# EDGAR Filing Document

**Accession Number:** 0000744822
**File Stem:** 0000744822-25-000123
**Filing Date:** 2025-6
**Character Count:** 2394615
**Document Hash:** 7f6f90faef37951a971f47e456c4d396
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000744822-25-000123.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000744822-25-000123

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 223

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000744822

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04008
- **FILM NUMBER:** 251059686

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY OVERSEAS FUND
- **DATE OF NAME CHANGE:** 19861228

## Series and Classes Contracts Data

### Fidelity International Discovery Fund (Series ID: S000007093)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000019407 | Fidelity International Discovery Fund                  | FIGRX           |
| C000019408 | Fidelity Advisor International Discovery Fund: Class A | FAIDX           |
| C000019410 | Fidelity Advisor International Discovery Fund: Class C | FCADX           |
| C000019411 | Fidelity Advisor International Discovery Fund: Class M | FTADX           |
| C000019412 | Fidelity Advisor International Discovery Fund: Class I | FIADX           |
| C000064259 | Class K                                                | FIDKX           |
| C000130141 | Fidelity Advisor International Discovery Fund: Class Z | FZAIX           |

### Fidelity Europe Fund (Series ID: S000007094)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000019413 | Fidelity Europe Fund                  | FIEUX           |
| C000136832 | Fidelity Advisor Europe Fund: Class A | FHJUX           |
| C000136834 | Fidelity Advisor Europe Fund: Class C | FHJTX           |
| C000136835 | Fidelity Advisor Europe Fund: Class M | FHJVX           |
| C000136836 | Fidelity Advisor Europe Fund: Class I | FHJMX           |
| C000205026 | Fidelity Advisor Europe Fund: Class Z | FIQHX           |

### Fidelity Japan Fund (Series ID: S000007096)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000019415 | Fidelity Japan Fund                  | FJPNX           |
| C000093326 | Fidelity Advisor Japan Fund: Class A | FPJAX           |
| C000093328 | Fidelity Advisor Japan Fund: Class C | FJPCX           |
| C000093329 | Fidelity Advisor Japan Fund: Class M | FJPTX           |
| C000093330 | Fidelity Advisor Japan Fund: Class I | FJPIX           |
| C000205027 | Fidelity Advisor Japan Fund: Class Z | FIQLX           |

### Fidelity Japan Smaller Companies Fund (Series ID: S000007097)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000019416 | Fidelity Japan Smaller Companies Fund | FJSCX           |

### Fidelity Nordic Fund (Series ID: S000007099)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000019418 | Fidelity Nordic Fund | FNORX           |

### Fidelity Overseas Fund (Series ID: S000007100)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000019419 | Fidelity Overseas Fund | FOSFX           |
| C000064260 | Class K                | FOSKX           |

### Fidelity Pacific Basin Fund (Series ID: S000007101)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000019420 | Fidelity Pacific Basin Fund | FPBFX           |

### Fidelity Emerging Asia Fund (Series ID: S000007102)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000019421 | Fidelity Emerging Asia Fund | FSEAX           |

### Fidelity Worldwide Fund (Series ID: S000007103)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000019422 | Fidelity Worldwide Fund                  | FWWFX           |
| C000074282 | Fidelity Advisor Worldwide Fund: Class A | FWAFX           |
| C000074284 | Fidelity Advisor Worldwide Fund: Class C | FWCFX           |
| C000074285 | Fidelity Advisor Worldwide Fund: Class M | FWTFX           |
| C000074286 | Fidelity Advisor Worldwide Fund: Class I | FWIFX           |
| C000205029 | Fidelity Advisor Worldwide Fund: Class Z | FIQOX           |

### Fidelity International Small Cap Fund (Series ID: S000007104)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000019423 | Fidelity International Small Cap Fund                  | FISMX           |
| C000019424 | Fidelity Advisor International Small Cap Fund: Class A | FIASX           |
| C000019426 | Fidelity Advisor International Small Cap Fund: Class C | FICSX           |
| C000019427 | Fidelity Advisor International Small Cap Fund: Class M | FTISX           |
| C000019428 | Fidelity Advisor International Small Cap Fund: Class I | FIXIX           |
| C000205030 | Fidelity Advisor International Small Cap Fund: Class Z | FIQIX           |

### Fidelity International Small Cap Opportunities Fund (Series ID: S000007105)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000019429 | Fidelity International Small Cap Opportunities Fund                  | FSCOX           |
| C000019430 | Fidelity Advisor International Small Cap Opportunities Fund: Class A | FOPAX           |
| C000019432 | Fidelity Advisor International Small Cap Opportunities Fund: Class C | FOPCX           |
| C000019433 | Fidelity Advisor International Small Cap Opportunities Fund: Class M | FOPTX           |
| C000019434 | Fidelity Advisor International Small Cap Opportunities Fund: Class I | FOPIX           |
| C000205031 | Fidelity Advisor International Small Cap Opportunities Fund: Class Z | FIQJX           |

### Fidelity International Capital Appreciation Fund (Series ID: S000007106)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000019435 | Fidelity International Capital Appreciation Fund | FIVFX           |

### Fidelity Canada Fund (Series ID: S000007107)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000019436 | Fidelity Canada Fund                  | FICDX           |
| C000047986 | Fidelity Advisor Canada Fund: Class A | FACNX           |
| C000047988 | Fidelity Advisor Canada Fund: Class C | FCCNX           |
| C000047989 | Fidelity Advisor Canada Fund: Class M | FTCNX           |
| C000047990 | Fidelity Advisor Canada Fund: Class I | FICCX           |
| C000205032 | Fidelity Advisor Canada Fund: Class Z | FIQEX           |

### Fidelity China Region Fund (Series ID: S000007108)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000019437 | Fidelity China Region Fund                  | FHKCX           |
| C000064261 | Fidelity Advisor China Region Fund: Class A | FHKAX           |
| C000064263 | Fidelity Advisor China Region Fund: Class C | FCHKX           |
| C000064264 | Fidelity Advisor China Region Fund: Class M | FHKTX           |
| C000064265 | Fidelity Advisor China Region Fund: Class I | FHKIX           |
| C000205033 | Fidelity Advisor China Region Fund: Class Z | FIQFX           |

### Fidelity Diversified International Fund (Series ID: S000007109)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000019438 | Fidelity Diversified International Fund | FDIVX           |
| C000064266 | Class K                                 | FDIKX           |

### Fidelity Emerging Markets Fund (Series ID: S000007110)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000019439 | Fidelity Emerging Markets Fund                  | FEMKX           |
| C000064267 | Class K                                         | FKEMX           |
| C000225960 | Fidelity Advisor Emerging Markets Fund: Class M | FEQMX           |
| C000225961 | Fidelity Advisor Emerging Markets Fund: Class Z | FZEMX           |
| C000225962 | Fidelity Advisor Emerging Markets Fund: Class A | FEDMX           |
| C000225963 | Fidelity Advisor Emerging Markets Fund: Class C | FEMMX           |
| C000225964 | Fidelity Advisor Emerging Markets Fund: Class I | FECMX           |

### Fidelity International Value Fund (Series ID: S000012165)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000033179 | Fidelity International Value Fund                  | FIVLX           |
| C000033180 | Fidelity Advisor International Value Fund: Class A | FIVMX           |
| C000033182 | Fidelity Advisor International Value Fund: Class C | FIVOX           |
| C000033183 | Fidelity Advisor International Value Fund: Class M | FIVPX           |
| C000033184 | Fidelity Advisor International Value Fund: Class I | FIVQX           |
| C000205034 | Fidelity Advisor International Value Fund: Class Z | FIQKX           |

### Fidelity International Growth Fund (Series ID: S000019397)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000053902 | Fidelity International Growth Fund                  | FIGFX           |
| C000053903 | Fidelity Advisor International Growth Fund: Class A | FIAGX           |
| C000053905 | Fidelity Advisor International Growth Fund: Class C | FIGCX           |
| C000053906 | Fidelity Advisor International Growth Fund: Class M | FITGX           |
| C000053907 | Fidelity Advisor International Growth Fund: Class I | FIIIX           |
| C000130142 | Fidelity Advisor International Growth Fund: Class Z | FZAJX           |

### Fidelity Total International Equity Fund (Series ID: S000019398)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000053908 | Fidelity Advisor Total International Equity Fund: Class C | FTCEX           |
| C000053909 | Fidelity Advisor Total International Equity Fund: Class M | FTTEX           |
| C000053910 | Fidelity Advisor Total International Equity Fund: Class I | FTEIX           |
| C000053911 | Fidelity Total International Equity Fund                  | FTIEX           |
| C000053912 | Fidelity Advisor Total International Equity Fund: Class A | FTAEX           |
| C000177513 | Fidelity Advisor Total International Equity Fund: Class Z | FIEZX           |

### Fidelity Emerging Markets Discovery Fund (Series ID: S000034264)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000105577 | Fidelity Emerging Markets Discovery Fund                  | FEDDX           |
| C000105578 | Fidelity Advisor Emerging Markets Discovery Fund: Class A | FEDAX           |
| C000105579 | Fidelity Advisor Emerging Markets Discovery Fund: Class C | FEDGX           |
| C000105580 | Fidelity Advisor Emerging Markets Discovery Fund: Class M | FEDTX           |
| C000105581 | Fidelity Advisor Emerging Markets Discovery Fund: Class I | FEDIX           |
| C000205036 | Fidelity Advisor Emerging Markets Discovery Fund: Class Z | FIQGX           |

### Fidelity Global Equity Income Fund (Series ID: S000036874)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000112814 | Fidelity Global Equity Income Fund                  | FGILX           |
| C000254524 | Fidelity Advisor Global Equity Income Fund: Class C | FGEHX           |
| C000254525 | Fidelity Advisor Global Equity Income Fund: Class Z | FGEKX           |
| C000254526 | Fidelity Advisor Global Equity Income Fund: Class A | FGEEX           |
| C000254527 | Fidelity Advisor Global Equity Income Fund: Class M | FGEGX           |
| C000254528 | Fidelity Advisor Global Equity Income Fund: Class I | FGEJX           |

### Fidelity Diversified International K6 Fund (Series ID: S000057282)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000182858 | Fidelity Diversified International K6 Fund | FKIDX           |

### Fidelity International Capital Appreciation K6 Fund (Series ID: S000057283)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000182859 | Fidelity International Capital Appreciation K6 Fund | FAPCX           |

### Fidelity International Discovery K6 Fund (Series ID: S000065699)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000212504 | Fidelity International Discovery K6 Fund | FDKFX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-04008</u>

<u>Fidelity Investment Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| 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.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class C : FICSX** <br>|

---

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 | $4896590377<br>|
| Number of Holdings | 199<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20250430_AA.jpg) <br>|

---

Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img1135_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Logista Integral SA | 1.1<br>|
| BayCurrent Inc | 1.1<br>|
| Premier Foods PLC | 1.1<br>|
| Ashtead Technology Holdings plc | 1.1<br>|
| Metlen Energy & Metals SA | 1.0<br>|
| Grupo Catalana Occidente SA | 1.0<br>|
| Century Pacific Food Inc | 1.0<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Spar Nord Bank A/S | 0.9<br>|
| Qualitas Controladora SAB de CV | 0.9<br>|
|  | 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. | 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. | 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. |
| ![](img1135_20250430_1.jpg)<br>| ![](img109165_2.jpg) | 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**<br> 1.9915712.100 1260-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class C : FOPCX** <br>|

---

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 | $1340297691<br>|
| Number of Holdings | 115<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> International Equity Funds 4.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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)** |
| ![](img1504_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 26.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Lagercrantz Group AB B Shares | 5.2<br>|
| iShares MSCI EAFE Small-Cap ETF | 4.9<br>|
| AddTech AB B Shares | 4.7<br>|
| Azbil Corp | 3.5<br>|
| CTS Eventim AG & Co KGaA | 2.7<br>|
| Games Workshop Group PLC | 2.2<br>|
| KBC Ancora | 2.1<br>|
| Interpump Group SpA | 2.1<br>|
| Spectris PLC | 2.1<br>|
| Howden Joinery Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1504_20250430_1.jpg)<br>| ![](img109159_2.jpg) | 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**<br> 1.9915732.100 1483-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery Fund<br> **Fidelity® International Discovery Fund : FIGRX** <br>|

---

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 | $10296192153<br>|
| Number of Holdings | 135<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img305_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img305_20250430_1.jpg)<br>| ![](img109176_2.jpg) | 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**<br> 1.9915642.100 305-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Diversified International K6 Fund<br> **Fidelity® Diversified International K6 Fund : FKIDX** <br>|

---

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 | $4524523977<br>|
| Number of Holdings | 139<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2947_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img2947_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.7<br>|
| Hitachi Ltd | 2.5<br>|
| Allianz SE | 2.1<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.8<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Mitsubishi Heavy Industries Ltd | 1.6<br>|
| Wolters Kluwer NV | 1.5<br>|
| Astrazeneca PLC | 1.5<br>|
|  | 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. | 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. | 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. |
| ![](img2947_20250430_1.jpg)<br>| ![](img109219_2.jpg) | 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**<br> 1.9915793.100 2947-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Japan Fund<br> **Fidelity Advisor® Japan Fund Class Z : FIQLX** <br>|

---

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 | $710338465<br>|
| Number of Holdings | 86<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20250430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

Japan 96.7 <br> United States 3.1 <br> China 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sumitomo Mitsui Financial Group Inc | 6.4<br>|
| Sony Group Corp | 5.1<br>|
| Hitachi Ltd | 4.8<br>|
| Fujitsu Ltd | 3.0<br>|
| Tokio Marine Holdings Inc | 2.9<br>|
| Hoya Corp | 2.9<br>|
| ORIX Corp | 2.8<br>|
| Nintendo Co Ltd | 2.8<br>|
| Shin-Etsu Chemical Co Ltd | 2.7<br>|
| FUJIFILM Holdings Corp | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img350_20250430_1.jpg)<br>| ![](img109142_2.jpg) | 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**<br> 1.9915687.100 3270-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Canada Fund<br> **Fidelity® Canada Fund : FICDX** <br>|

---

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 | $942606561<br>|
| Number of Holdings | 68<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img309_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img309_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Royal Bank of Canada | 7.9<br>|
| Constellation Software Inc/Canada | 6.2<br>|
| Canadian Pacific Kansas City Ltd | 5.0<br>|
| Alimentation Couche-Tard Inc | 4.6<br>|
| Franco-Nevada Corp | 4.5<br>|
| Toronto Dominion Bank | 3.9<br>|
| Shopify Inc Class A | 3.8<br>|
| Dollarama Inc | 3.8<br>|
| Canadian Natural Resources Ltd | 3.7<br>|
| PrairieSky Royalty Ltd | 3.3<br>|
|  | 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. | 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. | 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. |
| ![](img309_20250430_1.jpg)<br>| ![](img109232_2.jpg) | 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**<br> 1.9915649.100 309-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class I : FOPIX** <br>|

---

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 | $1340297691<br>|
| Number of Holdings | 115<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> International Equity Funds 4.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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)** |
| ![](img1504_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 26.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Lagercrantz Group AB B Shares | 5.2<br>|
| iShares MSCI EAFE Small-Cap ETF | 4.9<br>|
| AddTech AB B Shares | 4.7<br>|
| Azbil Corp | 3.5<br>|
| CTS Eventim AG & Co KGaA | 2.7<br>|
| Games Workshop Group PLC | 2.2<br>|
| KBC Ancora | 2.1<br>|
| Interpump Group SpA | 2.1<br>|
| Spectris PLC | 2.1<br>|
| Howden Joinery Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1504_20250430_1.jpg)<br>| ![](img109158_2.jpg) | 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**<br> 1.9915734.100 1485-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class A : FOPAX** <br>|

---

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 | $1340297691<br>|
| Number of Holdings | 115<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> International Equity Funds 4.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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)** |
| ![](img1504_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 26.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Lagercrantz Group AB B Shares | 5.2<br>|
| iShares MSCI EAFE Small-Cap ETF | 4.9<br>|
| AddTech AB B Shares | 4.7<br>|
| Azbil Corp | 3.5<br>|
| CTS Eventim AG & Co KGaA | 2.7<br>|
| Games Workshop Group PLC | 2.2<br>|
| KBC Ancora | 2.1<br>|
| Interpump Group SpA | 2.1<br>|
| Spectris PLC | 2.1<br>|
| Howden Joinery Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1504_20250430_1.jpg)<br>| ![](img109160_2.jpg) | 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**<br> 1.9915731.100 1481-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Discovery Fund<br> **Fidelity Advisor® Emerging Markets Discovery Fund Class I : FEDIX** <br>|

---

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 | $1026456466<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_20250430_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2374_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Poland - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| OPAP SA | 1.7<br>|
| Localiza Rent a Car SA | 1.6<br>|
| Lion Finance Group PLC | 1.5<br>|
| Dino Polska SA | 1.5<br>|
| Max Healthcare Institute Ltd | 1.4<br>|
| Qualitas Controladora SAB de CV | 1.4<br>|
| Eicher Motors Ltd | 1.3<br>|
| Equatorial Energia SA | 1.3<br>|
| Shriram Finance Ltd | 1.3<br>|
| Banco de Chile ADR | 1.3<br>|
|  | 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. | 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. | 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. |
| ![](img2374_20250430_1.jpg)<br>| ![](img109215_2.jpg) | 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**<br> 1.9915778.100 2378-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class C : FGEHX** <br>|

---

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 | $292744990<br>|
| Number of Holdings | 151<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20250430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2406_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 58.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Rheinmetall AG | 5.2<br>|
| Apple Inc | 4.6<br>|
| Microsoft Corp | 4.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| JPMorgan Chase & Co | 1.8<br>|
| AbbVie Inc | 1.6<br>|
| NXP Semiconductors NV | 1.6<br>|
| T-Mobile US Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
| Linde PLC | 1.4<br>|
|  | 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. | 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. | 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. |
| ![](img2406_20250430_1.jpg)<br>| ![](img109290_2.jpg) | 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**<br> 1.9918441.100 7768-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class C : FCHKX** <br>|

---

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 | $1096792327<br>|
| Number of Holdings | 76<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img352_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 60.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 29.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 21.7<br>|
| Tencent Holdings Ltd | 13.4<br>|
| Alibaba Group Holding Ltd | 6.6<br>|
| PDD Holdings Inc Class A ADR | 4.0<br>|
| China Construction Bank Corp H Shares | 3.4<br>|
| AIA Group Ltd | 3.2<br>|
| Zijin Mining Group Co Ltd H Shares | 2.6<br>|
| Industrial & Commercial Bank of China Ltd H Shares | 1.7<br>|
| MediaTek Inc | 1.6<br>|
| Meituan B Shares | 1.5<br>|
|  | 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. | 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. | 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. |
| ![](img352_20250430_1.jpg)<br>| ![](img109228_2.jpg) | 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**<br> 1.9915691.100 2066-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class M : FGEGX** <br>|

---

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 | $292744990<br>|
| Number of Holdings | 151<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20250430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2406_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 58.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Rheinmetall AG | 5.2<br>|
| Apple Inc | 4.6<br>|
| Microsoft Corp | 4.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| JPMorgan Chase & Co | 1.8<br>|
| AbbVie Inc | 1.6<br>|
| NXP Semiconductors NV | 1.6<br>|
| T-Mobile US Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
| Linde PLC | 1.4<br>|
|  | 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. | 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. | 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. |
| ![](img2406_20250430_1.jpg)<br>| ![](img109289_2.jpg) | 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**<br> 1.9918443.100 7767-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Global Equity Income Fund<br> **Fidelity® Global Equity Income Fund : FGILX** <br>|

---

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 | $292744990<br>|
| Number of Holdings | 151<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20250430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2406_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 58.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Rheinmetall AG | 5.2<br>|
| Apple Inc | 4.6<br>|
| Microsoft Corp | 4.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| JPMorgan Chase & Co | 1.8<br>|
| AbbVie Inc | 1.6<br>|
| NXP Semiconductors NV | 1.6<br>|
| T-Mobile US Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
| Linde PLC | 1.4<br>|
|  | 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. | 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. | 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. |
| ![](img2406_20250430_1.jpg)<br>| ![](img109187_2.jpg) | 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**<br> 1.9915780.100 2406-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Fund<br> **Fidelity Advisor® Emerging Markets Fund Class C : FEMMX** <br>|

---

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 | $6926988734<br>|
| Number of Holdings | 79<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img322_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img322_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.2<br>|
| Tencent Holdings Ltd | 8.7<br>|
| NVIDIA Corp | 3.4<br>|
| Alibaba Group Holding Ltd ADR | 3.2<br>|
| HDFC Bank Ltd | 3.1<br>|
| Bank Central Asia Tbk PT | 2.9<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Samsung Electronics Co Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.1<br>|
| SK Hynix Inc | 2.1<br>|
|  | 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. | 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. | 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. |
| ![](img322_20250430_1.jpg)<br>| ![](img109210_2.jpg) | 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**<br> 1.9915662.100 6356-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Total International Equity Fund<br> **Fidelity Advisor® Total International Equity Fund Class Z : FIEZX** <br>|

---

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 | $448437698<br>|
| Number of Holdings | 317<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1978_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 27.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 2.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| SAP SE | 2.1<br>|
| Samsung Electronics Co Ltd | 1.8<br>|
| CRH PLC | 1.8<br>|
| Safran SA | 1.5<br>|
| Linde PLC | 1.4<br>|
| BAE Systems PLC | 1.3<br>|
| Alibaba Group Holding Ltd ADR | 1.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 1.1<br>|
|  | 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. | 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. | 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. |
| ![](img1978_20250430_1.jpg)<br>| ![](img109083_2.jpg) | 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**<br> 1.9915748.100 2892-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Value Fund<br> **Fidelity Advisor® International Value Fund Class M : FIVPX** <br>|

---

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 | $2052754816<br>|
| Number of Holdings | 107<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1597_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 2.9<br>|
| AXA SA | 2.6<br>|
| Banco Santander SA | 2.5<br>|
| Rheinmetall AG | 2.4<br>|
| Zurich Insurance Group AG | 2.3<br>|
| Mitsubishi UFJ Financial Group Inc | 2.2<br>|
| Sumitomo Mitsui Financial Group Inc | 2.1<br>|
| Roche Holding AG | 2.1<br>|
| BAE Systems PLC | 2.0<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1597_20250430_1.jpg)<br>| ![](img109149_2.jpg) | 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**<br> 1.9915740.100 1615-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class I : FWIFX** <br>|

---

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 | $2906574043<br>|
| Number of Holdings | 165<br>|
| Portfolio Turnover | 163%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img318_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Amazon.com Inc | 4.1<br>|
| NVIDIA Corp | 4.0<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Microsoft Corp | 3.1<br>|
| Robinhood Markets Inc Class A | 2.9<br>|
| Apple Inc | 2.6<br>|
| Alphabet Inc Class A | 2.6<br>|
| Kyndryl Holdings Inc | 2.5<br>|
| Prologis Inc | 2.1<br>|
| DraftKings Inc Class A | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img318_20250430_1.jpg)<br>| ![](img109071_2.jpg) | 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**<br> 1.9915656.100 2147-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Worldwide Fund<br> **Fidelity® Worldwide Fund : FWWFX** <br>|

---

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 | $2906574043<br>|
| Number of Holdings | 165<br>|
| Portfolio Turnover | 163%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img318_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Amazon.com Inc | 4.1<br>|
| NVIDIA Corp | 4.0<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Microsoft Corp | 3.1<br>|
| Robinhood Markets Inc Class A | 2.9<br>|
| Apple Inc | 2.6<br>|
| Alphabet Inc Class A | 2.6<br>|
| Kyndryl Holdings Inc | 2.5<br>|
| Prologis Inc | 2.1<br>|
| DraftKings Inc Class A | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img318_20250430_1.jpg)<br>| ![](img109068_2.jpg) | 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**<br> 1.9915657.100 318-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class A : FGEEX** <br>|

---

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 | $292744990<br>|
| Number of Holdings | 151<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20250430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2406_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 58.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Rheinmetall AG | 5.2<br>|
| Apple Inc | 4.6<br>|
| Microsoft Corp | 4.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| JPMorgan Chase & Co | 1.8<br>|
| AbbVie Inc | 1.6<br>|
| NXP Semiconductors NV | 1.6<br>|
| T-Mobile US Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
| Linde PLC | 1.4<br>|
|  | 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. | 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. | 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. |
| ![](img2406_20250430_1.jpg)<br>| ![](img109293_2.jpg) | 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**<br> 1.9918439.100 7766-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class Z : FZAIX** <br>|

---

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 | $10296192153<br>|
| Number of Holdings | 135<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img305_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img305_20250430_1.jpg)<br>| ![](img109177_2.jpg) | 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**<br> 1.9915641.100 2534-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Pacific Basin Fund<br> **Fidelity® Pacific Basin Fund : FPBFX** <br>|

---

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 | $702376362<br>|
| Number of Holdings | 101<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 3.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img302_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img302_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 37.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 22.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 8.9<br>|
| Tencent Holdings Ltd | 5.2<br>|
| Sony Group Corp | 3.2<br>|
| Nintendo Co Ltd | 3.0<br>|
| PDD Holdings Inc Class A ADR | 2.8<br>|
| Hitachi Ltd | 2.7<br>|
| Samsung Electronics Co Ltd | 2.4<br>|
| AIA Group Ltd | 2.4<br>|
| ORIX Corp | 2.1<br>|
| KT Corp ADR | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img302_20250430_1.jpg)<br>| ![](img109136_2.jpg) | 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**<br> 1.9915635.100 302-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Europe Fund<br> **Fidelity Advisor® Europe Fund Class C : FHJTX** <br>|

---

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 | $738937264<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img301_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 4.3<br>|
| Astrazeneca PLC | 3.1<br>|
| RELX PLC | 2.6<br>|
| ASML Holding NV | 2.4<br>|
| Shell PLC | 2.3<br>|
| Rheinmetall AG | 2.3<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| UniCredit SpA | 1.9<br>|
| Siemens AG | 1.8<br>|
| Air Liquide SA | 1.8<br>|
|  | 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. | 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. | 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. |
| ![](img301_20250430_1.jpg)<br>| ![](img109200_2.jpg) | 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**<br> 1.9915630.100 2634-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Japan Smaller Companies Fund<br> **Fidelity® Japan Smaller Companies Fund : FJSCX** <br>|

---

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 | $425878188<br>|
| Number of Holdings | 87<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img360_20250430_AA.jpg) <br>|

---

Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.6 <br>

Japan 96.4 <br> United States 3.6

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img360_20250430_GD.jpg) <br>|

---

Japan - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United States - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SWCC Corp | 2.6<br>|
| Yamato Kogyo Co Ltd | 2.6<br>|
| Sompo Holdings Inc | 2.5<br>|
| Money Forward Inc | 2.4<br>|
| Argo Graphics Inc | 2.2<br>|
| Visional Inc | 2.1<br>|
| Capcom Co Ltd | 2.0<br>|
| Hokuhoku Financial Group Inc | 2.0<br>|
| Asahi Group Holdings Ltd | 1.9<br>|
| IHI Corp | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img360_20250430_1.jpg)<br>| ![](img109140_2.jpg) | 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**<br> 1.9915696.100 360-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Value Fund<br> **Fidelity Advisor® International Value Fund Class A : FIVMX** <br>|

---

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 | $2052754816<br>|
| Number of Holdings | 107<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1597_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 2.9<br>|
| AXA SA | 2.6<br>|
| Banco Santander SA | 2.5<br>|
| Rheinmetall AG | 2.4<br>|
| Zurich Insurance Group AG | 2.3<br>|
| Mitsubishi UFJ Financial Group Inc | 2.2<br>|
| Sumitomo Mitsui Financial Group Inc | 2.1<br>|
| Roche Holding AG | 2.1<br>|
| BAE Systems PLC | 2.0<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1597_20250430_1.jpg)<br>| ![](img109152_2.jpg) | 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**<br> 1.9915738.100 1612-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Canada Fund<br> **Fidelity Advisor® Canada Fund Class Z : FIQEX** <br>|

---

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 | $942606561<br>|
| Number of Holdings | 68<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img309_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img309_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Royal Bank of Canada | 7.9<br>|
| Constellation Software Inc/Canada | 6.2<br>|
| Canadian Pacific Kansas City Ltd | 5.0<br>|
| Alimentation Couche-Tard Inc | 4.6<br>|
| Franco-Nevada Corp | 4.5<br>|
| Toronto Dominion Bank | 3.9<br>|
| Shopify Inc Class A | 3.8<br>|
| Dollarama Inc | 3.8<br>|
| Canadian Natural Resources Ltd | 3.7<br>|
| PrairieSky Royalty Ltd | 3.3<br>|
|  | 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. | 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. | 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. |
| ![](img309_20250430_1.jpg)<br>| ![](img109233_2.jpg) | 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**<br> 1.9915650.100 3263-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Fund<br> **Fidelity® Emerging Markets Fund : FEMKX** <br>|

---

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 | $6926988734<br>|
| Number of Holdings | 79<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img322_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img322_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.2<br>|
| Tencent Holdings Ltd | 8.7<br>|
| NVIDIA Corp | 3.4<br>|
| Alibaba Group Holding Ltd ADR | 3.2<br>|
| HDFC Bank Ltd | 3.1<br>|
| Bank Central Asia Tbk PT | 2.9<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Samsung Electronics Co Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.1<br>|
| SK Hynix Inc | 2.1<br>|
|  | 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. | 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. | 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. |
| ![](img322_20250430_1.jpg)<br>| ![](img109205_2.jpg) | 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**<br> 1.9915660.100 322-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Total International Equity Fund<br> **Fidelity Advisor® Total International Equity Fund Class A : FTAEX** <br>|

---

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 | $448437698<br>|
| Number of Holdings | 317<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1978_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 27.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 2.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| SAP SE | 2.1<br>|
| Samsung Electronics Co Ltd | 1.8<br>|
| CRH PLC | 1.8<br>|
| Safran SA | 1.5<br>|
| Linde PLC | 1.4<br>|
| BAE Systems PLC | 1.3<br>|
| Alibaba Group Holding Ltd ADR | 1.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 1.1<br>|
|  | 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. | 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. | 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. |
| ![](img1978_20250430_1.jpg)<br>| ![](img109087_2.jpg) | 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**<br> 1.9915744.100 1980-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Canada Fund<br> **Fidelity Advisor® Canada Fund Class A : FACNX** <br>|

---

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 | $942606561<br>|
| Number of Holdings | 68<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img309_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img309_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Royal Bank of Canada | 7.9<br>|
| Constellation Software Inc/Canada | 6.2<br>|
| Canadian Pacific Kansas City Ltd | 5.0<br>|
| Alimentation Couche-Tard Inc | 4.6<br>|
| Franco-Nevada Corp | 4.5<br>|
| Toronto Dominion Bank | 3.9<br>|
| Shopify Inc Class A | 3.8<br>|
| Dollarama Inc | 3.8<br>|
| Canadian Natural Resources Ltd | 3.7<br>|
| PrairieSky Royalty Ltd | 3.3<br>|
|  | 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. | 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. | 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. |
| ![](img309_20250430_1.jpg)<br>| ![](img109237_2.jpg) | 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**<br> 1.9915645.100 1856-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class Z : FZAJX** <br>|

---

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 | $6458338721<br>|
| Number of Holdings | 71<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1979_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1979_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 6.8<br>|
| Safran SA | 4.6<br>|
| CRH PLC | 3.9<br>|
| ASML Holding NV | 3.5<br>|
| Atlas Copco AB A Shares | 3.5<br>|
| Linde PLC | 3.4<br>|
| Compass Group PLC | 3.1<br>|
| Recruit Holdings Co Ltd | 2.8<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 2.6<br>|
| Experian PLC | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img1979_20250430_1.jpg)<br>| ![](img109170_2.jpg) | 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**<br> 1.9915754.100 2535-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Diversified International Fund<br> **Fidelity® Diversified International Fund : FDIVX** <br>|

---

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 | $11737421933<br>|
| Number of Holdings | 138<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img325_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img325_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.7<br>|
| Hitachi Ltd | 2.6<br>|
| Allianz SE | 2.0<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.9<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Wolters Kluwer NV | 1.6<br>|
| Astrazeneca PLC | 1.6<br>|
| Mitsubishi Heavy Industries Ltd | 1.6<br>|
|  | 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. | 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. | 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. |
| ![](img325_20250430_1.jpg)<br>| ![](img109220_2.jpg) | 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**<br> 1.9915667.100 325-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class M : FHKTX** <br>|

---

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 | $1096792327<br>|
| Number of Holdings | 76<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img352_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 60.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 29.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 21.7<br>|
| Tencent Holdings Ltd | 13.4<br>|
| Alibaba Group Holding Ltd | 6.6<br>|
| PDD Holdings Inc Class A ADR | 4.0<br>|
| China Construction Bank Corp H Shares | 3.4<br>|
| AIA Group Ltd | 3.2<br>|
| Zijin Mining Group Co Ltd H Shares | 2.6<br>|
| Industrial & Commercial Bank of China Ltd H Shares | 1.7<br>|
| MediaTek Inc | 1.6<br>|
| Meituan B Shares | 1.5<br>|
|  | 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. | 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. | 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. |
| ![](img352_20250430_1.jpg)<br>| ![](img109226_2.jpg) | 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**<br> 1.9915692.100 2067-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class A : FIASX** <br>|

---

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 | $4896590377<br>|
| Number of Holdings | 199<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20250430_AA.jpg) <br>|

---

Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img1135_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Logista Integral SA | 1.1<br>|
| BayCurrent Inc | 1.1<br>|
| Premier Foods PLC | 1.1<br>|
| Ashtead Technology Holdings plc | 1.1<br>|
| Metlen Energy & Metals SA | 1.0<br>|
| Grupo Catalana Occidente SA | 1.0<br>|
| Century Pacific Food Inc | 1.0<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Spar Nord Bank A/S | 0.9<br>|
| Qualitas Controladora SAB de CV | 0.9<br>|
|  | 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. | 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. | 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. |
| ![](img1135_20250430_1.jpg)<br>| ![](img109166_2.jpg) | 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**<br> 1.9915711.100 1258-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Europe Fund<br> **Fidelity Advisor® Europe Fund Class Z : FIQHX** <br>|

---

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 | $738937264<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img301_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 4.3<br>|
| Astrazeneca PLC | 3.1<br>|
| RELX PLC | 2.6<br>|
| ASML Holding NV | 2.4<br>|
| Shell PLC | 2.3<br>|
| Rheinmetall AG | 2.3<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| UniCredit SpA | 1.9<br>|
| Siemens AG | 1.8<br>|
| Air Liquide SA | 1.8<br>|
|  | 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. | 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. | 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. |
| ![](img301_20250430_1.jpg)<br>| ![](img109197_2.jpg) | 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**<br> 1.9915634.100 3266-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Value Fund<br> **Fidelity Advisor® International Value Fund Class Z : FIQKX** <br>|

---

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 | $2052754816<br>|
| Number of Holdings | 107<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1597_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 2.9<br>|
| AXA SA | 2.6<br>|
| Banco Santander SA | 2.5<br>|
| Rheinmetall AG | 2.4<br>|
| Zurich Insurance Group AG | 2.3<br>|
| Mitsubishi UFJ Financial Group Inc | 2.2<br>|
| Sumitomo Mitsui Financial Group Inc | 2.1<br>|
| Roche Holding AG | 2.1<br>|
| BAE Systems PLC | 2.0<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1597_20250430_1.jpg)<br>| ![](img109148_2.jpg) | 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**<br> 1.9915742.100 3269-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Fund<br> **Fidelity Advisor® Emerging Markets Fund Class A : FEDMX** <br>|

---

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 | $6926988734<br>|
| Number of Holdings | 79<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img322_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img322_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.2<br>|
| Tencent Holdings Ltd | 8.7<br>|
| NVIDIA Corp | 3.4<br>|
| Alibaba Group Holding Ltd ADR | 3.2<br>|
| HDFC Bank Ltd | 3.1<br>|
| Bank Central Asia Tbk PT | 2.9<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Samsung Electronics Co Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.1<br>|
| SK Hynix Inc | 2.1<br>|
|  | 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. | 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. | 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. |
| ![](img322_20250430_1.jpg)<br>| ![](img109211_2.jpg) | 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**<br> 1.9915661.100 6355-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class Z : FIQOX** <br>|

---

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 | $2906574043<br>|
| Number of Holdings | 165<br>|
| Portfolio Turnover | 163%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img318_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Amazon.com Inc | 4.1<br>|
| NVIDIA Corp | 4.0<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Microsoft Corp | 3.1<br>|
| Robinhood Markets Inc Class A | 2.9<br>|
| Apple Inc | 2.6<br>|
| Alphabet Inc Class A | 2.6<br>|
| Kyndryl Holdings Inc | 2.5<br>|
| Prologis Inc | 2.1<br>|
| DraftKings Inc Class A | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img318_20250430_1.jpg)<br>| ![](img109069_2.jpg) | 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**<br> 1.9915658.100 3273-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Fund<br> **Fidelity® International Small Cap Fund : FISMX** <br>|

