIALS
 
 
14,992,839
 
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
BE Semiconductor Industries NV
 
84,400
9,010,525
TOTAL NETHERLANDS
 
 
50,454,104
NORWAY - 0.3%
 
 
 
Energy - 0.3%
 
 
 
Energy Equipment & Services - 0.3%
 
 
 
TGS ASA
 
1,137,149
8,411,059
SPAIN - 2.0%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Household Durables - 0.3%
 
 
 
Neinor Homes SA (c)(g)
 
553,500
9,606,137
Financials - 1.3%
 
 
 
Banks - 1.3%
 
 
 
Bankinter SA
 
1,402,400
16,268,379
CaixaBank SA (e)
 
2,483,300
19,032,520
 
 
 
35,300,899
Real Estate - 0.4%
 
 
 
Real Estate Management & Development - 0.4%
 
 
 
Aedas Homes SL (c)(g)
 
377,700
12,151,719
TOTAL SPAIN
 
 
57,058,755
SWEDEN - 3.2%
 
 
 
Communication Services - 1.1%
 
 
 
Interactive Media & Services - 1.1%
 
 
 
Hemnet Group AB (a)
 
845,830
28,965,882
Consumer Discretionary - 0.5%
 
 
 
Household Durables - 0.3%
 
 
 
JM AB
 
452,900
7,234,779
Specialty Retail - 0.2%
 
 
 
Haypp Group AB (a)
 
607,852
6,402,083
TOTAL CONSUMER DISCRETIONARY
 
 
13,636,862
 
 
 
 
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
Swedbank AB A1 Shares
 
758,350
18,822,427
Health Care - 0.7%
 
 
 
Life Sciences Tools & Services - 0.7%
 
 
 
AddLife AB B Shares
 
1,134,424
21,478,412
Information Technology - 0.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Dustin Group AB (a)(c)(e)(g)
 
8,145,810
2,907,562
Software - 0.0%
 
 
 
Kry International Ab (a)(b)(f)
 
22,735
448,401
TOTAL INFORMATION TECHNOLOGY
 
 
3,355,963
 
 
 
 
Materials - 0.2%
 
 
 
Chemicals - 0.2%
 
 
 
Hexpol AB B Shares
 
709,259
6,141,946
TOTAL SWEDEN
 
 
92,401,492
SWITZERLAND - 0.8%
 
 
 
Information Technology - 0.8%
 
 
 
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
TE Connectivity PLC
 
150,000
21,957,000
TAIWAN - 0.9%
 
 
 
Information Technology - 0.9%
 
 
 
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
E Ink Holdings Inc
 
1,806,000
12,590,777
Semiconductors & Semiconductor Equipment - 0.5%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
254,000
7,182,604
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
44,000
7,334,360
 
 
 
14,516,964
TOTAL TAIWAN
 
 
27,107,741
UNITED KINGDOM - 5.0%
 
 
 
Communication Services - 0.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Zegona Communications plc (a)
 
511,600
4,609,031
Consumer Discretionary - 1.0%
 
 
 
Hotels, Restaurants & Leisure - 0.4%
 
 
 
Flutter Entertainment PLC (United Kingdom) (a)
 
45,800
10,962,363
Leisure Products - 0.6%
 
 
 
Games Workshop Group PLC
 
82,818
17,008,256
TOTAL CONSUMER DISCRETIONARY
 
 
27,970,619
 
 
 
 
Consumer Staples - 0.4%
 
 
 
Beverages - 0.4%
 
 
 
Diageo PLC
 
391,173
10,984,292
Financials - 2.2%
 
 
 
Banks - 0.4%
 
 
 
NatWest Group PLC
 
2,004,800
12,895,448
Capital Markets - 0.5%
 
 
 
London Stock Exchange Group PLC
 
90,528
14,096,253
Financial Services - 0.1%
 
 
 
Revolut Group Holdings Ltd (b)(f)
 
3,936
2,967,075
Insurance - 1.2%
 
 
 
Hiscox Ltd
 
1,504,447
22,034,692
Sabre Insurance Group PLC (c)(g)
 
6,755,301
11,325,509
 
 
 
33,360,201
TOTAL FINANCIALS
 
 
63,318,977
 
 
 
 
Industrials - 0.9%
 
 
 
Professional Services - 0.6%
 
 
 
Intertek Group PLC
 
100,000
6,109,097
RELX PLC
 
214,800
11,722,742
 
 
 
17,831,839
Trading Companies & Distributors - 0.3%
 
 
 
RS GROUP PLC
 
1,071,095
7,358,496
TOTAL INDUSTRIALS
 
 
25,190,335
 
 
 
 
Information Technology - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Softcat PLC
 
325,792
7,255,198
Real Estate - 0.2%
 
 
 
Specialized REITs - 0.2%
 
 
 
Big Yellow Group PLC (The)
 
364,800
4,890,860
TOTAL UNITED KINGDOM
 
 
144,219,312
UNITED STATES - 61.5%
 
 
 
Communication Services - 9.8%
 
 
 
Entertainment - 2.0%
 
 
 
Netflix Inc (a)
 
34,000
38,478,480
Spotify Technology SA (a)
 
33,000
20,261,340
 
 
 
58,739,820
Interactive Media & Services - 6.1%
 
 
 
Alphabet Inc Class A
 
468,000
74,318,400
Meta Platforms Inc Class A
 
186,000
102,114,000
 
 
 
176,432,400
Wireless Telecommunication Services - 1.7%
 
 
 
T-Mobile US Inc
 
196,910
48,626,925
TOTAL COMMUNICATION SERVICES
 
 
283,799,145
 
 
 
 
Consumer Discretionary - 11.3%
 
 
 
Automobile Components - 0.4%
 
 
 
Modine Manufacturing Co (a)
 
130,000
10,613,200
Automobiles - 0.0%
 
 
 
Rivian Automotive Inc Class A (a)
 
100
1,366
Tesla Inc (a)
 
3,100
874,696
 
 
 
876,062
Broadline Retail - 4.1%
 
 
 
Amazon.com Inc (a)
 
638,000
117,659,960
Diversified Consumer Services - 1.0%
 
 
 
Service Corp International/US
 
378,000
30,202,200
Hotels, Restaurants & Leisure - 2.0%
 
 
 
DraftKings Inc Class A (a)
 
1,785,000
59,422,650
Household Durables - 1.3%
 
 
 
SharkNinja Inc (a)
 
30,000
2,415,000
Somnigroup International Inc
 
585,000
35,720,100
 
 
 
38,135,100
Specialty Retail - 0.7%
 
 
 
AutoZone Inc (a)
 
5,100
19,189,260
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Deckers Outdoor Corp (a)
 
461,530
51,151,370
Skechers USA Inc Class A (a)
 
14,000
672,280
 
 
 
51,823,650
TOTAL CONSUMER DISCRETIONARY
 
 
327,922,082
 
 
 
 
Consumer Staples - 4.3%
 
 
 
Beverages - 0.3%
 
 
 
Keurig Dr Pepper Inc
 
318,000
10,999,620
Consumer Staples Distribution & Retail - 2.2%
 
 
 
Costco Wholesale Corp
 
20,500
20,387,250
Walmart Inc
 
434,000
42,206,500
 
 
 
62,593,750
Tobacco - 1.8%
 
 
 
Philip Morris International Inc
 
299,000
51,236,640
TOTAL CONSUMER STAPLES
 
 
124,830,010
 
 
 
 
Energy - 1.1%
 
 
 
Oil, Gas & Consumable Fuels - 1.1%
 
 
 
Exxon Mobil Corp
 
318,000
33,590,340
Financials - 7.7%
 
 
 
Banks - 1.1%
 
 
 
Wells Fargo & Co
 
470,000
33,374,700
Capital Markets - 5.4%
 
 
 
Bank of New York Mellon Corp/The
 
597,000
48,004,770
Northern Trust Corp
 
242,100
22,752,558
Robinhood Markets Inc Class A (a)
 
1,701,000
83,536,110
 
 
 
154,293,438
Financial Services - 0.6%
 
 
 
Fiserv Inc (a)
 
98,201
18,124,959
Insurance - 0.6%
 
 
 
Arthur J Gallagher & Co
 
16,000
5,131,040
Chubb Ltd
 
47,000
13,445,760
 
 
 
18,576,800
TOTAL FINANCIALS
 
 
224,369,897
 
 
 
 
Health Care - 5.3%
 
 
 
Biotechnology - 0.6%
 
 
 
Alnylam Pharmaceuticals Inc (a)
 
64,000
16,847,360
Health Care Equipment & Supplies - 1.5%
 
 
 
Boston Scientific Corp (a)
 
206,147
21,206,342
Intuitive Surgical Inc (a)
 
36,000
18,568,800
Masimo Corp (a)
 
22,000
3,541,120
 
 
 
43,316,262
Health Care Providers & Services - 1.5%
 
 
 
UnitedHealth Group Inc
 
109,000
44,846,960
Pharmaceuticals - 1.7%
 
 
 
Eli Lilly & Co
 
54,000
48,543,300
TOTAL HEALTH CARE
 
 
153,553,882
 
 
 
 
Industrials - 2.6%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
GE Aerospace
 
39,000
7,860,060
Electrical Equipment - 0.1%
 
 
 
GE Vernova Inc
 
11,000
4,079,020
Machinery - 0.4%
 
 
 
PACCAR Inc
 
143,000
12,900,030
Professional Services - 1.8%
 
 
 
TransUnion (e)
 
603,577
50,072,748
Trading Companies & Distributors - 0.0%
 
 
 
Herc Holdings Inc
 
10,000
1,094,400
TOTAL INDUSTRIALS
 
 
76,006,258
 
 
 
 
Information Technology - 14.7%
 
 
 
Communications Equipment - 1.0%
 
 
 
Cisco Systems Inc
 
503,000
29,038,190
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
Amphenol Corp Class A
 
343,000
26,393,850
IT Services - 2.5%
 
 
 
Kyndryl Holdings Inc (a)
 
2,239,000
72,588,380
Semiconductors & Semiconductor Equipment - 4.0%
 
 
 
Broadcom Inc
 
1,000
192,470
NVIDIA Corp
 
1,053,000
114,692,760
 
 
 
114,885,230
Software - 3.4%
 
 
 
AppLovin Corp Class A (a)
 
1,000
269,310
Microsoft Corp
 
225,000
88,933,500
MicroStrategy Inc Class A (a)
 
20,000
7,602,200
Palantir Technologies Inc Class A (a)
 
3,000
355,320
Rubrik Inc Class A (a)
 
6,000
423,180
Stripe Inc Class B (a)(b)(f)
 
10,000
355,000
 
 
 
97,938,510
Technology Hardware, Storage & Peripherals - 3.0%
 
 
 
Apple Inc
 
353,000
75,012,500
Pure Storage Inc Class A (a)
 
253,000
11,476,080
 
 
 
86,488,580
TOTAL INFORMATION TECHNOLOGY
 
 
427,332,740
 
 
 
 
Real Estate - 2.7%
 
 
 
Industrial REITs - 2.1%
 
 
 
Prologis Inc
 
589,000
60,195,800
Residential REITs - 0.1%
 
 
 
Sun Communities Inc
 
19,000
2,364,170
Specialized REITs - 0.5%
 
 
 
