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MPR.en.xx.20210831.GB00B87HPZ94.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS MONTHLY PERFORMANCE REVIEW ENHANCED INCOME FUND W INCOME SHARES 31 AUGUST 2021

Portfolio manager: Michael Clark, David Jehan, Rupert Gifford

Performance over month in GBP (%) Performance for 12 month periods in GBP (%)

Fund 2.0 Market index 2.7

FTSE All Share Index

Market index is for comparative purposes only. Source of fund performance is Fidelity. Basis: bid-bid with income reinvested, in GBP, net of fees. Other share classes may be available. Please refer to the prospectus for more details.

Fund Index

Market Environment UK equities continued to advance, recording a seventh straight monthly gain in August. Sentiment remained buoyant, propelled by a spate of merger and acquisition (M&A) activity, alongside expectations for continued earnings strength. The Bank of England kept its monetary policy unchanged, but warned of a more pronounced period of above-target inflation in the near term. Meanwhile, the pace of economic activity remains solid in the UK despite a modest deceleration over the month. While the flash PMI reading remained above the 50 mark that suggest growth, staffing shortages and supply bottlenecks kept a lid on activity levels. Authorities finally lifted the last of the domestic COVID-19 restrictions during the month. Almost all sectors posted positive returns, with technology, real estate, industrials and consumer discretionary the largest gainers. Conversely, materials and consumer staples lagged the market. Fund Performance The fund delivered 2.0%, while the index was up by 2.7% in August. UK equities continued to advance, and the fund lagged due to its defensive bias. Market allocation was negative in the prevailing environment as the underweight stance in industrials, the top performer during the month, combined with positive positioning in defensive consumer staples detracted the most from returns. At a stock level, the holding in metals and mining major was the key detractor from performance. The stock fell in line with other miners as copper and iron-ore prices fell and recorded multi-month lows on demand worries. UK insurer declined on weak first half results as bulk purchase annuity (BPA) volumes were subdued and long-term cash from new business trailed the level required for its dividend to increase organically. Encouragingly, operating trends were solid and cash generation was above expectations. Elsewhere, consumer goods companies Benckiser and underperformed due to the defensive nature of their business. Nevertheless, both companies remain key holdings in the portfolio. The latter has an attractive emerging markets footprint, and management has a credible strategy to accelerate growth through innovation and more disciplined execution. Within banks, the position in Lloyds came under pressure. However, the fund benefited from the exposure to NatWest. The latter continued to perform well on robust second quarter results announced at the end of last month. Its net interest income (NII) beat consensus expectations as volumes remained strong. Additionally, lower restructuring charges and litigation write backs resulted in lower than expected underlying costs. Utilities company SSE announced the sale of its entire stake in Scotia Gas Networks (SGN). With this transaction, SSE concludes its disposal programme, which was announced in June 2020. We see this as a sizable catalyst, as the company lays down the path for future growth and opportunity. Fund Positioning We reduced the average cover level to below what we have achieved in recent months, in response to the relative weakness of some of our holdings. Banks were a disappointment and we did not sell calls in HSBC or Lloyds. Similarly, in staples, we reduced activity in Unilever following weakness after its earnings update. However, there remain many opportunities within the portfolio to generate attractive call income, for example in RELX and , both of which achieved new highs for the year. UK utilities remain strong, especially compared to many European peers. Currently, they form a core component of our overwrite programme, with SSE, and Seven Trent registering fresh highs. Also continuing a trend seen in recent months, the robust performance of US markets allowed us to maintain or increase cover in US holdings such as JP Morgan and Coca Cola.