---

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 | $4896590377<br>|
| Number of Holdings | 199<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20250430_AA.jpg) <br>|

---

Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img1135_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Logista Integral SA | 1.1<br>|
| BayCurrent Inc | 1.1<br>|
| Premier Foods PLC | 1.1<br>|
| Ashtead Technology Holdings plc | 1.1<br>|
| Metlen Energy & Metals SA | 1.0<br>|
| Grupo Catalana Occidente SA | 1.0<br>|
| Century Pacific Food Inc | 1.0<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Spar Nord Bank A/S | 0.9<br>|
| Qualitas Controladora SAB de CV | 0.9<br>|
|  | 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. | 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. | 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. |
| ![](img1135_20250430_1.jpg)<br>| ![](img109161_2.jpg) | 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**<br> 1.9915716.100 818-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Fund<br> **Fidelity Advisor® Emerging Markets Fund Class M : FEQMX** <br>|

---

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 | $6926988734<br>|
| Number of Holdings | 79<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img322_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img322_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.2<br>|
| Tencent Holdings Ltd | 8.7<br>|
| NVIDIA Corp | 3.4<br>|
| Alibaba Group Holding Ltd ADR | 3.2<br>|
| HDFC Bank Ltd | 3.1<br>|
| Bank Central Asia Tbk PT | 2.9<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Samsung Electronics Co Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.1<br>|
| SK Hynix Inc | 2.1<br>|
|  | 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. | 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. | 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. |
| ![](img322_20250430_1.jpg)<br>| ![](img109207_2.jpg) | 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**<br> 1.9915663.100 6357-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class M : FTISX** <br>|

---

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 | $4896590377<br>|
| Number of Holdings | 199<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20250430_AA.jpg) <br>|

---

Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img1135_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Logista Integral SA | 1.1<br>|
| BayCurrent Inc | 1.1<br>|
| Premier Foods PLC | 1.1<br>|
| Ashtead Technology Holdings plc | 1.1<br>|
| Metlen Energy & Metals SA | 1.0<br>|
| Grupo Catalana Occidente SA | 1.0<br>|
| Century Pacific Food Inc | 1.0<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Spar Nord Bank A/S | 0.9<br>|
| Qualitas Controladora SAB de CV | 0.9<br>|
|  | 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. | 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. | 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. |
| ![](img1135_20250430_1.jpg)<br>| ![](img109163_2.jpg) | 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**<br> 1.9915713.100 1261-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class I : FHKIX** <br>|

---

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 | $1096792327<br>|
| Number of Holdings | 76<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img352_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 60.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 29.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 21.7<br>|
| Tencent Holdings Ltd | 13.4<br>|
| Alibaba Group Holding Ltd | 6.6<br>|
| PDD Holdings Inc Class A ADR | 4.0<br>|
| China Construction Bank Corp H Shares | 3.4<br>|
| AIA Group Ltd | 3.2<br>|
| Zijin Mining Group Co Ltd H Shares | 2.6<br>|
| Industrial & Commercial Bank of China Ltd H Shares | 1.7<br>|
| MediaTek Inc | 1.6<br>|
| Meituan B Shares | 1.5<br>|
|  | 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. | 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. | 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. |
| ![](img352_20250430_1.jpg)<br>| ![](img109227_2.jpg) | 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**<br> 1.9915693.100 2068-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Japan Fund<br> **Fidelity Advisor® Japan Fund Class C : FJPCX** <br>|

---

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 | $710338465<br>|
| Number of Holdings | 86<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20250430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

Japan 96.7 <br> United States 3.1 <br> China 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sumitomo Mitsui Financial Group Inc | 6.4<br>|
| Sony Group Corp | 5.1<br>|
| Hitachi Ltd | 4.8<br>|
| Fujitsu Ltd | 3.0<br>|
| Tokio Marine Holdings Inc | 2.9<br>|
| Hoya Corp | 2.9<br>|
| ORIX Corp | 2.8<br>|
| Nintendo Co Ltd | 2.8<br>|
| Shin-Etsu Chemical Co Ltd | 2.7<br>|
| FUJIFILM Holdings Corp | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img350_20250430_1.jpg)<br>| ![](img109145_2.jpg) | 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**<br> 1.9915684.100 2258-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Fund<br> **Fidelity® Emerging Markets Fund Class K : FKEMX** <br>|

---

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 | $6926988734<br>|
| Number of Holdings | 79<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img322_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img322_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.2<br>|
| Tencent Holdings Ltd | 8.7<br>|
| NVIDIA Corp | 3.4<br>|
| Alibaba Group Holding Ltd ADR | 3.2<br>|
| HDFC Bank Ltd | 3.1<br>|
| Bank Central Asia Tbk PT | 2.9<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Samsung Electronics Co Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.1<br>|
| SK Hynix Inc | 2.1<br>|
|  | 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. | 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. | 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. |
| ![](img322_20250430_1.jpg)<br>| ![](img109208_2.jpg) | 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**<br> 1.9915659.100 2084-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Fund<br> **Fidelity Advisor® Emerging Markets Fund Class I : FECMX** <br>|

---

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 | $6926988734<br>|
| Number of Holdings | 79<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img322_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img322_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.2<br>|
| Tencent Holdings Ltd | 8.7<br>|
| NVIDIA Corp | 3.4<br>|
| Alibaba Group Holding Ltd ADR | 3.2<br>|
| HDFC Bank Ltd | 3.1<br>|
| Bank Central Asia Tbk PT | 2.9<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Samsung Electronics Co Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.1<br>|
| SK Hynix Inc | 2.1<br>|
|  | 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. | 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. | 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. |
| ![](img322_20250430_1.jpg)<br>| ![](img109209_2.jpg) | 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**<br> 1.9915664.100 6358-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Discovery Fund<br> **Fidelity Advisor® Emerging Markets Discovery Fund Class Z : FIQGX** <br>|

---

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 | $1026456466<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_20250430_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2374_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Poland - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| OPAP SA | 1.7<br>|
| Localiza Rent a Car SA | 1.6<br>|
| Lion Finance Group PLC | 1.5<br>|
| Dino Polska SA | 1.5<br>|
| Max Healthcare Institute Ltd | 1.4<br>|
| Qualitas Controladora SAB de CV | 1.4<br>|
| Eicher Motors Ltd | 1.3<br>|
| Equatorial Energia SA | 1.3<br>|
| Shriram Finance Ltd | 1.3<br>|
| Banco de Chile ADR | 1.3<br>|
|  | 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. | 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. | 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. |
| ![](img2374_20250430_1.jpg)<br>| ![](img109213_2.jpg) | 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**<br> 1.9915779.100 3265-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class A : FWAFX** <br>|

---

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 | $2906574043<br>|
| Number of Holdings | 165<br>|
| Portfolio Turnover | 163%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img318_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Amazon.com Inc | 4.1<br>|
| NVIDIA Corp | 4.0<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Microsoft Corp | 3.1<br>|
| Robinhood Markets Inc Class A | 2.9<br>|
| Apple Inc | 2.6<br>|
| Alphabet Inc Class A | 2.6<br>|
| Kyndryl Holdings Inc | 2.5<br>|
| Prologis Inc | 2.1<br>|
| DraftKings Inc Class A | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img318_20250430_1.jpg)<br>| ![](img109073_2.jpg) | 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**<br> 1.9915653.100 2143-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Discovery Fund<br> **Fidelity Advisor® Emerging Markets Discovery Fund Class M : FEDTX** <br>|

---

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 | $1026456466<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_20250430_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2374_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Poland - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| OPAP SA | 1.7<br>|
| Localiza Rent a Car SA | 1.6<br>|
| Lion Finance Group PLC | 1.5<br>|
| Dino Polska SA | 1.5<br>|
| Max Healthcare Institute Ltd | 1.4<br>|
| Qualitas Controladora SAB de CV | 1.4<br>|
| Eicher Motors Ltd | 1.3<br>|
| Equatorial Energia SA | 1.3<br>|
| Shriram Finance Ltd | 1.3<br>|
| Banco de Chile ADR | 1.3<br>|
|  | 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. | 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. | 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. |
| ![](img2374_20250430_1.jpg)<br>| ![](img109214_2.jpg) | 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**<br> 1.9915777.100 2377-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class I : FGEJX** <br>|

---

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 | $292744990<br>|
| Number of Holdings | 151<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20250430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2406_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 58.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Rheinmetall AG | 5.2<br>|
| Apple Inc | 4.6<br>|
| Microsoft Corp | 4.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| JPMorgan Chase & Co | 1.8<br>|
| AbbVie Inc | 1.6<br>|
| NXP Semiconductors NV | 1.6<br>|
| T-Mobile US Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
| Linde PLC | 1.4<br>|
|  | 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. | 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. | 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. |
| ![](img2406_20250430_1.jpg)<br>| ![](img109291_2.jpg) | 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**<br> 1.9918445.100 7769-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity® International Small Cap Opportunities Fund : FSCOX** <br>|

---

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 | $1340297691<br>|
| Number of Holdings | 115<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> International Equity Funds 4.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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)** |
| ![](img1504_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 26.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Lagercrantz Group AB B Shares | 5.2<br>|
| iShares MSCI EAFE Small-Cap ETF | 4.9<br>|
| AddTech AB B Shares | 4.7<br>|
| Azbil Corp | 3.5<br>|
| CTS Eventim AG & Co KGaA | 2.7<br>|
| Games Workshop Group PLC | 2.2<br>|
| KBC Ancora | 2.1<br>|
| Interpump Group SpA | 2.1<br>|
| Spectris PLC | 2.1<br>|
| Howden Joinery Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1504_20250430_1.jpg)<br>| ![](img109155_2.jpg) | 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**<br> 1.9915735.100 1504-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® China Region Fund<br> **Fidelity® China Region Fund : FHKCX** <br>|

---

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 | $1096792327<br>|
| Number of Holdings | 76<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img352_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 60.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 29.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 21.7<br>|
| Tencent Holdings Ltd | 13.4<br>|
| Alibaba Group Holding Ltd | 6.6<br>|
| PDD Holdings Inc Class A ADR | 4.0<br>|
| China Construction Bank Corp H Shares | 3.4<br>|
| AIA Group Ltd | 3.2<br>|
| Zijin Mining Group Co Ltd H Shares | 2.6<br>|
| Industrial & Commercial Bank of China Ltd H Shares | 1.7<br>|
| MediaTek Inc | 1.6<br>|
| Meituan B Shares | 1.5<br>|
|  | 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. | 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. | 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. |
| ![](img352_20250430_1.jpg)<br>| ![](img109224_2.jpg) | 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**<br> 1.9915695.100 352-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class I : FIADX** <br>|

---

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 | $10296192153<br>|
| Number of Holdings | 135<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img305_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img305_20250430_1.jpg)<br>| ![](img109180_2.jpg) | 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**<br> 1.9915639.100 1402-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class M : FTADX** <br>|

---

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 | $10296192153<br>|
| Number of Holdings | 135<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img305_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img305_20250430_1.jpg)<br>| ![](img109178_2.jpg) | 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**<br> 1.9915638.100 1401-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class Z : FIQJX** <br>|

---

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 | $1340297691<br>|
| Number of Holdings | 115<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> International Equity Funds 4.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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)** |
| ![](img1504_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 26.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Lagercrantz Group AB B Shares | 5.2<br>|
| iShares MSCI EAFE Small-Cap ETF | 4.9<br>|
| AddTech AB B Shares | 4.7<br>|
| Azbil Corp | 3.5<br>|
| CTS Eventim AG & Co KGaA | 2.7<br>|
| Games Workshop Group PLC | 2.2<br>|
| KBC Ancora | 2.1<br>|
| Interpump Group SpA | 2.1<br>|
| Spectris PLC | 2.1<br>|
| Howden Joinery Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1504_20250430_1.jpg)<br>| ![](img109156_2.jpg) | 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**<br> 1.9915736.100 3268-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class A : FIAGX** <br>|

---

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 | $6458338721<br>|
| Number of Holdings | 71<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1979_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1979_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 6.8<br>|
| Safran SA | 4.6<br>|
| CRH PLC | 3.9<br>|
| ASML Holding NV | 3.5<br>|
| Atlas Copco AB A Shares | 3.5<br>|
| Linde PLC | 3.4<br>|
| Compass Group PLC | 3.1<br>|
| Recruit Holdings Co Ltd | 2.8<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 2.6<br>|
| Experian PLC | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img1979_20250430_1.jpg)<br>| ![](img109174_2.jpg) | 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**<br> 1.9915750.100 1985-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Diversified International Fund<br> **Fidelity® Diversified International Fund Class K : FDIKX** <br>|

---

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 | $11737421933<br>|
| Number of Holdings | 138<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img325_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img325_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 2.7<br>|
| Hitachi Ltd | 2.6<br>|
| Allianz SE | 2.0<br>|
| RELX PLC (Netherlands) | 1.9<br>|
| UniCredit SpA | 1.9<br>|
| London Stock Exchange Group PLC | 1.8<br>|
| Rolls-Royce Holdings PLC | 1.7<br>|
| Wolters Kluwer NV | 1.6<br>|
| Astrazeneca PLC | 1.6<br>|
| Mitsubishi Heavy Industries Ltd | 1.6<br>|
|  | 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. | 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. | 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. |
| ![](img325_20250430_1.jpg)<br>| ![](img109221_2.jpg) | 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**<br> 1.9915666.100 2082-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Value Fund<br> **Fidelity® International Value Fund : FIVLX** <br>|

---

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 | $2052754816<br>|
| Number of Holdings | 107<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1597_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 2.9<br>|
| AXA SA | 2.6<br>|
| Banco Santander SA | 2.5<br>|
| Rheinmetall AG | 2.4<br>|
| Zurich Insurance Group AG | 2.3<br>|
| Mitsubishi UFJ Financial Group Inc | 2.2<br>|
| Sumitomo Mitsui Financial Group Inc | 2.1<br>|
| Roche Holding AG | 2.1<br>|
| BAE Systems PLC | 2.0<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1597_20250430_1.jpg)<br>| ![](img109147_2.jpg) | 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**<br> 1.9915737.100 1597-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Canada Fund<br> **Fidelity Advisor® Canada Fund Class C : FCCNX** <br>|

---

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 | $942606561<br>|
| Number of Holdings | 68<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img309_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img309_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Royal Bank of Canada | 7.9<br>|
| Constellation Software Inc/Canada | 6.2<br>|
| Canadian Pacific Kansas City Ltd | 5.0<br>|
| Alimentation Couche-Tard Inc | 4.6<br>|
| Franco-Nevada Corp | 4.5<br>|
| Toronto Dominion Bank | 3.9<br>|
| Shopify Inc Class A | 3.8<br>|
| Dollarama Inc | 3.8<br>|
| Canadian Natural Resources Ltd | 3.7<br>|
| PrairieSky Royalty Ltd | 3.3<br>|
|  | 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. | 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. | 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. |
| ![](img309_20250430_1.jpg)<br>| ![](img109236_2.jpg) | 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**<br> 1.9915646.100 1858-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Overseas Fund<br> **Fidelity® Overseas Fund : FOSFX** <br>|

---

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 | $6788264008<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img94_20250430_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img94_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.4<br>|
| Allianz SE | 2.3<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.2<br>|
| Deutsche Boerse AG | 2.0<br>|
| Wolters Kluwer NV | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img94_20250430_1.jpg)<br>| ![](img109137_2.jpg) | 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**<br> 1.9915607.100 94-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Japan Fund<br> **Fidelity Advisor® Japan Fund Class M : FJPTX** <br>|

---

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 | $710338465<br>|
| Number of Holdings | 86<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20250430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

Japan 96.7 <br> United States 3.1 <br> China 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sumitomo Mitsui Financial Group Inc | 6.4<br>|
| Sony Group Corp | 5.1<br>|
| Hitachi Ltd | 4.8<br>|
| Fujitsu Ltd | 3.0<br>|
| Tokio Marine Holdings Inc | 2.9<br>|
| Hoya Corp | 2.9<br>|
| ORIX Corp | 2.8<br>|
| Nintendo Co Ltd | 2.8<br>|
| Shin-Etsu Chemical Co Ltd | 2.7<br>|
| FUJIFILM Holdings Corp | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img350_20250430_1.jpg)<br>| ![](img109143_2.jpg) | 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**<br> 1.9915685.100 2259-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class I : FIXIX** <br>|

---

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 | $4896590377<br>|
| Number of Holdings | 199<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20250430_AA.jpg) <br>|

---

Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img1135_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Logista Integral SA | 1.1<br>|
| BayCurrent Inc | 1.1<br>|
| Premier Foods PLC | 1.1<br>|
| Ashtead Technology Holdings plc | 1.1<br>|
| Metlen Energy & Metals SA | 1.0<br>|
| Grupo Catalana Occidente SA | 1.0<br>|
| Century Pacific Food Inc | 1.0<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Spar Nord Bank A/S | 0.9<br>|
| Qualitas Controladora SAB de CV | 0.9<br>|
|  | 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. | 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. | 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. |
| ![](img1135_20250430_1.jpg)<br>| ![](img109164_2.jpg) | 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**<br> 1.9915714.100 1262-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class M : FITGX** <br>|

---

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 | $6458338721<br>|
| Number of Holdings | 71<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1979_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1979_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 6.8<br>|
| Safran SA | 4.6<br>|
| CRH PLC | 3.9<br>|
| ASML Holding NV | 3.5<br>|
| Atlas Copco AB A Shares | 3.5<br>|
| Linde PLC | 3.4<br>|
| Compass Group PLC | 3.1<br>|
| Recruit Holdings Co Ltd | 2.8<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 2.6<br>|
| Experian PLC | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img1979_20250430_1.jpg)<br>| ![](img109171_2.jpg) | 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**<br> 1.9915752.100 1988-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Capital Appreciation Fund<br> **Fidelity® International Capital Appreciation Fund : FIVFX** <br>|

---

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 | $3800821658<br>|
| Number of Holdings | 63<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img335_20250430_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img335_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 25.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.2<br>|
| Tencent Holdings Ltd | 2.9<br>|
| SAP SE | 2.5<br>|
| ASML Holding NV | 2.2<br>|
| Shopify Inc Class A (United States) | 2.2<br>|
| Hitachi Ltd | 2.1<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| Schneider Electric SE | 2.1<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| Sony Group Corp | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img335_20250430_1.jpg)<br>| ![](img109184_2.jpg) | 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**<br> 1.9915669.100 335-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Fund<br> **Fidelity Advisor® Emerging Markets Fund Class Z : FZEMX** <br>|

---

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 | $6926988734<br>|
| Number of Holdings | 79<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img322_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img322_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 19.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.2<br>|
| Tencent Holdings Ltd | 8.7<br>|
| NVIDIA Corp | 3.4<br>|
| Alibaba Group Holding Ltd ADR | 3.2<br>|
| HDFC Bank Ltd | 3.1<br>|
| Bank Central Asia Tbk PT | 2.9<br>|
| PDD Holdings Inc Class A ADR | 2.6<br>|
| Samsung Electronics Co Ltd | 2.5<br>|
| Reliance Industries Ltd | 2.1<br>|
| SK Hynix Inc | 2.1<br>|
|  | 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. | 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. | 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. |
| ![](img322_20250430_1.jpg)<br>| ![](img109206_2.jpg) | 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**<br> 1.9915665.100 6359-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class I : FIIIX** <br>|

---

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 | $6458338721<br>|
| Number of Holdings | 71<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1979_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1979_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 6.8<br>|
| Safran SA | 4.6<br>|
| CRH PLC | 3.9<br>|
| ASML Holding NV | 3.5<br>|
| Atlas Copco AB A Shares | 3.5<br>|
| Linde PLC | 3.4<br>|
| Compass Group PLC | 3.1<br>|
| Recruit Holdings Co Ltd | 2.8<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 2.6<br>|
| Experian PLC | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img1979_20250430_1.jpg)<br>| ![](img109172_2.jpg) | 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**<br> 1.9915753.100 1989-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Discovery Fund<br> **Fidelity® Emerging Markets Discovery Fund : FEDDX** <br>|

---

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 | $1026456466<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_20250430_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2374_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Poland - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| OPAP SA | 1.7<br>|
| Localiza Rent a Car SA | 1.6<br>|
| Lion Finance Group PLC | 1.5<br>|
| Dino Polska SA | 1.5<br>|
| Max Healthcare Institute Ltd | 1.4<br>|
| Qualitas Controladora SAB de CV | 1.4<br>|
| Eicher Motors Ltd | 1.3<br>|
| Equatorial Energia SA | 1.3<br>|
| Shriram Finance Ltd | 1.3<br>|
| Banco de Chile ADR | 1.3<br>|
|  | 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. | 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. | 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. |
| ![](img2374_20250430_1.jpg)<br>| ![](img109212_2.jpg) | 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**<br> 1.9915774.100 2374-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class A : FHKAX** <br>|

---

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 | $1096792327<br>|
| Number of Holdings | 76<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img352_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 60.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 29.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 21.7<br>|
| Tencent Holdings Ltd | 13.4<br>|
| Alibaba Group Holding Ltd | 6.6<br>|
| PDD Holdings Inc Class A ADR | 4.0<br>|
| China Construction Bank Corp H Shares | 3.4<br>|
| AIA Group Ltd | 3.2<br>|
| Zijin Mining Group Co Ltd H Shares | 2.6<br>|
| Industrial & Commercial Bank of China Ltd H Shares | 1.7<br>|
| MediaTek Inc | 1.6<br>|
| Meituan B Shares | 1.5<br>|
|  | 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. | 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. | 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. |
| ![](img352_20250430_1.jpg)<br>| ![](img109229_2.jpg) | 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**<br> 1.9915690.100 2064-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class M : FWTFX** <br>|

---

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 | $2906574043<br>|
| Number of Holdings | 165<br>|
| Portfolio Turnover | 163%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img318_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Amazon.com Inc | 4.1<br>|
| NVIDIA Corp | 4.0<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Microsoft Corp | 3.1<br>|
| Robinhood Markets Inc Class A | 2.9<br>|
| Apple Inc | 2.6<br>|
| Alphabet Inc Class A | 2.6<br>|
| Kyndryl Holdings Inc | 2.5<br>|
| Prologis Inc | 2.1<br>|
| DraftKings Inc Class A | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img318_20250430_1.jpg)<br>| ![](img109070_2.jpg) | 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**<br> 1.9915655.100 2146-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® China Region Fund<br> **Fidelity Advisor® China Region Fund Class Z : FIQFX** <br>|

---

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 | $1096792327<br>|
| Number of Holdings | 76<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img352_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img352_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 60.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 29.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 21.7<br>|
| Tencent Holdings Ltd | 13.4<br>|
| Alibaba Group Holding Ltd | 6.6<br>|
| PDD Holdings Inc Class A ADR | 4.0<br>|
| China Construction Bank Corp H Shares | 3.4<br>|
| AIA Group Ltd | 3.2<br>|
| Zijin Mining Group Co Ltd H Shares | 2.6<br>|
| Industrial & Commercial Bank of China Ltd H Shares | 1.7<br>|
| MediaTek Inc | 1.6<br>|
| Meituan B Shares | 1.5<br>|
|  | 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. | 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. | 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. |
| ![](img352_20250430_1.jpg)<br>| ![](img109225_2.jpg) | 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**<br> 1.9915694.100 3264-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Japan Fund<br> **Fidelity® Japan Fund : FJPNX** <br>|

---

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 | $710338465<br>|
| Number of Holdings | 86<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20250430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

Japan 96.7 <br> United States 3.1 <br> China 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sumitomo Mitsui Financial Group Inc | 6.4<br>|
| Sony Group Corp | 5.1<br>|
| Hitachi Ltd | 4.8<br>|
| Fujitsu Ltd | 3.0<br>|
| Tokio Marine Holdings Inc | 2.9<br>|
| Hoya Corp | 2.9<br>|
| ORIX Corp | 2.8<br>|
| Nintendo Co Ltd | 2.8<br>|
| Shin-Etsu Chemical Co Ltd | 2.7<br>|
| FUJIFILM Holdings Corp | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img350_20250430_1.jpg)<br>| ![](img109141_2.jpg) | 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**<br> 1.9915688.100 350-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Fund<br> **Fidelity Advisor® International Small Cap Fund Class Z : FIQIX** <br>|

---

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 | $4896590377<br>|
| Number of Holdings | 199<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1135_20250430_AA.jpg) <br>|

---

Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img1135_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Logista Integral SA | 1.1<br>|
| BayCurrent Inc | 1.1<br>|
| Premier Foods PLC | 1.1<br>|
| Ashtead Technology Holdings plc | 1.1<br>|
| Metlen Energy & Metals SA | 1.0<br>|
| Grupo Catalana Occidente SA | 1.0<br>|
| Century Pacific Food Inc | 1.0<br>|
| Richter Gedeon Nyrt | 0.9<br>|
| Spar Nord Bank A/S | 0.9<br>|
| Qualitas Controladora SAB de CV | 0.9<br>|
|  | 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. | 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. | 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. |
| ![](img1135_20250430_1.jpg)<br>| ![](img109162_2.jpg) | 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**<br> 1.9915715.100 3267-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery K6 Fund<br> **Fidelity® International Discovery K6 Fund : FDKFX** <br>|

---

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 | $542425322<br>|
| Number of Holdings | 127<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3461_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img3461_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Zegona Communications plc | 2.6<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.0<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img3461_20250430_1.jpg)<br>| ![](img109175_2.jpg) | 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**<br> 1.9915810.100 3461-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Growth Fund<br> **Fidelity® International Growth Fund : FIGFX** <br>|

---

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 | $6458338721<br>|
| Number of Holdings | 71<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1979_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1979_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 6.8<br>|
| Safran SA | 4.6<br>|
| CRH PLC | 3.9<br>|
| ASML Holding NV | 3.5<br>|
| Atlas Copco AB A Shares | 3.5<br>|
| Linde PLC | 3.4<br>|
| Compass Group PLC | 3.1<br>|
| Recruit Holdings Co Ltd | 2.8<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 2.6<br>|
| Experian PLC | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img1979_20250430_1.jpg)<br>| ![](img109169_2.jpg) | 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**<br> 1.9915749.100 1979-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Japan Fund<br> **Fidelity Advisor® Japan Fund Class I : FJPIX** <br>|

---

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 | $710338465<br>|
| Number of Holdings | 86<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20250430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

Japan 96.7 <br> United States 3.1 <br> China 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sumitomo Mitsui Financial Group Inc | 6.4<br>|
| Sony Group Corp | 5.1<br>|
| Hitachi Ltd | 4.8<br>|
| Fujitsu Ltd | 3.0<br>|
| Tokio Marine Holdings Inc | 2.9<br>|
| Hoya Corp | 2.9<br>|
| ORIX Corp | 2.8<br>|
| Nintendo Co Ltd | 2.8<br>|
| Shin-Etsu Chemical Co Ltd | 2.7<br>|
| FUJIFILM Holdings Corp | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img350_20250430_1.jpg)<br>| ![](img109144_2.jpg) | 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**<br> 1.9915686.100 2260-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Global Equity Income Fund<br> **Fidelity Advisor® Global Equity Income Fund Class Z : FGEKX** <br>|

---

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 | $292744990<br>|
| Number of Holdings | 151<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2406_20250430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2406_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 58.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Rheinmetall AG | 5.2<br>|
| Apple Inc | 4.6<br>|
| Microsoft Corp | 4.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| JPMorgan Chase & Co | 1.8<br>|
| AbbVie Inc | 1.6<br>|
| NXP Semiconductors NV | 1.6<br>|
| T-Mobile US Inc | 1.5<br>|
| Eli Lilly & Co | 1.4<br>|
| Linde PLC | 1.4<br>|
|  | 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. | 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. | 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. |
| ![](img2406_20250430_1.jpg)<br>| ![](img109292_2.jpg) | 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**<br> 1.9918447.100 7770-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Worldwide Fund<br> **Fidelity Advisor® Worldwide Fund Class C : FWCFX** <br>|

---

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 | $2906574043<br>|
| Number of Holdings | 165<br>|
| Portfolio Turnover | 163%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img318_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img318_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 65.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Amazon.com Inc | 4.1<br>|
| NVIDIA Corp | 4.0<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Microsoft Corp | 3.1<br>|
| Robinhood Markets Inc Class A | 2.9<br>|
| Apple Inc | 2.6<br>|
| Alphabet Inc Class A | 2.6<br>|
| Kyndryl Holdings Inc | 2.5<br>|
| Prologis Inc | 2.1<br>|
| DraftKings Inc Class A | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img318_20250430_1.jpg)<br>| ![](img109072_2.jpg) | 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**<br> 1.9915654.100 2145-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Capital Appreciation K6 Fund<br> **Fidelity® International Capital Appreciation K6 Fund : FAPCX** <br>|

---

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 | $1671811761<br>|
| Number of Holdings | 63<br>|
| Portfolio Turnover | 96%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2953_20250430_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2953_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 25.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 4.2<br>|
| Tencent Holdings Ltd | 3.0<br>|
| SAP SE | 2.5<br>|
| ASML Holding NV | 2.2<br>|
| Shopify Inc Class A (United States) | 2.2<br>|
| Hitachi Ltd | 2.1<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| Schneider Electric SE | 2.1<br>|
| Mitsubishi Heavy Industries Ltd | 2.0<br>|
| Sony Group Corp | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img2953_20250430_1.jpg)<br>| ![](img109183_2.jpg) | 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**<br> 1.9915794.100 2953-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Discovery Fund<br> **Fidelity Advisor® Emerging Markets Discovery Fund Class C : FEDGX** <br>|

---

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 | $1026456466<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_20250430_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2374_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Poland - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| OPAP SA | 1.7<br>|
| Localiza Rent a Car SA | 1.6<br>|
| Lion Finance Group PLC | 1.5<br>|
| Dino Polska SA | 1.5<br>|
| Max Healthcare Institute Ltd | 1.4<br>|
| Qualitas Controladora SAB de CV | 1.4<br>|
| Eicher Motors Ltd | 1.3<br>|
| Equatorial Energia SA | 1.3<br>|
| Shriram Finance Ltd | 1.3<br>|
| Banco de Chile ADR | 1.3<br>|
|  | 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. | 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. | 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. |
| ![](img2374_20250430_1.jpg)<br>| ![](img109216_2.jpg) | 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**<br> 1.9915776.100 2376-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Overseas Fund<br> **Fidelity® Overseas Fund Class K : FOSKX** <br>|

---

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 | $6788264008<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 51%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img94_20250430_AA.jpg) <br>|

---

Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.2 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img94_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 3.4<br>|
| RELX PLC | 2.4<br>|
| Hitachi Ltd | 2.4<br>|
| Allianz SE | 2.3<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| Safran SA | 2.2<br>|
| London Stock Exchange Group PLC | 2.2<br>|
| Deutsche Boerse AG | 2.0<br>|
| Wolters Kluwer NV | 2.0<br>|
| 3i Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img94_20250430_1.jpg)<br>| ![](img109138_2.jpg) | 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**<br> 1.9915606.100 2099-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Nordic Fund<br> **Fidelity® Nordic Fund : FNORX** <br>|

---

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 | $317298761<br>|
| Number of Holdings | 50<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img342_20250430_AA.jpg) <br>|

---

Common Stocks - 95.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.5 <br>

---

| | |
|:---|:---|
| Sweden | 44.2 |
| Denmark | 24.6 |
| Finland | 14.5 |
| Norway | 11.9 |
| United States | 4.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img342_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Sweden - 44.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 24.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Novo Nordisk A/S Series B | 11.2<br>|
| Investor AB B Shares | 5.7<br>|
| Nordea Bank Abp (Sweden) | 5.3<br>|
| DSV A/S | 4.6<br>|
| Atlas Copco AB B Shares | 4.5<br>|
| Saab AB B Shares | 4.2<br>|
| Sandvik AB | 3.2<br>|
| Assa Abloy AB B Shares | 2.9<br>|
| Nokia Oyj | 2.9<br>|
| Lagercrantz Group AB B Shares | 2.8<br>|
|  | 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. | 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. | 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. |
| ![](img342_20250430_1.jpg)<br>| ![](img109139_2.jpg) | 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**<br> 1.9915676.100 342-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class C : FCADX** <br>|

---

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 | $10296192153<br>|
| Number of Holdings | 135<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img305_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img305_20250430_1.jpg)<br>| ![](img109181_2.jpg) | 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**<br> 1.9915637.100 1399-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Growth Fund<br> **Fidelity Advisor® International Growth Fund Class C : FIGCX** <br>|

---

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 | $6458338721<br>|
| Number of Holdings | 71<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1979_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1979_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 28.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 6.8<br>|
| Safran SA | 4.6<br>|
| CRH PLC | 3.9<br>|
| ASML Holding NV | 3.5<br>|
| Atlas Copco AB A Shares | 3.5<br>|
| Linde PLC | 3.4<br>|
| Compass Group PLC | 3.1<br>|
| Recruit Holdings Co Ltd | 2.8<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 2.6<br>|
| Experian PLC | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img1979_20250430_1.jpg)<br>| ![](img109173_2.jpg) | 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**<br> 1.9915751.100 1987-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Canada Fund<br> **Fidelity Advisor® Canada Fund Class I : FICCX** <br>|

---

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 | $942606561<br>|
| Number of Holdings | 68<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img309_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img309_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Royal Bank of Canada | 7.9<br>|
| Constellation Software Inc/Canada | 6.2<br>|
| Canadian Pacific Kansas City Ltd | 5.0<br>|
| Alimentation Couche-Tard Inc | 4.6<br>|
| Franco-Nevada Corp | 4.5<br>|
| Toronto Dominion Bank | 3.9<br>|
| Shopify Inc Class A | 3.8<br>|
| Dollarama Inc | 3.8<br>|
| Canadian Natural Resources Ltd | 3.7<br>|
| PrairieSky Royalty Ltd | 3.3<br>|
|  | 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. | 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. | 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. |
| ![](img309_20250430_1.jpg)<br>| ![](img109235_2.jpg) | 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**<br> 1.9915648.100 1861-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Europe Fund<br> **Fidelity Advisor® Europe Fund Class I : FHJMX** <br>|

---

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 | $738937264<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img301_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 4.3<br>|
| Astrazeneca PLC | 3.1<br>|
| RELX PLC | 2.6<br>|
| ASML Holding NV | 2.4<br>|
| Shell PLC | 2.3<br>|
| Rheinmetall AG | 2.3<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| UniCredit SpA | 1.9<br>|
| Siemens AG | 1.8<br>|
| Air Liquide SA | 1.8<br>|
|  | 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. | 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. | 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. |
| ![](img301_20250430_1.jpg)<br>| ![](img109199_2.jpg) | 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**<br> 1.9915632.100 2636-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Value Fund<br> **Fidelity Advisor® International Value Fund Class I : FIVQX** <br>|

---

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 | $2052754816<br>|
| Number of Holdings | 107<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1597_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 2.9<br>|
| AXA SA | 2.6<br>|
| Banco Santander SA | 2.5<br>|
| Rheinmetall AG | 2.4<br>|
| Zurich Insurance Group AG | 2.3<br>|
| Mitsubishi UFJ Financial Group Inc | 2.2<br>|
| Sumitomo Mitsui Financial Group Inc | 2.1<br>|
| Roche Holding AG | 2.1<br>|
| BAE Systems PLC | 2.0<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1597_20250430_1.jpg)<br>| ![](img109150_2.jpg) | 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**<br> 1.9915741.100 1616-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery Fund<br> **Fidelity Advisor® International Discovery Fund Class A : FAIDX** <br>|

---

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 | $10296192153<br>|
| Number of Holdings | 135<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img305_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img305_20250430_1.jpg)<br>| ![](img109182_2.jpg) | 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**<br> 1.9915636.100 1397-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Canada Fund<br> **Fidelity Advisor® Canada Fund Class M : FTCNX** <br>|

---

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 | $942606561<br>|
| Number of Holdings | 68<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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)** |
| ![](img309_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img309_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Royal Bank of Canada | 7.9<br>|
| Constellation Software Inc/Canada | 6.2<br>|
| Canadian Pacific Kansas City Ltd | 5.0<br>|
| Alimentation Couche-Tard Inc | 4.6<br>|
| Franco-Nevada Corp | 4.5<br>|
| Toronto Dominion Bank | 3.9<br>|
| Shopify Inc Class A | 3.8<br>|
| Dollarama Inc | 3.8<br>|
| Canadian Natural Resources Ltd | 3.7<br>|
| PrairieSky Royalty Ltd | 3.3<br>|
|  | 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. | 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. | 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. |
| ![](img309_20250430_1.jpg)<br>| ![](img109234_2.jpg) | 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**<br> 1.9915647.100 1859-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Europe Fund<br> **Fidelity Advisor® Europe Fund Class A : FHJUX** <br>|