American Tower Corp
 
20,000
4,508,200
Iron Mountain Inc
 
124,000
11,119,080
 
 
 
15,627,280
TOTAL REAL ESTATE
 
 
78,187,250
 
 
 
 
Utilities - 2.0%
 
 
 
Multi-Utilities - 1.3%
 
 
 
Ameren Corp
 
199,000
19,748,760
CMS Energy Corp
 
245,000
18,044,250
 
 
 
37,793,010
Water Utilities - 0.7%
 
 
 
American Water Works Co Inc
 
131,000
19,258,310
TOTAL UTILITIES
 
 
57,051,320
 
 
 
 
TOTAL UNITED STATES
 
 
1,786,642,924
 
TOTAL COMMON STOCKS
 (Cost $2,259,589,350)
 
 
 
2,791,195,924
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
ByteDance Ltd Series E1 (a)(b)(f)
 
14,425
3,062,284
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
dMed Biopharmaceutical Co Ltd Series C (a)(b)(f)
 
120,600
967,212
TOTAL CHINA
 
 
4,029,496
INDIA - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Pine Labs Pvt Ltd Series 1 (a)(b)(f)
 
1,892
875,826
Pine Labs Pvt Ltd Series A (a)(b)(f)
 
473
218,956
Pine Labs Pvt Ltd Series B (a)(b)(f)
 
514
237,936
Pine Labs Pvt Ltd Series B2 (a)(b)(f)
 
416
192,571
Pine Labs Pvt Ltd Series C (a)(b)(f)
 
774
358,292
Pine Labs Pvt Ltd Series C1 (a)(b)(f)
 
163
75,454
Pine Labs Pvt Ltd Series D (a)(b)(f)
 
174
80,546
 
 
 
 
TOTAL INDIA
 
 
2,039,581
UNITED STATES - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Stripe Inc Series H (a)(b)(f)
 
29,122
1,033,831
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $6,106,539)
 
 
 
7,102,908
 
 
 
 
Money Market Funds - 3.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 
4.33
89,212,592
89,230,435
Fidelity Securities Lending Cash Central Fund (h)(i)
 
4.33
19,675,268
19,677,235
 
TOTAL MONEY MARKET FUNDS
 (Cost $108,907,153)
 
 
 
108,907,670
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $2,374,603,042)
 
 
 
2,907,206,502
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(632,459)
NET ASSETS - 100.0%
2,906,574,043
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $60,839,546 or 2.1% 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 is on loan at period end.
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,240,009 or 0.4% of net assets.
 
(g)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $54,843,966 or 1.9% of net assets.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd Series E1
11/18/20
1,580,608
 
 
 
dMed Biopharmaceutical Co Ltd Series C
12/01/20
1,712,900
 
 
 
Kry International Ab
5/14/21 - 10/30/24
1,503,523
 
 
 
Pine Labs Pvt Ltd
6/30/21
295,547
 
 
 
Pine Labs Pvt Ltd Series 1
6/30/21
705,693
 
 
 
Pine Labs Pvt Ltd Series A
6/30/21
176,604
 
 
 
Pine Labs Pvt Ltd Series B
6/30/21
191,892
 
 
 
Pine Labs Pvt Ltd Series B2
6/30/21
155,351
 
 
 
Pine Labs Pvt Ltd Series C
6/30/21
288,835
 
 
 
Pine Labs Pvt Ltd Series C1
6/30/21
61,018
 
 
 
Pine Labs Pvt Ltd Series D
6/30/21
65,119
 
 
 
Revolut Group Holdings Ltd
12/27/24
3,423,355
 
 
 
Stripe Inc Class B
5/18/21
401,284
 
 
 
Stripe Inc Series H
3/15/21 - 5/25/23
1,168,520
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
11,621,157
897,413,566
819,804,287
1,035,980
-
(1)
89,230,435
89,212,592
0.1%
Fidelity Securities Lending Cash Central Fund
5,136,327
96,450,941
81,910,033
45,051
-
-
19,677,235
19,675,268
0.1%
Total
16,757,484
993,864,507
901,714,320
1,081,031
-
(1)
108,907,670
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
366,795,294
317,679,358
49,115,936
-
Consumer Discretionary
473,419,765
442,174,559
31,245,206
-
Consumer Staples
161,404,885
124,830,010
36,574,875
-
Energy
94,945,318
94,945,318
-
-
Financials
444,305,482
317,018,540
123,766,246
3,520,696
Health Care
250,030,742
240,850,650
9,180,092
-
Industrials
210,920,707
136,285,776
74,634,931
-
Information Technology
560,047,165
511,230,092
47,647,047
1,170,026
Materials
59,856,784
47,419,670
12,437,114
-
Real Estate
112,418,462
105,282,397
7,136,065
-
Utilities
57,051,320
57,051,320
-
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
3,062,284
-
-
3,062,284
Health Care
967,212
-
-
967,212
Information Technology
3,073,412
-
-
3,073,412
 Money Market Funds
108,907,670
108,907,670
-
-
 Total Investments in Securities:
2,907,206,502
2,503,675,360
391,737,512
11,793,630
Fidelity® Worldwide Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,888,865) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,265,695,889)
$
2,798,298,832
 
 
Fidelity Central Funds (cost $108,907,153)
108,907,670
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,374,603,042)
 
 
$
2,907,206,502
Foreign currency held at value (cost $61,648)
 
 
61,651
Receivable for investments sold
 
 
28,777,091
Receivable for fund shares sold
 
 
1,018,494
Dividends receivable
 
 
5,397,238
Reclaims receivable
 
 
3,885,189
Distributions receivable from Fidelity Central Funds
 
 
334,310
Prepaid expenses
 
 
1,021
Other receivables
 
 
33,755
  Total assets
 
 
2,946,715,251
Liabilities
 
 
 
 
Payable to custodian bank
$
4
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
15,436,437
 
 
Delayed delivery
402,959
 
 
Payable for fund shares redeemed
2,937,179
 
 
Accrued management fee
1,605,163
 
 
Distribution and service plan fees payable
38,463
 
 
Other payables and accrued expenses
43,767
 
 
Collateral on securities loaned
19,677,236
 
 
  Total liabilities
 
 
 
40,141,208
Net Assets  
 
 
$
2,906,574,043
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,207,838,301
Total accumulated earnings (loss)
 
 
 
698,735,742
Net Assets
 
 
$
2,906,574,043
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($110,530,341 ÷ 3,531,681 shares)(a)
 
 
$
31.30
Maximum offering price per share (100/94.25 of $31.30)
 
 
$
33.21
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($21,196,683 ÷ 685,366 shares)(a)
 
 
$
30.93
Maximum offering price per share (100/96.50 of $30.93)
 
 
$
32.05
Class C :
 
 
 
 
Net Asset Value and offering price per share ($9,746,532 ÷ 334,017 shares)(a)
 
 
$
29.18
Worldwide :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,535,926,083 ÷ 79,278,609 shares)
 
 
$
31.99
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($134,006,195 ÷ 4,229,353 shares)
 
 
$
31.68
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($95,168,209 ÷ 2,960,647 shares)
 
 
$
32.14
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
23,052,690
Income from Fidelity Central Funds (including $45,051 from security lending)
 
 
1,081,031
 Income before foreign taxes withheld
 
 
$
24,133,721
Less foreign taxes withheld
 
 
(234,897)
 Total income
 
 
 
23,898,824
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
12,290,627
 
 
 Performance adjustment
(720,686)
 
 
Distribution and service plan fees
256,028
 
 
Custodian fees and expenses
38,669
 
 
Independent trustees' fees and expenses
7,161
 
 
Registration fees
129,152
 
 
Audit fees
37,839
 
 
Legal
9,446
 
 
Miscellaneous
5,685
 
 
 Total expenses
 
 
 
12,053,921
Net Investment income (loss)
 
 
 
11,844,903
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
174,513,187
 
 
 Foreign currency transactions
 
259,564
 
 
Total net realized gain (loss)
 
 
 
174,772,751
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(394,435,747)
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
345,254
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(394,090,494)
Net gain (loss)
 
 
 
(219,317,743)
Net increase (decrease) in net assets resulting from operations
 
 
$
(207,472,840)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,844,903
$
16,523,067
Net realized gain (loss)
 
174,772,751
 
447,005,881
Change in net unrealized appreciation (depreciation)
 
(394,090,494)
 
562,833,369
Net increase (decrease) in net assets resulting from operations
 
(207,472,840)
 
1,026,362,317
Distributions to shareholders
 
(409,304,611)
 
(24,710,933)
 
 
 
 
 
Share transactions - net increase (decrease)
 
379,681,431
 
(96,724,546)
 
 
 
 
 
Total increase (decrease) in net assets
 
(237,096,020)
 
904,926,838
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,143,670,063
 
2,238,743,225
End of period
$
2,906,574,043
$
3,143,670,063
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Worldwide Fund Class A
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.23
$
26.90
$
25.75
$
40.06
$
31.49
$
27.36
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.09
 
.11
 
.09
 
(.13)
 
(.05)
     Net realized and unrealized gain (loss)
 
(2.00)
 
11.44
 
2.52
 
(9.90)
 
11.40
 
5.50
  Total from investment operations
 
(1.92)  
 
11.53  
 
2.63  
 
(9.81)  
 
11.27
 
5.45
  Distributions from net investment income
 
(.21)
 
(.20)
 
(.11)
 
(.07)
 
-
 
(.12)
  Distributions from net realized gain
 
(4.80)
 
-
 
(1.37)
 
(4.43)
 
(2.70)
 
(1.20)
     Total distributions
 
(5.01)
 
(.20)
 
(1.48)
 
(4.50)
 
(2.70)
 
(1.32)
  Net asset value, end of period
$
31.30
$
38.23
$
26.90
$
25.75
$
40.06
$
31.49
 Total Return C,D,E
 
(6.56)
%
 
43.09%
 
10.62%
 
(27.31)%
 
37.72%
 
20.72%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03% H
 
.99%
 
.96%
 
1.21%
 
1.29%
 
1.34%
    Expenses net of fee waivers, if any
 
1.03
% H
 
.99%
 
.95%
 
1.21%
 
1.28%
 
1.34%
    Expenses net of all reductions, if any
 
1.03% H
 
.99%
 
.95%
 
1.21%
 
1.28%
 
1.33%
    Net investment income (loss)
 
.47% H
 
.25%
 
.41%
 
.28%
 
(.34)%
 
(.18)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
110,530
$
112,959
$
73,935
$
68,608
$
99,731
$
63,690
    Portfolio turnover rate I
 
163
% H
 
108%
 
114%
 
137%
 
96%
 
112%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Worldwide Fund Class M
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
37.79
$
26.60
$
25.44
$
39.62
$
31.19
$
27.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
- C
 
.04
 
.01
 
(.22)
 
(.13)
     Net realized and unrealized gain (loss)
 
(1.98)
 
11.32
 
2.51
 
(9.81)
 
11.29
 
5.46
  Total from investment operations
 
(1.94)  
 
11.32  
 
2.55  
 
(9.80)  
 
11.07
 
5.33
  Distributions from net investment income
 
(.13)
 
(.13)
 
(.02)
 
-
 
-
 
(.04)
  Distributions from net realized gain
 
(4.80)
 
-
 
(1.37)
 
(4.38)
 
(2.64)
 