Important Information Past performance is not a reliable indicator of future results. The fund's returns can be affected by fluctuations in currency exchange rates. The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested. The use of financial derivative instruments may result in increased gains or losses within the fund. The use of derivatives to enhance income may reduce growth potential in certain market conditions. MPR.en.xx.20210831.GB00B87HPZ94.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS MONTHLY PERFORMANCE REVIEW ENHANCED INCOME FUND W INCOME SHARES 31 AUGUST 2021

Attribution

Performance attribution is produced in the currency shown below. For funds with multiple share classes, the attribution return reflects the aggregate performance across all the share classes. It may therefore deviate from the published return for a particular share class. When using the analysis for hedged share classes, please consider that the attribution is shown before the impact of hedging. The contributions shown in the tables are before the impact of charges. If charges are applied, their effect is captured in the “Other” category in the tables and will also be reflected in the fund return. All investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage for each issuing company. The sector/industry and geographic contribution tables (where relevant) display a maximum of eleven individual entries. Where applicable, only top five and bottom five are listed, with the remaining contribution shown in the "Other Sectors" or “Others” category.

Currency of attribution UK Sterling (GBP) One month return (%) 2.01

Position Contribution (%) 1 month

TOP 10 POSITIONS RANKED BY BOTTOM 10 POSITIONS RANKED BY ABSOLUTE PERFORMANCE Average Performance ABSOLUTE PERFORMANCE Average Performance CONTRIBUTION Fund Weight Contribution CONTRIBUTION Fund Weight Contribution SSE PLC 2.5 0.33 RIO TINTO PLC 4.3 -0.22 NATWEST GRP PLC(UNGTD) 3.4 0.33 PLC 3.2 -0.11 ASTRAZENECA PLC 6.0 0.31 UNILEVER PLC 5.7 -0.10 APPLE INC 2.0 0.19 VISA INC 1.2 -0.05 PLC 2.0 0.19 PHOENIX GROUP HOLDINGS PLC 1.1 -0.05 GLAXOSMITHKLINE PLC 3.5 0.16 HSBC HOLDINGS PLC 3.1 -0.04 SPECTRIS PLC 1.4 0.15 GREENCOAT UK WIND PLC 1.1 -0.03 WM MORRISON SUPERMARKETS PLC 1.5 0.15 TATE & LYLE PLC 0.6 -0.03 JPMORGAN CHASE & CO 1.9 0.14 PLC 0.9 -0.03 PLC 2.0 0.13 PENNON GROUP PLC 1.6 -0.02

Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Index / Unclassified" category which will appear in the table(s) below when relevant.

Sector/Industry Contribution (%) 1 month Geographic Contribution (%) 1 month

RANKED BY ABSOLUTE PERFORMANCE CONTRIBUTION RANKED BY ABSOLUTE PERFORMANCE CONTRIBUTION

Average Performance Average Performance icb Industry Fund Weight Contribution Fund Weight Contribution Health Care 9.9 0.49 79.6 1.79 Financials 17.8 0.46 United States 8.0 0.31 Utilities 7.8 0.34 Bailiwick of Guernsey 0.0 0.00 Technology 3.3 0.31 Bailiwick of Jersey 0.0 0.00 Consumer Staples 22.8 0.22 Ireland 0.0 0.00 Industrials 8.5 0.17 Japan 0.0 0.00 Energy 6.0 0.14 Netherlands 0.0 0.00 Telecommunications 2.3 0.13 Russia 0.0 0.00 Real Estate 1.3 0.04 Tanzania 0.0 0.00 Consumer Discretionary 3.5 0.03 Basic Materials 4.3 -0.22

Total Primary Assets 87.5 2.10 Total Primary Assets 87.5 2.10 Other* 12.5 -0.10 Other* 12.5 -0.10 TOTAL 100.0 2.01 TOTAL 100.0 2.01

*Other includes portfolio components not already listed such as cash, expenses and other miscellaneous items. MPR.en.xx.20210831.GB00B87HPZ94.pdf For Investment Professionals Only FIDELITY INVESTMENT FUNDS MONTHLY PERFORMANCE REVIEW ENHANCED INCOME FUND W INCOME SHARES 31 AUGUST 2021

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