---

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 | $738937264<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img301_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 4.3<br>|
| Astrazeneca PLC | 3.1<br>|
| RELX PLC | 2.6<br>|
| ASML Holding NV | 2.4<br>|
| Shell PLC | 2.3<br>|
| Rheinmetall AG | 2.3<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| UniCredit SpA | 1.9<br>|
| Siemens AG | 1.8<br>|
| Air Liquide SA | 1.8<br>|
|  | 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. | 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. | 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. |
| ![](img301_20250430_1.jpg)<br>| ![](img109201_2.jpg) | 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**<br> 1.9915629.100 2632-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Value Fund<br> **Fidelity Advisor® International Value Fund Class C : FIVOX** <br>|

---

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 | $2052754816<br>|
| Number of Holdings | 107<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 7.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1597_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 92.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1597_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Shell PLC ADR | 2.9<br>|
| AXA SA | 2.6<br>|
| Banco Santander SA | 2.5<br>|
| Rheinmetall AG | 2.4<br>|
| Zurich Insurance Group AG | 2.3<br>|
| Mitsubishi UFJ Financial Group Inc | 2.2<br>|
| Sumitomo Mitsui Financial Group Inc | 2.1<br>|
| Roche Holding AG | 2.1<br>|
| BAE Systems PLC | 2.0<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1597_20250430_1.jpg)<br>| ![](img109151_2.jpg) | 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**<br> 1.9915739.100 1614-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Small Cap Opportunities Fund<br> **Fidelity Advisor® International Small Cap Opportunities Fund Class M : FOPTX** <br>|

---

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 | $1340297691<br>|
| Number of Holdings | 115<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> International Equity Funds 4.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1504_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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)** |
| ![](img1504_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 26.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Lagercrantz Group AB B Shares | 5.2<br>|
| iShares MSCI EAFE Small-Cap ETF | 4.9<br>|
| AddTech AB B Shares | 4.7<br>|
| Azbil Corp | 3.5<br>|
| CTS Eventim AG & Co KGaA | 2.7<br>|
| Games Workshop Group PLC | 2.2<br>|
| KBC Ancora | 2.1<br>|
| Interpump Group SpA | 2.1<br>|
| Spectris PLC | 2.1<br>|
| Howden Joinery Group PLC | 2.0<br>|
|  | 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. | 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. | 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. |
| ![](img1504_20250430_1.jpg)<br>| ![](img109157_2.jpg) | 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**<br> 1.9915733.100 1484-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® International Discovery Fund<br> **Fidelity® International Discovery Fund Class K : FIDKX** <br>|

---

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 | $10296192153<br>|
| Number of Holdings | 135<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img305_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img305_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 9.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 19.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| UniCredit SpA | 3.4<br>|
| Rheinmetall AG | 2.9<br>|
| SAP SE | 2.8<br>|
| Hitachi Ltd | 2.8<br>|
| Constellation Software Inc/Canada | 2.4<br>|
| AXA SA | 2.3<br>|
| London Stock Exchange Group PLC | 2.1<br>|
| 3i Group PLC | 2.0<br>|
| RELX PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.9<br>|
|  | 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. | 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. | 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. |
| ![](img305_20250430_1.jpg)<br>| ![](img109179_2.jpg) | 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**<br> 1.9915640.100 2093-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Total International Equity Fund<br> **Fidelity Advisor® Total International Equity Fund Class I : FTEIX** <br>|

---

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 | $448437698<br>|
| Number of Holdings | 317<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1978_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 27.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 2.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| SAP SE | 2.1<br>|
| Samsung Electronics Co Ltd | 1.8<br>|
| CRH PLC | 1.8<br>|
| Safran SA | 1.5<br>|
| Linde PLC | 1.4<br>|
| BAE Systems PLC | 1.3<br>|
| Alibaba Group Holding Ltd ADR | 1.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 1.1<br>|
|  | 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. | 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. | 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. |
| ![](img1978_20250430_1.jpg)<br>| ![](img109085_2.jpg) | 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**<br> 1.9915747.100 1984-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Europe Fund<br> **Fidelity Advisor® Europe Fund Class M : FHJVX** <br>|

---

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 | $738937264<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img301_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 4.3<br>|
| Astrazeneca PLC | 3.1<br>|
| RELX PLC | 2.6<br>|
| ASML Holding NV | 2.4<br>|
| Shell PLC | 2.3<br>|
| Rheinmetall AG | 2.3<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| UniCredit SpA | 1.9<br>|
| Siemens AG | 1.8<br>|
| Air Liquide SA | 1.8<br>|
|  | 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. | 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. | 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. |
| ![](img301_20250430_1.jpg)<br>| ![](img109198_2.jpg) | 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**<br> 1.9915631.100 2635-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Total International Equity Fund<br> **Fidelity Advisor® Total International Equity Fund Class C : FTCEX** <br>|

---

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 | $448437698<br>|
| Number of Holdings | 317<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1978_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 27.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 2.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| SAP SE | 2.1<br>|
| Samsung Electronics Co Ltd | 1.8<br>|
| CRH PLC | 1.8<br>|
| Safran SA | 1.5<br>|
| Linde PLC | 1.4<br>|
| BAE Systems PLC | 1.3<br>|
| Alibaba Group Holding Ltd ADR | 1.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 1.1<br>|
|  | 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. | 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. | 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. |
| ![](img1978_20250430_1.jpg)<br>| ![](img109086_2.jpg) | 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**<br> 1.9915745.100 1982-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Asia Fund<br> **Fidelity® Emerging Asia Fund : FSEAX** <br>|

---

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 | $998742954<br>|
| Number of Holdings | 140<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img351_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img351_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 36.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 28.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.8<br>|
| Sea Ltd Class A ADR | 6.3<br>|
| Tencent Holdings Ltd | 5.8<br>|
| Eternal Ltd | 5.2<br>|
| PDD Holdings Inc Class A ADR | 4.2<br>|
| MakeMyTrip Ltd | 4.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.3<br>|
| Advanced Micro-Fabrication Equipment Inc China A Shares (China) | 2.7<br>|
| HDFC Bank Ltd | 2.3<br>|
| WuXi XDC Cayman Inc | 1.8<br>|
|  | 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. | 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. | 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. |
| ![](img351_20250430_1.jpg)<br>| ![](img109218_2.jpg) | 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**<br> 1.9915689.100 351-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Total International Equity Fund<br> **Fidelity® Total International Equity Fund : FTIEX** <br>|

---

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 | $448437698<br>|
| Number of Holdings | 317<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1978_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 27.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 2.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| SAP SE | 2.1<br>|
| Samsung Electronics Co Ltd | 1.8<br>|
| CRH PLC | 1.8<br>|
| Safran SA | 1.5<br>|
| Linde PLC | 1.4<br>|
| BAE Systems PLC | 1.3<br>|
| Alibaba Group Holding Ltd ADR | 1.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 1.1<br>|
|  | 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. | 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. | 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. |
| ![](img1978_20250430_1.jpg)<br>| ![](img109082_2.jpg) | 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**<br> 1.9915743.100 1978-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Total International Equity Fund<br> **Fidelity Advisor® Total International Equity Fund Class M : FTTEX** <br>|

---

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 | $448437698<br>|
| Number of Holdings | 317<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1978_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img1978_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 27.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Tencent Holdings Ltd | 2.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| SAP SE | 2.1<br>|
| Samsung Electronics Co Ltd | 1.8<br>|
| CRH PLC | 1.8<br>|
| Safran SA | 1.5<br>|
| Linde PLC | 1.4<br>|
| BAE Systems PLC | 1.3<br>|
| Alibaba Group Holding Ltd ADR | 1.1<br>|
| Wal-Mart de Mexico SAB de CV Series V | 1.1<br>|
|  | 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. | 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. | 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. |
| ![](img1978_20250430_1.jpg)<br>| ![](img109084_2.jpg) | 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**<br> 1.9915746.100 1983-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Japan Fund<br> **Fidelity Advisor® Japan Fund Class A : FPJAX** <br>|

---

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 | $710338465<br>|
| Number of Holdings | 86<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img350_20250430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

Japan 96.7 <br> United States 3.1 <br> China 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img350_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Sumitomo Mitsui Financial Group Inc | 6.4<br>|
| Sony Group Corp | 5.1<br>|
| Hitachi Ltd | 4.8<br>|
| Fujitsu Ltd | 3.0<br>|
| Tokio Marine Holdings Inc | 2.9<br>|
| Hoya Corp | 2.9<br>|
| ORIX Corp | 2.8<br>|
| Nintendo Co Ltd | 2.8<br>|
| Shin-Etsu Chemical Co Ltd | 2.7<br>|
| FUJIFILM Holdings Corp | 2.5<br>|
|  | 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. | 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. | 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. |
| ![](img350_20250430_1.jpg)<br>| ![](img109146_2.jpg) | 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**<br> 1.9915683.100 2256-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Europe Fund<br> **Fidelity® Europe Fund : FIEUX** <br>|

---

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 | $738937264<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img301_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| 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)** |
| ![](img301_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 23.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 4.3<br>|
| Astrazeneca PLC | 3.1<br>|
| RELX PLC | 2.6<br>|
| ASML Holding NV | 2.4<br>|
| Shell PLC | 2.3<br>|
| Rheinmetall AG | 2.3<br>|
| Rolls-Royce Holdings PLC | 2.1<br>|
| UniCredit SpA | 1.9<br>|
| Siemens AG | 1.8<br>|
| Air Liquide SA | 1.8<br>|
|  | 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. | 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. | 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. |
| ![](img301_20250430_1.jpg)<br>| ![](img109196_2.jpg) | 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**<br> 1.9915633.100 301-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Emerging Markets Discovery Fund<br> **Fidelity Advisor® Emerging Markets Discovery Fund Class A : FEDAX** <br>|

---

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 | $1026456466<br>|
| Number of Holdings | 103<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% 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 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2374_20250430_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| 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)** |
| ![](img2374_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Taiwan - 17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Indonesia - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Poland - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| OPAP SA | 1.7<br>|
| Localiza Rent a Car SA | 1.6<br>|
| Lion Finance Group PLC | 1.5<br>|
| Dino Polska SA | 1.5<br>|
| Max Healthcare Institute Ltd | 1.4<br>|
| Qualitas Controladora SAB de CV | 1.4<br>|
| Eicher Motors Ltd | 1.3<br>|
| Equatorial Energia SA | 1.3<br>|
| Shriram Finance Ltd | 1.3<br>|
| Banco de Chile ADR | 1.3<br>|
|  | 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. | 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. | 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. |
| ![](img2374_20250430_1.jpg)<br>| ![](img109217_2.jpg) | 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**<br> 1.9915775.100 2375-TSRS-0625 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**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

![](img109428_1.jpg)

![](img109428_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_TIF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Canada Fund](#Sub_Sec_Fund_309_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® China Region Fund](#Sub_Sec_Fund_352_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Asia Fund](#Sub_Sec_Fund_351_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Markets Fund](#Sub_Sec_Fund_322_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Europe Fund](#Sub_Sec_Fund_301_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Japan Fund](#Sub_Sec_Fund_350_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Japan Smaller Companies Fund](#Sub_Sec_Fund_360_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Nordic Fund](#Sub_Sec_Fund_342_TIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Pacific Basin Fund](#Sub_Sec_Fund_302_TIF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TIF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TIF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TIF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TIF-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 3.0%  |  |  |
| Materials - 3.0% |  |  |
| Metals & Mining - 3.0% |  |  |
| Wheaton Precious Metals Corp  | 343200 | 28656428 |
| CANADA - 92.2%  |  |  |
| Communication Services - 2.0% |  |  |
| Diversified Telecommunication Services - 2.0% |  |  |
| Quebecor Inc Class B  | 65900 | 1807876 |
| Quebecor Inc Multiple Voting Shares  | 338000 | 9306891 |
| TELUS Corp  | 498600 | 7674664 |
|  |  | 18789431 |
| Consumer Discretionary - 7.0% |  |  |
| Broadline Retail - 3.8% |  |  |
| Dollarama Inc  | 284800 | 35140345 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Restaurant Brands International Inc  | 261100 | 16823961 |
| Specialty Retail - 1.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (c) | 90026 | 3166517 |
| Diversified Royalty Corp (b) | 1989100 | 4169809 |
| Pet Valu Holdings Ltd  | 247500 | 5136353 |
|  |  | 12472679 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (b)(c) | 134176 | 1123162 |
| TOTAL CONSUMER DISCRETIONARY |  | 65560147 |
| Consumer Staples - 8.6% |  |  |
| Beverages - 0.0% |  |  |
| GURU Organic Energy Corp (b)(c) | 206800 | 247512 |
| Consumer Staples Distribution & Retail - 8.2% |  |  |
| Alimentation Couche-Tard Inc  | 825100 | 43068473 |
| Metro Inc/CN  | 327695 | 25253385 |
| North West Co Inc/The  | 215400 | 8640374 |
|  |  | 76962232 |
| Personal Care Products - 0.4% |  |  |
| Jamieson Wellness Inc (d)(e) | 182000 | 4217975 |
| TOTAL CONSUMER STAPLES |  | 81427719 |
| Energy - 15.6% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Pason Systems Inc  | 558700 | 4449823 |
| Oil, Gas & Consumable Fuels - 15.1% |  |  |
| Cameco Corp  | 282900 | 12770105 |
| Canadian Natural Resources Ltd  | 1214096 | 34839431 |
| Imperial Oil Ltd (b) | 225200 | 15190300 |
| Parkland Corp  | 404630 | 10193530 |
| PrairieSky Royalty Ltd  | 1855318 | 31235986 |
| South Bow Corp (b) | 552600 | 13648651 |
| Suncor Energy Inc  | 697500 | 24634611 |
|  |  | 142512614 |
| TOTAL ENERGY |  | 146962437 |
| Financials - 28.2% |  |  |
| Banks - 14.1% |  |  |
| Bank of Montreal (b) | 224800 | 21539121 |
| Royal Bank of Canada  | 619600 | 74369080 |
| Toronto Dominion Bank (b) | 574100 | 36683932 |
|  |  | 132592133 |
| Capital Markets - 5.7% |  |  |
| Brookfield Asset Management Ltd Class A (b) | 286101 | 15265914 |
| Brookfield Corp Class A  | 366506 | 19689130 |
| TMX Group Ltd  | 479300 | 19424410 |
|  |  | 54379454 |
| Insurance - 8.4% |  |  |
| Definity Financial Corp (b) | 451913 | 22556313 |
| Intact Financial Corp  | 133425 | 29632041 |
| Sun Life Financial Inc  | 454900 | 27107236 |
|  |  | 79295590 |
| TOTAL FINANCIALS |  | 266267177 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| Andlauer Healthcare Group Inc Subordinate Voting Shares (b) | 186759 | 7247647 |
| Industrials - 9.9% |  |  |
| Ground Transportation - 6.7% |  |  |
| Canadian National Railway Co  | 166150 | 16090734 |
| Canadian Pacific Kansas City Ltd  | 647962 | 47062553 |
|  |  | 63153287 |
| Professional Services - 3.2% |  |  |
| Thomson Reuters Corp  | 161000 | 29958893 |
| TOTAL INDUSTRIALS |  | 93112180 |
| Information Technology - 11.4% |  |  |
| IT Services - 3.8% |  |  |
| Shopify Inc Class A (c) | 378700 | 36018528 |
| Software - 7.6% |  |  |
| ApplyBoard Inc (c)(f)(g) | 1677 | 16250 |
| ApplyBoard Inc (c)(f)(g) | 414 | 4012 |
| Computer Modelling Group Ltd (b) | 415600 | 2396649 |
| Constellation Software Inc/Canada  | 16200 | 58383339 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(g) | 19300 | 1 |
| Dye & Durham Ltd (b) | 789400 | 5119132 |
| Lumine Group Inc Subordinate Voting Shares (c)(e) | 163307 | 5279699 |
|  |  | 71199082 |
| TOTAL INFORMATION TECHNOLOGY |  | 107217610 |
| Materials - 8.5% |  |  |
| Chemicals - 2.0% |  |  |
| Nutrien Ltd  | 325681 | 18592119 |
| Containers & Packaging - 1.1% |  |  |
| CCL Industries Inc Class A  | 25900 | 1360192 |
| CCL Industries Inc Class B  | 165800 | 8664030 |
|  |  | 10024222 |
| Metals & Mining - 4.9% |  |  |
| Franco-Nevada Corp  | 248700 | 42738660 |
| Triple Flag Precious Metals Corp  | 182800 | 3793637 |
|  |  | 46532297 |
| Paper & Forest Products - 0.5% |  |  |
| Stella-Jones Inc  | 97323 | 4772257 |
| TOTAL MATERIALS |  | 79920895 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| TransAlta Corp  | 209100 | 1864093 |
| TOTAL CANADA |  | 868369336 |
| CHILE - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Lundin Mining Corp  | 615600 | 5036971 |
| UNITED STATES - 3.2%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Leisure Products - 0.5% |  |  |
| BRP Inc Subordinate Voting Shares (b) | 137200 | 4647643 |
| Industrials - 2.6% |  |  |
| Commercial Services & Supplies - 2.6% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 466900 | 23297585 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Electric Inc / US (c) | 150319 | 947010 |
| Ivanhoe Electric Inc / US warrants (c) | 150319 | 138733 |
|  |  | 1085743 |
| TOTAL UNITED STATES |  | 29030971 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (c) | 99117 | 1330811 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $446,181,014) |  | <br> **932424517** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Cineplex Inc 7.75% 3/1/2030 (d)<br>(Cost $1,490,650)<br>CAD | 2190000 | **1922167** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Valsoft Corp Series A-1.2 (f)(g) | 126 | 1475928 |
| Valsoft Corp Series A-1.3 (f)(g) | 45 | 527117 |
| Valsoft Corp Series A-1.4 (f)(g) | 58 | 679395 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,686,002) |  | <br> **2682440** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| ApplyBoard Inc Series A1 (c)(f)(g) | 2063 | 20135 |
| ApplyBoard Inc Series A2 (c)(f)(g) | 1615 | 15795 |
| ApplyBoard Inc Series A3 (c)(f)(g) | 92 | 901 |
| ApplyBoard Inc Series D (c)(f)(g) | 4504 | 85891 |
| ApplyBoard Inc Series SEED (c)(f)(g) | 617 | 5991 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $770,130) |  | <br> **128713** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 1878250 | 1878625 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 29506334 | 29509285 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $31,387,910) |  |  | **31387910** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.8%**<br> (Cost $482,515,706)<br>| <br>**968545747** |
| **NET OTHER ASSETS (LIABILITIES) - (2.8)%**  | **(25939186)** |
| **NET ASSETS - 100.0%** | **942606561** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ApplyBoard Inc | 6/30/21 | 44290 |
| ApplyBoard Inc | 6/04/21 - 6/30/21 | 85688 |
| ApplyBoard Inc Series A1 | 6/04/21 | 133582 |
| ApplyBoard Inc Series A2 | 6/04/21 | 104573 |
| ApplyBoard Inc Series A3 | 6/04/21 | 5957 |
| ApplyBoard Inc Series D | 6/04/21 | 486066 |
| ApplyBoard Inc Series SEED | 6/04/21 | 39952 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 1475927 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 446709 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 763365 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 718404 | 36611506 | 35451285 | 13547 | - | - | 1878625 | 1878250 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 7295105 | 572945842 | 550731662 | 150502 | - | - | 29509285 | 29506334 | 0.1% |
| Total | 8013509 | 609557348 | 586182947 | 164049 | - | - | 31387910 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 18789431 | 18789431 | - | - |
| Consumer Discretionary | 70207790 | 70207790 | - | - |
| Consumer Staples | 81427719 | 81427719 | - | - |
| Energy | 146962437 | 146962437 | - | - |
| Financials | 266267177 | 266267177 | - | - |
| Health Care | 7247647 | 7247647 | - | - |
| Industrials | 116409765 | 116409765 | - | - |
| Information Technology | 107217610 | 107197347 | - | 20263 |
| Materials | 116030848 | 115892115 | 138733 | - |
| Utilities | 1864093 | 1864093 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 1922167 | - | 1922167 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 2682440 | - | - | 2682440 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 128713 | - | - | 128713 |
|  **Money Market Funds** | 31387910 | 31387910 | - | - |
| **Total Investments in Securities:** | 968545747 | 963653431 | 2060900 | 2831416 |

---

**Fidelity® Canada Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $937157837 |  |
| Fidelity Central Funds (cost $31,387,910) | 31387910 |  |
| Total Investment in Securities (cost $482,515,706) |  | $968545747 |
| Foreign currency held at value (cost $1,532,167) |  | 1535990 |
| Receivable for investments sold |  | 6299172 |
| Receivable for fund shares sold |  | 284076 |
| Dividends receivable |  | 1268103 |
| Interest receivable |  | 10794 |
| Distributions receivable from Fidelity Central Funds |  | 44369 |
| Prepaid expenses |  | 272 |
| **Total assets** |  | 977988523 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $509576 |  |
| Payable for fund shares redeemed | 4641010 |  |
| Accrued management fee | 677700 |  |
| Distribution and service plan fees payable | 9106 |  |
| Other payables and accrued expenses | 38860 |  |
| Collateral on securities loaned | 29505710 |  |
| **Total liabilities** |  | 35381962 |
| **Net Assets**  |  | $942606561 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $429030723 |
| Total accumulated earnings (loss) |  | 513575838 |
| **Net Assets** |  | $942606561 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10375169 |
| Interest  |  | 64747 |
| Income from Fidelity Central Funds (including $150,502 from security lending)  |  | 164049 |
| Income before foreign taxes withheld |  | $10603965 |
| Less foreign taxes withheld |  | (1629578) |
| **Total income** |  | 8974387 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $3843944 |  |
| Performance adjustment | 392290 |  |
| Distribution and service plan fees | 57696 |  |
| Custodian fees and expenses | 8180 |  |
| Independent trustees' fees and expenses | 2048 |  |
| Registration fees | 67049 |  |
| Audit fees | 31811 |  |
| Legal | 1381 |  |
| Miscellaneous | 3550 |  |
| **Total expenses** |  | 4407949 |
| **Net Investment income (loss)** |  | 4566438 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 31058258 |  |
| Foreign currency transactions | (63487) |  |
| Total net realized gain (loss) |  | 30994771 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19847057 |  |
| Assets and liabilities in foreign currencies | 26681 |  |
| Total change in net unrealized appreciation (depreciation) |  | 19873738 |
| **Net gain (loss)** |  | 50868509 |
| **Net increase (decrease) in net assets resulting from operations** |  | $55434947 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4566438 | $9029103 |
| &nbsp;&nbsp;Net realized gain (loss) | 30994771<br>| 56897626<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 19873738 | 144534605<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 55434947<br>| 210461334<br>|
| Distributions to shareholders | (64898988)<br>| (30159569)<br>|
| Share transactions - net increase (decrease) | 9593684<br>| (60797616)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 129643<br>| 119504149<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 942476918 | 822972769<br>|
| &nbsp;&nbsp;End of period | $942606561 | $942476918 |

---

**Financial Highlights** 

**Fidelity Advisor® Canada Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $30002 | $31401 | $28548 | $31707 | $33087 | $23395 |
| Portfolio turnover rate J | 12% I<br>| 8%  | 9%  | 13%  | 7%  | 11%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $6632 | $6946 | $6255 | $6641 | $7829 | $5911 |
| Portfolio turnover rate K | 12% J<br>| 8%  | 9%  | 13%  | 7%  | 11%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Canada Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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 | $1109 | $1683 | $3151 |
| Portfolio turnover rate K | 12% J<br>| 8%  | 9%  | 13%  | 7%  | 11%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Canada Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $875550 | $877615 | $774062 | $825488 | $821617 | $612716 |
| Portfolio turnover rate I | 12% H<br>| 8%  | 9%  | 13%  | 7%  | 11%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Canada Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $23955 | $19072 | $10571 | $16165 | $13724 | $8392 |
| Portfolio turnover rate H | 12% G<br>| 8%  | 9%  | 13%  | 7%  | 11%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Canada Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $5830 | $6683 | $2692 | $5843 | $22010 | $15221 |
| Portfolio turnover rate I | 12% H<br>| 8%  | 9%  | 13%  | 7%  | 11%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $495223193 |
| **Gross unrealized depreciation** | <u>(15260993)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$479962200</u> |
| **Tax cost** | <u>$488583547</u> |

---

**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** | 56732527 | 108227638 |

---

**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% | 37633 | 567 |
| **Class M** | .25% | .25% | 16664 | 202 |
| **Class C** | .75% | .25% | <u>3399</u> | <u>212</u> |
|  |  |  | <u>57696</u> | <u>981</u> |

---

**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 C**A | <u>29</u> |
|  | <u>776</u> |

---

*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** | 6215421 | 3931107 | 950889 |

---

**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** | 16341 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Canada Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2052100 | $956471 |
| Class M | 441669 | 195471 |
| Class C | 42554 | 21926 |
| Canada | 59857564 | 28479448 |
| Class I | 1835114 | 395367 |
| Class Z | <u>669987</u> | <u>110886</u> |
| Total  | <u>$64898988</u> | <u>$30159569</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Canada Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 7846 | 13073 | $531999 | $863814 |
| Reinvestment of distributions | 28921 | 15002 | 1959103 | 916003 |
| Shares redeemed | <u>(53067)</u> | <u>(77356)</u> | <u>(3566636)</u> | <u>(5101231)</u> |
| Net increase (decrease) | <u>(16300)</u> | <u>(49281)</u> | <u>$(1075534)</u> | <u>$(3321414)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 605 | 1815 | $40889 | $118342 |
| Reinvestment of distributions | 6508 | 3195 | 439149 | 194459 |
| Shares redeemed | <u>(10901)</u> | <u>(14909)</u> | <u>(729471)</u> | <u>(987428)</u> |
| Net increase (decrease) | <u>(3788)</u> | <u>(9899)</u> | <u>$(249433)</u> | <u>$(674627)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 582 | 1074 | $39536 | $67883 |
| Reinvestment of distributions | 633 | 362 | 42554 | 21926 |
| Shares redeemed | <u>(2921)</u> | <u>(5361)</u> | <u>(196555)</u> | <u>(354782)</u> |
| Net increase (decrease) | <u>(1706)</u> | <u>(3925)</u> | <u>$(114465)</u> | <u>$(264973)</u> |
| **Canada** |  |  |  |  |
| Shares sold | 345539 | 412712 | $23972268 | $27859664 |
| Reinvestment of distributions | 822201 | 435957 | 55884979 | 26706738 |
| Shares redeemed | <u>(1079745)</u> | <u>(1806263)</u> | <u>(73624029)</u> | <u>(120315587)</u> |
| Net increase (decrease) | <u>87995</u> | <u>(957594)</u> | <u>$6233218</u> | <u>$(65749185)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 254869 | 241609 | $17638126 | $16397061 |
| Reinvestment of distributions | 26645 | 6203 | 1807836 | 380299 |
| Shares redeemed | <u>(208742)</u> | <u>(161195)</u> | <u>(14180255)</u> | <u>(10741551)</u> |
| Net increase (decrease) | <u>72772</u> | <u>86617</u> | <u>$5265707</u> | <u>$6035809</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 72348 | 88695 | $5053599 | $5943877 |
| Reinvestment of distributions | 9164 | 1551 | 619049 | 94654 |
| Shares redeemed | <u>(92519)</u> | <u>(42317)</u> | <u>(6138457)</u> | <u>(2861757)</u> |
| Net increase (decrease) | <u>(11007)</u> | <u>47929</u> | <u>$(465809)</u> | <u>$3176774</u> |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** |
|  | Shares | Value ($)<br>|
| CHINA - 59.3%  |  |  |
| Communication Services - 14.5% |  |  |
| Entertainment - 1.1% |  |  |
| NetEase Cloud Music Inc (a)(b)(c) | 202700 | 4717540 |
| Netease Inc  | 364700 | 7839719 |
|  |  | 12557259 |
| Interactive Media & Services - 13.4% |  |  |
| Tencent Holdings Ltd  | 2387700 | 146248904 |
| TOTAL COMMUNICATION SERVICES |  | 158806163 |
| Consumer Discretionary - 21.5% |  |  |
| Automobile Components - 1.0% |  |  |
| Fuyao Glass Industry Group Co Ltd H Shares (a)(c) | 642000 | 4540422 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China) (b) | 1385670 | 6431872 |
|  |  | 10972294 |
| Automobiles - 1.9% |  |  |
| BYD Co Ltd A Shares (China)  | 51800 | 2518068 |
| BYD Co Ltd H Shares  | 295000 | 14011392 |
| Li Auto Inc A Shares (b) | 191600 | 2334584 |
| ZEEKR Intelligent Technology Holding Ltd ADR (b)(d) | 104200 | 2240300 |
|  |  | 21104344 |
| Broadline Retail - 11.9% |  |  |
| Alibaba Group Holding Ltd  | 4812900 | 71856747 |
| JD.com Inc A Shares  | 912000 | 14848662 |
| PDD Holdings Inc Class A ADR (b) | 410405 | 43326456 |
|  |  | 130031865 |
| Diversified Consumer Services - 2.3% |  |  |
| New Oriental Education & Technology Group Inc  | 1650900 | 8088074 |
| New Oriental Education & Technology Group Inc ADR  | 118946 | 5810512 |
| TAL Education Group Class A ADR (b) | 1283968 | 11234720 |
|  |  | 25133306 |
| Hotels, Restaurants & Leisure - 2.9% |  |  |
| Meituan B Shares (a)(b)(c) | 1019958 | 16887891 |
| Trip.com Group Ltd ADR  | 255336 | 15062271 |
|  |  | 31950162 |
| Household Durables - 0.9% |  |  |
| Midea Group Co Ltd A Shares (China)  | 825100 | 8355522 |
| Midea Group Co Ltd H Shares  | 130700 | 1239490 |
|  |  | 9595012 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Shenzhou International Group Holdings Ltd  | 1062400 | 7369787 |
| TOTAL CONSUMER DISCRETIONARY |  | 236156770 |
| Consumer Staples - 1.9% |  |  |
| Beverages - 1.9% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 72445 | 15416295 |
| Luzhou Laojiao Co Ltd A Shares (China)  | 324600 | 5524827 |
|  |  | 20941122 |
| Financials - 8.4% |  |  |
| Banks - 5.1% |  |  |
| China Construction Bank Corp H Shares  | 45492610 | 37423649 |
| Industrial & Commercial Bank of China Ltd H Shares  | 26937000 | 18477595 |
|  |  | 55901244 |
| Financial Services - 0.9% |  |  |
| Far East Horizon Ltd  | 13368500 | 10359571 |
| Insurance - 2.4% |  |  |
| China Pacific Insurance Group Co Ltd H Shares  | 2811400 | 7648736 |
| PICC Property & Casualty Co Ltd H Shares  | 6492000 | 11970139 |
| Ping An Insurance Group Co of China Ltd H Shares  | 1029500 | 6161595 |
|  |  | 25780470 |
| TOTAL FINANCIALS |  | 92041285 |
| Health Care - 3.4% |  |  |
| Biotechnology - 2.5% |  |  |
| Abbisko Cayman Ltd (b) | 6083000 | 6015861 |
| Beijing Tiantan Biological Products Corp Ltd A Shares (China)  | 911900 | 2393209 |
| Innovent Biologics Inc (a)(b)(c) | 805000 | 5579033 |
| Zai Lab Ltd (b) | 2651400 | 8445775 |
| Zai Lab Ltd ADR (b) | 166200 | 5266878 |
|  |  | 27700756 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 275410 | 8319680 |
| Pharmaceuticals - 0.1% |  |  |
| Consun Pharmaceutical Group Ltd  | 1222000 | 1459038 |
| TOTAL HEALTH CARE |  | 37479474 |
| Industrials - 2.6% |  |  |
| Electrical Equipment - 1.2% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 336800 | 10756052 |
| Sieyuan Electric Co Ltd A Shares (China)  | 297600 | 2948564 |
|  |  | 13704616 |
| Machinery - 1.1% |  |  |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 557013 | 5476387 |
| Weichai Power Co Ltd H Shares  | 3204000 | 6279437 |
|  |  | 11755824 |
| Marine Transportation - 0.3% |  |  |
| SITC International Holdings Co Ltd  | 1055000 | 2917859 |
| Trading Companies & Distributors - 0.0% |  |  |
| Zkh Group Limited Class A (b) | 1 | 0 |
| TOTAL INDUSTRIALS |  | 28378299 |
| Information Technology - 2.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 761000 | 3235434 |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 557591 | 14456568 |
| Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)  | 184200 | 4684527 |
| NAURA Technology Group Co Ltd A Shares (China)  | 108300 | 6726921 |
|  |  | 25868016 |
| TOTAL INFORMATION TECHNOLOGY |  | 29103450 |
| Materials - 3.2% |  |  |
| Chemicals - 0.4% |  |  |
| Shandong Sinocera Functional Material Co Ltd A Shares (China)  | 2024700 | 4680079 |
| Containers & Packaging - 0.2% |  |  |
| Shenzhen YUTO Packaging Technology Co Ltd A Shares (China)  | 868971 | 2476822 |
| Metals & Mining - 2.6% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 12538000 | 27450518 |
| TOTAL MATERIALS |  | 34607419 |
| Real Estate - 1.1% |  |  |
| Real Estate Management & Development - 1.1% |  |  |
| China Resources Mixc Lifestyle Services Ltd (a)(c) | 1596600 | 7678733 |
| KE Holdings Inc ADR  | 250470 | 5084540 |
|  |  | 12763273 |
| TOTAL CHINA |  | 650277255 |
| FRANCE - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 7000 | 3877505 |
| HONG KONG - 4.1%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| HKT Trust & HKT Ltd unit  | 4072000 | 5796441 |
| Financials - 3.6% |  |  |
| Capital Markets - 0.4% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 113800 | 4971888 |
| Insurance - 3.2% |  |  |
| AIA Group Ltd  | 4613200 | 34566321 |
| TOTAL FINANCIALS |  | 39538209 |
| TOTAL HONG KONG |  | 45334650 |
| SINGAPORE - 1.4%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 1.4% |  |  |
| Sea Ltd Class A ADR (b) | 117700 | 15777685 |
| SOUTH AFRICA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Naspers Ltd Class N  | 21700 | 5707288 |
| TAIWAN - 29.1%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| Uni-President Enterprises Corp  | 3628000 | 8701263 |
| Financials - 1.2% |  |  |
| Banks - 0.9% |  |  |
| E.Sun Financial Holding Co Ltd  | 10974885 | 9715031 |
| Financial Services - 0.3% |  |  |
| Chailease Holding Co Ltd  | 895000 | 3213864 |
| TOTAL FINANCIALS |  | 12928895 |
| Information Technology - 27.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| All Ring Tech Co Ltd  | 229000 | 1828343 |
| Chroma ATE Inc  | 678000 | 6185385 |
| Delta Electronics Inc  | 266000 | 2781636 |
| Hon Hai Precision Industry Co Ltd  | 491000 | 2183182 |
|  |  | 12978546 |
| Semiconductors & Semiconductor Equipment - 25.9% |  |  |
| ASE Technology Holding Co Ltd  | 1396000 | 5936755 |
| eMemory Technology Inc  | 204481 | 16432237 |
| King Yuan Electronics Co Ltd  | 668000 | 1812945 |
| MediaTek Inc  | 407000 | 17260154 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 8401000 | 237563210 |
| Topco Scientific Co Ltd  | 679000 | 5205427 |
|  |  | 284210728 |
| TOTAL INFORMATION TECHNOLOGY |  | 297189274 |
| TOTAL TAIWAN |  | 318819432 |
| UNITED STATES - 1.0%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| Legend Biotech Corp ADR (b) | 249539 | 8721388 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Space Exploration Technologies Corp (b)(e)(f) | 10000 | 1850000 |
| TOTAL UNITED STATES |  | 10571388 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $677,604,125) |  | <br> **1050365203** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.9%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| ByteDance Ltd Series E1 (b)(e)(f) | 38752 | 8226662 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(e)(f) | 238944 | 1916331 |
| TOTAL CHINA |  | 10142993 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $7,639,975) |  | <br> **10142993** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 1.1%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $13,639,835)<br>| 367990 | **12122689** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 23765741 | 23770494 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 589566 | 589625 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $24,360,119) |  |  | **24360119** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $723,244,054)<br>| <br>**1096991004** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(198677)** |
| **NET ASSETS - 100.0%** | **1096792327** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 4246219 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 3393757 |
| Space Exploration Technologies Corp | 2/16/21 | 419990 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 35897075 | 127604189 | 139730770 | 163209 | - | - | 23770494 | 23765741 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 750000 | 10318259 | 10478634 | 1794 | - | - | 589625 | 589566 | 0.0% |
| Total | 36647075 | 137922448 | 150209404 | 165003 | - | - | 24360119 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 180380289 | 26291666 | 154088623 | - |
| Consumer Discretionary | 245741563 | 96531246 | 149210317 | - |
| Consumer Staples | 29642385 | - | 29642385 | - |
| Financials | 144508389 | 85879690 | 58628699 | - |
| Health Care | 46200862 | 27042198 | 19158664 | - |
| Industrials | 30228299 | 9197296 | 19181003 | 1850000 |
| Information Technology | 326292724 | - | 326292724 | - |
| Materials | 34607419 | 27450518 | 7156901 | - |
| Real Estate | 12763273 | 12763273 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 8226662 | - | - | 8226662 |
| Health Care | 1916331 | - | - | 1916331 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 12122689 | - | 12122689 | - |
|  **Money Market Funds** | 24360119 | 24360119 | - | - |
| **Total Investments in Securities:** | 1096991004 | 309516006 | 775482005 | 11992993 |