(1.20)
     Total distributions
 
(4.92) D
 
(.13)
 
(1.39)
 
(4.38)
 
(2.64)
 
(1.24)
  Net asset value, end of period
$
30.93
$
37.79
$
26.60
$
25.44
$
39.62
$
31.19
 Total Return E,F,G
 
(6.67)
%
 
42.69%
 
10.39%
 
(27.53)%
 
37.37%
 
20.40%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.28% J
 
1.24%
 
1.21%
 
1.47%
 
1.55%
 
1.61%
    Expenses net of fee waivers, if any
 
1.28
% J
 
1.24%
 
1.21%
 
1.47%
 
1.55%
 
1.61%
    Expenses net of all reductions, if any
 
1.28% J
 
1.24%
 
1.20%
 
1.47%
 
1.55%
 
1.61%
    Net investment income (loss)
 
.22% J
 
-%
 
.15%
 
.02%
 
(.61)%
 
(.45)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,197
$
23,275
$
16,051
$
15,275
$
22,771
$
17,387
    Portfolio turnover rate K
 
163
% J
 
108%
 
114%
 
137%
 
96%
 
112%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Worldwide Fund Class C
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.85
$
25.25
$
24.33
$
38.05
$
30.14
$
26.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.05)
 
(.17)
 
(.10)
 
(.15)
 
(.39)
 
(.27)
     Net realized and unrealized gain (loss)
 
(1.86)
 
10.77
 
2.39
 
(9.39)
 
10.88
 
5.28
  Total from investment operations
 
(1.91)  
 
10.60  
 
2.29  
 
(9.54)  
 
10.49
 
5.01
  Distributions from net realized gain
 
(4.76)
 
-
 
(1.37)
 
(4.18)
 
(2.58)
 
(1.20)
     Total distributions
 
(4.76)
 
-
 
(1.37)
 
(4.18)
 
(2.58)
 
(1.20)
  Net asset value, end of period
$
29.18
$
35.85
$
25.25
$
24.33
$
38.05
$
30.14
 Total Return C,D,E
 
(6.91)
%
 
41.98%
 
9.76%
 
(27.89)%
 
36.63%
 
19.76%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.78% H
 
1.74%
 
1.76%
 
2.00%
 
2.08%
 
2.14%
    Expenses net of fee waivers, if any
 
1.78
% H
 
1.74%
 
1.75%
 
2.00%
 
2.08%
 
2.14%
    Expenses net of all reductions, if any
 
1.78% H
 
1.74%
 
1.75%
 
2.00%
 
2.08%
 
2.13%
    Net investment income (loss)
 
(.28)% H
 
(.51)%
 
(.39)%
 
(.51)%
 
(1.14)%
 
(.98)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,747
$
10,681
$
7,292
$
8,517
$
13,602
$
11,677
    Portfolio turnover rate I
 
163
% H
 
108%
 
114%
 
137%
 
96%
 
112%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity® Worldwide Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.00
$
27.44
$
26.26
$
40.76
$
31.97
$
27.74
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.19
 
.19
 
.18
 
(.02)
 
.03
     Net realized and unrealized gain (loss)
 
(2.05)
 
11.66
 
2.57
 
(10.09)
 
11.58
 
5.58
  Total from investment operations
 
(1.91)  
 
11.85  
 
2.76  
 
(9.91)  
 
11.56
 
5.61
  Distributions from net investment income
 
(.30)
 
(.29)
 
(.21)
 
(.16)
 
(.02)
 
(.18)
  Distributions from net realized gain
 
(4.80)
 
-
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
     Total distributions
 
(5.10)
 
(.29)
 
(1.58)
 
(4.59)
 
(2.77)
 
(1.38)
  Net asset value, end of period
$
31.99
$
39.00
$
27.44
$
26.26
$
40.76
$
31.97
 Total Return C,D
 
(6.43)
%
 
43.51%
 
10.95%
 
(27.12)%
 
38.11%
 
21.07%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% G
 
.70%
 
.67%
 
.92%
 
1.00%
 
1.05%
    Expenses net of fee waivers, if any
 
.74
% G
 
.70%
 
.66%
 
.92%
 
1.00%
 
1.05%
    Expenses net of all reductions, if any
 
.74% G
 
.70%
 
.66%
 
.92%
 
1.00%
 
1.05%
    Net investment income (loss)
 
.76% G
 
.54%
 
.70%
 
.57%
 
(.06)%
 
.11%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,535,926
$
2,836,498
$
1,982,943
$
1,899,788
$
2,896,684
$
2,217,129
    Portfolio turnover rate H
 
163
% G
 
108%
 
114%
 
137%
 
96%
 
112%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Worldwide Fund Class I
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.69
$
27.23
$
26.04
$
40.46
$
31.77
$
27.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.18
 
.19
 
.17
 
(.03)
 
.03
     Net realized and unrealized gain (loss)
 
(2.03)
 
11.57
 
2.56
 
(10.01)
 
11.49
 
5.55
  Total from investment operations
 
(1.91)  
 
11.75  
 
2.75  
 
(9.84)  
 
11.46
 
5.58
  Distributions from net investment income
 
(.31)
 
(.29)
 
(.19)
 
(.16)
 
(.02)
 
(.19)
  Distributions from net realized gain
 
(4.80)
 
-
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
     Total distributions
 
(5.10) C
 
(.29)
 
(1.56)
 
(4.58) C
 
(2.77)
 
(1.39)
  Net asset value, end of period
$
31.68
$
38.69
$
27.23
$
26.04
$
40.46
$
31.77
 Total Return D,E
 
(6.47)
%
 
43.45%
 
10.97%
 
(27.13)%
 
38.06%
 
21.08%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% H
 
.73%
 
.67%
 
.94%
 
1.02%
 
1.06%
    Expenses net of fee waivers, if any
 
.78
% H
 
.72%
 
.67%
 
.93%
 
1.02%
 
1.06%
    Expenses net of all reductions, if any
 
.78% H
 
.72%
 
.67%
 
.93%
 
1.02%
 
1.05%
    Net investment income (loss)
 
.72% H
 
.51%
 
.69%
 
.56%
 
(.08)%
 
.10%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
134,006
$
65,286
$
41,289
$
33,226
$
86,852
$
64,615
    Portfolio turnover rate I
 
163
% H
 
108%
 
114%
 
137%
 
96%
 
112%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Fidelity Advisor® Worldwide Fund Class Z
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.63
$
27.20
$
26.05
$
40.48
$
31.76
$
27.59
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.22
 
.22
 
.21
 
.02
 
.07
     Net realized and unrealized gain (loss)
 
(2.09)
 
11.55
 
2.55
 
(10.01)
 
11.50
 
5.53
  Total from investment operations
 
(1.94)  
 
11.77  
 
2.77  
 
(9.80)  
 
11.52
 
5.60
  Distributions from net investment income
 
-
 
(.34)
 
(.25)
 
(.20)
 
(.05)
 
(.23)
  Distributions from net realized gain
 
(4.55)
 
-
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
     Total distributions
 
(4.55)
 
(.34)
 
(1.62)
 
(4.63)
 
(2.80)
 
(1.43)
  Net asset value, end of period
$
32.14
$
38.63
$
27.20
$
26.05
$
40.48
$
31.76
 Total Return C,D
 
(6.40)
%
 
43.63%
 
11.10%
 
(27.05)%
 
38.27%
 
21.19%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65% G
 
.62%
 
.55%
 
.81%
 
.90%
 
.93%
    Expenses net of fee waivers, if any
 
.65
% G
 
.61%
 
.55%
 
.81%
 
.90%
 
.93%
    Expenses net of all reductions, if any
 
.65% G
 
.61%
 
.55%
 
.81%
 
.90%
 
.93%
    Net investment income (loss)
 
.85% G
 
.62%
 
.81%
 
.68%
 
.04%
 
.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
95,168
$
94,971
$
117,232
$
76,829
$
115,963
$
71,278
    Portfolio turnover rate H
 
163
% G
 
108%
 
114%
 
137%
 
96%
 
112%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
 
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Worldwide, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$647,380,750
Gross unrealized depreciation
(136,352,389)
Net unrealized appreciation (depreciation)
$511,028,361
Tax cost
$2,396,178,141
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Worldwide Fund
2,531,735,066
2,635,340,718
 
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.83
Class M
.84
Class C
.84
Worldwide
.79
Class I
.81
Class Z
.69
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.81
Class M
.81
Class C
.81
Worldwide
.77
Class I
.81
Class Z
.68
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Worldwide Fund
MSCI World Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Worldwide. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.05)%.
 
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%
145,782
5,708
Class M
 .25%
 .25%
 57,554
 474
Class C
 .75%
 .25%
 52,692
 9,567
 
 
 
256,028
15,749
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
35,000
Class M
989
Class CA
28
 
36,017
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
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
 41,619
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 166,501,836
 177,048,216
 17,348,296
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Worldwide Fund
2,496
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
4,818
 -
-
 
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2025
Year ended
October 31, 2024
Fidelity Worldwide Fund
 
 
Distributions to shareholders
 
 
Class A
$15,054,941
 $552,793
Class M
 3,020,788
 75,550
Class C
 1,421,317
 -
Worldwide
 370,044,974
 21,114,973
Class I
 8,710,115
 439,298
Class Z
11,052,476
2,528,319
Total  
$409,304,611
$24,710,933
 
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Six months ended
 April 30, 2025
Year ended
 October 31, 2024
Fidelity Worldwide Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
403,272
581,446
$13,845,271
$20,483,863
Reinvestment of distributions
421,629
18,512
14,950,974
547,575
Shares redeemed
(247,972)
(393,376)
(8,430,908)
(13,545,664)
Net increase (decrease)
576,929
206,582
$20,365,337
$7,485,774
Class M
 
 
 
 
Shares sold
46,288
123,303
$1,548,297
$4,403,391
Reinvestment of distributions
85,814
2,570
3,009,513
75,321
Shares redeemed
(62,571)
(113,480)
(2,124,655)
(3,886,219)
Net increase (decrease)
69,531
12,393
$2,433,155
$592,493
Class C
 
 
 
 
Shares sold
33,470
74,442
$1,063,832
$2,408,430
Reinvestment of distributions
42,052
-
1,394,017
-
Shares redeemed
(39,433)
(65,335)
(1,258,359)
(2,097,615)
Net increase (decrease)
36,089
9,107
$1,199,490
$310,815
Worldwide
 
 
 
 
Shares sold
7,329,616
13,320,525
$264,673,398
$469,690,538
Reinvestment of distributions
9,586,818
660,086
347,042,795
19,906,749
Shares redeemed
(10,372,731)
(13,501,211)
(362,809,155)
(478,120,242)
Net increase (decrease)
6,543,703
479,400
$248,907,038
$11,477,045
Class I
 
 
 
 
Shares sold
2,698,767
625,867
$93,729,495
$22,688,518
Reinvestment of distributions
240,155
14,127
8,611,970
422,756
Shares redeemed
(397,044)
(468,852)
(13,417,607)
(16,856,657)
Net increase (decrease)
2,541,878
171,142
$88,923,858
$6,254,617
Class Z
 
 
 