---

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 ($)** | **Amoritization/**<br> **Accretion ($)** | **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** | 1169200 | - | 680800 | - | - | - | - | - | 1850000 | 680800 |
| **Convertible Preferred Stocks** | 11147480 | (85184) | (489382) | - | (429921) | - | - | - | 10142993 | (489382) |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $1072630885 |  |
| Fidelity Central Funds (cost $24,360,119) | 24360119 |  |
| Total Investment in Securities (cost $723,244,054) |  | $1096991004 |
| Foreign currency held at value (cost $2) |  | 2 |
| Receivable for fund shares sold |  | 538677 |
| Dividends receivable |  | 1792306 |
| Distributions receivable from Fidelity Central Funds |  | 33779 |
| Prepaid expenses |  | 321 |
| Other receivables |  | 22899 |
| **Total assets** |  | 1099378988 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1168779 |  |
| Accrued management fee | 760902 |  |
| Distribution and service plan fees payable | 11436 |  |
| Other payables and accrued expenses | 55919 |  |
| Collateral on securities loaned | 589625 |  |
| **Total liabilities** |  | 2586661 |
| **Net Assets**  |  | $1096792327 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $988834580 |
| Total accumulated earnings (loss) |  | 107957747 |
| **Net Assets** |  | $1096792327 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7935407 |
| Income from Fidelity Central Funds (including $1,794 from security lending)  |  | 165003 |
| Income before foreign taxes withheld |  | $8100410 |
| Less foreign taxes withheld |  | (870262) |
| **Total income** |  | 7230148 |
| **Expenses** |  |  |
| Management fee | $4842855 |  |
| Distribution and service plan fees | 72936 |  |
| Custodian fees and expenses | 103313 |  |
| Independent trustees' fees and expenses | 2507 |  |
| Registration fees | 84408 |  |
| Audit fees | 45428 |  |
| Legal | 1401 |  |
| Interest | 4032 |  |
| Miscellaneous | 1871 |  |
| Total expenses before reductions | 5158751 |  |
| Expense reductions | (1185) |  |
| Total expenses after reductions |  | 5157566 |
| **Net Investment income (loss)** |  | 2072582 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (13995369) |  |
| Foreign currency transactions | 159615 |  |
| Total net realized gain (loss) |  | (13835754) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (25167490) |  |
| Assets and liabilities in foreign currencies | 9304 |  |
| Total change in net unrealized appreciation (depreciation) |  | (25158186) |
| **Net gain (loss)** |  | (38993940) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(36921358) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2072582 | $14764579 |
| &nbsp;&nbsp;Net realized gain (loss) | (13835754)<br>| (47435398)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (25158186) | 321695727<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (36921358)<br>| 289024908<br>|
| Distributions to shareholders | (15536300)<br>| (17558581)<br>|
| Share transactions - net increase (decrease) | (60420080)<br>| 43245195<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (112877738)<br>| 314711522<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1209670065 | 894958543<br>|
| &nbsp;&nbsp;End of period | $1096792327 | $1209670065 |

---

**Financial Highlights** 

**Fidelity Advisor® China Region Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $23355 | $25856 | $21354 | $19362 | $45301 | $39303 |
| Portfolio turnover rate K | 32% J<br>| 30%  | 24%  | 20%  | 60%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® China Region Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $7862 | $9322 | $6610 | $5803 | $12623 | $12028 |
| Portfolio turnover rate J | 32% I<br>| 30%  | 24%  | 20%  | 60%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $4225 | $4628 | $4834 | $5784 | $13168 | $11308 |
| Portfolio turnover rate J | 32% I<br>| 30%  | 24%  | 20%  | 60%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $875285 | $972318 | $809283 | $736185 | $1609326 | $1518404 |
| Portfolio turnover rate I | 32% H<br>| 30%  | 24%  | 20%  | 60%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® China Region Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $27690 | $32635 | $26683 | $20509 | $68464 | $47688 |
| Portfolio turnover rate I | 32% H<br>| 30%  | 24%  | 20%  | 60%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® China Region Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $158374 | $164912 | $26195 | $3940 | $71573 | $71121 |
| Portfolio turnover rate J | 32% I<br>| 30%  | 24%  | 20%  | 60%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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 | $1850000 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.5 | Increase |
| Convertible Preferred Stocks | $10142993 | 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** | $416078247 |
| **Gross unrealized depreciation** | <u>(49295720)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$366782527</u> |
| **Tax cost** | <u>$730208477</u> |

---

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 | $(123365904) |
| Long-term | <u>(111145976)</u> |
| **Total capital loss carryforward** | <u>$(234511880)</u> |

---

**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** | 182826908 | 242943372 |

---

**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% | 30344 | 685 |
| **Class M** | .25% | .25% | 20752 | 255 |
| **Class C** | .75% | .25% | <u>21840</u> | <u>2788</u> |
|  |  |  | <u>72936</u> | <u>3728</u> |

---

**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** | 1121 |
| **Class M** | 260 |
| **Class C**A | <u>39</u> |
|  | <u>1420</u> |

---

*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 | 3939375 | 4.61% | 4032 |

---

**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** | 3088723 | 72619 | (286537) |

---

**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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity China Region Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $286694 | $338330 |
| Class M | 89302 | 85978 |
| Class C | 26893 | 30918 |
| China Region | 12329201 | 15840360 |
| Class I | 331048 | 463654 |
| Class Z | <u>2473162</u> | <u>799341</u> |
| Total  | <u>$15536300</u> | <u>$17558581</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity China Region Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 107786 | 178844 | $4341371 | $6717569 |
| Reinvestment of distributions | 6819 | 10187 | 265721 | 321753 |
| Shares redeemed | <u>(152190)</u> | <u>(240554)</u> | <u>(5937037)</u> | <u>(8335430)</u> |
| Net increase (decrease) | <u>(37585)</u> | <u>(51523)</u> | <u>$(1329945)</u> | <u>$(1296108)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 11963 | 47502 | $481329 | $1843637 |
| Reinvestment of distributions | 2209 | 2728 | 85437 | 85562 |
| Shares redeemed | <u>(42484)</u> | <u>(33205)</u> | <u>(1649829)</u> | <u>(1091731)</u> |
| Net increase (decrease) | <u>(28312)</u> | <u>17025</u> | <u>$(1083063)</u> | <u>$837468</u> |
| **Class C** |  |  |  |  |
| Shares sold | 12709 | 21261 | $491663 | $735512 |
| Reinvestment of distributions | 712 | 934 | 26488 | 28179 |
| Shares redeemed | <u>(19492)</u> | <u>(67001)</u> | <u>(738380)</u> | <u>(2134280)</u> |
| Net increase (decrease) | <u>(6071)</u> | <u>(44806)</u> | <u>$(220229)</u> | <u>$(1370589)</u> |
| **China Region** |  |  |  |  |
| Shares sold | 2716147 | 5146816 | $110880715 | $191640410 |
| Reinvestment of distributions | 292451 | 464822 | 11554738 | 14864692 |
| Shares redeemed | <u>(4470704)</u> | <u>(7703610)</u> | <u>(177045085)</u> | <u>(267249284)</u> |
| Net increase (decrease) | <u>(1462106)</u> | <u>(2091972)</u> | <u>$(54609632)</u> | <u>$(60744182)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 328152 | 577398 | $13291546 | $22269323 |
| Reinvestment of distributions | 6972 | 12678 | 273284 | 402398 |
| Shares redeemed | <u>(427896)</u> | <u>(645608)</u> | <u>(17321744)</u> | <u>(21463489)</u> |
| Net increase (decrease) | <u>(92772)</u> | <u>(55532)</u> | <u>$(3756914)</u> | <u>$1208232</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 69850 | 3540230 | $2821061 | $115458729 |
| Reinvestment of distributions | 63077 | 24293 | 2469454 | 770360 |
| Shares redeemed | <u>(121660)</u> | <u>(324534)</u> | <u>(4710812)</u> | <u>(11618715)</u> |
| Net increase (decrease) | <u>11267</u> | <u>3239989</u> | <u>$579703</u> | <u>$104610374</u> |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 36.2%  |  |  |
| Communication Services - 5.8% |  |  |
| Interactive Media & Services - 5.8% |  |  |
| Tencent Holdings Ltd  | 952944 | 58368730 |
| Consumer Discretionary - 9.7% |  |  |
| Automobile Components - 0.5% |  |  |
| Keboda Technology Co Ltd A Shares (China) (a) | 278900 | 2080272 |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 425600 | 3073863 |
|  |  | 5154135 |
| Automobiles - 3.0% |  |  |
| BYD Co Ltd A Shares (China)  | 300700 | 14617433 |
| BYD Co Ltd H Shares  | 122148 | 5801571 |
| ZEEKR Intelligent Technology Holding Ltd ADR (a)(b) | 450707 | 9690201 |
|  |  | 30109205 |
| Broadline Retail - 5.4% |  |  |
| Alibaba Group Holding Ltd  | 761168 | 11364262 |
| PDD Holdings Inc Class A ADR (a) | 389572 | 41127116 |
|  |  | 52491378 |
| Diversified Consumer Services - 0.5% |  |  |
| New Oriental Education & Technology Group Inc ADR  | 101331 | 4950019 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Trip.com Group Ltd  | 50770 | 3058426 |
| TOTAL CONSUMER DISCRETIONARY |  | 95763163 |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| Smoore International Holdings Ltd (b)(c)(d) | 862208 | 1496379 |
| Financials - 1.5% |  |  |
| Consumer Finance - 0.4% |  |  |
| LexinFintech Holdings Ltd Class A ADR  | 495894 | 3892768 |
| Insurance - 1.1% |  |  |
| Ping An Insurance Group Co of China Ltd H Shares  | 1860959 | 11137908 |
| TOTAL FINANCIALS |  | 15030676 |
| Health Care - 7.5% |  |  |
| Biotechnology - 0.3% |  |  |
| Innovent Biologics Inc (a)(c)(d) | 417490 | 2893404 |
| Health Care Equipment & Supplies - 4.5% |  |  |
| AK Medical Holdings Ltd (c)(d) | 8070989 | 5890169 |
| Beijing Chunlizhengda Medical Instruments Co Ltd A Shares (China)  | 506400 | 1056908 |
| Kangji Medical Holdings Ltd (b) | 1207166 | 1167382 |
| Microport Cardioflow Medtech Corp (a)(b)(c)(d) | 8257957 | 958296 |
| MicroPort NeuroScientific Corp (b) | 518268 | 704336 |
| MicroTech Medical Hangzhou Co Ltd H Shares (a)(c)(d) | 1114877 | 895570 |
| Peijia Medical Ltd (a)(c)(d) | 4439000 | 3039235 |
| Shandong Weigao Orthopaedic Device Co Ltd A Shares (China)  | 1670400 | 6266453 |
| Shanghai Aohua Photoelectricity Endoscope Co Ltd A Shares (China)  | 201400 | 1231596 |
| Shanghai MicroPort Endovascular MedTech Group Co Ltd A Shares (China)  | 79396 | 923373 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 332189 | 10034879 |
| Sonoscape Medical Corp A Shares (China)  | 305860 | 1305288 |
| Tofflon Science & Technology Group Co Ltd A Shares (China)  | 1626700 | 2631621 |
| Zylox-Tonbridge Medical Technology Co Ltd H Shares (a)(c)(d) | 3544229 | 8289792 |
|  |  | 44394898 |
| Health Care Providers & Services - 0.2% |  |  |
| Guangzhou Kingmed Diagnostics Group Co Ltd A Shares (China)  | 251632 | 1005591 |
| Kindstar Globalgene Technology Inc (c)(d) | 5990217 | 1042704 |
|  |  | 2048295 |
| Life Sciences Tools & Services - 2.4% |  |  |
| Hangzhou Tigermed Consulting Co Ltd A Shares (China)  | 162497 | 998833 |
| Joinn Laboratories China Co Ltd A Shares (China)  | 469960 | 1008791 |
| Wuxi Apptec Co Ltd H Shares (b)(c)(d) | 584742 | 4535076 |
| WuXi XDC Cayman Inc (a) | 3772141 | 17777059 |
|  |  | 24319759 |
| Pharmaceuticals - 0.1% |  |  |
| Asymchem Laboratories Tianjin Co Ltd H Shares (b)(c)(d) | 163974 | 1164960 |
| TOTAL HEALTH CARE |  | 74821316 |
| Industrials - 4.5% |  |  |
| Electrical Equipment - 1.8% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 198400 | 6336106 |
| Sieyuan Electric Co Ltd A Shares (China)  | 516500 | 5117384 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 611160 | 5096533 |
| Warom Technology Inc Co A Shares (China)  | 473400 | 1337969 |
|  |  | 17887992 |
| Machinery - 2.4% |  |  |
| Beijing Sinohytec Co Ltd A Shares  | 381045 | 1065095 |
| Estun Automation Co Ltd A Shares  | 869200 | 2389333 |
| Estun Automation Co Ltd A Shares (China)  | 972100 | 2672194 |
| Leader Harmonious Drive Systems Co Ltd A Shares (China)  | 247600 | 5032258 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 706800 | 6949049 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 1500500 | 5539827 |
|  |  | 23647756 |
| Marine Transportation - 0.3% |  |  |
| SITC International Holdings Co Ltd  | 1381009 | 3819517 |
| Trading Companies & Distributors - 0.0% |  |  |
| Zkh Group Limited Class A (a) | 18 | 1 |
| TOTAL INDUSTRIALS |  | 45355266 |
| Information Technology - 7.0% |  |  |
| IT Services - 1.1% |  |  |
| GDS Holdings Ltd Class A ADR (a)(b) | 187900 | 4736959 |
| Vnet Group Inc Class A ADR (a) | 981500 | 6173635 |
|  |  | 10910594 |
| Semiconductors & Semiconductor Equipment - 4.7% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 1034900 | 26831677 |
| Flat Glass Group Co Ltd A Shares (China)  | 1656600 | 3424513 |
| Kingsemi Co Ltd A Shares (China)  | 375105 | 4915800 |
| NAURA Technology Group Co Ltd A Shares (China)  | 111197 | 6906865 |
| SG Micro Corp A Shares (China)  | 76440 | 1065055 |
| Silergy Corp  | 94000 | 1182625 |
| Skyverse Technology Co Ltd A Shares  | 242400 | 2614303 |
|  |  | 46940838 |
| Software - 1.2% |  |  |
| Beijing Kingsoft Office Software Inc A Shares (China)  | 86800 | 3521907 |
| Empyrean Technology Co Ltd A Shares  | 82800 | 1357277 |
| Glodon Co Ltd A Shares (China)  | 3300160 | 6724679 |
|  |  | 11603863 |
| TOTAL INFORMATION TECHNOLOGY |  | 69455295 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Weihai Guangwei Composites Co Ltd A Shares (China)  | 332636 | 1329637 |
| TOTAL CHINA |  | 361620462 |
| HONG KONG - 2.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Huanxi Media Group Ltd (a) | 19829015 | 945992 |
| Financials - 1.9% |  |  |
| Capital Markets - 0.8% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 184487 | 8060181 |
| Insurance - 1.1% |  |  |
| AIA Group Ltd  | 1422471 | 10658457 |
| TOTAL FINANCIALS |  | 18718638 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| J&T Global Express Ltd B Shares (a) | 5431594 | 4230082 |
| TOTAL HONG KONG |  | 23894712 |
| INDIA - 28.2%  |  |  |
| Consumer Discretionary - 11.4% |  |  |
| Automobiles - 0.5% |  |  |
| Hyundai Motor India Ltd  | 232026 | 4676598 |
| Broadline Retail - 0.4% |  |  |
| Vishal Mega Mart Ltd  | 2490112 | 3503127 |
| Hotels, Restaurants & Leisure - 10.3% |  |  |
| Devyani International Ltd (a) | 566562 | 1202310 |
| Eternal Ltd (a) | 18878561 | 51600281 |
| ITC Hotels Ltd  | 2992648 | 6905418 |
| Juniper Hotels Ltd (a) | 503346 | 1705582 |
| MakeMyTrip Ltd (a)(b) | 385960 | 40456327 |
| Sapphire Foods India Ltd (a) | 341302 | 1277015 |
|  |  | 103146933 |
| Household Durables - 0.1% |  |  |
| Amber Enterprises India Ltd (a) | 17362 | 1265539 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Page Industries Ltd  | 2116 | 1139253 |
| TOTAL CONSUMER DISCRETIONARY |  | 113731450 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Reliance Industries Ltd  | 549988 | 9119792 |
| Financials - 7.0% |  |  |
| Banks - 3.2% |  |  |
| HDFC Bank Ltd  | 975225 | 22121171 |
| Kotak Mahindra Bank Ltd  | 337247 | 8802274 |
|  |  | 30923445 |
| Capital Markets - 1.5% |  |  |
| 360 ONE WAM Ltd  | 481096 | 5596243 |
| HDFC Asset Management Co Ltd (c)(d) | 106709 | 5522450 |
| Nuvama Wealth Management Ltd  | 53606 | 3880159 |
|  |  | 14998852 |
| Consumer Finance - 1.4% |  |  |
| Bajaj Finance Ltd  | 95151 | 9695713 |
| Shriram Finance Ltd  | 643995 | 4660514 |
|  |  | 14356227 |
| Financial Services - 0.5% |  |  |
| Bajaj Housing Finance Ltd  | 3455580 | 4980940 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 363525 | 3191735 |
| Niva Bupa Health Insurance Co Ltd  | 1069600 | 1032096 |
|  |  | 4223831 |
| TOTAL FINANCIALS |  | 69483295 |
| Health Care - 2.7% |  |  |
| Health Care Providers & Services - 0.9% |  |  |
| Aster DM Healthcare Ltd (c)(d) | 202889 | 1210387 |
| Dr Agarwal's Health Care Ltd  | 1257511 | 5445738 |
| Dr Agarwal's Health Care Ltd (e) | 319008 | 1381486 |
| Vijaya Diagnostic Centre Ltd  | 95119 | 1126874 |
|  |  | 9164485 |
| Life Sciences Tools & Services - 1.8% |  |  |
| Divi's Laboratories Ltd  | 30606 | 2206259 |
| SAI Life Sciences Ltd (c)(d) | 1011100 | 8317198 |
| Syngene International Ltd (c)(d) | 985560 | 7386091 |
|  |  | 17909548 |
| TOTAL HEALTH CARE |  | 27074033 |
| Industrials - 6.2% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Bharat Electronics Ltd  | 500896 | 1860568 |
| Hindustan Aeronautics Ltd (d) | 244066 | 12924908 |
|  |  | 14785476 |
| Air Freight & Logistics - 1.7% |  |  |
| Delhivery Ltd (a) | 4626203 | 16696305 |
| Commercial Services & Supplies - 0.0% |  |  |
| SIS Ltd (a) | 243514 | 972191 |
| Construction & Engineering - 0.1% |  |  |
| Afcons Infrastructure Ltd  | 245576 | 1213666 |
| Passenger Airlines - 0.7% |  |  |
| InterGlobe Aviation Ltd (a)(c)(d) | 109239 | 6797598 |
| Professional Services - 1.6% |  |  |
| Computer Age Management Services Ltd  | 299371 | 13785824 |
| International Gemmological Institute India Ltd  | 537023 | 2194085 |
|  |  | 15979909 |
| Transportation Infrastructure - 0.6% |  |  |
| GMR Airports Ltd (a) | 5500143 | 5662394 |
| TOTAL INDUSTRIALS |  | 62107539 |
| TOTAL INDIA |  | 281516109 |
| INDONESIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Bank Central Asia Tbk PT  | 11253098 | 5983167 |
| Bank Rakyat Indonesia Persero Tbk PT  | 7596242 | 1759364 |
| Bank Syariah Indonesia Tbk PT  | 8643641 | 1486639 |
| TOTAL INDONESIA |  | 9229170 |
| JAPAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Freee KK (a) | 108971 | 3075241 |
| Money Forward Inc (a) | 110451 | 3297771 |
| TOTAL JAPAN |  | 6373012 |
| KOREA (SOUTH) - 5.9%  |  |  |
| Communication Services - 2.0% |  |  |
| Interactive Media & Services - 2.0% |  |  |
| Kakao Corp  | 582657 | 15620848 |
| NAVER Corp  | 27065 | 3800391 |
|  |  | 19421239 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Delivery Hero SE (a)(c)(d) | 255251 | 7214042 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Kakao Pay Corp (a) | 201401 | 4475186 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Hanwha Aerospace Co Ltd  | 9248 | 5186759 |
| Korea Aerospace Industries Ltd  | 107618 | 6286039 |
|  |  | 11472798 |
| Machinery - 0.5% |  |  |
| Samsung Heavy Industries Co Ltd (a) | 520646 | 5323401 |
| TOTAL INDUSTRIALS |  | 16796199 |
| Information Technology - 1.1% |  |  |
| IT Services - 0.2% |  |  |
| Gabia Inc  | 128155 | 1983065 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Samsung Electronics Co Ltd  | 228673 | 8903968 |
| TOTAL INFORMATION TECHNOLOGY |  | 10887033 |
| TOTAL KOREA (SOUTH) |  | 58793699 |
| NETHERLANDS - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| NXP Semiconductors NV  | 25807 | 4756488 |
| SINGAPORE - 6.7%  |  |  |
| Communication Services - 6.3% |  |  |
| Entertainment - 6.3% |  |  |
| Sea Ltd Class A ADR (a) | 465034 | 62337808 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 203058 | 2512998 |
| United Overseas Bank Ltd  | 65548 | 1740879 |
|  |  | 4253877 |
| TOTAL SINGAPORE |  | 66591685 |
| SOUTH AFRICA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| Naspers Ltd Class N  | 24300 | 6391111 |
| 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) | 162489 | 929068 |
| 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) | 130195 | 1696653 |
| TOTAL SWITZERLAND |  | 2625721 |
| TAIWAN - 15.3%  |  |  |
| Information Technology - 15.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Chroma ATE Inc  | 336000 | 3065323 |
| E Ink Holdings Inc  | 519000 | 3618280 |
| Unimicron Technology Corp  | 519000 | 1528026 |
|  |  | 8211629 |
| Semiconductors & Semiconductor Equipment - 14.5% |  |  |
| Global Unichip Corp  | 67000 | 2148090 |
| MediaTek Inc  | 271000 | 11492633 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 3458892 | 97810438 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 199053 | 33180145 |
|  |  | 144631306 |
| TOTAL TAIWAN |  | 152842935 |
| UNITED STATES - 0.4%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Space Exploration Technologies Corp (a)(f)(g) | 11000 | 2035000 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ON Semiconductor Corp (a) | 41190 | 1635243 |
| TOTAL UNITED STATES |  | 3670243 |
| VIETNAM - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Vietnam Dairy Products JSC  | 1043400 | 2314589 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $718,523,661) |  | <br> **980619936** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.6%  |  |  |
| Communication Services - 0.5% |  |  |
| Interactive Media & Services - 0.5% |  |  |
| ByteDance Ltd Series E1 (a)(f)(g) | 23366 | 4960369 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(f)(g) | 111500 | 894230 |
| TOTAL CHINA |  | 5854599 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho Series D2 (f)(g) | 5677 | 430657 |
| Meesho Series E (f)(g) | 946 | 71764 |
| Meesho Series F (a)(f)(g) | 878 | 67939 |
| TOTAL INDIA |  | 570360 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,564,017) |  | <br> **6424959** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $2,440,699)<br>| 75872 | **2499450** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.7%** | &nbsp;&nbsp;**Money Market Funds - 7.7%** | &nbsp;&nbsp;**Money Market Funds - 7.7%** | &nbsp;&nbsp;**Money Market Funds - 7.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 19205727 | 19209569 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 57217115 | 57222836 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $76,432,405) |  |  | **76432405** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.7%**<br> (Cost $801,960,782)<br>| <br>**1065976750** |
| **NET OTHER ASSETS (LIABILITIES) - (6.7)%**  | **(67233796)** |
| **NET ASSETS - 100.0%** | **998742954** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 2560310 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 1583651 |
| Meesho Series D2 | 7/15/24 | 317912 |
| Meesho Series E | 7/15/24 | 52976 |
| Meesho Series F | 7/15/24 | 49168 |
| Space Exploration Technologies Corp | 2/16/21 | 461989 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 16203038 | 212100749 | 209094218 | 307232 | - | - | 19209569 | 19205727 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 60896782 | 150515231 | 154189177 | 608524 | - | - | 57222836 | 57217115 | 0.2% |
| Total | 77099820 | 362615980 | 363283395 | 915756 | - | - | 76432405 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 141073769 | 63283800 | 77789969 | - |
| Consumer Discretionary | 223099766 | 102614774 | 120484992 | - |
| Consumer Staples | 4740036 | 1496379 | 3243657 | - |
| Energy | 9119792 | - | 9119792 | - |
| Financials | 121190842 | 3892768 | 117298074 | - |
| Health Care | 101895349 | 48357983 | 53537366 | - |
| Industrials | 130524086 | 8049600 | 120439486 | 2035000 |
| Information Technology | 247646659 | 56855482 | 190791177 | - |
| Materials | 1329637 | - | 1329637 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 4960369 | - | - | 4960369 |
| Consumer Discretionary | 570360 | - | - | 570360 |
| Health Care | 894230 | - | - | 894230 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 2499450 | - | 2499450 | - |
|  **Money Market Funds** | 76432405 | 76432405 | - | - |
| **Total Investments in Securities:** | 1065976750 | 360983191 | 696533600 | 8459959 |

---

**Fidelity® Emerging Asia Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $989544345 |  |
| Fidelity Central Funds (cost $76,432,405) | 76432405 |  |
| Total Investment in Securities (cost $801,960,782) |  | $1065976750 |
| Foreign currency held at value (cost $684) |  | 688 |
| Receivable for fund shares sold |  | 436372 |
| Dividends receivable |  | 300524 |
| Distributions receivable from Fidelity Central Funds |  | 120897 |
| Prepaid expenses |  | 283 |
| Other receivables |  | 493890 |
| **Total assets** |  | 1067329404 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $97210 |  |
| Payable for fund shares redeemed | 1057186 |  |
| Accrued management fee | 856924 |  |
| Deferred taxes | 9272944 |  |
| Other payables and accrued expenses | 78120 |  |
| Collateral on securities loaned | 57224066 |  |
| **Total liabilities** |  | 68586450 |
| **Net Assets**  |  | $998742954 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $986775981 |
| Total accumulated earnings (loss) |  | 11966973 |
| **Net Assets** |  | $998742954 |
| **Net Asset Value**, offering price and redemption price per share ($998,742,954 ÷ 19,954,949 shares) |  | $50.05 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3323320 |
| Income from Fidelity Central Funds (including $608,524 from security lending)  |  | 915756 |
| Income before foreign taxes withheld |  | $4239076 |
| Less foreign taxes withheld |  | (497904) |
| **Total income** |  | 3741172 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $4324815 |  |
| Performance adjustment | 460545 |  |
| Custodian fees and expenses | 107968 |  |
| Independent trustees' fees and expenses | 2175 |  |
| Registration fees | 25166 |  |
| Audit fees | 64179 |  |
| Legal | 1547 |  |
| Interest | 25924 |  |
| Miscellaneous | 1684 |  |
| **Total expenses** |  | 5014003 |
| **Net Investment income (loss)** |  | (1272831) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $664,089)  | 34253949 |  |
| Foreign currency transactions | (208943) |  |
| Total net realized gain (loss) |  | 34045006 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $212,873)  | (26351110) |  |
| Assets and liabilities in foreign currencies | 9769 |  |
| Total change in net unrealized appreciation (depreciation) |  | (26341341) |
| **Net gain (loss)** |  | 7703665 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6430834 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(1272831) | $5277885 |
| &nbsp;&nbsp;Net realized gain (loss) | 34045006<br>| 28608974<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (26341341) | 266901387<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6430834<br>| 300788246<br>|
| Distributions to shareholders | -<br>| (375705)<br>|
| Distributions to shareholders from tax return of capital | -<br>| (336817)<br>|
| **Total Distributions** | -<br>| (712522)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 72778335 | 61473832 |
| Reinvestment of distributions | -<br>| 649603<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (106017864) | (204300986) |
| **Net increase (decrease) in net assets resulting from share transactions** | (33239529)<br>| (142177551)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (26808695)<br>| 157898173<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1025551649 | 867653476<br>|
| &nbsp;&nbsp;End of period | $998742954 | $1025551649 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1453546 | 1380129 |
| Issued in reinvestment of distributions | -<br>| 16661<br>|
| &nbsp;&nbsp;Redeemed | (2141456) | (4876776) |
| &nbsp;&nbsp;Net increase (decrease) | (687910) | (3479986) |

---

**Financial Highlights** 

**Fidelity® Emerging Asia Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $998743 | $1025552 | $867653 | $823527 | $2000120 | $1578782 |
| Portfolio turnover rate J | 77% I<br>| 57%  | 50%  | 44%  | 85%  | 114%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.54)%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $341377528 |
| **Gross unrealized depreciation** | <u>(79247747)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$262129781</u> |
| **Tax cost** | <u>$803846969</u> |

---

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 | $(112425090) |
| Long-term | <u>(159749429)</u> |
| **Total capital loss carryforward** | <u>$(272174519)</u> |

---

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** | 380771311 | 416570131 |

---

**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** | 3398 |

---

**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 | 7697654 | 4.66% | 25924 |

---

**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** | 35937762 | 48274189 | 22240619 |

---

**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** | 65929 | - | - |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 5.5%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| MercadoLibre Inc (b) | 23900 | 55707315 |
| Financials - 2.2% |  |  |
| Banks - 1.5% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 7815270 | 97143807 |
| Capital Markets - 0.7% |  |  |
| Banco BTG Pactual SA unit  | 7372900 | 49510800 |
| TOTAL FINANCIALS |  | 146654607 |
| Industrials - 0.9% |  |  |
| Electrical Equipment - 0.8% |  |  |
| WEG SA  | 6744200 | 53049010 |
| Ground Transportation - 0.1% |  |  |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  | 12927984 | 11207753 |
| TOTAL INDUSTRIALS |  | 64256763 |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| TOTVS SA  | 8585700 | 56913744 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| Equatorial Energia SA  | 8392500 | 54435200 |
| TOTAL BRAZIL |  | 377967629 |
| CANADA - 0.7%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Cameco Corp  | 1110700 | 50136995 |
| CHILE - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Antofagasta PLC  | 1708500 | 37182070 |
| CHINA - 25.2%  |  |  |
| Communication Services - 10.0% |  |  |
| Entertainment - 1.3% |  |  |
| Tencent Music Entertainment Group Class A ADR  | 6699925 | 89912994 |
| Interactive Media & Services - 8.7% |  |  |
| Tencent Holdings Ltd  | 9782200 | 599169087 |
| TOTAL COMMUNICATION SERVICES |  | 689082081 |
| Consumer Discretionary - 8.1% |  |  |
| Broadline Retail - 7.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 1805500 | 215630865 |
| JD.com Inc ADR  | 2801200 | 91375144 |
| PDD Holdings Inc Class A ADR (b) | 1718400 | 181411488 |
|  |  | 488417497 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Trip.com Group Ltd ADR  | 131540 | 7759545 |
| Yum China Holdings Inc  | 1457900 | 63141649 |
|  |  | 70901194 |
| TOTAL CONSUMER DISCRETIONARY |  | 559318691 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 1.4% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 458318 | 97530061 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Bank of Chengdu Co Ltd A Shares (China)  | 19848244 | 46375856 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 1842325 | 55653585 |
| Industrials - 3.9% |  |  |
| Electrical Equipment - 2.7% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 1938757 | 61916181 |
| Sieyuan Electric Co Ltd A Shares (China)  | 12570216 | 124543317 |
|  |  | 186459498 |
| Machinery - 1.2% |  |  |
| Airtac International Group  | 2083000 | 57097906 |
| Neway Valve Suzhou Co Ltd A Shares (China) (b) | 6961050 | 25677873 |
|  |  | 82775779 |
| Trading Companies & Distributors - 0.0% |  |  |
| Zkh Group Limited Class A (b) | 1 | 0 |
| TOTAL INDUSTRIALS |  | 269235277 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 4695308 | 19962364 |
| TOTAL CHINA |  | 1737157915 |
| FRANCE - 2.9%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Hermes International SCA  | 37019 | 100271305 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Gaztransport Et Technigaz SA  | 632241 | 102994480 |
| TOTAL FRANCE |  | 203265785 |
| GERMANY - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| BioNTech SE ADR (b) | 394300 | 41066345 |
| GREECE - 1.0%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| OPAP SA  | 3101844 | 68767492 |
| HUNGARY - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| Richter Gedeon Nyrt  | 1900755 | 57502178 |
| INDIA - 19.5%  |  |  |
| Communication Services - 1.1% |  |  |
| Wireless Telecommunication Services - 1.1% |  |  |
| Bharti Airtel Ltd  | 3579631 | 78853300 |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 0.2% |  |  |
| Lenskart Solutions Pvt Ltd (c)(d) | 3233000 | 10778768 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Eternal Ltd (b) | 31200000 | 85278151 |
| TOTAL CONSUMER DISCRETIONARY |  | 96056919 |
| Energy - 2.1% |  |  |
| Oil, Gas & Consumable Fuels - 2.1% |  |  |
| Reliance Industries Ltd  | 8974236 | 148809002 |
| Financials - 8.8% |  |  |
| Banks - 4.3% |  |  |
| HDFC Bank Ltd  | 9309567 | 211170267 |
| Kotak Mahindra Bank Ltd  | 3168248 | 82692467 |
|  |  | 293862734 |
| Capital Markets - 1.4% |  |  |
| 360 ONE WAM Ltd  | 8048561 | 93623108 |
| Consumer Finance - 1.8% |  |  |
| Bajaj Finance Ltd  | 1216700 | 123979496 |
| Insurance - 1.3% |  |  |
| HDFC Life Insurance Co Ltd (e)(f) | 5030100 | 44164070 |
| SBI Life Insurance Co Ltd (e)(f) | 2324800 | 48555133 |
|  |  | 92719203 |
| TOTAL FINANCIALS |  | 604184541 |
| Health Care - 1.5% |  |  |
| Health Care Providers & Services - 1.5% |  |  |
| Max Healthcare Institute Ltd  | 7878500 | 102079033 |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Hindustan Aeronautics Ltd (f) | 1886500 | 99902645 |
| Construction & Engineering - 1.1% |  |  |
| Larsen & Toubro Ltd  | 1905632 | 75327584 |
| Professional Services - 1.0% |  |  |
| Computer Age Management Services Ltd  | 1503300 | 69225908 |
| TOTAL INDUSTRIALS |  | 244456137 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Power Grid Corp of India Ltd  | 19498333 | 70720722 |
| TOTAL INDIA |  | 1345159654 |
| INDONESIA - 2.9%  |  |  |
| Financials - 2.9% |  |  |
| Banks - 2.9% |  |  |
| Bank Central Asia Tbk PT  | 372377670 | 197989714 |
| ITALY - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.6% |  |  |
| Ferrari NV (g) | 95900 | 44284702 |
| KAZAKHSTAN - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Consumer Finance - 1.3% |  |  |
| Kaspi.KZ JSC ADR  | 1030662 | 90584883 |
| KOREA (SOUTH) - 6.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| Webtoon Entertainment Inc (b) | 5303711 | 47733399 |
| Health Care - 0.7% |  |  |
| Life Sciences Tools & Services - 0.7% |  |  |
| Samsung Biologics Co Ltd (b)(e)(f) | 66850 | 49372205 |
| Information Technology - 4.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| SK Hynix Inc  | 1192240 | 148454527 |
| Technology Hardware, Storage & Peripherals - 2.5% |  |  |
| Samsung Electronics Co Ltd  | 4290747 | 167071194 |
| TOTAL INFORMATION TECHNOLOGY |  | 315525721 |
| TOTAL KOREA (SOUTH) |  | 412631325 |
| MEXICO - 3.0%  |  |  |
| Consumer Staples - 1.8% |  |  |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| BBB Foods Inc Class A (b) | 2395439 | 73204616 |
| Wal-Mart de Mexico SAB de CV Series V  | 15633000 | 49544425 |
|  |  | 122749041 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Banco del Bajio SA (e)(f) | 17474123 | 41844155 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.6% |  |  |
| Prologis Property Mexico SA de CV  | 11856600 | 42231637 |
| TOTAL MEXICO |  | 206824833 |
| NETHERLANDS - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| ASML Holding NV  | 76000 | 50151269 |
| BE Semiconductor Industries NV  | 263900 | 28173907 |
| TOTAL NETHERLANDS |  | 78325176 |
| POLAND - 1.1%  |  |  |
| Consumer Staples - 1.1% |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Dino Polska SA (b)(e)(f) | 560281 | 78383161 |
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(c) | 25741060 | 3 |
| SAUDI ARABIA - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Al Rajhi Bank  | 4366220 | 113376565 |
| SOUTH AFRICA - 1.7%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 1.7% |  |  |
| Naspers Ltd Class N  | 456100 | 119958254 |
| SWEDEN - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| VEF AB (b)(h) | 73573525 | 15604545 |
| TAIWAN - 15.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.7% |  |  |
| International Games System Co Ltd  | 1775072 | 45928458 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Voltronic Power Technology Corp  | 771868 | 36121587 |
| Information Technology - 14.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Innolux Corp  | 46397000 | 19830262 |
| Semiconductors & Semiconductor Equipment - 14.3% |  |  |
| ASPEED Technology Inc  | 274000 | 25725466 |
| eMemory Technology Inc  | 623000 | 50064719 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 32228000 | 911342355 |
|  |  | 987132540 |
| TOTAL INFORMATION TECHNOLOGY |  | 1006962802 |
| TOTAL TAIWAN |  | 1089012847 |
| UNITED ARAB EMIRATES - 2.4%  |  |  |
| Energy - 1.7% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| ADNOC Drilling Co PJSC  | 50235183 | 67015804 |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Adnoc Gas PLC  | 61316700 | 52918947 |
| TOTAL ENERGY |  | 119934751 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 15097825 | 47845437 |
| TOTAL UNITED ARAB EMIRATES |  | 167780188 |
| UNITED KINGDOM - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Revolut Group Holdings Ltd (c)(d) | 25555 | 19264126 |
| UNITED STATES - 4.2%  |  |  |
| Information Technology - 4.2% |  |  |
| Semiconductors & Semiconductor Equipment - 3.4% |  |  |
| NVIDIA Corp  | 2140980 | 233195542 |
| Software - 0.8% |  |  |
| Synopsys Inc (b) | 124300 | 57054943 |
| TOTAL UNITED STATES |  | 290250485 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,892,770,085) |  | <br> **6842476870** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Creditas Financial Solutions Ltd 5% 7/28/2027 (c)(d)<br>(Cost $30,523,684)<br>| 30523684 | **29867425** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d)<br>(Cost $9,341,528)<br>| 85253 | **18098359** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 64381033 | 64393909 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 23408859 | 23411200 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $87,805,109) |  |  | **87805109** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $5,020,440,406)<br>| <br>**6978247763** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(51259029)** |
| **NET ASSETS - 100.0%** | **6926988734** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 9341528 |
| Creditas Financial Solutions Ltd 5% 7/28/2027 | 1/28/22 - 7/28/23 | 30523684 |
| Lenskart Solutions Pvt Ltd | 4/30/24 | 8909538 |
| Revolut Group Holdings Ltd | 12/27/24 | 22226349 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 198948750 | 1526584482 | 1661139323 | 2292692 | - | - | 64393909 | 64381033 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 47267424 | 153800280 | 177656504 | 102076 | - | - | 23411200 | 23408859 | 0.1% |
| Total | 246216174 | 1680384762 | 1838795827 | 2394768 | - | - | 87805109 |  |  |

---

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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| VEF AB | 20110388 | - | 3783299 | - | (3173681) | 2451137 | 15604545 | 73573525 |
| Total | 20110388 | - | 3783299 | - | (3173681) | 2451137 | 15604545 |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 861597238 | 137646393 | 723950845 | - |
| Consumer Discretionary | 1044364678 | 948307759 | 85278151 | 10778768 |
| Consumer Staples | 298662263 | 201132202 | 97530061 | - |
| Energy | 421875228 | 273066226 | 148809002 | - |
| Financials | 1323724432 | 455910192 | 848550111 | 19264129 |
| Health Care | 305673346 | 98568523 | 207104823 | - |
| Industrials | 614069764 | 64256763 | 549813001 | - |
| Information Technology | 1767940292 | 425489405 | 1342450887 | - |
| Materials | 37182070 | 37182070 | - | - |
| Real Estate | 42231637 | 42231637 | - | - |
| Utilities | 125155922 | 54435200 | 70720722 | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 29867425 | - | - | 29867425 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 18098359 | - | - | 18098359 |
|  **Money Market Funds** | 87805109 | 87805109 | - | - |
| **Total Investments in Securities:** | 6978247763 | 2826031479 | 4074207603 | 78008681 |

---

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 ($)** | **Amoritization/**<br> **Accretion ($)** | **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** | 9352376 | - | (1535828) | 22226349 | - | - | - | - | 30042897 | (1535828) |
| **Convertible Corporate Bonds** | 28606797 | - | 1260628 | - | - | - | - | - | 29867425 | 1260628 |
| **Convertible Preferred Stocks** | 21242493 | - | (3144134) | - | - | - | - | - | 18098359 | (3144134) |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $6874838109 |  |
| Fidelity Central Funds (cost $87,805,109) | 87805109 |  |
| Other affiliated issuers (cost $30,418,037) | 15604545 |  |
| Total Investment in Securities (cost $5,020,440,406) |  | $6978247763 |
| Foreign currency held at value (cost $341,371) |  | 341718 |
| Receivable for investments sold |  | 29481358 |
| Receivable for fund shares sold |  | 5336315 |
| Dividends receivable |  | 6120877 |
| Interest receivable |  | 2684398 |
| Distributions receivable from Fidelity Central Funds |  | 339383 |
| Prepaid expenses |  | 2882 |
| Receivable from investment adviser for expense reductions |  | 102408 |
| Other receivables |  | 2079582 |
| **Total assets** |  | 7024736684 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3458040 |  |
| Payable for fund shares redeemed | 5757769 |  |
| Accrued management fee | 4469332 |  |
| Distribution and service plan fees payable | 11334 |  |
| Deferred taxes | 60306739 |  |
| Other payables and accrued expenses | 333536 |  |
| Collateral on securities loaned | 23411200 |  |
| **Total liabilities** |  | 97747950 |
| **Net Assets**  |  | $6926988734 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5710127115 |
| Total accumulated earnings (loss) |  | 1216861619 |
| **Net Assets** |  | $6926988734 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $56872405 |
| Interest  |  | 778488 |
| Income from Fidelity Central Funds (including $102,076 from security lending)  |  | 2394768 |
| Income before foreign taxes withheld |  | $60045661 |
| Less foreign taxes withheld |  | (5669613) |
| **Total income** |  | 54376048 |
| **Expenses** |  |  |
| Management fee | $29978174 |  |
| Distribution and service plan fees | 76309 |  |
| Custodian fees and expenses | 628644 |  |
| Independent trustees' fees and expenses | 18377 |  |
| Registration fees | 191061 |  |
| Audit fees | 84810 |  |
| Legal | 11981 |  |
| Interest | 52022 |  |
| Miscellaneous | 59793 |  |
| Total expenses before reductions | 31101171 |  |
| Expense reductions | (26667) |  |
| Total expenses after reductions |  | 31074504 |
| **Net Investment income (loss)** |  | 23301544 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $14,551,972)  | (117670583) |  |
| Redemptions in-kind | 286450358 |  |
| Affiliated issuers | (3173681) |  |
| Foreign currency transactions | 80300 |  |
| Futures contracts | 10779615 |  |
| Total net realized gain (loss) |  | 176466009 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $10,131,066)  | (501116111) |  |
| Affiliated issuers  | 2451137 |  |
| Assets and liabilities in foreign currencies | 103265 |  |
| Total change in net unrealized appreciation (depreciation) |  | (498561709) |
| **Net gain (loss)** |  | (322095700) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(298794156) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $23301544 | $78134320 |
| &nbsp;&nbsp;Net realized gain (loss) | 176466009<br>| 314887725<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (498561709) | 1558006188<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (298794156)<br>| 1951028233<br>|
| Distributions to shareholders | (46197464)<br>| (91875932)<br>|
| Share transactions - net increase (decrease) | (1658837252)<br>| 244321857<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (2003828872)<br>| 2103474158<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8930817606 | 6827343448<br>|
| &nbsp;&nbsp;End of period | $6926988734 | $8930817606 |

---

**Financial Highlights** 

**Fidelity Advisor® Emerging Markets Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $34340 | $38430 | $15288 | $10046 | $6248 |
| Portfolio turnover rate L | 35% K,M<br>| 46% M,N | 23%  | 34%  | 38% K,N |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the sales charges.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

N*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $4913 | $6498 | $3070 | $1392 | $2234 |
| Portfolio turnover rate M | 35% L,N<br>| 46% N,O | 23%  | 34%  | 38% L,O |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .17%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.08)%.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Total returns do not include the effect of the sales charges.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Amount 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.*

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

O*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $3047 | $3573 | $1768 | $1377 | $1587 |
| Portfolio turnover rate M | 35% L,N<br>| 46% N,O | 23%  | 34%  | 38% L,O |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.34)%.*

F*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Total returns do not include the effect of the contingent deferred sales charge.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Amount 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.*

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

O*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Emerging Markets Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $4378245 | $4759858 | $3985433 | $3330900 | $5016159 | $4526531 |
| Portfolio turnover rate J | 35% I,K<br>| 46% K,L | 23%  | 34%  | 38% L | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .74%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

L*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Emerging Markets Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $1648603 | $1897730 | $1095217 | $826468 | $1689454 | $1227097 |
| Portfolio turnover rate K | 35% J,L<br>| 46% L,M | 23%  | 34%  | 38% M | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $361639 | $303027 | $114992 | $47819 | $25824 |
| Portfolio turnover rate K | 35% J,L<br>| 46% L,M | 23%  | 34%  | 38% J,M |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .73%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Emerging Markets Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $496201 | $1921701 | $1611575 | $1306539 | $1797766 |
| Portfolio turnover rate K | 35% J,L<br>| 46% L,M | 23%  | 34%  | 38% J,M |

---

A*For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*The 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 | $30042897 | 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 | $29867425 | 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 | $18098359 | 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** | $2240091354 |
| **Gross unrealized depreciation** | <u>(305966690)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1934124664</u> |
| **Tax cost** | <u>$5044123099</u> |

---

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 | $(689281496) |
| Long-term | <u>(119499858)</u> |
| **Total capital loss carryforward** | <u>$(808781354)</u> |

---

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):

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| | |
|:---|:---|
| 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.<br>|

---

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** | 1340305213 | 2344411445 |

---

**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% | 44950 | 5410 |
| **Class M** | .25% | .25% | 14646 | 196 |
| **Class C** | .75% | .25% | <u>16713</u> | <u>2117</u> |
|  |  |  | <u>76309</u> | <u>7723</u> |

---

**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** | 17898 |
| **Class M** | 277 |
| **Class C**A | <u>64</u> |
|  | <u>18239</u> |

---

*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** | 2791 |

---

**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 | 45365333 | 4.59% | 52022 |

---

**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** | 22988149 | 70790236 | (18611811) |

---

**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** | 36475274 | 286450358 | 1449162640 |

---

**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** | 36475274 | 346805773 | 1498769012 |

---

**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** | 6108 |

---

**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** | 10515 | - | - |

---

**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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Emerging Markets Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $235767 | $149850 |
| Class M | 24237 | 22696 |
| Class C | 1260 | 2509 |
| Emerging Markets | 29623551 | 49044521 |
| Class K | 14351242 | 18162751 |
| Class I | 1961407 | 1576885 |
| Class Z | <u>-</u> | <u>22916720</u> |
| Total  | <u>$46197464</u> | <u>$91875932</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Emerging Markets Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 106725 | 354848 | $4142178 | $13436279 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 259916 | - | 9991163<br>|
| Reinvestment of distributions | 5924 | 4334 | 232853 | 148618 |
| Shares redeemed | <u>(173413)</u> | <u>(129879)</u> | <u>(6603636)</u> | <u>(4844792)</u> |
| Net increase (decrease) | <u>(60764)</u> | <u>489219</u> | <u>$(2228605)</u> | <u>$18731268</u> |
| **Class M** |  |  |  |  |
| Shares sold | 6299 | 36439 | $240971 | $1362892 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 58126 | - | 2233184<br>|
| Reinvestment of distributions | 612 | 656 | 24099 | 22545 |
| Shares redeemed | <u>(41015)</u> | <u>(27603)</u> | <u>(1547235)</u> | <u>(1025710)</u> |
| Net increase (decrease) | <u>(34104)</u> | <u>67618</u> | <u>$(1282165)</u> | <u>$2592911</u> |
| **Class C** |  |  |  |  |
| Shares sold | 3132 | 20145 | $118981 | $2445647 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 31209 | - | 1190948<br>|
| Reinvestment of distributions | 32 | 72 | 1243 | 2487 |
| Shares redeemed | <u>(12908)</u> | <u>(16527)</u> | <u>(488818)</u> | <u>(2300041)</u> |
| Net increase (decrease) | <u>(9744)</u> | <u>34899</u> | <u>$(368594)</u> | <u>$1339041</u> |
| **Emerging Markets** |  |  |  |  |
| Shares sold | 17331838 | 23336798 | $658995347 | $885074796 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 4412960 | - | 170472261<br>|
| Reinvestment of distributions | 539776 | 1104208 | 21337331 | 37951098 |
| Shares redeemed | <u>(22202937)</u> | <u>(34021450)</u> | <u>(840570419)</u> | <u>(1265925610)</u> |
| Net increase (decrease) | <u>(4331323)</u> | <u>(5167484)</u> | <u>$(160237741)</u> | <u>$(172427455)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 9775997 | 30067036 | $378086604 | $1119926599 |
| Reinvestment of distributions | 361874 | 528375 | 14301267 | 18156694 |
| Shares redeemed | <u>(14384152)</u> | <u>(17220929)</u> | <u>(559211993)</u> | <u>(677157529)</u> |
| Net increase (decrease) | <u>(4246281)</u> | <u>13374482</u> | <u>$(166824122)</u> | <u>$460925764</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3424145 | 8642102 | $132080176 | $324804856 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 48755 | - | 1878043<br>|
| Reinvestment of distributions | 41131 | 42705 | 1621391 | 1463912 |
| Shares redeemed | <u>(1555138)</u> | <u>(4710389)</u> | <u>(58683367)</u> | <u>(181718005)</u> |
| Net increase (decrease) | <u>1910138</u> | <u>4023173</u> | <u>$75018200</u> | <u>$146428806</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 3716477 | 36108432 | $142472310 | $1355101151 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 15788 | - | 609745<br>|
| Reinvestment of distributions | - | 649621 | - | 22297061 |
| Shares redeemed | <u>(39009736)</u> | <u>(38937032)</u> | <u>(1545386535)</u> | <u>(1591276435)</u> |
| Net increase (decrease) | <u>(35293259)</u> | <u>(2163191)</u> | <u>$(1402914225)</u> | <u>$(213268478)</u> |

---

**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 | 179728071 | 11207705 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 9991163 | 259916 | .4343522373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class M |  |  | 2233184 | 58126 | .4360879750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 1190948 | 31209 | .4437971698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America |  |  | 170472261 | 4412960 | .4306756407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  | 1878043 | 48755 | .4324844237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Z |  |  | 609745 | 15788 | .4312195750 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| Fidelity Emerging Markets Fund | 9771715039 | 9958090383 |

---

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)** | $89796022 |
| **Total net realized gain (loss)** | 281914088 |
| **Total change in net unrealized appreciation (depreciation)** | <u>1587783041</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$1959493151</u> |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.9%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| KBC Group NV  | 61000 | 5601558 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| UCB SA  | 46000 | 8397704 |
| TOTAL BELGIUM |  | 13999262 |
| CANADA - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 90000 | 2909691 |
| CHINA - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Prosus NV Class N  | 138000 | 6470076 |
| DENMARK - 1.8%  |  |  |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| Tryg A/S  | 313200 | 7472309 |
| Industrials - 0.8% |  |  |
| Air Freight & Logistics - 0.8% |  |  |
| DSV A/S  | 27600 | 5850093 |
| TOTAL DENMARK |  | 13322402 |
| FINLAND - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Nordea Bank Abp (Sweden)  | 379100 | 5177301 |
| FRANCE - 14.9%  |  |  |
| Consumer Discretionary - 2.5% |  |  |
| Textiles, Apparel & Luxury Goods - 2.5% |  |  |
| Hermes International SCA  | 2800 | 7584204 |
| LVMH Moet Hennessy Louis Vuitton SE  | 19700 | 10912406 |
|  |  | 18496610 |
| Consumer Staples - 2.5% |  |  |
| Food Products - 1.6% |  |  |
| Danone SA  | 137500 | 11831382 |
| Personal Care Products - 0.9% |  |  |
| L'Oreal SA (b) | 15400 | 6804728 |
| TOTAL CONSUMER STAPLES |  | 18636110 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Gaztransport Et Technigaz SA  | 19900 | 3241786 |
| TotalEnergies SE  | 85907 | 4892849 |
|  |  | 8134635 |
| Financials - 2.6% |  |  |
| Banks - 1.2% |  |  |
| BNP Paribas SA  | 101100 | 8566150 |
| Insurance - 1.4% |  |  |
| AXA SA  | 218000 | 10310507 |
| TOTAL FINANCIALS |  | 18876657 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| EssilorLuxottica SA  | 29964 | 8577830 |
| Industrials - 3.3% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Airbus SE  | 46400 | 7873642 |
| Dassault Aviation SA  | 19800 | 7110446 |
|  |  | 14984088 |
| Building Products - 1.3% |  |  |
| Cie de Saint-Gobain SA  | 88000 | 9567185 |
| TOTAL INDUSTRIALS |  | 24551273 |
| Materials - 1.8% |  |  |
| Chemicals - 1.8% |  |  |
| Air Liquide SA  | 63118 | 12969374 |
| TOTAL FRANCE |  | 110242489 |
| GERMANY - 18.4%  |  |  |
| Communication Services - 3.0% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| Deutsche Telekom AG  | 345600 | 12413097 |
| Interactive Media & Services - 1.3% |  |  |
| Scout24 SE (a)(c) | 82200 | 9749692 |
| TOTAL COMMUNICATION SERVICES |  | 22162789 |
| Consumer Discretionary - 1.4% |  |  |
| Specialty Retail - 0.6% |  |  |
| Auto1 Group SE (a)(b)(c) | 202400 | 4828823 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| adidas AG  | 25400 | 5803794 |
| TOTAL CONSUMER DISCRETIONARY |  | 10632617 |
| Financials - 2.1% |  |  |
| Capital Markets - 1.5% |  |  |
| Deutsche Boerse AG  | 34200 | 11015611 |
| Insurance - 0.6% |  |  |
| Hannover Rueck SE  | 13400 | 4286886 |
| TOTAL FINANCIALS |  | 15302497 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Siemens Healthineers AG (a)(c) | 80700 | 4350324 |
| Pharmaceuticals - 0.6% |  |  |
| Merck KGaA  | 30300 | 4184261 |
| TOTAL HEALTH CARE |  | 8534585 |
| Industrials - 5.6% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| Rheinmetall AG  | 9800 | 16689916 |
| Electrical Equipment - 1.5% |  |  |
| Siemens Energy AG (b) | 150500 | 11616144 |
| Industrial Conglomerates - 1.8% |  |  |
| Siemens AG  | 57700 | 13286078 |
| TOTAL INDUSTRIALS |  | 41592138 |
| Information Technology - 4.3% |  |  |
| Software - 4.3% |  |  |
| SAP SE  | 107800 | 31541055 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 32000 | 6316772 |
| TOTAL GERMANY |  | 136082453 |
| IRELAND - 1.8%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Kerry Group PLC Class A  | 48800 | 5155147 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| AIB Group PLC  | 1203600 | 8089468 |
| TOTAL IRELAND |  | 13244615 |
| ISRAEL - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 141000 | 2186910 |
| ITALY - 6.5%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.8% |  |  |
| Ferrari NV (Italy)  | 12500 | 5686907 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Prada Spa (b) | 193700 | 1211312 |
| TOTAL CONSUMER DISCRETIONARY |  | 6898219 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.9% |  |  |
| Coca-Cola HBC AG  | 124900 | 6491715 |
| Financials - 2.7% |  |  |
| Banks - 2.7% |  |  |
| FinecoBank Banca Fineco SpA  | 291635 | 5803102 |
| UniCredit SpA  | 244400 | 14219402 |
|  |  | 20022504 |
| Health Care - 1.5% |  |  |
| Pharmaceuticals - 1.5% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 188500 | 11072164 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 68700 | 3773842 |
| TOTAL ITALY |  | 48258444 |
| LUXEMBOURG - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| CVC Capital Partners PLC (a)(b)(c) | 194600 | 3443470 |
| NETHERLANDS - 4.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Universal Music Group NV  | 151450 | 4453458 |
| Information Technology - 3.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.8% |  |  |
| ASM International NV  | 6000 | 2890807 |
| ASML Holding NV  | 26800 | 17684921 |
|  |  | 20575728 |
| Software - 0.7% |  |  |
| Topicus.com Inc (b) | 42200 | 5050164 |
| TOTAL INFORMATION TECHNOLOGY |  | 25625892 |
| TOTAL NETHERLANDS |  | 30079350 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Equinor ASA  | 108600 | 2458230 |
| PORTUGAL - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Banco Comercial Portugues SA  | 7380200 | 4713740 |
| SOUTH AFRICA - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglo American PLC  | 173399 | 4733510 |
| SPAIN - 2.5%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Household Durables - 0.4% |  |  |
| Neinor Homes SA (a)(c)(d) | 163100 | 2830643 |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| Banco Santander SA (d) | 910900 | 6379286 |
| CaixaBank SA (d) | 1201100 | 9205477 |
|  |  | 15584763 |
| TOTAL SPAIN |  | 18415406 |
| SWEDEN - 5.4%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Hemnet Group AB (b) | 167700 | 5742972 |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.6% |  |  |
| Haypp Group AB (b) | 399824 | 4211069 |
| Financials - 1.8% |  |  |
| Capital Markets - 0.8% |  |  |
| EQT AB  | 122200 | 3512199 |
| Nordnet AB  | 113400 | 2980042 |
|  |  | 6492241 |
| Financial Services - 1.0% |  |  |
| Investor AB B Shares  | 238100 | 7028083 |
| TOTAL FINANCIALS |  | 13520324 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Saab AB B Shares  | 123000 | 5727436 |
| Machinery - 0.9% |  |  |
| Indutrade AB  | 244600 | 6599936 |
| TOTAL INDUSTRIALS |  | 12327372 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Hexagon AB B Shares  | 375100 | 3650686 |
| Software - 0.0% |  |  |
| Kry International Ab (b)(e)(f) | 18879 | 372349 |
| TOTAL INFORMATION TECHNOLOGY |  | 4023035 |
| TOTAL SWEDEN |  | 39824772 |
| SWITZERLAND - 3.3%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Cie Financiere Richemont SA Series A  | 47660 | 8421771 |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| UBS Group AG  | 261780 | 7894474 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Galderma Group AG  | 38780 | 4505970 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Sika AG  | 14050 | 3511201 |
| TOTAL SWITZERLAND |  | 24333416 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 31800 | 5300742 |
| UNITED KINGDOM - 23.6%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Zegona Communications plc (b) | 932800 | 8403644 |
| Consumer Discretionary - 3.7% |  |  |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Compass Group PLC  | 304507 | 10266400 |
| Deliveroo PLC Class A (a)(b)(c) | 2477800 | 5630190 |
| Flutter Entertainment PLC (United Kingdom) (b) | 30900 | 7396005 |
|  |  | 23292595 |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 20649 | 4240666 |
| TOTAL CONSUMER DISCRETIONARY |  | 27533261 |
| Consumer Staples - 2.1% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 3480 | 97720 |
| Tobacco - 2.1% |  |  |
| British American Tobacco PLC  | 178000 | 7753384 |
| Imperial Brands PLC  | 178968 | 7343600 |
|  |  | 15096984 |
| TOTAL CONSUMER STAPLES |  | 15194704 |
| Financials - 6.7% |  |  |
| Banks - 2.1% |  |  |
| Lloyds Banking Group PLC  | 8580573 | 8430227 |
| NatWest Group PLC  | 1109400 | 7135979 |
|  |  | 15566206 |
| Capital Markets - 3.3% |  |  |
| 3i Group PLC  | 143818 | 8153192 |
| London Stock Exchange Group PLC  | 78400 | 12207784 |
| St James's Place PLC  | 285800 | 3577278 |
|  |  | 23938254 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (e)(f) | 1298 | 978471 |
| Insurance - 1.2% |  |  |
| Beazley PLC  | 354600 | 4179929 |
| Hiscox Ltd  | 295267 | 4324591 |
|  |  | 8504520 |
| TOTAL FINANCIALS |  | 48987451 |
| Health Care - 3.1% |  |  |
| Pharmaceuticals - 3.1% |  |  |
| Astrazeneca PLC  | 161200 | 23094595 |
| Industrials - 4.7% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Rolls-Royce Holdings PLC  | 1547800 | 15667566 |
| Professional Services - 2.6% |  |  |
| RELX PLC  | 340022 | 18556752 |
| TOTAL INDUSTRIALS |  | 34224318 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Halma PLC  | 112645 | 4137362 |
| Oxford Instruments PLC  | 1 | 22 |
|  |  | 4137384 |
| Real Estate - 0.8% |  |  |
| Diversified REITs - 0.3% |  |  |
| LondonMetric Property PLC  | 899304 | 2304720 |
| Real Estate Management & Development - 0.3% |  |  |
| Grainger PLC  | 776437 | 2224729 |
| Specialized REITs - 0.2% |  |  |
| Safestore Holdings PLC  | 196090 | 1645067 |
| TOTAL REAL ESTATE |  | 6174516 |
| Utilities - 0.8% |  |  |
| Multi-Utilities - 0.8% |  |  |
| National Grid PLC  | 423267 | 6109480 |
| TOTAL UNITED KINGDOM |  | 173859353 |
| UNITED STATES - 7.6%  |  |  |
| Communication Services - 1.6% |  |  |
| Entertainment - 1.6% |  |  |
| Spotify Technology SA (b) | 18900 | 11604222 |
| Consumer Staples - 1.9% |  |  |
| Food Products - 1.3% |  |  |
| Nestle SA  | 88150 | 9382455 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 25200 | 4318272 |
| TOTAL CONSUMER STAPLES |  | 13700727 |
| Energy - 2.3% |  |  |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Shell PLC  | 527537 | 17024539 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Alcon AG  | 46630 | 4500570 |
| Pharmaceuticals - 0.5% |  |  |
| Roche Holding AG  | 11130 | 3639360 |
| TOTAL HEALTH CARE |  | 8139930 |
| Industrials - 0.7% |  |  |
| Professional Services - 0.7% |  |  |
| Experian PLC  | 113491 | 5646295 |
| TOTAL UNITED STATES |  | 56115713 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $538,910,125) |  | <br> **715171345** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (b)(e)(f)<br>(Cost $1,000,736)<br>| 3852 | **749777** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 29532906 | 29538813 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 6422754 | 6423396 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $35,962,209) |  |  | **35962209** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $575,873,070)<br>| <br>**751883331** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(12946067)** |
| **NET ASSETS - 100.0%** | **738937264** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/03/22 | 1000736 |
| Kry International Ab | 5/14/21 - 10/30/24 | 1248474 |
| Revolut Group Holdings Ltd | 12/27/24 | 1128965 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 10860728 | 128503371 | 109825286 | 281668 | - | - | 29538813 | 29532906 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1011520 | 37437156 | 32025280 | 13122 | - | - | 6423396 | 6422754 | 0.0% |
| Total | 11872248 | 165940527 | 141850566 | 294790 | - | - | 35962209 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 52367085 | 35500530 | 16866555 | - |
| Consumer Discretionary | 85494266 | 49423613 | 36070653 | - |
| Consumer Staples | 59178403 | 15965134 | 43213269 | - |
| Energy | 27617404 | 3241786 | 24375618 | - |
| Financials | 174686516 | 76374248 | 97333797 | 978471 |
| Health Care | 74509688 | 43425409 | 31084279 | - |
| Industrials | 127965331 | 13710382 | 114254949 | - |
| Information Technology | 73537799 | 37973709 | 35191741 | 372349 |
| Materials | 27530857 | 6316772 | 21214085 | - |
| Real Estate | 6174516 | 6174516 | - | - |
| Utilities | 6109480 | - | 6109480 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 749777 | - | - | 749777 |
|  **Money Market Funds** | 35962209 | 35962209 | - | - |
| **Total Investments in Securities:** | 751883331 | 324068308 | 425714426 | 2100597 |

---

**Fidelity® Europe Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $715921122 |  |
| Fidelity Central Funds (cost $35,962,209) | 35962209 |  |
| Total Investment in Securities (cost $575,873,070) |  | $751883331 |
| Cash |  | 39182 |
| Foreign currency held at value (cost $73,633) |  | 73401 |
| Receivable for investments sold |  | 2694420 |
| Receivable for fund shares sold |  | 2253475 |
| Dividends receivable |  | 1480711 |
| Reclaims receivable |  | 4944252 |
| Distributions receivable from Fidelity Central Funds |  | 88771 |
| Prepaid expenses |  | 184 |
| **Total assets** |  | 763457727 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $16403180 |  |
| Payable for fund shares redeemed | 1110881 |  |
| Accrued management fee | 424969 |  |
| Distribution and service plan fees payable | 8008 |  |
| Other payables and accrued expenses | 150028 |  |
| Collateral on securities loaned | 6423397 |  |
| **Total liabilities** |  | 24520463 |
| **Net Assets**  |  | $738937264 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $633906643 |
| Total accumulated earnings (loss) |  | 105030621 |
| **Net Assets** |  | $738937264 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7744870 |
| Foreign Tax Reclaims |  | 1215742 |
| Income from Fidelity Central Funds (including $13,122 from security lending)  |  | 294790 |
| Income before foreign taxes withheld |  | $9255402 |
| Less foreign taxes withheld |  | (795108) |
| **Total income** |  | 8460294 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $2503602 |  |
| Performance adjustment | (466780) |  |
| Distribution and service plan fees | 42024 |  |
| Custodian fees and expenses | 17179 |  |
| Independent trustees' fees and expenses | 1283 |  |
| Registration fees | 77885 |  |
| Audit fees | 42940 |  |
| Legal | 568 |  |
| Miscellaneous | 1018 |  |
| **Total expenses** |  | 2219719 |
| **Net Investment income (loss)** |  | 6240575 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 15028787 |  |
| Foreign currency transactions | 85095 |  |
| Total net realized gain (loss) |  | 15113882 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 56344193 |  |
| Assets and liabilities in foreign currencies | 219946 |  |
| Total change in net unrealized appreciation (depreciation) |  | 56564139 |
| **Net gain (loss)** |  | 71678021 |
| **Net increase (decrease) in net assets resulting from operations** |  | $77918596 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6240575 | $10582501 |
| &nbsp;&nbsp;Net realized gain (loss) | 15113882<br>| 15962392<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 56564139 | 91497418<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 77918596<br>| 118042311<br>|
| Distributions to shareholders | (17620668)<br>| (9697062)<br>|
| Share transactions - net increase (decrease) | 97967311<br>| (75309165)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 158265239<br>| 33036084<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 580672025 | 547635941<br>|
| &nbsp;&nbsp;End of period | $738937264 | $580672025 |

---

**Financial Highlights** 

**Fidelity Advisor® Europe Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| .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) | $21103 | $15852 | $15325 | $16495 | $32148 | $23189 |
| Portfolio turnover rate K | 42% J<br>| 31%  | 37%  | 55%  | 52%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Europe Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| 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) | $5906 | $4665 | $4248 | $4066 | $6937 | $5204 |
| Portfolio turnover rate J | 42% I<br>| 31%  | 37%  | 55%  | 52%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| 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) | $2310 | $1601 | $2025 | $2496 | $5255 | $5242 |
| Portfolio turnover rate J | 42% I<br>| 31%  | 37%  | 55%  | 52%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| .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) | $701580 | $552467 | $519010 | $523685 | $913296 | $755125 |
| Portfolio turnover rate I | 42% H<br>| 31%  | 37%  | 55%  | 52%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Europe Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| .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) | $5150 | $3011 | $4806 | $4283 | $14401 | $14733 |
| Portfolio turnover rate I | 42% H<br>| 31%  | 37%  | 55%  | 52%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Europe Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| .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) | $2888 | $3076 | $2222 | $1461 | $28249 | $19479 |
| Portfolio turnover rate J | 42% I<br>| 31%  | 37%  | 55%  | 52%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount 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%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $188163030 |
| **Gross unrealized depreciation** | <u>(16935424)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$171227606</u> |
| **Tax cost** | <u>$580655725</u> |

---

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 | $(58515557) |
| Long-term | <u>(27975205)</u> |
| **Total capital loss carryforward** | <u>$(86490762)</u> |

---

**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.<br>|

---

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** | 210697193 | 126399331 |

---

**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% | 21000 | 448 |
| **Class M** | .25% | .25% | 12476 | 186 |
| **Class C** | .75% | .25% | <u>8548</u> | <u>727</u> |
|  |  |  | <u>42024</u> | <u>1361</u> |

---

**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** | 2118 |
| **Class M** | 163 |
| **Class C**A | <u>30</u> |
|  | <u>2311</u> |

---

*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** | 1855594 | 5934845 | (20598) |