 
Shares sold
739,291
9,206,355
$26,248,686
$308,697,406
Reinvestment of distributions
287,410
83,334
10,453,118
2,489,237
Shares redeemed
(524,333)
(11,140,674)
(18,849,251)
(434,031,933)
Net increase (decrease)
502,368
(1,850,985)
$17,852,553
$(122,845,290)
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contract and Management Fees
Fidelity Overseas Fund
At its January 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z of the fund (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its January 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the estimated total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for Class Z of the fund is below the median fee rate of funds with similar Morningstar classifications. The Board also noted that the projected class-level management fee and proposed maximum class-level management fee rate for Class A, Class M, Class C and Class I of the fund is above the median fee rate of funds with similar Morningstar classifications because the majority of such competitor funds do not have a management fee that covers expenses for services beyond portfolio management. The Board also considered that the estimated total net expense ratio of Class A, Class C, Class I and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure and that the estimated total net expense ratio of Class M is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure primarily because of higher 12b-1 fees.
The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.
Economies of Scale. The Board considered that it previously received and reviewed information regarding 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 a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for each New Class of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
 
1.703569.127
IBD-SANN-0625
Fidelity® Diversified International K6 Fund
 
 
Semi-Annual Report
April 30, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Diversified International K6 Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Diversified International K6 Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.4%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.6%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Hotels, Restaurants & Leisure - 0.6%
 
 
 
Aristocrat Leisure Ltd
 
583,611
24,925,470
BELGIUM - 1.1%
 
 
 
Financials - 0.6%
 
 
 
Banks - 0.6%
 
 
 
KBC Group NV
 
278,512
25,575,429
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
UCB SA
 
131,404
23,988,953
TOTAL BELGIUM
 
 
49,564,382
BRAZIL - 0.7%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Broadline Retail - 0.5%
 
 
 
MercadoLibre Inc (a)
 
10,252
23,895,874
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Vale SA
 
1,062,600
9,897,366
TOTAL BRAZIL
 
 
33,793,240
CANADA - 4.7%
 
 
 
Consumer Staples - 0.5%
 
 
 
Consumer Staples Distribution & Retail - 0.5%
 
 
 
Alimentation Couche-Tard Inc
 
474,812
24,784,181
Energy - 1.7%
 
 
 
Oil, Gas & Consumable Fuels - 1.7%
 
 
 
Cameco Corp
 
149,729
6,758,767
Canadian Natural Resources Ltd
 
1,170,989
33,602,441
Imperial Oil Ltd
 
437,681
29,522,672
MEG Energy Corp
 
384,614
5,395,644
 
 
 
75,279,524
Industrials - 0.5%
 
 
 
Professional Services - 0.5%
 
 
 
Thomson Reuters Corp
 
119,184
22,177,767
Information Technology - 1.1%
 
 
 
Software - 1.1%
 
 
 
Constellation Software Inc/Canada
 
14,319
51,604,384
Constellation Software Inc/Canada warrants 3/31/2040 (a)(b)
 
23,796
2
 
 
 
51,604,386
Materials - 0.9%
 
 
 
Metals & Mining - 0.9%
 
 
 
Franco-Nevada Corp
 
228,274
39,228,488
TOTAL CANADA
 
 
213,074,346
CHILE - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Antofagasta PLC
 
648,211
14,107,010
CHINA - 0.6%
 
 
 
Consumer Discretionary - 0.6%
 
 
 
Broadline Retail - 0.6%
 
 
 
Prosus NV Class N
 
610,670
28,631,023
CONGO DEMOCRATIC REPUBLIC OF - 0.2%
 
 
 
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Ivanhoe Mine Ltd Class A (a)
 
855,891
7,599,090
DENMARK - 2.7%
 
 
 
Health Care - 1.3%
 
 
 
Pharmaceuticals - 1.3%
 
 
 
Novo Nordisk A/S Series B
 
882,972
59,036,889
Industrials - 1.4%
 
 
 
Air Freight & Logistics - 1.4%
 
 
 
DSV A/S
 
290,816
61,641,329
TOTAL DENMARK
 
 
120,678,218
FRANCE - 9.1%
 
 
 
Consumer Discretionary - 1.6%
 
 
 
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Accor SA
 
202,058
9,877,096
Textiles, Apparel & Luxury Goods - 1.4%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
111,847
61,955,323
TOTAL CONSUMER DISCRETIONARY
 
 
71,832,419
 
 
 
 
Consumer Staples - 0.2%
 
 
 
Food Products - 0.2%
 
 
 
Danone SA
 
132,252
11,379,810
Financials - 1.1%
 
 
 
Capital Markets - 0.2%
 
 
 
Amundi SA (c)(d)
 
135,230
10,624,094
Insurance - 0.9%
 
 
 
AXA SA
 
853,273
40,356,316
TOTAL FINANCIALS
 
 
50,980,410
 
 
 
 
Health Care - 1.2%
 
 
 
Health Care Equipment & Supplies - 1.2%
 
 
 
EssilorLuxottica SA
 
182,232
52,167,772
Industrials - 3.1%
 
 
 
Aerospace & Defense - 2.4%
 
 
 
Safran SA
 
177,471
47,228,508
Thales SA
 
221,851
62,145,428
 
 
 
109,373,936
Electrical Equipment - 0.7%
 
 
 
Legrand SA
 
274,990
30,221,354
TOTAL INDUSTRIALS
 
 
139,595,290
 
 
 
 
Information Technology - 0.7%
 
 
 
IT Services - 0.4%
 
 
 
Alten SA
 
28,354
2,375,335
Capgemini SE
 
89,573
14,300,539
 
 
 
16,675,874
Software - 0.3%
 
 
 
Dassault Systemes SE
 
401,196
15,035,272
TOTAL INFORMATION TECHNOLOGY
 
 
31,711,146
 
 
 
 
Materials - 1.2%
 
 
 
Chemicals - 1.2%
 
 
 
Air Liquide SA
 
267,416
54,948,161
TOTAL FRANCE
 
 
412,615,008
GERMANY - 11.6%
 
 
 
Communication Services - 0.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Deutsche Telekom AG
 
188,500
6,770,454
Financials - 5.4%
 
 
 
Capital Markets - 1.3%
 
 
 
Deutsche Boerse AG
 
187,124
60,271,499
Insurance - 4.1%
 
 
 
Allianz SE
 
218,537
90,381,808
Hannover Rueck SE
 
117,789
37,682,685
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a)
 
78,190
53,529,607
 
 
 
181,594,100
TOTAL FINANCIALS
 
 
241,865,599
 
 
 
 
Health Care - 1.2%
 
 
 
Health Care Providers & Services - 1.1%
 
 
 
Fresenius SE & Co KGaA (a)
 
1,022,668
48,426,531
Pharmaceuticals - 0.1%
 
 
 
Merck KGaA
 
47,233
6,522,613
TOTAL HEALTH CARE
 
 
54,949,144
 
 
 
 
Industrials - 1.4%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Rheinmetall AG
 
2,944
5,013,787
Electrical Equipment - 0.6%
 
 
 
Siemens Energy AG (a)
 
333,408
25,733,657
Industrial Conglomerates - 0.7%
 
 
 
Siemens AG
 
146,936
33,833,677
TOTAL INDUSTRIALS
 
 
64,581,121
 
 
 
 
Information Technology - 2.7%
 
 
 
Software - 2.7%
 
 
 
SAP SE
 
409,808
119,905,165
Materials - 0.8%
 
 
 
Construction Materials - 0.8%
 
 
 
Heidelberg Materials AG
 
188,212
37,152,882
TOTAL GERMANY
 
 
525,224,365
HONG KONG - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Insurance - 0.1%
 
 
 
AIA Group Ltd
 
589,048
4,413,687
INDIA - 1.5%
 
 
 
Financials - 1.3%
 
 
 
Banks - 1.1%
 
 
 
HDFC Bank Ltd
 
2,209,051
50,108,226
Capital Markets - 0.2%
 
 
 
Fairfax India Holdings Corp Subordinate Voting Shares (a)(c)(d)
 
453,450
7,731,323
TOTAL FINANCIALS
 
 
57,839,549
 
 
 
 
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Hindustan Aeronautics Ltd (d)
 
214,600
11,364,488
TOTAL INDIA
 
 
69,204,037
INDONESIA - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Bank Central Asia Tbk PT
 
36,346,527
19,325,107
IRELAND - 0.5%
 
 
 
Industrials - 0.5%
 
 
 
Building Products - 0.5%
 
 
 
Kingspan Group PLC
 
244,981
20,620,236
ITALY - 2.9%
 
 
 
Financials - 2.4%
 
 
 
Banks - 2.4%
 
 
 
FinecoBank Banca Fineco SpA
 
1,374,968
27,359,815
UniCredit SpA
 
1,429,352
83,160,924
 
 
 
110,520,739
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
96,333
5,658,434
Industrials - 0.4%
 
 
 
Machinery - 0.1%
 
 
 
Interpump Group SpA
 
192,402
6,556,315
Passenger Airlines - 0.3%
 
 
 
Ryanair Holdings PLC ADR
 
196,086
9,384,676
TOTAL INDUSTRIALS
 
 
15,940,991
 
 
 
 
TOTAL ITALY
 
 
132,120,164
JAPAN - 17.3%
 
 
 
Communication Services - 1.5%
 
 
 
Entertainment - 1.5%
 
 
 
Capcom Co Ltd
 
628,186
18,184,794
Nintendo Co Ltd
 
617,716
51,282,787
 
 
 
69,467,581
Consumer Discretionary - 0.9%
 
 
 
Automobiles - 0.1%
 
 
 
Toyota Motor Corp
 
234,700
4,482,634
Household Durables - 0.1%
 
 
 
Panasonic Holdings Corp
 
409,100
4,690,728
Specialty Retail - 0.7%
 
 
 
Fast Retailing Co Ltd
 
102,308
33,653,692
TOTAL CONSUMER DISCRETIONARY
 
 
42,827,054
 
 
 
 
Financials - 3.0%
 
 
 
Banks - 1.1%
 
 
 
Sumitomo Mitsui Financial Group Inc
 
2,071,900
49,429,761
Financial Services - 0.5%
 
 
 
ORIX Corp
 
1,234,161
24,757,308
Insurance - 1.4%
 
 
 
Tokio Marine Holdings Inc
 
1,546,374
61,982,344
TOTAL FINANCIALS
 
 
136,169,413
 
 
 
 
Health Care - 1.1%
 
 
 
Health Care Equipment & Supplies - 1.1%
 
 
 
Hoya Corp
 
408,449
48,060,637
Industrials - 7.4%
 
 
 
Electrical Equipment - 0.5%
 
 
 
Fuji Electric Co Ltd
 
480,919
21,384,908
Industrial Conglomerates - 2.5%
 
 
 
Hitachi Ltd
 
4,596,810
113,612,526
Machinery - 2.2%
 
 
 
Ebara Corp
 
560,080
8,413,407
IHI Corp
 
84,576
6,625,022
Kawasaki Heavy Industries Ltd
 
245,097
14,620,452
Mitsubishi Heavy Industries Ltd
 
3,473,310
68,468,828
 
 
 
98,127,709
Professional Services - 0.4%
 
 
 
BayCurrent Inc
 
324,442
17,482,105
Trading Companies & Distributors - 1.8%
 
 
 
ITOCHU Corp
 
892,628
45,651,622
Mitsui & Co Ltd
 
1,362,397
27,549,196
MonotaRO Co Ltd
 
508,330
9,771,611
 
 
 
82,972,429
TOTAL INDUSTRIALS
 
 
333,579,677
 
 
 
 
Information Technology - 2.4%
 
 
 
IT Services - 0.7%
 
 
 
Fujitsu Ltd
 
1,333,573
29,625,941
Semiconductors & Semiconductor Equipment - 1.3%
 
 
 
Advantest Corp
 
400,892
16,771,697
Renesas Electronics Corp
 
1,229,643
14,430,185
Tokyo Electron Ltd
 
176,552
26,288,310
 
 
 
57,490,192
Technology Hardware, Storage & Peripherals - 0.4%
 
 
 
FUJIFILM Holdings Corp
 
1,099,725
22,524,994
TOTAL INFORMATION TECHNOLOGY
 
 
109,641,127
 
 
 
 
Materials - 1.0%
 
 
 
Chemicals - 1.0%
 
 
 
Shin-Etsu Chemical Co Ltd
 
1,437,971
43,759,605
TOTAL JAPAN
 
 
783,505,094
LUXEMBOURG - 0.5%
 
 
 
Financials - 0.5%
 
 
 
Capital Markets - 0.5%
 
 
 
CVC Capital Partners PLC (a)(c)(d)
 
1,225,962
21,693,541
MEXICO - 0.1%
 
 
 
Materials - 0.1%
 
 
 
Construction Materials - 0.1%
 
 
 
Cemex SAB de CV ADR
 
823,459
5,080,742
NETHERLANDS - 4.2%
 
 
 
Health Care - 0.3%
 
 
 
Biotechnology - 0.3%
 
 
 
Argenx SE (a)
 
18,253
11,799,636
Industrials - 2.0%
 
 
 
Professional Services - 1.5%
 
 
 
Wolters Kluwer NV
 
398,110
70,107,781
Trading Companies & Distributors - 0.5%
 
 
 
IMCD NV
 
155,027
20,521,470
TOTAL INDUSTRIALS
 
 
90,629,251
 
 
 
 
Information Technology - 1.9%
 
 
 
Semiconductors & Semiconductor Equipment - 1.9%
 
 
 
ASML Holding NV depository receipt
 
96,205
64,272,636
BE Semiconductor Industries NV
 
160,416
17,125,978
NXP Semiconductors NV
 
34,164
6,296,767
 
 
 
87,695,381
TOTAL NETHERLANDS
 
 
190,124,268
SPAIN - 2.7%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Specialty Retail - 0.3%
 
 
 
Industria de Diseno Textil SA (e)
 
247,264
13,232,539
Financials - 2.4%
 
 
 
Banks - 2.4%
 
 
 
Banco Santander SA
 
9,368,084
65,607,303
CaixaBank SA (e)
 
5,509,446
42,225,523
 
 
 
107,832,826
TOTAL SPAIN
 
 
121,065,365
SWEDEN - 3.0%
 
 
 
Financials - 1.2%
 
 
 
Financial Services - 1.2%
 
 
 
Investor AB B Shares
 
1,832,639
54,094,657
Industrials - 1.8%
 
 
 
Machinery - 1.8%
 
 
 
Atlas Copco AB A Shares
 
1,921,964
29,797,352
Epiroc AB A Shares
 
330,956
7,149,513
Epiroc AB B Shares
 
159,765
3,127,364
Indutrade AB
 
1,515,723
40,898,097
 
 
 
80,972,326
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Kry International Ab (a)(b)(f)
 
30,819
607,840
TOTAL SWEDEN
 
 
135,674,823
SWITZERLAND - 2.4%
 
 
 
Consumer Discretionary - 1.0%
 
 
 
Textiles, Apparel & Luxury Goods - 1.0%
 
 
 
Cie Financiere Richemont SA Series A
 
248,784
43,961,431
Financials - 1.4%
 
 
 
Capital Markets - 1.4%
 
 
 
Partners Group Holding AG
 
18,453
24,045,800
UBS Group AG
 
1,356,548
40,909,287
 
 
 
64,955,087
TOTAL SWITZERLAND
 
 
108,916,518
TAIWAN - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
307,459
51,250,341
UNITED KINGDOM - 15.5%
 
 
 
Consumer Discretionary - 2.3%
 
 
 
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Compass Group PLC
 
1,677,006
56,539,962
InterContinental Hotels Group PLC
 
316,306
33,752,984
 
 
 
90,292,946
Leisure Products - 0.3%
 
 
 
Games Workshop Group PLC
 
60,937
12,514,575
TOTAL CONSUMER DISCRETIONARY
 
 
102,807,521
 
 
 
 
Financials - 5.6%
 
 
 
Banks - 2.8%
 
 
 
HSBC Holdings PLC
 
1,365,016
15,216,345
Lloyds Banking Group PLC
 
55,819,570
54,841,521
NatWest Group PLC
 
7,665,163
49,304,525
Starling Bank Ltd Class D (a)(b)(f)
 
2,406,800
7,762,253
 
 
 
127,124,644
Capital Markets - 2.8%
 
 
 
3i Group PLC
 
819,821
46,476,505
London Stock Exchange Group PLC
 
512,245
79,762,451
 
 
 
126,238,956
TOTAL FINANCIALS
 
 
253,363,600
 
 
 
 
Health Care - 2.0%
 
 
 
Health Care Equipment & Supplies - 0.5%
 
 
 
ConvaTec Group PLC (c)(d)
 
6,410,558
22,195,625
Pharmaceuticals - 1.5%
 
 
 
Astrazeneca PLC
 
486,764
69,737,082
TOTAL HEALTH CARE
 
 
91,932,707
 
 
 
 
Industrials - 5.6%
 
 
 
Aerospace & Defense - 3.1%
 
 
 
BAE Systems PLC
 
2,711,870
62,868,295
Rolls-Royce Holdings PLC
 
7,611,269
77,044,877
 
 
 
139,913,172
Professional Services - 2.1%
 
 
 
Intertek Group PLC
 
185,236
11,316,247
RELX PLC (Netherlands)
 
1,566,941
84,814,713
 
 
 
96,130,960
Trading Companies & Distributors - 0.4%
 
 
 
Diploma PLC
 
86,696
4,577,685
RS GROUP PLC
 
1,835,217
12,608,067
 
 
 
17,185,752
TOTAL INDUSTRIALS
 
 
253,229,884
 
 
 
 
TOTAL UNITED KINGDOM
 
 
701,333,712
UNITED STATES - 10.6%
 
 
 
Communication Services - 0.7%
 
 
 
Entertainment - 0.7%
 
 
 
Spotify Technology SA (a)
 
53,889
33,086,768
Energy - 1.3%
 
 
 
Oil, Gas & Consumable Fuels - 1.3%
 
 
 
Shell PLC
 
1,836,800
59,276,738
Financials - 1.4%
 
 
 
Capital Markets - 0.2%
 
 
 
S&P Global Inc
 
21,600
10,801,080
Financial Services - 0.3%
 
 
 
Mastercard Inc Class A
 
28,430
15,581,346
Insurance - 0.9%
 
 
 
Marsh & McLennan Cos Inc
 
164,106
37,000,980
TOTAL FINANCIALS
 
 
63,383,406
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Equipment & Supplies - 1.3%
 
 
 
Alcon AG
 
595,838
57,508,275
Industrials - 2.3%
 
 
 
Electrical Equipment - 1.1%
 
 
 
Schneider Electric SE
 
213,374
49,853,935
Professional Services - 0.5%
 
 
 
Experian PLC
 
437,638
21,772,944
Trading Companies & Distributors - 0.7%
 
 
 
Ferguson Enterprises Inc (United Kingdom)
 
183,572
30,849,912
TOTAL INDUSTRIALS
 
 
102,476,791
 
 
 
 
Materials - 3.6%
 
 
 
Chemicals - 1.0%
 
 
 
Linde PLC
 
95,728
43,386,801
Construction Materials - 2.6%
 
 
 
CRH PLC (United Kingdom)
 
557,718
52,281,667
Holcim AG
 
539,187
60,253,060
James Hardie Industries PLC depository receipt (a)
 
303,358
7,120,481
 
 
 
119,655,208
TOTAL MATERIALS
 
 
163,042,009
 
 
 
 
TOTAL UNITED STATES
 
 
478,773,987
 
TOTAL COMMON STOCKS
 (Cost $2,955,508,320)
 
 
 
4,273,313,774
 
 
 
 
Convertible Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
CANADA - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Valsoft Corp Series A-1.2 (b)(f)
 
231
2,705,867
Valsoft Corp Series A-1.3 (b)(f)
 
82
960,524
Valsoft Corp Series A-1.4 (b)(f)
 
105
1,229,940
 
 
 
 
TOTAL CANADA
 
 
4,896,331
ESTONIA - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Bolt Technology OU Series E (a)(b)(f)
 
21,668
4,217,595
UNITED STATES - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
Wasabi Holdings Inc Series C (a)(b)(f)
 
743,562
7,606,639
Wasabi Holdings Inc Series D (a)(b)(f)
 
304,085
4,993,076
 
 
 
 
TOTAL UNITED STATES
 
 
12,599,715
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $22,929,583)
 
 
 
21,713,641
 
 
 
 
Money Market Funds - 5.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
220,694,313
220,738,452
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
40,872,678
40,876,765
 
TOTAL MONEY MARKET FUNDS
 (Cost $261,614,594)
 
 
 
261,615,217
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $3,240,052,497)
 
 
 
4,556,642,632
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(32,118,655)
NET ASSETS - 100.0%
4,524,523,977
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $62,244,583 or 1.4% of net assets.
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $73,609,071 or 1.6% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $30,083,734 or 0.7% of net assets.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
5,629,271
 
 
 
Kry International Ab
5/14/21 - 10/30/24
2,038,126
 
 
 
Starling Bank Ltd Class D
6/18/21 - 4/05/22
4,642,638
 
 
 
Valsoft Corp Series A-1.2
3/14/25
2,705,867
 
 
 
Valsoft Corp Series A-1.3
3/17/25
814,004
 
 
 
Valsoft Corp Series A-1.4
3/17/25
1,381,955
 
 
 
Wasabi Holdings Inc Series C
3/31/21
8,078,504
 
 
 
Wasabi Holdings Inc Series D
9/09/22
4,319,984
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
148,198,288
510,412,457
437,872,292
2,626,467
-
(1)
220,738,452
220,694,313
0.4%
Fidelity Securities Lending Cash Central Fund
61,625,062
257,856,645
278,604,942
59,256
-
-
40,876,765
40,872,678
0.1%
Total
209,823,350
768,269,102
716,477,234
2,685,723
-
(1)
261,615,217
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
109,324,803
51,271,562
58,053,241
-
Consumer Discretionary
352,113,331
59,520,084
292,593,247
-
Consumer Staples
36,163,991
24,784,181
11,379,810
-
Energy
134,556,262
75,279,524
59,276,738
-
Financials
1,212,013,050
378,707,340
825,543,457
7,762,253
Health Care
405,102,447
216,468,203
188,634,244
-
Industrials
1,196,809,151
384,278,806
812,530,345
-
Information Technology
452,415,386
192,925,441
258,882,103
607,842
Materials
374,815,353
208,734,046
166,081,307
-
 Convertible Preferred Stocks
 
 
 