---

**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** | 1120 | - | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Europe Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $439342 | $214383 |
| Class M | 119110 | 44641 |
| Class C | 28833 | 5044 |
| Europe | 16851586 | 9309343 |
| Class I | 88150 | 81789 |
| Class Z | <u>93647</u> | <u>41862</u> |
| Total  | <u>$17620668</u> | <u>$9697062</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Europe Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 162082 | 21452 | $6380549 | $775929 |
| Reinvestment of distributions | 12218 | 6443 | 436804 | 213141 |
| Shares redeemed | <u>(84487)</u> | <u>(97780)</u> | <u>(3151014)</u> | <u>(3489488)</u> |
| Net increase (decrease) | <u>89813</u> | <u>(69885)</u> | <u>$3666339</u> | <u>$(2500418)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 24936 | 3801 | $975730 | $136486 |
| Reinvestment of distributions | 3192 | 1296 | 114398 | 42989 |
| Shares redeemed | <u>(9432)</u> | <u>(17130)</u> | <u>(347332)</u> | <u>(618152)</u> |
| Net increase (decrease) | <u>18696</u> | <u>(12033)</u> | <u>$742796</u> | <u>$(438677)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 16185 | 2160 | $620434 | $77699 |
| Reinvestment of distributions | 805 | 153 | 28650 | 5024 |
| Shares redeemed | <u>(3694)</u> | <u>(25492)</u> | <u>(137970)</u> | <u>(901511)</u> |
| Net increase (decrease) | <u>13296</u> | <u>(23179)</u> | <u>$511114</u> | <u>$(818788)</u> |
| **Europe** |  |  |  |  |
| Shares sold | 3785596 | 633047 | $146945852 | $22875346 |
| Reinvestment of distributions | 432120 | 259528 | 15431021 | 8577392 |
| Shares redeemed | <u>(1903932)</u> | <u>(2815218)</u> | <u>(70640054)</u> | <u>(100700066)</u> |
| Net increase (decrease) | <u>2313784</u> | <u>(1922643)</u> | <u>$91736819</u> | <u>$(69247328)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 115516 | 13511 | $4464164 | $485051 |
| Reinvestment of distributions | 2344 | 1869 | 83882 | 61781 |
| Shares redeemed | <u>(72644)</u> | <u>(90511)</u> | <u>(2782720)</u> | <u>(3281012)</u> |
| Net increase (decrease) | <u>45216</u> | <u>(75131)</u> | <u>$1765326</u> | <u>$(2734180)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 8047 | 28495 | $300252 | $1050990 |
| Reinvestment of distributions | 1904 | 865 | 67744 | 28496 |
| Shares redeemed | <u>(22205)</u> | <u>(18170)</u> | <u>(823079)</u> | <u>(649260)</u> |
| Net increase (decrease) | <u>(12254)</u> | <u>11190</u> | <u>$(455083)</u> | <u>$430226</u> |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Household Durables - 0.2% |  |  |
| Chervon Holdings Ltd  | 1163900 | 1950939 |
| JAPAN - 96.7%  |  |  |
| Communication Services - 6.8% |  |  |
| Entertainment - 3.4% |  |  |
| Daiichikosho Co Ltd  | 344300 | 4019000 |
| Nintendo Co Ltd  | 241900 | 20082540 |
|  |  | 24101540 |
| Interactive Media & Services - 1.9% |  |  |
| Kakaku.com Inc  | 389000 | 6883271 |
| LY Corp  | 1807400 | 6835627 |
|  |  | 13718898 |
| Wireless Telecommunication Services - 1.5% |  |  |
| SoftBank Group Corp  | 213900 | 10816850 |
| TOTAL COMMUNICATION SERVICES |  | 48637288 |
| Consumer Discretionary - 11.4% |  |  |
| Automobile Components - 1.0% |  |  |
| Denso Corp  | 541500 | 6991815 |
| Automobiles - 0.6% |  |  |
| Suzuki Motor Corp  | 367600 | 4405196 |
| Broadline Retail - 1.3% |  |  |
| Pan Pacific International Holdings Corp  | 290200 | 8950776 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Curves Holdings Co Ltd  | 975000 | 4677927 |
| Kyoritsu Maintenance Co Ltd  | 419600 | 8859787 |
|  |  | 13537714 |
| Household Durables - 6.2% |  |  |
| Open House Group Co Ltd  | 179700 | 7940584 |
| Sony Group Corp  | 1359600 | 35870052 |
|  |  | 43810636 |
| Leisure Products - 0.4% |  |  |
| Roland Corp  | 145600 | 3222996 |
| TOTAL CONSUMER DISCRETIONARY |  | 80919133 |
| Consumer Staples - 2.5% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Seven & i Holdings Co Ltd  | 269500 | 3967208 |
| Welcia Holdings Co Ltd  | 142300 | 2505527 |
|  |  | 6472735 |
| Food Products - 0.7% |  |  |
| Ajinomoto Co Inc  | 254200 | 5199429 |
| Personal Care Products - 0.8% |  |  |
| Rohto Pharmaceutical Co Ltd  | 361800 | 6035061 |
| TOTAL CONSUMER STAPLES |  | 17707225 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| ENEOS Holdings Inc  | 840400 | 4045879 |
| Inpex Corp  | 265800 | 3325024 |
|  |  | 7370903 |
| Financials - 15.1% |  |  |
| Banks - 7.7% |  |  |
| Mizuho Financial Group Inc  | 361700 | 9043453 |
| Sumitomo Mitsui Financial Group Inc  | 1903600 | 45414592 |
|  |  | 54458045 |
| Capital Markets - 1.0% |  |  |
| Integral Corp (a) | 110800 | 2103170 |
| SBI Holdings Inc  | 179900 | 4704477 |
|  |  | 6807647 |
| Financial Services - 2.8% |  |  |
| ORIX Corp  | 1004900 | 20158325 |
| Insurance - 3.6% |  |  |
| LIFENET INSURANCE CO (a)(b) | 406600 | 5090320 |
| Tokio Marine Holdings Inc  | 517300 | 20734613 |
|  |  | 25824933 |
| TOTAL FINANCIALS |  | 107248950 |
| Health Care - 5.5% |  |  |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Hoya Corp  | 168600 | 19838519 |
| Health Care Providers & Services - 0.4% |  |  |
| CUC Inc (b) | 302100 | 2370655 |
| EUCALIA Inc (a) | 93500 | 672247 |
|  |  | 3042902 |
| Pharmaceuticals - 2.2% |  |  |
| Daiichi Sankyo Co Ltd  | 621300 | 15893246 |
| TOTAL HEALTH CARE |  | 38774667 |
| Industrials - 27.9% |  |  |
| Construction & Engineering - 1.0% |  |  |
| Taisei Corp  | 132600 | 7189838 |
| Electrical Equipment - 2.0% |  |  |
| Fuji Electric Co Ltd  | 144400 | 6421000 |
| NIDEC CORP  | 444900 | 7906467 |
|  |  | 14327467 |
| Industrial Conglomerates - 4.8% |  |  |
| Hitachi Ltd  | 1368100 | 33813296 |
| Machinery - 11.2% |  |  |
| Ebara Corp  | 481800 | 7237501 |
| Hoshizaki Corp  | 128000 | 5435837 |
| IHI Corp  | 189700 | 14859614 |
| Japan Steel Works Ltd/The  | 121900 | 5022908 |
| Kawasaki Heavy Industries Ltd  | 105200 | 6275358 |
| MISUMI Group Inc  | 366160 | 5129632 |
| Mitsubishi Heavy Industries Ltd  | 699000 | 13779280 |
| Nabtesco Corp  | 155900 | 2340463 |
| Organo Corp  | 99900 | 4744167 |
| SMC Corp  | 27400 | 8867761 |
| Toyota Industries Corp  | 45200 | 5298307 |
|  |  | 78990828 |
| Professional Services - 7.1% |  |  |
| BayCurrent Inc  | 164400 | 8858465 |
| Funai Soken Holdings Inc  | 250200 | 3989761 |
| Gakujo Co Ltd (a) | 202100 | 2354865 |
| Persol Holdings Co Ltd  | 6714800 | 12111812 |
| SIGMAXYZ Holdings Inc  | 583400 | 4247583 |
| SMS Co Ltd  | 238300 | 2210833 |
| TechnoPro Holdings Inc  | 466900 | 10505087 |
| Visional Inc (b) | 97100 | 5872995 |
|  |  | 50151401 |
| Trading Companies & Distributors - 1.8% |  |  |
| ITOCHU Corp  | 253000 | 12939164 |
| TOTAL INDUSTRIALS |  | 197411994 |
| Information Technology - 19.0% |  |  |
| Electronic Equipment, Instruments & Components - 4.1% |  |  |
| Daiwabo Holdings Co Ltd  | 201100 | 3401597 |
| Dexerials Corp  | 665000 | 7785775 |
| Furuya Metal Co Ltd  | 15600 | 279639 |
| Hamamatsu Photonics KK (a) | 371600 | 3431933 |
| Ibiden Co Ltd  | 261800 | 7236212 |
| Jeol Ltd  | 93400 | 2995750 |
| Taiyo Yuden Co Ltd (a) | 269700 | 4067686 |
|  |  | 29198592 |
| IT Services - 7.6% |  |  |
| DTS Corp  | 185100 | 5262495 |
| ExaWizards Inc (a)(b) | 774300 | 1727526 |
| Fujitsu Ltd  | 925000 | 20549303 |
| NEC Corp  | 455800 | 11095460 |
| NSD Co Ltd  | 373400 | 8772210 |
| TechMatrix Corp  | 407600 | 5801273 |
|  |  | 53208267 |
| Semiconductors & Semiconductor Equipment - 3.6% |  |  |
| Advantest Corp  | 135900 | 5685506 |
| Renesas Electronics Corp  | 1415800 | 16614787 |
| Rohm Co Ltd (a) | 336400 | 3052727 |
|  |  | 25353020 |
| Software - 1.2% |  |  |
| Appier Group Inc  | 152800 | 1344400 |
| Money Forward Inc (b) | 250800 | 7488217 |
|  |  | 8832617 |
| Technology Hardware, Storage & Peripherals - 2.5% |  |  |
| FUJIFILM Holdings Corp  | 884200 | 18110528 |
| TOTAL INFORMATION TECHNOLOGY |  | 134703024 |
| Materials - 6.4% |  |  |
| Chemicals - 6.4% |  |  |
| Kansai Paint Co Ltd  | 133900 | 2013463 |
| Kuraray Co Ltd  | 363500 | 4246222 |
| Mitsui Chemicals Inc  | 210000 | 4614692 |
| NOF Corp  | 335700 | 5036204 |
| Resonac Holdings Corp  | 240200 | 4368750 |
| Shin-Etsu Chemical Co Ltd  | 620800 | 18891871 |
| Tokyo Ohka Kogyo Co Ltd  | 213300 | 4679830 |
| Toyo Gosei Co Ltd (a) | 57900 | 1949843 |
|  |  | 45800875 |
| Real Estate - 1.1% |  |  |
| Real Estate Management & Development - 1.1% |  |  |
| Relo Group Inc  | 612000 | 8051280 |
| TOTAL JAPAN |  | 686625339 |
| UNITED STATES - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Space Exploration Technologies Corp (b)(c)(d) | 18055 | 3340175 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $518,731,845) |  | <br> **691916453** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 1015607 | 1015810 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 16736985 | 16738659 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $17,754,469) |  |  | **17754469** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $536,486,314)<br>| <br>**709670922** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **667543** |
| **NET ASSETS - 100.0%** | **710338465** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Space Exploration Technologies Corp | 2/16/21 - 5/24/22 | 1151846 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 566579 | 15492419 | 15043188 | 18366 | - | - | 1015810 | 1015607 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 13013849 | 99268262 | 95543452 | 85902 | - | - | 16738659 | 16736985 | 0.1% |
| Total | 13580428 | 114760681 | 110586640 | 104268 | - | - | 17754469 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 48637288 | 10902271 | 37735017 | - |
| Consumer Discretionary | 82870072 | 35603009 | 47267063 | - |
| Consumer Staples | 17707225 | 8540588 | 9166637 | - |
| Energy | 7370903 | - | 7370903 | - |
| Financials | 107248950 | 11897967 | 95350983 | - |
| Health Care | 38774667 | 3042902 | 35731765 | - |
| Industrials | 200752169 | 59111710 | 138300284 | 3340175 |
| Information Technology | 134703024 | 58579754 | 76123270 | - |
| Materials | 45800875 | 13679340 | 32121535 | - |
| Real Estate | 8051280 | 8051280 | - | - |
|  **Money Market Funds** | 17754469 | 17754469 | - | - |
| **Total Investments in Securities:** | 709670922 | 227163290 | 479167457 | 3340175 |

---

**Fidelity® Japan Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $691916453 |  |
| Fidelity Central Funds (cost $17,754,469) | 17754469 |  |
| Total Investment in Securities (cost $536,486,314) |  | $709670922 |
| Foreign currency held at value (cost $11,564,897) |  | 11747708 |
| Receivable for investments sold |  | 630038 |
| Receivable for fund shares sold |  | 76310 |
| Dividends receivable |  | 6226011 |
| Distributions receivable from Fidelity Central Funds |  | 18989 |
| Prepaid expenses |  | 204 |
| **Total assets** |  | 728370182 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $718940 |  |
| Payable for fund shares redeemed | 208432 |  |
| Accrued management fee | 318015 |  |
| Distribution and service plan fees payable | 5846 |  |
| Other payables and accrued expenses | 41825 |  |
| Collateral on securities loaned | 16738659 |  |
| **Total liabilities** |  | 18031717 |
| **Net Assets**  |  | $710338465 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $534446973 |
| Total accumulated earnings (loss) |  | 175891492 |
| **Net Assets** |  | $710338465 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7888466 |
| Income from Fidelity Central Funds (including $85,902 from security lending)  |  | 104268 |
| Income before foreign taxes withheld |  | $7992734 |
| Less foreign taxes withheld |  | (788977) |
| **Total income** |  | 7203757 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $2574660 |  |
| Performance adjustment | (576630) |  |
| Distribution and service plan fees | 37166 |  |
| Custodian fees and expenses | 17372 |  |
| Independent trustees' fees and expenses | 1503 |  |
| Registration fees | 65304 |  |
| Audit fees | 34126 |  |
| Legal | 635 |  |
| Interest | 2424 |  |
| Miscellaneous | 3702 |  |
| **Total expenses** |  | 2160262 |
| **Net Investment income (loss)** |  | 5043495 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11382738 |  |
| Foreign currency transactions | 417583 |  |
| Total net realized gain (loss) |  | 11800321 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11263335 |  |
| Assets and liabilities in foreign currencies | 761151 |  |
| Total change in net unrealized appreciation (depreciation) |  | 12024486 |
| **Net gain (loss)** |  | 23824807 |
| **Net increase (decrease) in net assets resulting from operations** |  | $28868302 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5043495 | $8373228 |
| &nbsp;&nbsp;Net realized gain (loss) | 11800321<br>| 16081921<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 12024486 | 113525071<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 28868302<br>| 137980220<br>|
| Distributions to shareholders | (32121491)<br>| (23847306)<br>|
| Share transactions - net increase (decrease) | 20605568<br>| (53403809)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 17352379<br>| 60729105<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 692986086 | 632256981<br>|
| &nbsp;&nbsp;End of period | $710338465 | $692986086 |

---

**Financial Highlights** 

**Fidelity Advisor® Japan Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $16860 | $16922 | $15764 | $13004 | $20357 | $16181 |
| Portfolio turnover rate J | 31% I<br>| 21%  | 25%  | 26%  | 31%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $2930 | $2847 | $2354 | $2282 | $3919 | $3728 |
| Portfolio turnover rate J | 31% I<br>| 21%  | 25%  | 26%  | 31%  | 22%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $1774 | $1967 | $1779 | $2179 | $4778 | $6167 |
| Portfolio turnover rate K | 31% J<br>| 21%  | 25%  | 26%  | 31%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Japan Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $180337 | $176869 | $149990 | $113015 | $167954 | $274433 |
| Portfolio turnover rate I | 31% H<br>| 21%  | 25%  | 26%  | 31%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Japan Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $17242 | $18555 | $32712 | $33320 | $48887 | $473859 |
| Portfolio turnover rate I | 31% H<br>| 21%  | 25%  | 26%  | 31%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Japan Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $491196 | $475826 | $429659 | $408434 | $585487 | $8368 |
| Portfolio turnover rate H | 31% G<br>| 21%  | 25%  | 26%  | 31%  | 22%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Annualized.*

H*Amount 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** | $217874421 |
| **Gross unrealized depreciation** | <u>(58523783)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$159350638</u> |
| **Tax cost** | <u>$550320284</u> |

---

**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** | 104571083 | 123240199 |

---

**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% | 20657 | 285 |
| **Class M** | .25% | .25% | 7164 | 66 |
| **Class C** | .75% | .25% | <u>9345</u> | <u>2492</u> |
|  |  |  | <u>37166</u> | <u>2843</u> |

---

**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 C**A | <u>11</u> |
|  | <u>354</u> |

---

*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 | 2459571 | 4.78% | 2286 |

---

**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** | 715494 | 5601800 | (354716) |

---

**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** | 9089 | - | - |

---

**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** | 1025000 | 4.83% | 138 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Japan Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $715903 | $601432 |
| Class M | 121784 | 80704 |
| Class C | 74834 | 58025 |
| Japan | 7875903 | 5977883 |
| Class I | 751595 | 1377391 |
| Class Z | <u>22581472</u> | <u>15751871</u> |
| Total  | <u>$32121491</u> | <u>$23847306</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Japan Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 40723 | 178076 | $667143 | $2989956 |
| Reinvestment of distributions | 40646 | 37678 | 684884 | 571577 |
| Shares redeemed | <u>(81379)</u> | <u>(322353)</u> | <u>(1343477)</u> | <u>(5347066)</u> |
| Net increase (decrease) | <u>(10)</u> | <u>(106599)</u> | <u>$8550</u> | <u>$(1785533)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 8477 | 10714 | $147341 | $174853 |
| Reinvestment of distributions | 7270 | 5341 | 121622 | 80602 |
| Shares redeemed | <u>(10266)</u> | <u>(13657)</u> | <u>(171584)</u> | <u>(229966)</u> |
| Net increase (decrease) | <u>5481</u> | <u>2398</u> | <u>$97379</u> | <u>$25489</u> |
| **Class C** |  |  |  |  |
| Shares sold | 14570 | 35715 | $240251 | $576393 |
| Reinvestment of distributions | 4552 | 3913 | 74834 | 58025 |
| Shares redeemed | <u>(30421)</u> | <u>(48344)</u> | <u>(487787)</u> | <u>(787654)</u> |
| Net increase (decrease) | <u>(11299)</u> | <u>(8716)</u> | <u>$(172702)</u> | <u>$(153236)</u> |
| **Japan** |  |  |  |  |
| Shares sold | 1342948 | 2663798 | $22523129 | $44014546 |
| Reinvestment of distributions | 424185 | 360541 | 7194179 | 5509063 |
| Shares redeemed | <u>(1515864)</u> | <u>(3127359)</u> | <u>(25708582)</u> | <u>(51775389)</u> |
| Net increase (decrease) | <u>251269</u> | <u>(103020)</u> | <u>$4008726</u> | <u>$(2251780)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 98128 | 873438 | $1668269 | $14285779 |
| Reinvestment of distributions | 42999 | 86366 | 739145 | 1330039 |
| Shares redeemed | <u>(215618)</u> | <u>(2116540)</u> | <u>(3664337)</u> | <u>(36696595)</u> |
| Net increase (decrease) | <u>(74491)</u> | <u>(1156736)</u> | <u>$(1256923)</u> | <u>$(21080777)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 431451 | 8068059 | $7280913 | $125982060 |
| Reinvestment of distributions | 841043 | 630507 | 14222031 | 9602617 |
| Shares redeemed | <u>(213378)</u> | <u>(10742814)</u> | <u>(3582406)</u> | <u>(163742649)</u> |
| Net increase (decrease) | <u>1059116</u> | <u>(2044248)</u> | <u>$17920538</u> | <u>$(28157972)</u> |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** |
|  | Shares | Value ($)<br>|
| JAPAN - 96.4%  |  |  |
| Communication Services - 3.3% |  |  |
| Entertainment - 3.3% |  |  |
| Capcom Co Ltd  | 295500 | 8554165 |
| Nintendo Co Ltd  | 64900 | 5387998 |
|  |  | 13942163 |
| Consumer Discretionary - 12.3% |  |  |
| Automobiles - 1.2% |  |  |
| Suzuki Motor Corp  | 434600 | 5208102 |
| Broadline Retail - 1.6% |  |  |
| Pan Pacific International Holdings Corp  | 222400 | 6859589 |
| Distributors - 1.1% |  |  |
| Central Automotive Products Ltd (a) | 381000 | 4514015 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Koshidaka Holdings Co Ltd  | 927800 | 6573377 |
| Specialty Retail - 4.5% |  |  |
| Fast Retailing Co Ltd  | 17500 | 5756535 |
| Fuji Corp/Miyagi (a) | 503800 | 6796966 |
| Intermestic Inc  | 110500 | 1282134 |
| USS Co Ltd  | 542100 | 5417967 |
|  |  | 19253602 |
| Textiles, Apparel & Luxury Goods - 2.4% |  |  |
| Asics Corp  | 302500 | 6501951 |
| Fujibo Holdings Inc  | 105200 | 3660442 |
|  |  | 10162393 |
| TOTAL CONSUMER DISCRETIONARY |  | 52571078 |
| Consumer Staples - 8.6% |  |  |
| Beverages - 1.9% |  |  |
| Asahi Group Holdings Ltd  | 580800 | 8027990 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Kato Sangyo Co Ltd  | 110500 | 3864177 |
| Food Products - 4.2% |  |  |
| Ajinomoto Co Inc  | 313200 | 6406221 |
| Kewpie Corp  | 216000 | 4908267 |
| Kotobuki Spirits Co Ltd (a) | 440700 | 6543615 |
|  |  | 17858103 |
| Household Products - 1.0% |  |  |
| Transaction Co Ltd (a) | 228400 | 4084619 |
| Personal Care Products - 0.6% |  |  |
| Rohto Pharmaceutical Co Ltd  | 165500 | 2760648 |
| TOTAL CONSUMER STAPLES |  | 36595537 |
| Energy - 2.6% |  |  |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| ENEOS Holdings Inc  | 955900 | 4601923 |
| Inpex Corp  | 313000 | 3915473 |
| Itochu Enex Co Ltd  | 225900 | 2436269 |
|  |  | 10953665 |
| Financials - 11.4% |  |  |
| Banks - 2.7% |  |  |
| Hokuhoku Financial Group Inc  | 478000 | 8508253 |
| Kyoto Financial Group Inc (a) | 170400 | 2909123 |
|  |  | 11417376 |
| Consumer Finance - 1.4% |  |  |
| Credit Saison Co Ltd  | 249900 | 5835901 |
| Financial Services - 0.7% |  |  |
| Zenkoku Hosho Co Ltd  | 157400 | 3402737 |
| Insurance - 6.6% |  |  |
| LIFENET INSURANCE CO (a)(b) | 191600 | 2398685 |
| Ms&Ad Insurance Group Holdings Inc  | 182700 | 4152737 |
| Sompo Holdings Inc  | 319800 | 10480202 |
| T&D Holdings Inc  | 171300 | 3645028 |
| Tokio Marine Holdings Inc  | 184000 | 7375157 |
|  |  | 28051809 |
| TOTAL FINANCIALS |  | 48707823 |
| Health Care - 1.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| As One Corp  | 189000 | 2989393 |
| Pharmaceuticals - 1.0% |  |  |
| Santen Pharmaceutical Co Ltd  | 437000 | 4422570 |
| TOTAL HEALTH CARE |  | 7411963 |
| Industrials - 23.7% |  |  |
| Construction & Engineering - 2.1% |  |  |
| Hazama Ando Corp  | 341100 | 3397163 |
| Hibiya Engineering Ltd (a) | 147500 | 3605487 |
| Yurtec Corp  | 156000 | 2001007 |
|  |  | 9003657 |
| Electrical Equipment - 3.4% |  |  |
| Fuji Electric Co Ltd  | 72400 | 3219393 |
| SWCC Corp  | 246900 | 11189761 |
|  |  | 14409154 |
| Ground Transportation - 1.4% |  |  |
| Kyushu Railway Co  | 223900 | 5754878 |
| Machinery - 4.2% |  |  |
| CKD Corp  | 198400 | 2890384 |
| Ebara Corp  | 258200 | 3878628 |
| IHI Corp  | 101400 | 7942882 |
| Takeuchi Manufacturing Co Ltd  | 108100 | 3368202 |
|  |  | 18080096 |
| Marine Transportation - 1.0% |  |  |
| Nippon Concept Corp  | 363300 | 4398324 |
| Professional Services - 5.0% |  |  |
| Funai Soken Holdings Inc  | 263480 | 4201527 |
| Open Up Group Inc  | 277200 | 3551758 |
| TKC Corp  | 169800 | 4774067 |
| Visional Inc (b) | 145200 | 8782275 |
|  |  | 21309627 |
| Trading Companies & Distributors - 5.1% |  |  |
| Inaba Denki Sangyo Co Ltd  | 165200 | 4342017 |
| ITOCHU Corp  | 87800 | 4490350 |
| Mitani Corp  | 404700 | 5335428 |
| Senshu Electric Co Ltd (a) | 193500 | 5934380 |
| Totech Corp  | 89500 | 1624371 |
|  |  | 21726546 |
| Transportation Infrastructure - 1.5% |  |  |
| Kamigumi Co Ltd  | 254500 | 6219212 |
| TOTAL INDUSTRIALS |  | 100901494 |
| Information Technology - 17.8% |  |  |
| Electronic Equipment, Instruments & Components - 7.3% |  |  |
| Amano Corp  | 218500 | 6358781 |
| Azbil Corp  | 599900 | 5169092 |
| Dexerials Corp  | 363000 | 4249979 |
| Hamamatsu Photonics KK (a) | 345700 | 3192732 |
| Ibiden Co Ltd  | 115800 | 3200739 |
| Maruwa Co Ltd/Aichi  | 30200 | 6138005 |
| Riken Keiki Co Ltd (a) | 143100 | 2670239 |
|  |  | 30979567 |
| IT Services - 4.7% |  |  |
| Ad-sol Nissin Corp  | 187400 | 1319847 |
| Argo Graphics Inc (a) | 266300 | 9386991 |
| NSD Co Ltd  | 283600 | 6662557 |
| TechMatrix Corp  | 185400 | 2638754 |
|  |  | 20008149 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Renesas Electronics Corp  | 454000 | 5327810 |
| Software - 3.9% |  |  |
| m-up Holdings Inc  | 246700 | 3255860 |
| Money Forward Inc (b) | 348150 | 10394828 |
| Systena Corp  | 391700 | 1019110 |
| WingArc1st Inc  | 78100 | 2081137 |
|  |  | 16750935 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| FUJIFILM Holdings Corp  | 136100 | 2787653 |
| TOTAL INFORMATION TECHNOLOGY |  | 75854114 |
| Materials - 10.4% |  |  |
| Chemicals - 5.7% |  |  |
| C Uyemura & Co Ltd  | 86200 | 5564597 |
| Kuraray Co Ltd  | 306700 | 3582714 |
| NOF Corp  | 198400 | 2976416 |
| Osaka Soda Co Ltd  | 601600 | 6269297 |
| Resonac Holdings Corp  | 135700 | 2468107 |
| Tokyo Ohka Kogyo Co Ltd  | 147700 | 3240557 |
|  |  | 24101688 |
| Construction Materials - 1.3% |  |  |
| Maeda Kosen Co Ltd  | 380000 | 5429710 |
| Metals & Mining - 3.4% |  |  |
| Dowa Holdings Co Ltd  | 108300 | 3474761 |
| Yamato Kogyo Co Ltd  | 186600 | 11078804 |
|  |  | 14553565 |
| TOTAL MATERIALS |  | 44084963 |
| Real Estate - 2.0% |  |  |
| Real Estate Management & Development - 2.0% |  |  |
| Arealink Co Ltd  | 108600 | 1664167 |
| Katitas Co Ltd  | 212700 | 3073424 |
| Starts Corp Inc  | 138300 | 3753001 |
|  |  | 8490592 |
| Utilities - 2.6% |  |  |
| Electric Utilities - 1.3% |  |  |
| Kansai Electric Power Co Inc/The  | 438300 | 5400047 |
| Gas Utilities - 1.3% |  |  |
| Nippon Gas Co Ltd  | 301300 | 5543221 |
| TOTAL UTILITIES |  | 10943268 |
| TOTAL JAPAN |  | 410456660 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $292,919,823) |  | <br> **410456660** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 861051 | 861223 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 22152663 | 22154878 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $23,016,101) |  |  | **23016101** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $315,935,924)<br>| <br>**433472761** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(7594573)** |
| **NET ASSETS - 100.0%** | **425878188** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 472348 | 10314491 | 9925616 | 7304 | - | - | 861223 | 861051 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9338303 | 106283252 | 93466677 | 48752 | - | - | 22154878 | 22152663 | 0.1% |
| Total | 9810651 | 116597743 | 103392293 | 56056 | - | - | 23016101 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 13942163 | 8554165 | 5387998 | - |
| Consumer Discretionary | 52571078 | 35104490 | 17466588 | - |
| Consumer Staples | 36595537 | 22161326 | 14434211 | - |
| Energy | 10953665 | 2436269 | 8517396 | - |
| Financials | 48707823 | 17218798 | 31489025 | - |
| Health Care | 7411963 | 7411963 | - | - |
| Industrials | 100901494 | 81370241 | 19531253 | - |
| Information Technology | 75854114 | 67738651 | 8115463 | - |
| Materials | 44084963 | 34559381 | 9525582 | - |
| Real Estate | 8490592 | 8490592 | - | - |
| Utilities | 10943268 | 5543221 | 5400047 | - |
|  **Money Market Funds** | 23016101 | 23016101 | - | - |
| **Total Investments in Securities:** | 433472761 | 313605198 | 119867563 | - |

---

**Fidelity® Japan Smaller Companies Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $410456660 |  |
| Fidelity Central Funds (cost $23,016,101) | 23016101 |  |
| Total Investment in Securities (cost $315,935,924) |  | $433472761 |
| Foreign currency held at value (cost $9,572,684) |  | 9800392 |
| Receivable for investments sold |  | 2236458 |
| Receivable for fund shares sold |  | 5467 |
| Dividends receivable |  | 4449725 |
| Distributions receivable from Fidelity Central Funds |  | 7935 |
| Prepaid expenses |  | 123 |
| **Total assets** |  | 449972861 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1590243 |  |
| Payable for fund shares redeemed | 35453 |  |
| Accrued management fee | 278356 |  |
| Other payables and accrued expenses | 35743 |  |
| Collateral on securities loaned | 22154878 |  |
| **Total liabilities** |  | 24094673 |
| **Net Assets**  |  | $425878188 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $304276110 |
| Total accumulated earnings (loss) |  | 121602078 |
| **Net Assets** |  | $425878188 |
| **Net Asset Value**, offering price and redemption price per share ($425,878,188 ÷ 25,445,893 shares) |  | $16.74 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5611338 |
| Income from Fidelity Central Funds (including $48,752 from security lending)  |  | 56056 |
| Income before foreign taxes withheld |  | $5667394 |
| Less foreign taxes withheld |  | (563148) |
| **Total income** |  | 5104246 |
| **Expenses** |  |  |
| Management fee | $1678231 |  |
| Custodian fees and expenses | 14165 |  |
| Independent trustees' fees and expenses | 897 |  |
| Registration fees | 12164 |  |
| Audit fees | 28722 |  |
| Legal | 480 |  |
| Miscellaneous | 689 |  |
| **Total expenses** |  | 1735348 |
| **Net Investment income (loss)** |  | 3368898 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12936422 |  |
| Foreign currency transactions | 255493 |  |
| Total net realized gain (loss) |  | 13191915 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 14242430 |  |
| Assets and liabilities in foreign currencies | 856682 |  |
| Total change in net unrealized appreciation (depreciation) |  | 15099112 |
| **Net gain (loss)** |  | 28291027 |
| **Net increase (decrease) in net assets resulting from operations** |  | $31659925 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3368898 | $5374113 |
| &nbsp;&nbsp;Net realized gain (loss) | 13191915<br>| 13982073<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 15099112 | 69020289<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 31659925<br>| 88376475<br>|
| Distributions to shareholders | (17881080)<br>| (13096272)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8764238 | 28846628 |
| Reinvestment of distributions | 17214798<br>| 12571486<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (23781016) | (142666579) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2198020<br>| (101248465)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 15976865<br>| (25968262)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 409901323 | 435869585<br>|
| &nbsp;&nbsp;End of period | $425878188 | $409901323 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 543332 | 1867703 |
| Issued in reinvestment of distributions | 1075253<br>| 873020<br>|
| &nbsp;&nbsp;Redeemed | (1498645) | (9273731) |
| &nbsp;&nbsp;Net increase (decrease) | 119940 | (6533008) |

---

**Financial Highlights** 

**Fidelity® Japan Smaller Companies Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $425878 | $409901 | $435870 | $364425 | $501214 | $523774 |
| Portfolio turnover rate I | 43% H<br>| 21%  | 36%  | 38%  | 23%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $114842409 |
| **Gross unrealized depreciation** | <u>(8986752)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$105855657</u> |
| **Tax cost** | <u>$327617104</u> |

---

**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** | 86070060 | 86070060 |

---

**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** | 342582 | 2917442 | 508323 |

---

**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** | 5288 | - | - |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.5%** | &nbsp;&nbsp;**Common Stocks - 95.5%** | &nbsp;&nbsp;**Common Stocks - 95.5%** |
|  | Shares | Value ($)<br>|
| DENMARK - 24.6%  |  |  |
| Consumer Staples - 2.0% |  |  |
| Beverages - 2.0% |  |  |
| Carlsberg AS Series B  | 46500 | 6335796 |
| Financials - 4.6% |  |  |
| Banks - 2.0% |  |  |
| Danske Bank A/S  | 179400 | 6254087 |
| Insurance - 2.6% |  |  |
| Tryg A/S  | 345983 | 8254444 |
| TOTAL FINANCIALS |  | 14508531 |
| Health Care - 11.9% |  |  |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Demant A/S (a) | 61100 | 2210690 |
| Pharmaceuticals - 11.2% |  |  |
| Novo Nordisk A/S Series B  | 529700 | 35416571 |
| TOTAL HEALTH CARE |  | 37627261 |
| Industrials - 4.6% |  |  |
| Air Freight & Logistics - 4.6% |  |  |
| DSV A/S  | 69300 | 14688821 |
| Materials - 1.5% |  |  |
| Chemicals - 1.5% |  |  |
| Novonesis Novozymes B Series B  | 73500 | 4753125 |
| TOTAL DENMARK |  | 77913534 |
| FINLAND - 14.5%  |  |  |
| Communication Services - 2.3% |  |  |
| Diversified Telecommunication Services - 2.3% |  |  |
| Elisa Oyj A Shares  | 138500 | 7377425 |
| Financials - 7.3% |  |  |
| Banks - 5.3% |  |  |
| Nordea Bank Abp (Sweden)  | 1238344 | 16911842 |
| Insurance - 2.0% |  |  |
| Sampo Oyj A Shares  | 619500 | 6206525 |
| TOTAL FINANCIALS |  | 23118367 |
| Information Technology - 2.9% |  |  |
| Communications Equipment - 2.9% |  |  |
| Nokia Oyj  | 1818100 | 9088995 |
| Materials - 0.8% |  |  |
| Paper & Forest Products - 0.8% |  |  |
| UPM-Kymmene Oyj  | 96400 | 2553260 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 1.2% |  |  |
| Fortum Oyj  | 223600 | 3734986 |
| TOTAL FINLAND |  | 45873033 |
| NORWAY - 11.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Media - 0.9% |  |  |
| Schibsted ASA B Shares  | 96600 | 2776342 |
| Consumer Staples - 1.3% |  |  |
| Food Products - 1.3% |  |  |
| Mowi ASA  | 223100 | 4076678 |
| Energy - 2.4% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TGS ASA  | 79300 | 586552 |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Equinor ASA  | 305000 | 6903868 |
| TOTAL ENERGY |  | 7490420 |
| Financials - 2.8% |  |  |
| Banks - 2.8% |  |  |
| DNB Bank ASA  | 359300 | 8938121 |
| Industrials - 2.0% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Kongsberg Gruppen ASA  | 40500 | 6493454 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Nordic Semiconductor ASA (a) | 183000 | 1803016 |
| Materials - 1.6% |  |  |
| Metals & Mining - 1.6% |  |  |
| Norsk Hydro ASA  | 983300 | 5215832 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Selvaag Bolig ASA  | 321200 | 1072890 |
| TOTAL NORWAY |  | 37866753 |
| SWEDEN - 44.2%  |  |  |
| Communication Services - 1.3% |  |  |
| Interactive Media & Services - 1.3% |  |  |
| Hemnet Group AB (a) | 117300 | 4016999 |
| Consumer Discretionary - 2.7% |  |  |
| Automobile Components - 0.3% |  |  |
| Autoliv Inc  | 11000 | 1025530 |
| Broadline Retail - 1.1% |  |  |
| Rusta AB  | 413000 | 3412361 |
| Specialty Retail - 1.3% |  |  |
| Haypp Group AB (a) | 385600 | 4061258 |
| TOTAL CONSUMER DISCRETIONARY |  | 8499149 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Axfood AB B Shares  | 23000 | 643205 |
| Financials - 9.8% |  |  |
| Capital Markets - 4.1% |  |  |
| EQT AB  | 278300 | 7998732 |
| Nordnet AB  | 194600 | 5113900 |
|  |  | 13112632 |
| Financial Services - 5.7% |  |  |
| Investor AB B Shares  | 609500 | 17990828 |
| TOTAL FINANCIALS |  | 31103460 |
| Health Care - 1.8% |  |  |
| Biotechnology - 0.5% |  |  |
| BoneSupport Holding AB (a)(b)(c) | 53100 | 1734931 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Surgical Science Sweden AB (a)(d) | 124000 | 1766572 |
| Life Sciences Tools & Services - 0.7% |  |  |
| AddLife AB B Shares  | 121200 | 2294719 |
| TOTAL HEALTH CARE |  | 5796222 |
| Industrials - 20.2% |  |  |
| Aerospace & Defense - 4.2% |  |  |
| Saab AB B Shares  | 284100 | 13228980 |
| Building Products - 2.9% |  |  |
| Assa Abloy AB B Shares  | 306700 | 9309568 |
| Industrial Conglomerates - 0.7% |  |  |
| Nolato AB B Shares  | 426500 | 2393836 |
| Machinery - 12.4% |  |  |
| Alfa Laval AB  | 103900 | 4300904 |
| Atlas Copco AB B Shares  | 1031700 | 14351256 |
| Beijer Alma AB B Shares  | 116500 | 2422689 |
| Indutrade AB  | 298900 | 8065089 |
| Sandvik AB  | 489000 | 10123522 |
|  |  | 39263460 |
| TOTAL INDUSTRIALS |  | 64195844 |
| Information Technology - 6.0% |  |  |
| Electronic Equipment, Instruments & Components - 4.2% |  |  |
| Hexagon AB B Shares  | 444200 | 4323207 |
| Lagercrantz Group AB B Shares  | 394353 | 8943374 |
|  |  | 13266581 |
| Software - 1.8% |  |  |
| Fortnox AB  | 645900 | 5812465 |
| TOTAL INFORMATION TECHNOLOGY |  | 19079046 |
| Materials - 2.0% |  |  |
| Chemicals - 0.8% |  |  |
| Hexpol AB B Shares  | 304170 | 2634010 |
| Paper & Forest Products - 1.2% |  |  |
| Svenska Cellulosa AB SCA B Shares  | 293600 | 3806123 |
| TOTAL MATERIALS |  | 6440133 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Swedish Logistic Property AB B Shares (a) | 142304 | 581553 |
| TOTAL SWEDEN |  | 140355611 |
| UNITED STATES - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (a) | 1900 | 1166562 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $224,572,140) |  | <br> **303175493** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 14201871 | 14204711 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 251 | 251 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,204,962) |  |  | **14204962** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $238,777,102)<br>| <br>**317380455** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(81694)** |
| **NET ASSETS - 100.0%** | **317298761** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 9501575 | 44893122 | 40189986 | 180776 | - | - | 14204711 | 14201871 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 976198 | 20869068 | 21845015 | 5052 | - | - | 251 | 251 | 0.0% |
| Total | 10477773 | 65762190 | 62035001 | 185828 | - | - | 14204962 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 15337328 | 15337328 | - | - |
| Consumer Discretionary | 8499149 | 8499149 | - | - |
| Consumer Staples | 11055679 | 4719883 | 6335796 | - |
| Energy | 7490420 | 586552 | 6903868 | - |
| Financials | 77668479 | 71461954 | 6206525 | - |
| Health Care | 43423483 | 8006912 | 35416571 | - |
| Industrials | 85378119 | 48150750 | 37227369 | - |
| Information Technology | 29971057 | 16558855 | 13412202 | - |
| Materials | 18962350 | 11193258 | 7769092 | - |
| Real Estate | 1654443 | 1654443 | - | - |
| Utilities | 3734986 | 3734986 | - | - |
|  **Money Market Funds** | 14204962 | 14204962 | - | - |
| **Total Investments in Securities:** | 317380455 | 204109032 | 113271423 | - |