 
Information Technology
21,713,641
-
-
21,713,641
 Money Market Funds
261,615,217
261,615,217
-
-
 Total Investments in Securities:
4,556,642,632
1,853,584,404
2,672,974,492
30,083,736
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $37,904,213) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,978,437,903)
$
4,295,027,415
 
 
Fidelity Central Funds (cost $261,614,594)
261,615,217
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,240,052,497)
 
 
$
4,556,642,632
Foreign currency held at value (cost $618,797)
 
 
615,626
Receivable for investments sold
 
 
16,603,337
Receivable for fund shares sold
 
 
2,692,216
Dividends receivable
 
 
13,572,803
Reclaims receivable
 
 
10,722,824
Distributions receivable from Fidelity Central Funds
 
 
606,984
Other receivables
 
 
265,645
  Total assets
 
 
4,601,722,067
Liabilities
 
 
 
 
Payable for investments purchased
$
30,903,508
 
 
Payable for fund shares redeemed
1,697,547
 
 
Accrued management fee
2,138,199
 
 
Deferred taxes
1,568,064
 
 
Other payables and accrued expenses
14,007
 
 
Collateral on securities loaned
40,876,765
 
 
  Total liabilities
 
 
 
77,198,090
Net Assets  
 
 
$
4,524,523,977
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,252,118,761
Total accumulated earnings (loss)
 
 
 
1,272,405,216
Net Assets
 
 
$
4,524,523,977
Net Asset Value, offering price and redemption price per share ($4,524,523,977 ÷ 291,230,029 shares)
 
 
$
15.54
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
41,999,808
Interest  
 
 
6,063
Income from Fidelity Central Funds (including $59,256 from security lending)
 
 
2,685,723
 Income before foreign taxes withheld
 
 
$
44,691,594
Less foreign taxes withheld
 
 
(3,040,260)
 Total income
 
 
 
41,651,334
Expenses
 
 
 
 
Management fee
$
13,561,220
 
 
Independent trustees' fees and expenses
10,121
 
 
 Total expenses before reductions
 
13,571,341
 
 
 Expense reductions
 
(1,150)
 
 
 Total expenses after reductions
 
 
 
13,570,191
Net Investment income (loss)
 
 
 
28,081,143
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,425,695)
 
122,265,927
 
 
   Redemptions in-kind
 
175,694,543
 
 
 Foreign currency transactions
 
(689,507)
 
 
Total net realized gain (loss)
 
 
 
297,270,963
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $990,019)  
 
(31,189,886)
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
1,223,074
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(29,966,813)
Net gain (loss)
 
 
 
267,304,150
Net increase (decrease) in net assets resulting from operations
 
 
$
295,385,293
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
28,081,143
$
65,605,795
Net realized gain (loss)
 
297,270,963
 
61,216,255
Change in net unrealized appreciation (depreciation)
 
(29,966,813)
 
845,566,646
Net increase (decrease) in net assets resulting from operations
 
295,385,293
 
972,388,696
Distributions to shareholders
 
(98,522,166)
 
(69,972,907)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
467,320,791
 
1,024,639,725
  Reinvestment of distributions
 
98,517,898
 
69,972,898
Cost of shares redeemed
 
(1,070,120,901)
 
(1,156,692,903)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(504,282,212)
 
(62,080,280)
Total increase (decrease) in net assets
 
(307,419,085)
 
840,335,509
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,831,943,062
 
3,991,607,553
End of period
$
4,524,523,977
$
4,831,943,062
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
31,356,769
 
71,524,447
  Issued in reinvestment of distributions
 
6,724,771
 
5,378,392
Redeemed
 
(72,007,266)
 
(81,461,022)
Net increase (decrease)
 
(33,925,726)
 
(4,558,183)
 
 
 
 
 
Financial Highlights
 
Fidelity® Diversified International K6 Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.86
$
12.11
$
10.89
$
15.45
$
11.96
$
11.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.20
 
.20
 
.15
 
.10
 
.08
     Net realized and unrealized gain (loss)
 
.90
 
2.76
 
1.12
 
(4.56)
 
3.47
 
.98
  Total from investment operations
 
.99  
 
2.96  
 
1.32  
 
(4.41)  
 
3.57
 
1.06
  Distributions from net investment income
 
(.31)
 
(.21)
 
(.10)
 
(.15)
 
(.08)
 
(.15)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03)
     Total distributions
 
(.31)
 
(.21)
 
(.10)
 
(.15)
 
(.08)
 
(.18)
  Net asset value, end of period
$
15.54
$
14.86
$
12.11
$
10.89
$
15.45
$
11.96
 Total Return C,D
 
6.82
%
 
24.70%
 
12.12%
 
(28.81)%
 
30.00%
 
9.70%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% G
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.60
% G
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions, if any
 
.60% G
 
.60%
 
.60%
 
.60%
 
.60%
 
.59%
    Net investment income (loss)
 
1.24% G
 
1.40%
 
1.57%
 
1.21%
 
.73%
 
.73%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,524,524
$
4,831,943
$
3,991,608
$
3,483,417
$
3,961,936
$
3,102,294
    Portfolio turnover rate H
 
37
% G,I
 
37% I
 
25% I
 
31% I
 
30% I
 
34%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Diversified International K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and 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
$1,350,494,510
Gross unrealized depreciation
(67,705,259)
Net unrealized appreciation (depreciation)
$1,282,789,251
Tax cost
$3,273,853,381
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(322,445,081)
 Long-term
(-)
Total capital loss carryforward
$(322,445,081)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Diversified International K6 Fund
817,981,487
1,027,074,771
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Diversified International K6 Fund
29,023,439
175,694,543
434,503,160
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Diversified International K6 Fund
11,523,901
57,811,254
155,413,531
 
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity Diversified International K6 Fund
6,128,438
83,046,527
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee 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
 2,043
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 24,032,981
 67,274,741
 10,523,324
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
6,254
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,150.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9883986.107
DIFK6-SANN-0625
Fidelity® International Discovery K6 Fund
 
 
Semi-Annual Report
April 30, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® International Discovery K6 Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® International Discovery K6 Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.2%
 
 
Shares
Value ($)
 
AUSTRALIA - 1.5%
 
 
 
Communication Services - 0.3%
 
 
 
Interactive Media & Services - 0.3%
 
 
 
CAR Group Ltd
 
65,690
1,402,107
Consumer Discretionary - 0.7%
 
 
 
Hotels, Restaurants & Leisure - 0.7%
 
 
 
Aristocrat Leisure Ltd
 
87,320
3,729,354
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Inc Class A (a)(b)(c)
 
400
462,000
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
Brazilian Rare Earths Ltd (c)
 
192,741
278,896
IperionX Ltd (c)
 
1,082,783
2,483,728
 
 
 
2,762,624
TOTAL AUSTRALIA
 
 
8,356,085
BAILIWICK OF JERSEY - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Capital Markets - 0.4%
 
 
 
JTC PLC (d)(e)
 
176,186
1,958,258
BELGIUM - 0.8%
 
 
 
Health Care - 0.8%
 
 
 
Pharmaceuticals - 0.8%
 
 
 
UCB SA
 
22,465
4,101,183
BRAZIL - 1.5%
 
 
 
Consumer Discretionary - 1.3%
 
 
 
Broadline Retail - 1.3%
 
 
 
MercadoLibre Inc (c)
 
2,898
6,754,803
Financials - 0.2%
 
 
 
Banks - 0.2%
 
 
 
NU Holdings Ltd/Cayman Islands Class A (c)
 
98,628
1,225,946
TOTAL BRAZIL
 
 
7,980,749
CANADA - 3.4%
 
 
 
Energy - 0.8%
 
 
 
Oil, Gas & Consumable Fuels - 0.8%
 
 
 
Cameco Corp
 
49,135
2,217,954
Canadian Natural Resources Ltd
 
79,010
2,267,253
 
 
 
4,485,207
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Definity Financial Corp
 
24,435
1,219,623
Information Technology - 2.4%
 
 
 
Software - 2.4%
 
 
 
Constellation Software Inc/Canada
 
3,529
12,718,198
Constellation Software Inc/Canada warrants 3/31/2040 (a)(c)
 
4,032
0
Lumine Group Inc Subordinate Voting Shares (c)(e)
 
8,073
260,999
 
 
 
12,979,197
TOTAL CANADA
 
 
18,684,027
CHINA - 1.4%
 
 
 
Communication Services - 0.6%
 
 
 
Interactive Media & Services - 0.6%
 
 
 
Tencent Holdings Ltd
 
52,918
3,241,278
Consumer Discretionary - 0.5%
 
 
 
Automobiles - 0.4%
 
 
 
BYD Co Ltd H Shares
 
47,799
2,270,273
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Trip.com Group Ltd ADR
 
9,387
553,739
TOTAL CONSUMER DISCRETIONARY
 
 
2,824,012
 
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
55,340
1,434,791
TOTAL CHINA
 
 
7,500,081
DENMARK - 1.8%
 
 
 
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Tryg A/S
 
58,759
1,401,869
Health Care - 1.2%
 
 
 
Pharmaceuticals - 1.2%
 
 
 
Novo Nordisk A/S Series B
 
94,836
6,340,883
Industrials - 0.4%
 
 
 
Air Freight & Logistics - 0.4%
 
 
 
DSV A/S
 
9,457
2,004,505
TOTAL DENMARK
 
 
9,747,257
FRANCE - 9.9%
 
 
 
Consumer Discretionary - 1.8%
 
 
 
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Hermes International SCA
 
3,680
9,967,811
Consumer Staples - 1.1%
 
 
 
Food Products - 1.1%
 
 
 
Danone SA
 
68,368
5,882,821
Financials - 2.8%
 
 
 
Banks - 0.5%
 
 
 
BNP Paribas SA
 
31,741
2,689,398
Insurance - 2.3%
 
 
 
AXA SA
 
266,193
12,589,838
TOTAL FINANCIALS
 
 
15,279,236
 
 
 
 
Health Care - 1.3%
 
 
 
Health Care Equipment & Supplies - 1.3%
 
 
 
EssilorLuxottica SA
 
23,734
6,794,361
Industrials - 1.8%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
Dassault Aviation SA
 
1,543
554,112
Safran SA
 
29,115
7,748,072
Thales SA
 
5,442
1,524,426
 
 
 
9,826,610
Materials - 1.1%
 
 
 
Chemicals - 1.1%
 
 
 
Air Liquide SA
 
28,467
5,849,348
TOTAL FRANCE
 
 
53,600,187
GERMANY - 9.6%
 
 
 
Communication Services - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
CTS Eventim AG & Co KGaA
 
13,033
1,532,548
Consumer Discretionary - 0.6%
 
 
 
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
adidas AG
 
13,173
3,009,976
Financials - 1.2%
 
 
 
Insurance - 1.2%
 
 
 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (c)
 
9,896
6,774,894
Health Care - 0.3%
 
 
 
Health Care Providers & Services - 0.3%
 
 
 
Fresenius SE & Co KGaA (c)
 
33,522
1,587,372
Industrials - 4.4%
 
 
 
Aerospace & Defense - 2.9%
 
 
 
Rheinmetall AG
 
9,153
15,588,041
Industrial Conglomerates - 1.5%
 
 
 
Siemens AG
 
36,614
8,430,788
TOTAL INDUSTRIALS
 
 
24,018,829
 
 
 
 
Information Technology - 2.8%
 
 
 
Software - 2.8%
 
 
 
SAP SE
 
51,252
14,995,753
TOTAL GERMANY
 
 
51,919,372
HUNGARY - 0.4%
 
 
 
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
Richter Gedeon Nyrt
 
67,665
2,047,021
INDIA - 1.2%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Broadline Retail - 0.1%
 
 
 
Lenskart Solutions Pvt Ltd (a)(b)
 
240,000
800,156
Financials - 0.8%
 
 
 
Banks - 0.6%
 
 
 
HDFC Bank Ltd
 
118,315
2,683,757
Capital Markets - 0.2%
 
 
 
360 ONE WAM Ltd
 
110,542
1,285,855
TOTAL FINANCIALS
 
 
3,969,612
 
 
 
 
Industrials - 0.3%
 
 
 
Professional Services - 0.3%
 
 
 
Computer Age Management Services Ltd
 
38,833
1,788,232
TOTAL INDIA
 
 
6,558,000
IRELAND - 1.6%
 
 
 
Consumer Discretionary - 0.7%
 
 
 
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Dalata Hotel Group PLC
 
201,878
1,157,209
Household Durables - 0.5%
 
 
 
Cairn Homes PLC
 
1,306,331
2,869,082
TOTAL CONSUMER DISCRETIONARY
 
 
4,026,291
 
 
 
 
Industrials - 0.9%
 
 
 
Building Products - 0.9%
 
 
 
Kingspan Group PLC
 
57,517
4,841,249
TOTAL IRELAND
 
 
8,867,540
ISRAEL - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
IT Services - 0.1%
 
 
 
Wix.com Ltd (c)
 
2,943
499,103
ITALY - 5.9%
 
 
 
Consumer Discretionary - 0.8%
 
 
 
Automobiles - 0.8%
 
 
 
Ferrari NV
 
8,856
4,089,524
Financials - 4.8%
 
 
 
Banks - 4.4%
 
 
 
FinecoBank Banca Fineco SpA
 
125,544
2,498,138
Intesa Sanpaolo SpA
 
554,758
2,961,458
UniCredit SpA
 
314,854
18,318,476
 
 
 
23,778,072
Financial Services - 0.4%
 
 
 
BFF Bank SpA (c)(d)(e)
 
249,544
2,354,857
TOTAL FINANCIALS
 
 
26,132,929
 
 
 
 
Health Care - 0.3%
 
 
 
Pharmaceuticals - 0.3%
 
 
 
Recordati Industria Chimica e Farmaceutica SpA
 
32,087
1,884,735
TOTAL ITALY
 
 
32,107,188
JAPAN - 16.0%
 
 
 
Communication Services - 1.1%
 
 
 
Entertainment - 1.1%
 
 
 
Nintendo Co Ltd
 
71,193
5,910,443
Consumer Discretionary - 3.1%
 
 
 
Broadline Retail - 0.7%
 
 
 
Pan Pacific International Holdings Corp
 
117,829
3,634,256
Household Durables - 1.2%
 
 
 
Sony Group Corp
 
242,663
6,402,129
Specialty Retail - 1.2%
 
 
 
Fast Retailing Co Ltd
 
20,424
6,718,370
TOTAL CONSUMER DISCRETIONARY
 
 
16,754,755
 
 
 
 
Financials - 3.2%
 
 
 
Banks - 1.8%
 
 
 
Mitsubishi UFJ Financial Group Inc
 
473,275
5,962,853
Sumitomo Mitsui Financial Group Inc
 
169,919
4,053,794
 
 
 
10,016,647
Financial Services - 0.6%
 
 
 
ORIX Corp
 
158,543
3,180,378
Insurance - 0.8%
 
 
 
Tokio Marine Holdings Inc
 
108,749
4,358,918
TOTAL FINANCIALS
 
 
17,555,943
 
 
 
 
Health Care - 1.2%
 
 
 
Health Care Equipment & Supplies - 0.8%
 
 
 
Hoya Corp
 
34,693
4,082,193
Pharmaceuticals - 0.4%
 
 
 
Daiichi Sankyo Co Ltd
 
97,009
2,481,551
TOTAL HEALTH CARE
 
 
6,563,744
 
 
 
 
Industrials - 6.7%
 
 
 
Industrial Conglomerates - 2.8%
 
 
 
Hitachi Ltd
 
606,701
14,994,929
Machinery - 1.5%
 
 
 
IHI Corp
 
28,491
2,231,761
Mitsubishi Heavy Industries Ltd
 
304,846
6,009,383
 
 
 
8,241,144
Professional Services - 0.8%
 
 
 
BayCurrent Inc
 
29,091
1,567,528
Timee Inc (c)
 
122,331
1,468,177
Visional Inc (c)
 
17,740
1,072,986
 
 
 
4,108,691
Trading Companies & Distributors - 1.6%
 
 
 
ITOCHU Corp
 
170,154
8,702,176
TOTAL INDUSTRIALS
 
 
36,046,940
 
 
 
 
Information Technology - 0.7%
 
 
 
Semiconductors & Semiconductor Equipment - 0.7%
 
 
 
Advantest Corp
 
66,047
2,763,139
Tokyo Seimitsu Co Ltd
 
19,647
1,095,164
 
 
 
3,858,303
TOTAL JAPAN
 
 
86,690,128
KAZAKHSTAN - 0.1%
 
 
 
Financials - 0.1%
 
 
 
Consumer Finance - 0.1%
 
 
 
Kaspi.KZ JSC ADR
 
6,875
604,244
KOREA (SOUTH) - 0.6%
 
 
 
Information Technology - 0.6%
 
 
 
Semiconductors & Semiconductor Equipment - 0.6%
 
 
 
SK Hynix Inc
 
24,463
3,046,067
LUXEMBOURG - 0.5%
 
 
 
Financials - 0.5%
 
 
 
Capital Markets - 0.5%
 
 
 
CVC Capital Partners PLC (c)(d)(e)
 
156,251
2,764,880
NETHERLANDS - 5.7%
 
 
 
Communication Services - 0.4%
 
 
 
Entertainment - 0.4%
 
 
 
Universal Music Group NV
 
87,150
2,562,687
Financials - 0.9%
 
 
 
Banks - 0.9%
 
 
 
ING Groep NV (f)
 
250,181
4,858,344
Industrials - 2.1%
 
 
 
Professional Services - 1.7%
 
 
 
Wolters Kluwer NV
 
50,966
8,975,191
Trading Companies & Distributors - 0.4%
 
 
 
IMCD NV
 
18,752
2,482,268
TOTAL INDUSTRIALS
 
 
11,457,459
 
 
 
 
Information Technology - 2.3%
 
 
 
Semiconductors & Semiconductor Equipment - 2.2%
 
 
 
ASML Holding NV
 
11,557
7,626,292
BE Semiconductor Industries NV (f)
 
36,877
3,936,981
 
 
 
11,563,273
Software - 0.1%
 
 
 
Topicus.com Inc (c)
 
5,819
696,372
TOTAL INFORMATION TECHNOLOGY
 
 
12,259,645
 
 
 
 
TOTAL NETHERLANDS
 
 
31,138,135
SINGAPORE - 0.7%
 
 
 
Communication Services - 0.7%
 
 
 
Entertainment - 0.7%
 
 
 
Sea Ltd Class A ADR (c)
 
29,837
3,999,650
SPAIN - 2.1%
 
 
 
Financials - 2.1%
 
 
 
Banks - 2.1%
 
 
 
Banco Santander SA (f)
 
634,096
4,440,751
CaixaBank SA (f)
 
891,570
6,833,175
 
 
 
 
TOTAL SPAIN
 
 
11,273,926
SWEDEN - 3.6%
 
 
 
Financials - 1.5%
 
 
 
Financial Services - 1.5%
 
 
 
Investor AB B Shares
 
275,007
8,117,480
Industrials - 1.0%
 
 
 
Machinery - 1.0%
 
 
 
Indutrade AB
 
203,041
5,478,567
Information Technology - 1.1%
 
 
 
Electronic Equipment, Instruments & Components - 1.1%
 
 
 
Hexagon AB B Shares
 
174,599
1,699,297
Lagercrantz Group AB B Shares
 
185,946
4,216,995
 
 
 
5,916,292
Software - 0.0%
 
 
 
Kry International Ab (a)(b)(c)
 
3,324
65,558
TOTAL INFORMATION TECHNOLOGY
 
 
5,981,850
 
 
 
 
TOTAL SWEDEN
 
 
19,577,897
SWITZERLAND - 1.6%
 
 
 
Financials - 1.6%
 
 
 
Capital Markets - 1.6%
 
 
 
Partners Group Holding AG
 
3,136
4,086,470
UBS Group AG
 
154,632
4,663,222
 
 
 
 
TOTAL SWITZERLAND
 
 
8,749,692
TAIWAN - 1.9%
 
 
 
Information Technology - 1.9%
 
 
 
Semiconductors & Semiconductor Equipment - 1.9%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
362,904
10,262,188
UNITED KINGDOM - 18.2%
 
 
 
Communication Services - 2.8%
 
 
 
Diversified Telecommunication Services - 2.6%
 
 
 
Zegona Communications plc (c)
 
1,581,560
14,248,357
Interactive Media & Services - 0.2%
 
 
 
Baltic Classifieds Group PLC
 
252,356
1,143,470
TOTAL COMMUNICATION SERVICES
 
 
15,391,827
 
 
 
 
Consumer Discretionary - 3.2%
 
 
 
Hotels, Restaurants & Leisure - 2.4%
 
 
 
Compass Group PLC
 
271,217
9,144,034
Flutter Entertainment PLC (United Kingdom) (c)
 
15,339
3,671,434
 
 
 
12,815,468
Leisure Products - 0.8%
 
 
 
Games Workshop Group PLC
 
22,529
4,626,760
TOTAL CONSUMER DISCRETIONARY
 
 
17,442,228
 
 
 
 
Consumer Staples - 1.2%
 
 
 
Tobacco - 1.2%
 
 
 
Imperial Brands PLC
 
164,383
6,745,133
Financials - 5.1%
 
 
 
Banks - 0.9%
 
 
 
NatWest Group PLC
 
664,064
4,271,450
Starling Bank Ltd Class D (a)(b)(c)
 
137,500
443,456
 
 
 
4,714,906
Capital Markets - 4.0%
 
 
 
3i Group PLC
 
186,755
10,587,335
London Stock Exchange Group PLC
 
70,098
10,915,067
 
 
 
21,502,402
Financial Services - 0.2%
 
 
 
Revolut Group Holdings Ltd (a)(b)
 
1,409
1,062,146
TOTAL FINANCIALS
 
 
27,279,454
 
 
 
 
Health Care - 1.4%
 
 
 
Pharmaceuticals - 1.4%
 
 
 
Astrazeneca PLC
 
53,907
7,723,079
Industrials - 4.5%
 
 
 
Aerospace & Defense - 2.3%
 
 
 
BAE Systems PLC
 
390,578
9,054,628
Rolls-Royce Holdings PLC
 
262,950
2,661,705
 
 
 
11,716,333
Professional Services - 1.9%
 
 
 
RELX PLC
 
188,063
10,263,566
Trading Companies & Distributors - 0.3%
 
 
 