---

**Fidelity® Nordic Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $303175493 |  |
| Fidelity Central Funds (cost $14,204,962) | 14204962 |  |
| Total Investment in Securities (cost $238,777,102) |  | $317380455 |
| Receivable for investments sold |  | 3324178 |
| Receivable for fund shares sold |  | 94290 |
| Dividends receivable |  | 1502367 |
| Reclaims receivable |  | 4944702 |
| Distributions receivable from Fidelity Central Funds |  | 38136 |
| Prepaid expenses |  | 107 |
| **Total assets** |  | 327284235 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8470814 |  |
| Payable for fund shares redeemed | 297934 |  |
| Accrued management fee | 208582 |  |
| Payable for IRS closing agreement payments and fees | 946655 |  |
| Other payables and accrued expenses | 61238 |  |
| Collateral on securities loaned | 251 |  |
| **Total liabilities** |  | 9985474 |
| **Net Assets**  |  | $317298761 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $236752409 |
| Total accumulated earnings (loss) |  | 80546352 |
| **Net Assets** |  | $317298761 |
| **Net Asset Value**, offering price and redemption price per share ($317,298,761 ÷ 5,001,442 shares) |  | $63.44 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6008039 |
| Foreign Tax Reclaims |  | 4307726 |
| Income from Fidelity Central Funds (including $5,052 from security lending)  |  | 185828 |
| Less IRS closing agreement payments and fees |  | $(845986) |
| Income before foreign taxes withheld |  | $9655607 |
| Less foreign taxes withheld |  | (1286201) |
| **Total income** |  | 8369406 |
| **Expenses** |  |  |
| Management fee | $1272357 |  |
| Custodian fees and expenses | 11682 |  |
| Independent trustees' fees and expenses | 698 |  |
| Registration fees | 14639 |  |
| Audit fees | 35307 |  |
| Legal | 425 |  |
| Miscellaneous | 28066 |  |
| Total expenses before reductions | 1363174 |  |
| Expense reductions | (282) |  |
| Total expenses after reductions |  | 1362892 |
| **Net Investment income (loss)** |  | 7006514 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6011247 |  |
| Foreign currency transactions | 36033 |  |
| Total net realized gain (loss) |  | 6047280 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7111115) |  |
| Assets and liabilities in foreign currencies | 171114 |  |
| Total change in net unrealized appreciation (depreciation) |  | (6940001) |
| **Net gain (loss)** |  | (892721) |
| **Net increase (decrease) in net assets resulting from operations** |  | $6113793 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7006514 | $4773825 |
| &nbsp;&nbsp;Net realized gain (loss) | 6047280<br>| 14138360<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (6940001) | 44961022<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6113793<br>| 63873207<br>|
| Distributions to shareholders | (17187035)<br>| (158641)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 24027055 | 38753187 |
| Reinvestment of distributions | 15532893<br>| 143738<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (43782109) | (56670115) |
| **Net increase (decrease) in net assets resulting from share transactions** | (4222161)<br>| (17773190)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (15295403)<br>| 45941376<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 332594164 | 286652788<br>|
| &nbsp;&nbsp;End of period | $317298761 | $332594164 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 386978 | 576139 |
| Issued in reinvestment of distributions | 257979<br>| 2295<br>|
| &nbsp;&nbsp;Redeemed | (717173) | (858020) |
| &nbsp;&nbsp;Net increase (decrease) | (72216) | (279586) |

---

**Financial Highlights** 

**Fidelity® Nordic Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| .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) | $317299 | $332594 | $286653 | $257164 | $422673 | $301424 |
| Portfolio turnover rate K | 29% J<br>| 21%  | 23%  | 42%  | 34%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net 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%.*

D*Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (29.35)%.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $78970804 |
| **Gross unrealized depreciation** | <u>(11489302)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$67481502</u> |
| **Tax cost** | <u>$249898953</u> |

---

**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.<br>|

---

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** | 43761106 | 60359331 |

---

**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** | 3549430 | - | - |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.5%** | &nbsp;&nbsp;**Common Stocks - 95.5%** | &nbsp;&nbsp;**Common Stocks - 95.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 7.7%  |  |  |
| Financials - 4.7% |  |  |
| Capital Markets - 2.8% |  |  |
| HUB24 Ltd  | 177757 | 8212160 |
| Macquarie Group Ltd  | 92404 | 11418830 |
|  |  | 19630990 |
| Financial Services - 1.9% |  |  |
| Challenger Ltd  | 2079470 | 9422418 |
| Cuscal Ltd (a) | 2233531 | 3699112 |
|  |  | 13121530 |
| TOTAL FINANCIALS |  | 32752520 |
| Health Care - 1.3% |  |  |
| Health Care Providers & Services - 1.3% |  |  |
| Sonic Healthcare Ltd  | 531841 | 8880133 |
| Industrials - 0.7% |  |  |
| Commercial Services & Supplies - 0.7% |  |  |
| Brambles Ltd  | 382033 | 5020548 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Canva Inc Class A (a)(b)(c) | 3524 | 4070220 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Lynas Rare Earths Ltd (a) | 668295 | 3653406 |
| TOTAL AUSTRALIA |  | 54376827 |
| CHINA - 22.4%  |  |  |
| Communication Services - 7.4% |  |  |
| Entertainment - 2.2% |  |  |
| DouYu International Holdings Ltd ADR (d) | 887510 | 6611950 |
| HUYA Inc Class A ADR (d) | 2391957 | 8993758 |
|  |  | 15605708 |
| Interactive Media & Services - 5.2% |  |  |
| Tencent Holdings Ltd  | 583400 | 35733807 |
| TOTAL COMMUNICATION SERVICES |  | 51339515 |
| Consumer Discretionary - 8.1% |  |  |
| Broadline Retail - 3.1% |  |  |
| Alibaba Group Holding Ltd  | 143800 | 2146938 |
| PDD Holdings Inc Class A ADR (a) | 181400 | 19150399 |
|  |  | 21297337 |
| Diversified Consumer Services - 2.0% |  |  |
| New Oriental Education & Technology Group Inc  | 435700 | 2134577 |
| New Oriental Education & Technology Group Inc ADR  | 56900 | 2779565 |
| TAL Education Group Class A ADR (a) | 1081100 | 9459626 |
|  |  | 14373768 |
| Hotels, Restaurants & Leisure - 2.7% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 246116 | 6015075 |
| TravelSky Technology Ltd H Shares  | 8710000 | 12151504 |
|  |  | 18166579 |
| Household Durables - 0.3% |  |  |
| Chervon Holdings Ltd  | 1226200 | 2055366 |
| TOTAL CONSUMER DISCRETIONARY |  | 55893050 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Noah Holdings Ltd Class A ADR  | 721400 | 6629666 |
| Health Care - 3.4% |  |  |
| Biotechnology - 1.9% |  |  |
| Beijing Tiantan Biological Products Corp Ltd A Shares (China)  | 962200 | 2525217 |
| Zai Lab Ltd (a) | 1791200 | 5705692 |
| Zai Lab Ltd ADR (a) | 162700 | 5155963 |
|  |  | 13386872 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Zylox-Tonbridge Medical Technology Co Ltd H Shares (a)(f)(g) | 4632000 | 10834040 |
| TOTAL HEALTH CARE |  | 24220912 |
| Industrials - 1.0% |  |  |
| Ground Transportation - 0.5% |  |  |
| Full Truck Alliance Co Ltd ADR  | 327100 | 3715856 |
| Machinery - 0.5% |  |  |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 902900 | 3333495 |
| TOTAL INDUSTRIALS |  | 7049351 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Daqo New Energy Corp ADR (a) | 195000 | 2484300 |
| Flat Glass Group Co Ltd H Shares (d) | 3456000 | 3912486 |
|  |  | 6396786 |
| Software - 0.2% |  |  |
| Pony AI Inc ADR (d) | 175700 | 1597113 |
| TOTAL INFORMATION TECHNOLOGY |  | 7993899 |
| Utilities - 0.5% |  |  |
| Gas Utilities - 0.5% |  |  |
| Kunlun Energy Co Ltd  | 3888000 | 3709732 |
| TOTAL CHINA |  | 156836125 |
| HONG KONG - 3.2%  |  |  |
| Financials - 3.2% |  |  |
| Insurance - 3.2% |  |  |
| AIA Group Ltd  | 2210400 | 16562342 |
| Prudential PLC  | 577619 | 6141696 |
| Prudential PLC rights (a)(h) | 577619 | 97209 |
|  |  | 22801247 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| China Metal Recycling Holdings Ltd (a)(b) | 2572200 | 3 |
| TOTAL HONG KONG |  | 22801250 |
| INDONESIA - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Bank Central Asia Tbk PT  | 6792100 | 3611296 |
| Bank Rakyat Indonesia Persero Tbk PT  | 28040000 | 6494338 |
| TOTAL INDONESIA |  | 10105634 |
| JAPAN - 37.3%  |  |  |
| Communication Services - 3.4% |  |  |
| Entertainment - 3.4% |  |  |
| Daiichikosho Co Ltd  | 232600 | 2715131 |
| Nintendo Co Ltd  | 254500 | 21128592 |
|  |  | 23843723 |
| Consumer Discretionary - 7.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| Pan Pacific International Holdings Corp  | 236200 | 7285229 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Kyoritsu Maintenance Co Ltd (d) | 352700 | 7447205 |
| Household Durables - 4.3% |  |  |
| Open House Group Co Ltd (d) | 177300 | 7834532 |
| Sony Group Corp  | 848100 | 22375251 |
|  |  | 30209783 |
| Specialty Retail - 0.6% |  |  |
| ZOZO Inc  | 439500 | 4463337 |
| TOTAL CONSUMER DISCRETIONARY |  | 49405554 |
| Consumer Staples - 1.3% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Seven & i Holdings Co Ltd  | 360300 | 5303840 |
| Personal Care Products - 0.5% |  |  |
| Rohto Pharmaceutical Co Ltd  | 228000 | 3803189 |
| TOTAL CONSUMER STAPLES |  | 9107029 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| ENEOS Holdings Inc  | 595800 | 2868318 |
| Financials - 4.2% |  |  |
| Banks - 0.7% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 191400 | 4566271 |
| Financial Services - 2.1% |  |  |
| ORIX Corp  | 751800 | 15081131 |
| Insurance - 1.4% |  |  |
| LIFENET INSURANCE CO (a)(d) | 370100 | 4633368 |
| Tokio Marine Holdings Inc  | 128300 | 5142569 |
|  |  | 9775937 |
| TOTAL FINANCIALS |  | 29423339 |
| Health Care - 2.2% |  |  |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Hoya Corp  | 108600 | 12778548 |
| Health Care Providers & Services - 0.4% |  |  |
| CUC Inc (a)(d) | 326100 | 2558989 |
| TOTAL HEALTH CARE |  | 15337537 |
| Industrials - 9.6% |  |  |
| Electrical Equipment - 1.7% |  |  |
| Fuji Electric Co Ltd  | 95700 | 4255469 |
| NIDEC CORP  | 414500 | 7366218 |
|  |  | 11621687 |
| Industrial Conglomerates - 2.7% |  |  |
| Hitachi Ltd  | 765200 | 18912313 |
| Machinery - 2.6% |  |  |
| IHI Corp  | 80400 | 6297907 |
| Mitsubishi Heavy Industries Ltd  | 322100 | 6349508 |
| Toyota Industries Corp  | 45200 | 5298307 |
|  |  | 17945722 |
| Professional Services - 2.6% |  |  |
| BayCurrent Inc  | 127600 | 6875549 |
| Funai Soken Holdings Inc  | 257200 | 4101385 |
| SMS Co Ltd  | 272600 | 2529052 |
| Visional Inc (a) | 81900 | 4953638 |
|  |  | 18459624 |
| TOTAL INDUSTRIALS |  | 66939346 |
| Information Technology - 7.7% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Hamamatsu Photonics KK (d) | 574700 | 5307675 |
| Ibiden Co Ltd  | 140600 | 3886216 |
|  |  | 9193891 |
| IT Services - 2.0% |  |  |
| Fujitsu Ltd  | 392000 | 8708461 |
| NSD Co Ltd  | 228200 | 5361056 |
|  |  | 14069517 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Advantest Corp  | 68400 | 2861579 |
| Megachips Corp  | 83150 | 2701299 |
| Renesas Electronics Corp  | 882600 | 10357544 |
|  |  | 15920422 |
| Software - 1.1% |  |  |
| Money Forward Inc (a) | 254300 | 7592717 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| FUJIFILM Holdings Corp  | 349800 | 7164740 |
| TOTAL INFORMATION TECHNOLOGY |  | 53941287 |
| Materials - 1.5% |  |  |
| Chemicals - 1.5% |  |  |
| Kuraray Co Ltd  | 332700 | 3886432 |
| Shin-Etsu Chemical Co Ltd  | 142400 | 4333445 |
| Toyo Gosei Co Ltd (d) | 61700 | 2077811 |
|  |  | 10297688 |
| TOTAL JAPAN |  | 261163821 |
| KOREA (SOUTH) - 7.6%  |  |  |
| Communication Services - 4.9% |  |  |
| Diversified Telecommunication Services - 3.7% |  |  |
| KT Corp  | 326740 | 11915509 |
| KT Corp ADR  | 713300 | 13880818 |
|  |  | 25796327 |
| Interactive Media & Services - 1.2% |  |  |
| Kakao Corp  | 133830 | 3587940 |
| Webtoon Entertainment Inc (a)(d) | 514503 | 4630527 |
|  |  | 8218467 |
| TOTAL COMMUNICATION SERVICES |  | 34014794 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| KB Financial Group Inc  | 111279 | 7018277 |
| Information Technology - 1.7% |  |  |
| Technology Hardware, Storage & Peripherals - 1.7% |  |  |
| Samsung Electronics Co Ltd  | 310870 | 12104518 |
| TOTAL KOREA (SOUTH) |  | 53137589 |
| NEW ZEALAND - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Ryman Healthcare Ltd (a) | 3436373 | 4507317 |
| PHILIPPINES - 0.4%  |  |  |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Robinsons Land Corp  | 13355500 | 2796455 |
| SINGAPORE - 1.4%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 1.4% |  |  |
| Sea Ltd Class A ADR (a) | 74700 | 10013535 |
| TAIWAN - 9.6%  |  |  |
| Information Technology - 9.6% |  |  |
| Semiconductors & Semiconductor Equipment - 9.6% |  |  |
| eMemory Technology Inc  | 69000 | 5544888 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 2200000 | 62211530 |
| TOTAL TAIWAN |  | 67756418 |
| UNITED STATES - 3.9%  |  |  |
| Health Care - 1.3% |  |  |
| Biotechnology - 1.0% |  |  |
| Legend Biotech Corp ADR (a) | 199800 | 6983010 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Anteris Technologies Global Corp depository receipt  | 452994 | 2483658 |
| GI Dynamics Inc (a)(b) | 111225 | 1 |
|  |  | 2483659 |
| TOTAL HEALTH CARE |  | 9466669 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Space Exploration Technologies Corp (a)(b)(c) | 22539 | 4169715 |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| Amkor Technology Inc  | 582800 | 10169860 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| James Hardie Industries PLC depository receipt (a) | 150000 | 3520830 |
| TOTAL UNITED STATES |  | 27327074 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $508,994,472) |  | <br> **670822045** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (a)(b)(c) | 85 | 98175 |
| Canva Inc Series A2 (a)(b)(c) | 15 | 17325 |
| TOTAL AUSTRALIA |  | 115500 |
| CHINA - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(b)(c) | 76206 | 611172 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D2 (b)(c) | 4012 | 304350 |
| Meesho Series E (b)(c) | 668 | 50674 |
| Meesho Series F (a)(b)(c) | 620 | 47976 |
| TOTAL INDIA |  | 403000 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,485,831) |  | <br> **1129672** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 3.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 3.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 3.2%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 3.2%  |  |  |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 30652 | 6076594 |
| Information Technology - 2.4% |  |  |
| Technology Hardware, Storage & Peripherals - 2.4% |  |  |
| Samsung Electronics Co Ltd  | 507610 | 16722188 |
| TOTAL KOREA (SOUTH) |  | 22798782 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $23,049,922) |  | <br> **22798782** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 5597693 | 5598813 |
| Fidelity Securities Lending Cash Central Fund (e)(i) | 4.33 | 19202607 | 19204527 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $24,803,340) |  |  | **24803340** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.4%**<br> (Cost $558,333,565)<br>| <br>**719553839** |
| **NET OTHER ASSETS (LIABILITIES) - (2.4)%**  | **(17177477)** |
| **NET ASSETS - 100.0%** | **702376362** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Canva Inc Class A | 3/18/24 - 12/23/24 | 4092290 |
| Canva Inc Series A | 9/22/23 | 90666 |
| Canva Inc Series A2 | 9/22/23 | 16000 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 1082365 |
| Meesho Series D2 | 7/15/24 | 224672 |
| Meesho Series E | 7/15/24 | 37408 |
| Meesho Series F | 7/15/24 | 34720 |
| Space Exploration Technologies Corp | 2/16/21 - 5/24/22 | 1437725 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1294188 | 86349674 | 82045049 | 83663 | - | - | 5598813 | 5597693 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 22547314 | 94174801 | 97517588 | 321448 | - | - | 19204527 | 19202607 | 0.1% |
| Total | 23841502 | 180524475 | 179562637 | 405111 | - | - | 24803340 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 119211567 | 46845719 | 72365848 | - |
| Consumer Discretionary | 105298604 | 74178501 | 31120103 | - |
| Consumer Staples | 9107029 | 3803189 | 5303840 | - |
| Energy | 2868318 | - | 2868318 | - |
| Financials | 108730683 | 11360243 | 97370440 | - |
| Health Care | 62412568 | 25532002 | 36880565 | 1 |
| Industrials | 83178960 | 20598238 | 58411007 | 4169715 |
| Information Technology | 156036202 | 43012722 | 108953260 | 4070220 |
| Materials | 17471927 | 2077811 | 15394113 | 3 |
| Real Estate | 2796455 | - | 2796455 | - |
| Utilities | 3709732 | 3709732 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 403000 | - | - | 403000 |
| Health Care | 611172 | - | - | 611172 |
| Information Technology | 115500 | - | - | 115500 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 6076594 | - | 6076594 | - |
| Information Technology | 16722188 | - | 16722188 | - |
|  **Money Market Funds** | 24803340 | 24803340 | - | - |
| **Total Investments in Securities:** | 719553839 | 255921497 | 454262731 | 9369611 |

---

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 ($)** | **Amoritization/**<br> **Accretion ($)** | **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** | 4822286 | - | 1418152 | 1999501 | - | - | - | - | 8239939 | 1418152 |
| **Convertible Preferred Stocks** | 882109 | (27172) | 411851 | - | (137116) | - | - | - | 1129672 | 411851 |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $694750499 |  |
| Fidelity Central Funds (cost $24,803,340) | 24803340 |  |
| Total Investment in Securities (cost $558,333,565) |  | $719553839 |
| Foreign currency held at value (cost $17) |  | 17 |
| Receivable for investments sold |  | 23327 |
| Receivable for fund shares sold |  | 493920 |
| Dividends receivable |  | 2419411 |
| Distributions receivable from Fidelity Central Funds |  | 33978 |
| Prepaid expenses |  | 204 |
| Other receivables |  | 130421 |
| **Total assets** |  | 722655117 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1799 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 11489 |  |
| Delayed delivery | 97209 |  |
| Payable for fund shares redeemed | 358057 |  |
| Accrued management fee | 560827 |  |
| Other payables and accrued expenses | 44847 |  |
| Collateral on securities loaned | 19204527 |  |
| **Total liabilities** |  | 20278755 |
| **Net Assets**  |  | $702376362 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $545773593 |
| Total accumulated earnings (loss) |  | 156602769 |
| **Net Assets** |  | $702376362 |
| **Net Asset Value**, offering price and redemption price per share ($702,376,362 ÷ 22,002,786 shares) |  | $31.92 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5889765 |
| Special dividends |  | 8821849 |
| Income from Fidelity Central Funds (including $321,448 from security lending)  |  | 405111 |
| Income before foreign taxes withheld |  | $15116725 |
| Less foreign taxes withheld |  | (712832) |
| **Total income** |  | 14403893 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $2855466 |  |
| Performance adjustment | 112947 |  |
| Custodian fees and expenses | 66291 |  |
| Independent trustees' fees and expenses | 1519 |  |
| Registration fees | 17481 |  |
| Audit fees | 45451 |  |
| Legal | 1155 |  |
| Interest | 6817 |  |
| Miscellaneous | 1154 |  |
| **Total expenses** |  | 3108281 |
| **Net Investment income (loss)** |  | 11295612 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9754641 |  |
| Foreign currency transactions | (13378) |  |
| Total net realized gain (loss) |  | 9741263 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $13,632)  | (23763235) |  |
| Assets and liabilities in foreign currencies | 192329 |  |
| Total change in net unrealized appreciation (depreciation) |  | (23570906) |
| **Net gain (loss)** |  | (13829643) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(2534031) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $11295612 | $19714129 |
| &nbsp;&nbsp;Net realized gain (loss) | 9741263<br>| 6434285<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (23570906) | 145497408<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2534031)<br>| 171645822<br>|
| Distributions to shareholders | (38319917)<br>| (36646040)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 54080016 | 40195016 |
| Reinvestment of distributions | 28600287<br>| 28015888<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (55135712) | (137490015) |
| **Net increase (decrease) in net assets resulting from share transactions** | 27544591<br>| (69279111)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (13309357)<br>| 65720671<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 715685719 | 649965048<br>|
| &nbsp;&nbsp;End of period | $702376362 | $715685719 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1688933 | 1319130 |
| Issued in reinvestment of distributions | 909678<br>| 1000210<br>|
| &nbsp;&nbsp;Redeemed | (1735856) | (4570449) |
| &nbsp;&nbsp;Net increase (decrease) | 862755 | (2251109) |

---

**Financial Highlights** 

**Fidelity® Pacific Basin Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $702376 | $715686 | $649965 | $657558 | $1214726 | $1084673 |
| Portfolio turnover rate L | 53% K<br>| 61%  | 46%  | 29%  | 40%  | 27%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.41 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .72%.*

D*Net 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%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .84%.*

F*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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 | $8239939 | 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 | $1129672 | 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** | $193402908 |
| **Gross unrealized depreciation** | <u>(52808810)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$140594098</u> |
| **Tax cost** | <u>$578959741</u> |

---

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 | <u>$(620529)</u> |
| **Total capital loss carryforward** | <u>$(620529)</u> |

---

**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** | 183289248 | 186120548 |

---

**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** | 4132 |

---

**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 | 4589100 | 4.70% | 5998 |

---

**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** | - | 688168 | 27680 |

---

**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** | 33919 | - | - |

---

**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** | 555000 | 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.

![](img109428_4.jpg)<br>

1.703611.127 TIF-SANN-0625

**Fidelity® International Value Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109446_1.jpg)

![](img109446_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FIV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Value Fund](#Sub_Sec_Fund_1597_FIV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1597_FIV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FIV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FIV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FIV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FIV-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 92.4%** | &nbsp;&nbsp;**Common Stocks - 92.4%** | &nbsp;&nbsp;**Common Stocks - 92.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 3.4%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 0.2% |  |  |
| Commonwealth Bank of Australia  | 40029 | 4266656 |
| Capital Markets - 0.9% |  |  |
| Macquarie Group Ltd  | 142460 | 17604503 |
| TOTAL FINANCIALS |  | 21871159 |
| Materials - 2.3% |  |  |
| Metals & Mining - 2.3% |  |  |
| BHP Group Ltd  | 1343609 | 32023109 |
| Glencore PLC  | 4898300 | 16060232 |
|  |  | 48083341 |
| TOTAL AUSTRALIA |  | 69954500 |
| BELGIUM - 1.8%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| KBC Group NV  | 220416 | 20240541 |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 92500 | 16886687 |
| TOTAL BELGIUM |  | 37127228 |
| DENMARK - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| DSV A/S  | 57888 | 12269934 |
| FINLAND - 1.7%  |  |  |
| Financials - 1.3% |  |  |
| Insurance - 1.3% |  |  |
| Mandatum Holding Oy  | 313234 | 2205020 |
| Sampo Oyj A Shares  | 2500570 | 25052222 |
|  |  | 27257242 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Fortum Oyj  | 455100 | 7601933 |
| TOTAL FINLAND |  | 34859175 |
| FRANCE - 9.8%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.2% |  |  |
| Vivendi SE  | 1700992 | 5268333 |
| Media - 0.3% |  |  |
| Canal+ SA  | 1493892 | 3394501 |
| Louis Hachette Group  | 1408292 | 2200034 |
|  |  | 5594535 |
| TOTAL COMMUNICATION SERVICES |  | 10862868 |
| Consumer Staples - 1.6% |  |  |
| Food Products - 1.6% |  |  |
| Danone SA  | 393100 | 33824847 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| TotalEnergies SE  | 529905 | 30180834 |
| Financials - 4.0% |  |  |
| Banks - 1.4% |  |  |
| BNP Paribas SA  | 327800 | 27774324 |
| Insurance - 2.6% |  |  |
| AXA SA  | 1104405 | 52233831 |
| TOTAL FINANCIALS |  | 80008155 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| EssilorLuxottica SA  | 23000 | 6584237 |
| Industrials - 0.4% |  |  |
| Building Products - 0.4% |  |  |
| Cie de Saint-Gobain SA  | 75500 | 8208210 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Alten SA  | 49900 | 4180335 |
| Materials - 1.3% |  |  |
| Chemicals - 1.3% |  |  |
| Air Liquide SA  | 129507 | 26610866 |
| TOTAL FRANCE |  | 200460352 |
| GERMANY - 13.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 46800 | 3939190 |
| Financials - 4.8% |  |  |
| Banks - 0.5% |  |  |
| Commerzbank AG  | 354400 | 9322413 |
| Capital Markets - 1.2% |  |  |
| Deutsche Bank AG  | 534300 | 13909375 |
| Deutsche Boerse AG  | 32900 | 10596889 |
|  |  | 24506264 |
| Insurance - 3.1% |  |  |
| Hannover Rueck SE  | 74500 | 23833804 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 58835 | 40278993 |
|  |  | 64112797 |
| TOTAL FINANCIALS |  | 97941474 |
| Health Care - 1.3% |  |  |
| Health Care Providers & Services - 1.0% |  |  |
| Fresenius SE & Co KGaA (a) | 451200 | 21365733 |
| Pharmaceuticals - 0.3% |  |  |
| Bayer AG  | 214400 | 5593596 |
| TOTAL HEALTH CARE |  | 26959329 |
| Industrials - 5.2% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Rheinmetall AG  | 27738 | 47239275 |
| Air Freight & Logistics - 0.8% |  |  |
| Deutsche Post AG  | 397600 | 16988656 |
| Industrial Conglomerates - 1.7% |  |  |
| Siemens AG  | 152239 | 35054753 |
| Machinery - 0.3% |  |  |
| Daimler Truck Holding AG  | 152100 | 6058296 |
| TOTAL INDUSTRIALS |  | 105340980 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| BASF SE (a) | 229300 | 11710232 |
| Covestro AG  | 91400 | 6150424 |
|  |  | 17860656 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Vonovia SE  | 335679 | 11134502 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| RWE AG  | 174400 | 6772673 |
| TOTAL GERMANY |  | 269948804 |
| HONG KONG - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Prudential PLC  | 1277846 | 13587054 |
| Prudential PLC rights (a)(b) | 1473146 | 247921 |
| TOTAL HONG KONG |  | 13834975 |
| INDIA - 0.6%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Reliance Industries Ltd GDR (c) | 177300 | 11577690 |
| INDONESIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank Central Asia Tbk PT  | 18812600 | 10002483 |
| ISRAEL - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (a) | 259100 | 4018641 |
| ITALY - 4.9%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Eni SpA  | 1143000 | 16369516 |
| Financials - 3.3% |  |  |
| Banks - 3.3% |  |  |
| Mediobanca Banca di Credito Finanziario SpA  | 1467425 | 29897768 |
| UniCredit SpA  | 661600 | 38492455 |
|  |  | 68390223 |
| Industrials - 0.8% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Prysmian SpA  | 109400 | 6009583 |
| Passenger Airlines - 0.5% |  |  |
| Ryanair Holdings PLC ADR  | 200400 | 9591144 |
| TOTAL INDUSTRIALS |  | 15600727 |
| TOTAL ITALY |  | 100360466 |
| JAPAN - 20.3%  |  |  |
| Communication Services - 2.2% |  |  |
| Entertainment - 1.5% |  |  |
| Nintendo Co Ltd  | 347500 | 28849453 |
| Interactive Media & Services - 0.4% |  |  |
| LY Corp  | 2370600 | 8965662 |
| Wireless Telecommunication Services - 0.3% |  |  |
| SoftBank Group Corp  | 126000 | 6371777 |
| TOTAL COMMUNICATION SERVICES |  | 44186892 |
| Consumer Discretionary - 2.7% |  |  |
| Automobile Components - 0.1% |  |  |
| Denso Corp  | 169400 | 2187282 |
| Automobiles - 1.4% |  |  |
| Toyota Motor Corp  | 1516300 | 28960450 |
| Household Durables - 1.2% |  |  |
| Sony Group Corp  | 674400 | 17792559 |
| Sumitomo Forestry Co Ltd  | 236100 | 6783457 |
|  |  | 24576016 |
| TOTAL CONSUMER DISCRETIONARY |  | 55723748 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Inpex Corp  | 581000 | 7268019 |
| Financials - 6.6% |  |  |
| Banks - 4.3% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 3513361 | 44265289 |
| Sumitomo Mitsui Financial Group Inc  | 1782900 | 42535026 |
|  |  | 86800315 |
| Financial Services - 0.8% |  |  |
| ORIX Corp  | 838900 | 16828360 |
| Insurance - 1.5% |  |  |
| Tokio Marine Holdings Inc  | 786544 | 31526552 |
| TOTAL FINANCIALS |  | 135155227 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Hoya Corp  | 35100 | 4130083 |
| Industrials - 5.0% |  |  |
| Industrial Conglomerates - 1.9% |  |  |
| Hitachi Ltd  | 1524000 | 37666445 |
| Machinery - 1.4% |  |  |
| MINEBEA MITSUMI Inc  | 325170 | 4765701 |
| Mitsubishi Heavy Industries Ltd  | 1241800 | 24479413 |
|  |  | 29245114 |
| Trading Companies & Distributors - 1.7% |  |  |
| ITOCHU Corp  | 374800 | 19168374 |
| Mitsui & Co Ltd  | 771400 | 15598574 |
|  |  | 34766948 |
| TOTAL INDUSTRIALS |  | 101678507 |
| Information Technology - 2.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Ibiden Co Ltd  | 117200 | 3239435 |
| IT Services - 1.3% |  |  |
| Fujitsu Ltd  | 779300 | 17312511 |
| TIS Inc  | 311901 | 9011491 |
|  |  | 26324002 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Renesas Electronics Corp  | 802417 | 9416575 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| FUJIFILM Holdings Corp  | 632700 | 12959207 |
| TOTAL INFORMATION TECHNOLOGY |  | 51939219 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Shin-Etsu Chemical Co Ltd  | 571200 | 17382469 |
| TOTAL JAPAN |  | 417464164 |
| NETHERLANDS - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Havas NV  | 1403292 | 2318129 |
| SINGAPORE - 1.8%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Singapore Telecommunications Ltd  | 4335700 | 12544032 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| United Overseas Bank Ltd  | 942305 | 25026532 |
| TOTAL SINGAPORE |  | 37570564 |
| SOUTH AFRICA - 0.9%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Thungela Resources Ltd (United Kingdom)  | 85381 | 425564 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Anglo American PLC  | 627261 | 17123204 |
| TOTAL SOUTH AFRICA |  | 17548768 |
| SPAIN - 3.1%  |  |  |
| Financials - 3.1% |  |  |
| Banks - 3.1% |  |  |
| Banco Santander SA (d) | 7278682 | 50974639 |
| Bankinter SA  | 1102900 | 12794063 |
| TOTAL SPAIN |  | 63768702 |
| SWEDEN - 1.8%  |  |  |
| Financials - 1.8% |  |  |
| Financial Services - 1.8% |  |  |
| Investor AB B Shares  | 1232640 | 36384273 |
| SWITZERLAND - 3.7%  |  |  |
| Financials - 3.7% |  |  |
| Capital Markets - 0.4% |  |  |
| UBS Group AG (United States)  | 303226 | 9166522 |
| Insurance - 3.3% |  |  |
| Swiss Life Holding AG  | 21423 | 21336047 |
| Zurich Insurance Group AG  | 64481 | 45734492 |
|  |  | 67070539 |
| TOTAL SWITZERLAND |  | 76237061 |
| UNITED KINGDOM - 13.7%  |  |  |
| Consumer Discretionary - 2.0% |  |  |
| Broadline Retail - 0.2% |  |  |
| B&M European Value Retail SA  | 797100 | 3573561 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (United Kingdom) (a) | 20500 | 4906735 |
| Household Durables - 1.5% |  |  |
| Barratt Redrow PLC  | 4935661 | 30639185 |
| Specialty Retail - 0.1% |  |  |
| JD Sports Fashion PLC  | 1941000 | 2032684 |
| TOTAL CONSUMER DISCRETIONARY |  | 41152165 |
| Consumer Staples - 2.2% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Tesco PLC  | 2081800 | 10302835 |
| Tobacco - 1.7% |  |  |
| Imperial Brands PLC  | 837069 | 34347480 |
| TOTAL CONSUMER STAPLES |  | 44650315 |
| Financials - 5.7% |  |  |
| Banks - 4.1% |  |  |
| HSBC Holdings PLC  | 2994600 | 33381930 |
| Lloyds Banking Group PLC  | 31119139 | 30573881 |
| Standard Chartered PLC  | 1381549 | 19898799 |
|  |  | 83854610 |
| Capital Markets - 0.9% |  |  |
| London Stock Exchange Group PLC  | 117200 | 18249391 |
| Insurance - 0.7% |  |  |
| Beazley PLC  | 1183600 | 13951959 |
| TOTAL FINANCIALS |  | 116055960 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Astrazeneca PLC  | 117912 | 16892866 |
| Industrials - 3.1% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| BAE Systems PLC  | 1753610 | 40653302 |
| Rolls-Royce Holdings PLC  | 1416300 | 14336461 |
|  |  | 54989763 |
| Trading Companies & Distributors - 0.4% |  |  |
| Bunzl PLC  | 259100 | 8142087 |
| TOTAL INDUSTRIALS |  | 63131850 |
| TOTAL UNITED KINGDOM |  | 281883156 |
| UNITED STATES - 9.7%  |  |  |
| Energy - 2.9% |  |  |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| Shell PLC ADR  | 925700 | 59689136 |
| Health Care - 2.5% |  |  |
| Pharmaceuticals - 2.5% |  |  |
| GSK PLC  | 434752 | 8600563 |
| Roche Holding AG  | 128180 | 41913132 |
|  |  | 50513695 |
| Industrials - 0.3% |  |  |
| Trading Companies & Distributors - 0.3% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 40816 | 6859270 |
| Materials - 4.0% |  |  |
| Chemicals - 1.0% |  |  |
| Linde PLC  | 43714 | 19812496 |
| Construction Materials - 3.0% |  |  |
| CRH PLC  | 383902 | 36631930 |
| Holcim AG  | 222130 | 24822579 |
|  |  | 61454509 |
| TOTAL MATERIALS |  | 81267005 |
| TOTAL UNITED STATES |  | 198329106 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,502,561,829) |  | <br> **1895918171** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Porsche Automobil Holding SE <br>(Cost $6,559,351)<br>| 120600 | **4972438** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 136034110 | 136061317 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 44832186 | 44836669 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $180,897,986) |  |  | **180897986** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $1,690,019,166)<br>| <br>**2081788595** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(29033779)** |
| **NET ASSETS - 100.0%** | **2052754816** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 62042278 | 413373099 | 339354060 | 1083109 | - | - | 136061317 | 136034110 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 4015254 | 97793598 | 56972183 | 7529 | - | - | 44836669 | 44832186 | 0.1% |
| Total | 66057532 | 511166697 | 396326243 | 1090638 | - | - | 180897986 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 69911921 | 13180997 | 56730924 | - |
| Consumer Discretionary | 100815103 | 51874812 | 48940291 | - |
| Consumer Staples | 78475162 | - | 78475162 | - |
| Energy | 125510759 | 71692390 | 53818369 | - |
| Financials | 792174007 | 244264345 | 547909662 | - |
| Health Care | 125985538 | 54448894 | 71536644 | - |
| Industrials | 313089478 | 22508710 | 290580768 | - |
| Information Technology | 56119554 | 16431261 | 39688293 | - |
| Materials | 208327541 | 62594850 | 145732691 | - |
| Real Estate | 11134502 | - | 11134502 | - |
| Utilities | 14374606 | 7601933 | 6772673 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 4972438 | - | 4972438 | - |
|  **Money Market Funds** | 180897986 | 180897986 | - | - |
| **Total Investments in Securities:** | 2081788595 | 725496178 | 1356292417 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $1900890609 |  |
| Fidelity Central Funds (cost $180,897,986) | 180897986 |  |
| Total Investment in Securities (cost $1,690,019,166) |  | $2081788595 |
| Foreign currency held at value (cost $70,842) |  | 72738 |
| Receivable for investments sold |  | 4772646 |
| Receivable for fund shares sold |  | 8790897 |
| Dividends receivable |  | 10114158 |
| Reclaims receivable |  | 4266946 |
| Distributions receivable from Fidelity Central Funds |  | 309750 |
| Prepaid expenses |  | 359 |
| **Total assets** |  | 2110116089 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $8238210 |  |
| Delayed delivery | 247921 |  |
| Payable for fund shares redeemed | 2731349 |  |
| Accrued management fee | 1249395 |  |
| Distribution and service plan fees payable | 11220 |  |
| Other payables and accrued expenses | 46509 |  |
| Collateral on securities loaned | 44836669 |  |
| **Total liabilities** |  | 57361273 |
| **Net Assets**  |  | $2052754816 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1741030898 |
| Total accumulated earnings (loss) |  | 311723918 |
| **Net Assets** |  | $2052754816 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $26719451 |
| Non-Cash dividends |  | 7980455 |
| Income from Fidelity Central Funds (including $7,529 from security lending)  |  | 1090638 |
| Income before foreign taxes withheld |  | $35790544 |
| Less foreign taxes withheld |  | (1686412) |
| **Total income** |  | 34104132 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $6385901 |  |
| Performance adjustment | (96535) |  |
| Distribution and service plan fees | 54518 |  |
| Custodian fees and expenses | 48349 |  |
| Independent trustees' fees and expenses | 3285 |  |
| Registration fees | 161272 |  |
| Audit fees | 39755 |  |
| Legal | 1075 |  |
| Miscellaneous | 3918 |  |
| Total expenses before reductions | 6601538 |  |
| Expense reductions | (1094) |  |
| Total expenses after reductions |  | 6600444 |
| **Net Investment income (loss)** |  | 27503688 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12138501 |  |
| Foreign currency transactions | (274612) |  |
| Total net realized gain (loss) |  | 11863889 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 179869220 |  |
| Assets and liabilities in foreign currencies | 516331 |  |
| Total change in net unrealized appreciation (depreciation) |  | 180385551 |
| **Net gain (loss)** |  | 192249440 |
| **Net increase (decrease) in net assets resulting from operations** |  | $219753128 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $27503688 | $26214521 |
| &nbsp;&nbsp;Net realized gain (loss) | 11863889<br>| (3040677)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 180385551 | 158249922<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 219753128<br>| 181423766<br>|
| Distributions to shareholders | (42013169)<br>| (16926327)<br>|
| Share transactions - net increase (decrease) | 402730660<br>| 590603012<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 580470619<br>| 755100451<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1472284197 | 717183746<br>|
| &nbsp;&nbsp;End of period | $2052754816 | $1472284197 |