Diploma PLC
 
34,385
1,815,582
TOTAL INDUSTRIALS
 
 
23,795,481
 
 
 
 
TOTAL UNITED KINGDOM
 
 
98,377,202
UNITED STATES - 4.7%
 
 
 
Communication Services - 0.8%
 
 
 
Entertainment - 0.8%
 
 
 
Spotify Technology SA (c)
 
6,638
4,075,599
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Shell PLC
 
37,786
1,219,420
Health Care - 0.5%
 
 
 
Health Care Equipment & Supplies - 0.5%
 
 
 
Alcon AG (United States)
 
26,401
2,577,002
Industrials - 1.4%
 
 
 
Electrical Equipment - 1.4%
 
 
 
Schneider Electric SE
 
31,683
7,402,599
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Monday.com Ltd (c)
 
2,605
731,979
Materials - 1.8%
 
 
 
Chemicals - 0.5%
 
 
 
Linde PLC
 
6,002
2,720,286
Construction Materials - 1.3%
 
 
 
CRH PLC (United Kingdom)
 
65,545
6,144,328
James Hardie Industries PLC depository receipt (c)
 
37,046
869,551
 
 
 
7,013,879
TOTAL MATERIALS
 
 
9,734,165
 
 
 
 
TOTAL UNITED STATES
 
 
25,740,764
 
TOTAL COMMON STOCKS
 (Cost $349,892,375)
 
 
 
516,150,824
 
 
 
 
Convertible Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Inc Series A (a)(b)(c)
 
85
98,175
Canva Inc Series A2 (a)(b)(c)
 
15
17,325
 
 
 
 
TOTAL AUSTRALIA
 
 
115,500
CANADA - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Software - 0.3%
 
 
 
Valsoft Corp Series A-1.2 (a)(b)
 
64
749,677
Valsoft Corp Series A-1.3 (a)(b)
 
23
269,415
Valsoft Corp Series A-1.4 (a)(b)
 
29
339,698
 
 
 
 
TOTAL CANADA
 
 
1,358,790
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
ByteDance Ltd Series E1 (a)(b)(c)
 
1,533
325,441
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
dMed Biopharmaceutical Co Ltd Series C (a)(b)(c)
 
7,322
58,722
TOTAL CHINA
 
 
384,163
ESTONIA - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Bolt Technology OU Series E (a)(b)(c)
 
3,347
651,481
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $2,607,856)
 
 
 
2,509,934
 
 
 
 
Money Market Funds - 6.3%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
 
4.33
21,796,795
21,801,155
Fidelity Securities Lending Cash Central Fund (g)(h)
 
4.33
12,633,414
12,634,677
 
TOTAL MONEY MARKET FUNDS
 (Cost $34,435,832)
 
 
 
34,435,832
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.0%
 (Cost $386,936,063)
 
 
 
553,096,590
NET OTHER ASSETS (LIABILITIES) - (2.0)%  
(10,671,268)
NET ASSETS - 100.0%
542,425,322
 
 
Legend
 
(a)
Level 3 security
 
(b)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,343,250 or 1.0% of net assets.
 
(c)
Non-income producing
 
(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 $7,077,995 or 1.3% of net assets.
 
(e)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,338,994 or 1.4% of net assets.
 
(f)
Security or a portion of the security is on loan at period end.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
869,539
 
 
 
ByteDance Ltd Series E1
11/18/20
167,977
 
 
 
Canva Inc Class A
3/18/24
426,664
 
 
 
Canva Inc Series A
9/22/23
90,666
 
 
 
Canva Inc Series A2
9/22/23
16,000
 
 
 
dMed Biopharmaceutical Co Ltd Series C
12/01/20
103,995
 
 
 
Kry International Ab
5/14/21 - 10/30/24
219,661
 
 
 
Lenskart Solutions Pvt Ltd
4/30/24
661,395
 
 
 
Revolut Group Holdings Ltd
12/27/24
1,225,512
 
 
 
Starling Bank Ltd Class D
6/18/21 - 4/05/22
286,270
 
 
 
Valsoft Corp Series A-1.2
3/14/25
749,677
 
 
 
Valsoft Corp Series A-1.3
3/17/25
228,318
 
 
 
Valsoft Corp Series A-1.4
3/17/25
381,683
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
12,600,765
107,111,111
97,910,721
222,366
-
-
21,801,155
21,796,795
0.0%
Fidelity Securities Lending Cash Central Fund
100,450
34,210,263
21,676,036
9,592
-
-
12,634,677
12,633,414
0.0%
Total
12,701,215
141,321,374
119,586,757
231,958
-
-
34,435,832
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, 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
 
 
 
 
Communication Services
38,116,139
24,999,624
13,116,515
-
Consumer Discretionary
69,398,910
40,334,594
28,264,160
800,156
Consumer Staples
12,627,954
-
12,627,954
-
Energy
5,704,627
4,485,207
1,219,420
-
Financials
139,166,330
35,335,738
102,324,990
1,505,602
Health Care
39,619,380
18,991,674
20,627,706
-
Industrials
126,660,471
26,688,132
99,972,339
-
Information Technology
66,510,876
31,782,083
34,201,235
527,558
Materials
18,346,137
8,864,614
9,481,523
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
325,441
-
-
325,441
Health Care
58,722
-
-
58,722
Information Technology
2,125,771
-
-
2,125,771
 Money Market Funds
34,435,832
34,435,832
-
-
 Total Investments in Securities:
553,096,590
225,917,498
321,835,842
5,343,250
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $11,621,721) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $352,500,231)
$
518,660,758
 
 
Fidelity Central Funds (cost $34,435,832)
34,435,832
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $386,936,063)
 
 
$
553,096,590
Foreign currency held at value (cost $129,809)
 
 
129,640
Receivable for investments sold
 
 
64,910
Receivable for fund shares sold
 
 
448,502
Dividends receivable
 
 
1,464,138
Reclaims receivable
 
 
1,267,231
Distributions receivable from Fidelity Central Funds
 
 
64,726
Other receivables
 
 
5,398
  Total assets
 
 
556,541,135
Liabilities
 
 
 
 
Payable for investments purchased
$
943,299
 
 
Payable for fund shares redeemed
129,879
 
 
Accrued management fee
257,227
 
 
Deferred taxes
150,612
 
 
Other payables and accrued expenses
118
 
 
Collateral on securities loaned
12,634,678
 
 
  Total liabilities
 
 
 
14,115,813
Net Assets  
 
 
$
542,425,322
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
488,352,594
Total accumulated earnings (loss)
 
 
 
54,072,728
Net Assets
 
 
$
542,425,322
Net Asset Value, offering price and redemption price per share ($542,425,322 ÷ 37,864,251 shares)
 
 
$
14.33
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
4,901,568
Foreign Tax Reclaims
 
 
460,822
Income from Fidelity Central Funds (including $9,592 from security lending)
 
 
231,958
 Income before foreign taxes withheld
 
 
$
5,594,348
Less foreign taxes withheld
 
 
(573,370)
 Total income
 
 
 
5,020,978
Expenses
 
 
 
 
Management fee
$
1,604,118
 
 
Independent trustees' fees and expenses
1,219
 
 
 Total expenses before reductions
 
1,605,337
 
 
 Expense reductions
 
(456)
 
 
 Total expenses after reductions
 
 
 
1,604,881
Net Investment income (loss)
 
 
 
3,416,097
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $117,266)
 
951,783
 
 
 Foreign currency transactions
 
42,649
 
 
Total net realized gain (loss)
 
 
 
994,432
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $297,217)  
 
34,320,857
 
 
 Assets and liabilities in foreign currencies
 
126,063
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
34,446,920
Net gain (loss)
 
 
 
35,441,352
Net increase (decrease) in net assets resulting from operations
 
 
$
38,857,449
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
 
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,416,097
$
8,489,589
Net realized gain (loss)
 
994,432
 
38,108,806
Change in net unrealized appreciation (depreciation)
 
34,446,920
 
123,162,530
Net increase (decrease) in net assets resulting from operations
 
38,857,449
 
169,760,925
Distributions to shareholders
 
(20,770,849)
 
(11,176,994)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
53,943,312
 
175,322,558
  Reinvestment of distributions
 
20,770,849
 
11,176,992
Cost of shares redeemed
 
(101,026,577)
 
(377,815,727)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(26,312,416)
 
(191,316,177)
Total increase (decrease) in net assets
 
(8,225,816)
 
(32,732,246)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
550,651,138
 
583,383,384
End of period
$
542,425,322
$
550,651,138
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
3,939,971
 
13,577,941
  Issued in reinvestment of distributions
 
1,540,864
 
955,298
Redeemed
 
(7,420,319)
 
(28,467,113)
Net increase (decrease)
 
(1,939,484)
 
(13,933,874)
 
 
 
 
 
Financial Highlights
 
Fidelity® International Discovery K6 Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
 
Years ended October 31, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.83
$
10.86
$
10.23
$
14.97
$
11.29
$
10.49
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.17
 
.19
 
.24
 
.16
 
.12
     Net realized and unrealized gain (loss)
 
.94
 
3.00
 
.55
 
(4.70)
 
3.60
 
.77
  Total from investment operations
 
1.03  
 
3.17  
 
.74  
 
(4.46)  
 
3.76
 
.89
  Distributions from net investment income
 
(.53)
 
(.20)
 
(.11)
 
(.28)
 
(.08)
 
(.04)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.05)
     Total distributions
 
(.53)
 
(.20)
 
(.11)
 
(.28)
 
(.08)
 
(.09)
  Net asset value, end of period
$
14.33
$
13.83
$
10.86
$
10.23
$
14.97
$
11.29
 Total Return C,D
 
7.70
%
 
29.50%
 
7.19%
 
(30.35)%
 
33.43%
 
8.51%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% G
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.60
% G
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions, if any
 
.60% G
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Net investment income (loss)
 
1.28% G
 
1.31%
 
1.62%
 
1.98%
 
1.11%
 
1.16%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
542,425
$
550,651
$
583,383
$
468,052
$
430,892
$
103,173
    Portfolio turnover rate H
 
50
% G
 
48% I
 
55% I
 
50% I
 
58% I
 
42% I
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
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 RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and 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 carryforward 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
$160,773,061
Gross unrealized depreciation
(6,430,980)
Net unrealized appreciation (depreciation)
$154,342,081
Tax cost
$398,754,509
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(90,418,700)
 Long-term
(12,920,706)
Total capital loss carryforward
$(103,339,406)
 
Due to large subscriptions in a prior period, approximately $69,101,114 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $11,985,573 of those capital losses per year to offset capital gains. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Discovery K6 Fund
130,985,415
183,710,798
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity International Discovery K6 Fund
5,980,844
21,762,174
73,727,455
 
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
3,165,883
36,396,996
 
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
 463
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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
 3,065,615
 11,176,762
 (791,485)
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.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
1,026
 2
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $456.
 
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9893916.105
IGI-K6-SANN-0625

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

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


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

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


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


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


Item 16.

Controls and Procedures


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




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


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Investment Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer (Principal Executive Officer)



Date:

June 20, 2025


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer (Principal Executive Officer)



Date:

June 20, 2025



By:

/s/Stephanie Caron


Stephanie Caron


Chief Financial Officer (Principal Financial Officer)



Date:

June 20, 2025

 







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