---

**Financial Highlights** 

**Fidelity Advisor® International Value Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $33845 | $20609 | $17133 | $12080 | $10566 | $5947 |
| Portfolio turnover rate J | 34% I<br>| 29%  | 29%  | 25%  | 29% K | 36%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.73%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Value Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $6147 | $4730 | $4196 | $3498 | $4375 | $2884 |
| Portfolio turnover rate J | 34% I<br>| 29%  | 29%  | 25%  | 29% K | 36%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.48%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Value Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $3352 | $2365 | $2366 | $2190 | $3177 | $2947 |
| Portfolio turnover rate J | 34% I<br>| 29%  | 29%  | 25%  | 29% K | 36%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® International Value Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $1255087 | $885896 | $443836 | $367478 | $372441 | $406661 |
| Portfolio turnover rate I | 34% H<br>| 29%  | 29%  | 25%  | 29% J | 36%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.05%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Value Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $226731 | $164277 | $91052 | $74751 | $6661 | $10406 |
| Portfolio turnover rate I | 34% H<br>| 29%  | 29%  | 25%  | 29% J | 36%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.01%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Value Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $527593 | $394406 | $158601 | $118176 | $11946 | $2549 |
| Portfolio turnover rate I | 34% H<br>| 29%  | 29%  | 25%  | 29% J | 36%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.17%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio 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** | $441772432 |
| **Gross unrealized depreciation** | <u>(72775782)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$368996650</u> |
| **Tax cost** | <u>$1712791945</u> |

---

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 | $(39068564) |
| Long-term | <u>(48645184)</u> |
| **Total capital loss carryforward** | <u>$(87713748)</u> |

---

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** | 548976383 | 267811130 |

---

**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% | 29567 | 2094 |
| **Class M** | .25% | .25% | 12508 | 148 |
| **Class C** | .75% | .25% | <u>12443</u> | 1085 |
|  |  |  | <u>54518</u> | <u>3327</u> |

---

**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** | 9648 |
| **Class M** | 913 |
| **Class C**A | <u>27</u> |
|  | <u>10588</u> |

---

*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** | 59383592 | 1870688 | 284538 |

---

**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** | 1239 |

---

**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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $488630 | $348977 |
| Class M | 96338 | 72953 |
| Class C | 33393 | 27673 |
| International Value | 24793093 | 10313599 |
| Class I | 4958469 | 2133490 |
| Class Z | <u>11643246</u> | <u>4029635</u> |
| Total  | <u>$42013169</u> | <u>$16926327</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1117724 | 409712 | $12680630 | $4210717 |
| Reinvestment of distributions | 46752 | 36641 | 485618 | 346659 |
| Shares redeemed | <u>(234965)</u> | <u>(457274)</u> | <u>(2563190)</u> | <u>(4730489)</u> |
| Net increase (decrease) | <u>929511</u> | <u>(10921)</u> | <u>$10603058</u> | <u>$(173113)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 90380 | 25444 | $1028609 | $257449 |
| Reinvestment of distributions | 9259 | 7505 | 96338 | 71094 |
| Shares redeemed | <u>(23924)</u> | <u>(65455)</u> | <u>(258018)</u> | <u>(674620)</u> |
| Net increase (decrease) | <u>75715</u> | <u>(32506)</u> | <u>$866929</u> | <u>$(346077)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 87350 | 24053 | $1007854 | $245624 |
| Reinvestment of distributions | 3198 | 2901 | 33393 | 27673 |
| Shares redeemed | <u>(30352)</u> | <u>(73408)</u> | <u>(331945)</u> | <u>(749686)</u> |
| Net increase (decrease) | <u>60196</u> | <u>(46454)</u> | <u>$709302</u> | <u>$(476389)</u> |
| **International Value** |  |  |  |  |
| Shares sold | 40914979 | 43576697 | $453267782 | $455952864 |
| Reinvestment of distributions | 1839614 | 930687 | 19105277 | 8794774 |
| Shares redeemed | <u>(19430870)</u> | <u>(11974365)</u> | <u>(207659071)</u> | <u>(123234962)</u> |
| Net increase (decrease) | <u>23323723</u> | <u>32533019</u> | <u>$264713988</u> | <u>$341512676</u> |
| **Class I** |  |  |  |  |
| Shares sold | 7489746 | 11977758 | $81576578 | $126009409 |
| Reinvestment of distributions | 467850 | 221911 | 4863643 | 2101443 |
| Shares redeemed | <u>(4146244)</u> | <u>(7158179)</u> | <u>(44772244)</u> | <u>(75842662)</u> |
| Net increase (decrease) | <u>3811352</u> | <u>5041490</u> | <u>$41667977</u> | <u>$52268190</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 15325812 | 25315241 | $166502847 | $265920733 |
| Reinvestment of distributions | 853657 | 352743 | 8868907 | 3336691 |
| Shares redeemed | <u>(8407852)</u> | <u>(6806180)</u> | <u>(91202348)</u> | <u>(71439699)</u> |
| Net increase (decrease) | <u>7771617</u> | <u>18861804</u> | <u>$84169406</u> | <u>$197817725</u> |

---

**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.

![](img109446_4.jpg)<br>

1.827485.118 FIV-SANN-0625

**Fidelity® International Small Cap Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109449_1.jpg)

![](img109449_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ISC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Small Cap Fund](#Sub_Sec_Fund_1135_ISC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1135_ISC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ISC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ISC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ISC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ISC-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 3.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Amotiv Ltd  | 3180629 | 15771575 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Inghams Group Ltd  | 12709168 | 27901227 |
| Financials - 1.1% |  |  |
| Insurance - 1.1% |  |  |
| AUB Group Ltd  | 1444431 | 29494495 |
| nib holdings Ltd/Australia  | 5191035 | 22646642 |
|  |  | 52141137 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Deterra Royalties Ltd  | 9100000 | 21217055 |
| Imdex Ltd  | 15235985 | 28823362 |
|  |  | 50040417 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Servcorp Ltd (a) | 7066585 | 22845944 |
| Specialized REITs - 0.3% |  |  |
| National Storage REIT unit  | 10281996 | 15118798 |
| TOTAL REAL ESTATE |  | 37964742 |
| TOTAL AUSTRALIA |  | 183819098 |
| AUSTRIA - 2.9%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Eurotelesites AG (b) | 2504800 | 14244565 |
| Telekom Austria AG  | 3160400 | 33368015 |
|  |  | 47612580 |
| Industrials - 0.7% |  |  |
| Construction & Engineering - 0.7% |  |  |
| Strabag SE  | 411597 | 36043263 |
| Materials - 1.2% |  |  |
| Construction Materials - 0.7% |  |  |
| Wienerberger AG  | 946000 | 33093358 |
| Containers & Packaging - 0.5% |  |  |
| Mayr Melnhof Karton AG  | 249700 | 23025833 |
| TOTAL MATERIALS |  | 56119191 |
| TOTAL AUSTRIA |  | 139775034 |
| BELGIUM - 1.1%  |  |  |
| Health Care - 0.9% |  |  |
| Health Care Providers & Services - 0.9% |  |  |
| Fagron  | 1854100 | 43058552 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Econocom Group SA/NV  | 4274795 | 8842773 |
| TOTAL BELGIUM |  | 51901325 |
| BRAZIL - 1.5%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Diversified Consumer Services - 0.6% |  |  |
| Afya Ltd Class A (c) | 1560200 | 29643800 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Atacadao SA  | 11486200 | 17304742 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Hypera SA  | 5722400 | 24320818 |
| TOTAL BRAZIL |  | 71269360 |
| CANADA - 4.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Quebecor Inc Multiple Voting Shares  | 612800 | 16873559 |
| Consumer Staples - 1.8% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| North West Co Inc/The  | 1044900 | 41914239 |
| Food Products - 0.9% |  |  |
| Lassonde Industries Inc Class A  | 290699 | 43703957 |
| TOTAL CONSUMER STAPLES |  | 85618196 |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Total Energy Services Inc  | 962500 | 6185804 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Parkland Corp  | 707400 | 17820980 |
| TOTAL ENERGY |  | 24006784 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| ECN Capital Corp  | 5364300 | 10856228 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Richelieu Hardware Ltd  | 298200 | 7053751 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Open Text Corp  | 755296 | 20446574 |
| Materials - 0.5% |  |  |
| Containers & Packaging - 0.5% |  |  |
| CCL Industries Inc Class B  | 443900 | 23196399 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Genesis Land Development Corp (a) | 4888699 | 11028474 |
| TOTAL CANADA |  | 199079965 |
| CHINA - 3.5%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.3% |  |  |
| Weifu High-Technology Group Co Ltd B Shares  | 8579471 | 13477675 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Best Pacific International Holdings Ltd (d) | 22158900 | 6914299 |
| TOTAL CONSUMER DISCRETIONARY |  | 20391974 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Far East Horizon Ltd  | 28280000 | 21914849 |
| Health Care - 0.9% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Sinopharm Group Co Ltd H Shares  | 7144800 | 16895615 |
| Pharmaceuticals - 0.6% |  |  |
| Consun Pharmaceutical Group Ltd  | 22500000 | 26864459 |
| TOTAL HEALTH CARE |  | 43760074 |
| Industrials - 1.5% |  |  |
| Machinery - 0.9% |  |  |
| Impro Precision Industries Ltd/China (d)(e) | 28391300 | 8456329 |
| Precision Tsugami China Corp Ltd (d) | 7224453 | 19701529 |
| Yangzijiang Shipbuildling (Holdings) Ltd (b) | 8000000 | 13703707 |
|  |  | 41861565 |
| Transportation Infrastructure - 0.6% |  |  |
| Qingdao Port International Co Ltd H Shares (d)(e) | 40373000 | 29151684 |
| TOTAL INDUSTRIALS |  | 71013249 |
| Materials - 0.3% |  |  |
| Containers & Packaging - 0.3% |  |  |
| Shenzhen YUTO Packaging Technology Co Ltd A Shares (China)  | 5606766 | 15980927 |
| TOTAL CHINA |  | 173061073 |
| DENMARK - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Spar Nord Bank A/S (b) | 1398975 | 44884401 |
| FINLAND - 1.1%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Tokmanni Group Corp  | 1195500 | 18808826 |
| Materials - 0.7% |  |  |
| Containers & Packaging - 0.7% |  |  |
| Huhtamaki Oyj  | 963100 | 35371771 |
| TOTAL FINLAND |  | 54180597 |
| FRANCE - 2.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| IPSOS SA  | 441200 | 20782242 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Vallourec SACA (b) | 1839400 | 33975777 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Antin Infrastructure Partners SA  | 283032 | 3302518 |
| Industrials - 0.6% |  |  |
| Trading Companies & Distributors - 0.6% |  |  |
| Thermador Groupe  | 404966 | 30324415 |
| Real Estate - 0.9% |  |  |
| Industrial REITs - 0.5% |  |  |
| ARGAN SA  | 337200 | 23263619 |
| Residential REITs - 0.4% |  |  |
| Altarea SCA  | 157557 | 18141565 |
| TOTAL REAL ESTATE |  | 41405184 |
| TOTAL FRANCE |  | 129790136 |
| GERMANY - 2.4%  |  |  |
| Financials - 0.6% |  |  |
| Insurance - 0.6% |  |  |
| Talanx AG  | 266467 | 30458394 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Rheinmetall AG  | 22225 | 37850346 |
| Commercial Services & Supplies - 0.1% |  |  |
| Takkt AG  | 809882 | 6972809 |
| Machinery - 0.9% |  |  |
| JOST Werke SE (d)(e) | 437020 | 24531120 |
| Norma Group SE  | 623692 | 7757913 |
| Stabilus SE  | 372000 | 10240511 |
|  |  | 42529544 |
| TOTAL INDUSTRIALS |  | 87352699 |
| TOTAL GERMANY |  | 117811093 |
| GREECE - 2.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| OPAP SA  | 1109300 | 24593042 |
| Industrials - 1.5% |  |  |
| Industrial Conglomerates - 1.0% |  |  |
| Metlen Energy & Metals SA  | 1013101 | 47743965 |
| Transportation Infrastructure - 0.5% |  |  |
| Athens International Airport SA  | 2498200 | 25866985 |
| TOTAL INDUSTRIALS |  | 73610950 |
| TOTAL GREECE |  | 98203992 |
| HONG KONG - 1.9%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| HKT Trust & HKT Ltd unit  | 16166000 | 23012100 |
| Media - 0.3% |  |  |
| Pico Far East Holdings Ltd  | 61300071 | 15096593 |
| TOTAL COMMUNICATION SERVICES |  | 38108693 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Magnificent Hotel Investment Ltd (b) | 316412000 | 2692659 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| WH Group Ltd (d)(e) | 22648500 | 20266722 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASMPT Ltd  | 3033900 | 20420029 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| China Metal Recycling Holdings Ltd (b)(f) | 436800 | 1 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Sino Land Co Ltd  | 13064375 | 13442379 |
| TOTAL HONG KONG |  | 94930483 |
| HUNGARY - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Richter Gedeon Nyrt  | 1497000 | 45287668 |
| INDIA - 1.7%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 0.2% |  |  |
| IndusInd Bank Ltd  | 1084400 | 10755236 |
| Consumer Finance - 1.0% |  |  |
| Shriram Finance Ltd  | 6080260 | 44002111 |
| TOTAL FINANCIALS |  | 54757347 |
| Real Estate - 0.5% |  |  |
| Office REITs - 0.5% |  |  |
| Embassy Office Parks REIT  | 5935400 | 26778526 |
| TOTAL INDIA |  | 81535873 |
| INDONESIA - 1.1%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Selamat Sempurna Tbk PT  | 197940200 | 21253187 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 125000000 | 16181832 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bank Syariah Indonesia Tbk PT  | 105000000 | 18059193 |
| TOTAL INDONESIA |  | 55494212 |
| IRELAND - 1.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Dalata Hotel Group PLC  | 4166409 | 23882777 |
| Industrials - 0.6% |  |  |
| Machinery - 0.1% |  |  |
| Mincon Group Plc (a) | 13529844 | 5701750 |
| Trading Companies & Distributors - 0.5% |  |  |
| AerCap Holdings NV  | 215172 | 22808232 |
| TOTAL INDUSTRIALS |  | 28509982 |
| Real Estate - 0.4% |  |  |
| Residential REITs - 0.4% |  |  |
| Irish Residential Properties Reit PLC  | 16285700 | 18818240 |
| TOTAL IRELAND |  | 71210999 |
| ITALY - 3.1%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Pirelli & C SpA (d)(e) | 2750000 | 16897591 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| MARR SpA  | 985827 | 10866407 |
| Financials - 1.5% |  |  |
| Capital Markets - 0.7% |  |  |
| Banca Generali SpA  | 559300 | 33010717 |
| Financial Services - 0.8% |  |  |
| Banca Mediolanum SpA (c) | 1000000 | 14862992 |
| BFF Bank SpA (b)(d)(e) | 2405056 | 22695649 |
|  |  | 37558641 |
| TOTAL FINANCIALS |  | 70569358 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 571211 | 33551947 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Sesa SpA  | 253400 | 21271456 |
| TOTAL ITALY |  | 153156759 |
| JAPAN - 22.3%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.7% |  |  |
| Capcom Co Ltd  | 1105900 | 32013709 |
| Consumer Discretionary - 2.9% |  |  |
| Automobiles - 0.5% |  |  |
| Isuzu Motors Ltd  | 1833300 | 24655020 |
| Broadline Retail - 0.4% |  |  |
| ASKUL Corp  | 1658900 | 17623927 |
| Distributors - 1.1% |  |  |
| Central Automotive Products Ltd  | 1872300 | 22182656 |
| PALTAC Corp  | 1122300 | 31036329 |
|  |  | 53218985 |
| Leisure Products - 0.4% |  |  |
| Roland Corp  | 791400 | 17518401 |
| Specialty Retail - 0.5% |  |  |
| ARCLANDS CORP (c) | 2194589 | 26615032 |
| TOTAL CONSUMER DISCRETIONARY |  | 139631365 |
| Consumer Staples - 1.1% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Tsuruha Holdings Inc (c) | 402400 | 32295006 |
| Food Products - 0.4% |  |  |
| S Foods Inc  | 1137623 | 21442817 |
| TOTAL CONSUMER STAPLES |  | 53737823 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Itochu Enex Co Ltd  | 53600 | 578061 |
| San-Ai Obbli Co Ltd  | 2034900 | 23867166 |
|  |  | 24445227 |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Hokuhoku Financial Group Inc  | 1769400 | 31494775 |
| Kyoto Financial Group Inc (c) | 1846900 | 31530864 |
|  |  | 63025639 |
| Health Care - 1.1% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| As One Corp  | 1409100 | 22287590 |
| Ship Healthcare Holdings Inc  | 2284800 | 33062325 |
|  |  | 55349915 |
| Industrials - 7.8% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Prestige International Inc  | 3604500 | 16915789 |
| Electrical Equipment - 0.6% |  |  |
| Fuji Electric Co Ltd  | 715400 | 31811517 |
| Industrial Conglomerates - 0.5% |  |  |
| Hikari Tsushin Inc  | 90000 | 24913974 |
| Machinery - 1.5% |  |  |
| Ebara Corp  | 2538600 | 38134330 |
| Kawasaki Heavy Industries Ltd  | 600000 | 35791017 |
|  |  | 73925347 |
| Professional Services - 3.0% |  |  |
| BayCurrent Inc  | 984700 | 53059188 |
| Funai Soken Holdings Inc  | 1552300 | 24753420 |
| MEITEC Group Holdings Inc  | 1123100 | 23026771 |
| Persol Holdings Co Ltd  | 13000500 | 23449636 |
| TKC Corp  | 632000 | 17769198 |
|  |  | 142058213 |
| Trading Companies & Distributors - 1.1% |  |  |
| Inaba Denki Sangyo Co Ltd  | 1432300 | 37645709 |
| Mitani Corp  | 1302442 | 17170955 |
|  |  | 54816664 |
| Transportation Infrastructure - 0.8% |  |  |
| Kamigumi Co Ltd  | 1567600 | 38307416 |
| TOTAL INDUSTRIALS |  | 382748920 |
| Information Technology - 4.7% |  |  |
| Electronic Equipment, Instruments & Components - 1.4% |  |  |
| Amano Corp  | 746850 | 21734807 |
| Dexerials Corp  | 2081600 | 24371230 |
| Maruwa Co Ltd/Aichi  | 120300 | 24450399 |
|  |  | 70556436 |
| IT Services - 1.6% |  |  |
| Dentsu Soken Inc  | 460000 | 20075535 |
| NSD Co Ltd  | 1421900 | 33404407 |
| TIS Inc  | 855200 | 24708569 |
|  |  | 78188511 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Renesas Electronics Corp  | 2940200 | 34504023 |
| Software - 1.0% |  |  |
| Justsystems Corp  | 606900 | 14474255 |
| Systena Corp  | 3524100 | 9168871 |
| WingArc1st Inc  | 875889 | 23339888 |
|  |  | 46983014 |
| TOTAL INFORMATION TECHNOLOGY |  | 230231984 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Kuraray Co Ltd  | 2684600 | 31360130 |
| NOF Corp (c) | 2488200 | 37328221 |
|  |  | 68688351 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Starts Corp Inc  | 550000 | 14925164 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Kansai Electric Power Co Inc/The  | 2332500 | 28737418 |
| TOTAL JAPAN |  | 1093535515 |
| KOREA (SOUTH) - 1.0%  |  |  |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.6% |  |  |
| Vitzrocell Co Ltd (a) | 1609341 | 26981306 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Soulbrain Co Ltd  | 161800 | 19669661 |
| TOTAL KOREA (SOUTH) |  | 46650967 |
| MEXICO - 3.5%  |  |  |
| Consumer Staples - 1.7% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Grupo Comercial Chedraui SA de CV (c) | 5952400 | 38496871 |
| Food Products - 0.9% |  |  |
| Gruma SAB de CV Series B  | 2239500 | 42797227 |
| TOTAL CONSUMER STAPLES |  | 81294098 |
| Financials - 1.4% |  |  |
| Capital Markets - 0.5% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 11240882 | 23587481 |
| Insurance - 0.9% |  |  |
| Qualitas Controladora SAB de CV (c) | 4041435 | 44535025 |
| TOTAL FINANCIALS |  | 68122506 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Genomma Lab Internacional SAB de CV  | 17240361 | 20264160 |
| TOTAL MEXICO |  | 169680764 |
| NETHERLANDS - 1.3%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Acomo NV  | 915999 | 22465977 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Van Lanschot Kempen NV depository receipt  | 283041 | 16368825 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| Arcadis NV  | 475950 | 22969066 |
| TOTAL NETHERLANDS |  | 61803868 |
| NORWAY - 1.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.8% |  |  |
| Europris ASA (d)(e) | 5267900 | 39040611 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| SpareBank 1 SMN  | 2308400 | 41746196 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Selvaag Bolig ASA  | 2186000 | 7301795 |
| TOTAL NORWAY |  | 88088602 |
| PERU - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Intercorp Financial Services Inc (United States) (d) | 683100 | 23136597 |
| PHILIPPINES - 1.4%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Food Products - 1.0% |  |  |
| Century Pacific Food Inc  | 69526800 | 47504258 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Robinsons Land Corp  | 91729000 | 19206770 |
| TOTAL PHILIPPINES |  | 66711028 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Latin America Ltd Class A (b)(c) | 1358941 | 7365460 |
| ROMANIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Banca Transilvania SA  | 6387994 | 40936193 |
| SINGAPORE - 1.5%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Hour Glass Ltd/The  | 15272380 | 18431626 |
| Industrials - 0.6% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Boustead Singapore Ltd  | 15826266 | 12591888 |
| Professional Services - 0.4% |  |  |
| HRnetgroup Ltd (d) | 34654100 | 18424761 |
| TOTAL INDUSTRIALS |  | 31016649 |
| Real Estate - 0.5% |  |  |
| Industrial REITs - 0.5% |  |  |
| Mapletree Industrial Trust  | 16650531 | 25756381 |
| TOTAL SINGAPORE |  | 75204656 |
| SOUTH AFRICA - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Specialty Retail - 0.7% |  |  |
| Pepkor Holdings Ltd (c)(d)(e) | 22117500 | 31889865 |
| SPAIN - 3.6%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.5% |  |  |
| CIE Automotive SA (c) | 997300 | 26267648 |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| Viscofan SA  | 331632 | 23893840 |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| Grupo Catalana Occidente SA  | 857122 | 47675641 |
| Industrials - 1.6% |  |  |
| Air Freight & Logistics - 1.1% |  |  |
| Logista Integral SA  | 1620600 | 55297209 |
| Commercial Services & Supplies - 0.5% |  |  |
| Prosegur Comp Securidad SA  | 8217481 | 22854021 |
| TOTAL INDUSTRIALS |  | 78151230 |
| TOTAL SPAIN |  | 175988359 |
| SWEDEN - 2.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Haypp Group AB (b) | 1232700 | 12983173 |
| Industrials - 0.8% |  |  |
| Machinery - 0.5% |  |  |
| Beijer Alma AB B Shares  | 1050000 | 21835394 |
| Trading Companies & Distributors - 0.3% |  |  |
| Alligo AB B Shares  | 1372997 | 15654055 |
| TOTAL INDUSTRIALS |  | 37489449 |
| Materials - 1.0% |  |  |
| Chemicals - 0.4% |  |  |
| Hexpol AB B Shares  | 2197800 | 19032214 |
| Metals & Mining - 0.6% |  |  |
| Granges AB  | 2249076 | 28085818 |
| TOTAL MATERIALS |  | 47118032 |
| TOTAL SWEDEN |  | 97590654 |
| 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) | 8014256 | 17528169 |
| TAIWAN - 2.9%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.7% |  |  |
| International Games System Co Ltd  | 1337000 | 34593723 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.2% |  |  |
| Sporton International Inc  | 2313977 | 12111118 |
| Trading Companies & Distributors - 0.3% |  |  |
| Lumax International Corp Ltd  | 4537292 | 13482961 |
| TOTAL INDUSTRIALS |  | 25594079 |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Test Research Co Ltd  | 7960000 | 26627137 |
| Tripod Technology Corp  | 5125000 | 29531313 |
| Yageo Corp  | 1185149 | 16958952 |
|  |  | 73117402 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Yung Chi Paint & Varnish Manufacturing Co Ltd  | 3312000 | 7787191 |
| TOTAL TAIWAN |  | 141092395 |
| THAILAND - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Star Petroleum Refining PCL  | 82343000 | 13441765 |
| UNITED KINGDOM - 13.4%  |  |  |
| Communication Services - 0.6% |  |  |
| Media - 0.6% |  |  |
| Informa PLC  | 2777133 | 26936498 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| On the Beach Group PLC (d)(e) | 4997336 | 17648867 |
| Household Durables - 0.3% |  |  |
| Vistry Group PLC (b) | 1963198 | 16462099 |
| TOTAL CONSUMER DISCRETIONARY |  | 34110966 |
| Consumer Staples - 2.3% |  |  |
| Food Products - 2.3% |  |  |
| Cranswick PLC  | 508900 | 35131331 |
| Premier Foods PLC  | 19512907 | 51801664 |
| Tate & Lyle PLC  | 3640843 | 27075005 |
|  |  | 114008000 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Subsea 7 SA  | 1651200 | 24839264 |
| Financials - 3.3% |  |  |
| Banks - 0.3% |  |  |
| Close Brothers Group PLC (b) | 3500000 | 15150134 |
| Capital Markets - 1.0% |  |  |
| Intermediate Capital Group PLC  | 975000 | 24376416 |
| Rathbones Group PLC  | 1142700 | 23909157 |
|  |  | 48285573 |
| Insurance - 2.0% |  |  |
| Direct Line Insurance Group PLC  | 6560900 | 24744703 |
| Hiscox Ltd  | 2803648 | 41063275 |
| Lancashire Holdings Ltd  | 2403500 | 18033703 |
| Sabre Insurance Group PLC (d)(e) | 9855200 | 16522603 |
|  |  | 100364284 |
| TOTAL FINANCIALS |  | 163799991 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| ConvaTec Group PLC (d)(e) | 8515700 | 29484373 |
| Industrials - 3.9% |  |  |
| Commercial Services & Supplies - 0.6% |  |  |
| Mears Group PLC (a) | 5828589 | 30100072 |
| Industrial Conglomerates - 0.7% |  |  |
| DCC PLC  | 531100 | 34582960 |
| Machinery - 0.5% |  |  |
| Bodycote PLC  | 2311471 | 14663168 |
| Luxfer Holdings PLC  | 1099959 | 11835558 |
|  |  | 26498726 |
| Passenger Airlines - 0.6% |  |  |
| JET2 PLC  | 1381000 | 29134461 |
| Trading Companies & Distributors - 1.5% |  |  |
| Ashtead Technology Holdings plc (a)(c) | 7210800 | 47808921 |
| RS GROUP PLC  | 2670653 | 18347569 |
|  |  | 66156490 |
| TOTAL INDUSTRIALS |  | 186472709 |
| Real Estate - 1.5% |  |  |
| Real Estate Management & Development - 1.5% |  |  |
| Grainger PLC  | 9396166 | 26922881 |
| LSL Property Services PLC  | 4351335 | 16237268 |
| Savills PLC  | 2648800 | 32723617 |
|  |  | 75883766 |
| TOTAL UNITED KINGDOM |  | 655535567 |
| UNITED STATES - 2.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Diversified Consumer Services - 0.4% |  |  |
| Adtalem Global Education Inc (b) | 202400 | 21494880 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Antero Resources Corp (b) | 966800 | 33673644 |
| Core Natural Resources Inc  | 190000 | 13719900 |
|  |  | 47393544 |
| Materials - 1.5% |  |  |
| Construction Materials - 1.2% |  |  |
| GCC SAB de CV  | 1468100 | 12311213 |
| RHI Magnesita NV  | 1056191 | 43846296 |
|  |  | 56157509 |
| Containers & Packaging - 0.3% |  |  |
| Smurfit WestRock PLC  | 353100 | 14837262 |
| TOTAL MATERIALS |  | 70994771 |
| TOTAL UNITED STATES |  | 139883195 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,973,905,399) |  | <br> **4711455687** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 48270809 | 48280463 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 36592303 | 36595962 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $84,876,426) |  |  | **84876425** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.0%**<br> (Cost $4,058,781,825)<br>| <br>**4796332112** |
| **NET OTHER ASSETS (LIABILITIES) - 2.0%**  | **100258265** |
| **NET ASSETS - 100.0%** | **4896590377** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 83365948 | 295856408 | 330941893 | 1625509 | - | - | 48280463 | 48270809 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 48249 | 341327983 | 304780269 | 115097 | - | (1) | 36595962 | 36592303 | 0.1% |
| Total | 83414197 | 637184391 | 635722162 | 1740606 | - | (1) | 84876425 |  |  |

---

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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Ashtead Technology Holdings plc | 45808505 | 5013661 | - | - | - | (3013245) | 47808921 | 7210800 |
| Genesis Land Development Corp | 14606233 | - | - | 296507 | - | (3577759) | 11028474 | 4888699 |
| Mears Group PLC | 36775536 | - | 12636508 | - | (1381825) | 7342869 | 30100072 | 5828589 |
| Mincon Group Plc | 6475519 | - | - | 149472 | - | (773769) | 5701750 | 13529844 |
| Servcorp Ltd | 23181584 | - | - | 618425 | - | (335640) | 22845944 | 7066585 |
| Vitzrocell Co Ltd | 21869198 | - | - | 425532 | - | 5112108 | 26981306 | 1609341 |
| Total | 148716575 | 5013661 | 12636508 | 1489936 | (1381825) | 4754564 | 144466467 |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 224286464 | 189692741 | 34593723 | - |
| Consumer Discretionary | 497785565 | 404196482 | 93589083 | - |
| Consumer Staples | 521043122 | 429455805 | 91587317 | - |
| Energy | 168102361 | 154660596 | 13441765 | - |
| Financials | 771755013 | 646797336 | 124957677 | - |
| Health Care | 295077507 | 295077507 | - | - |
| Industrials | 1142859886 | 831389578 | 311470308 | - |
| Information Technology | 374330218 | 266708793 | 107621425 | - |
| Materials | 394966712 | 270128385 | 124838326 | 1 |
| Real Estate | 292511421 | 182805002 | 109706419 | - |
| Utilities | 28737418 | - | 28737418 | - |
|  **Money Market Funds** | 84876425 | 84876425 | - | - |
| **Total Investments in Securities:** | 4796332112 | 3755788650 | 1040543461 | 1 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $4566989220 |  |
| Fidelity Central Funds (cost $84,876,426) | 84876425 |  |
| Other affiliated issuers (cost $106,233,255) | 144466467 |  |
| Total Investment in Securities (cost $4,058,781,825) |  | $4796332112 |
| Foreign currency held at value (cost $86,234,798) |  | 87799834 |
| Receivable for investments sold |  | 24626579 |
| Receivable for fund shares sold |  | 2728283 |
| Dividends receivable |  | 28367659 |
| Reclaims receivable |  | 5598360 |
| Distributions receivable from Fidelity Central Funds |  | 225932 |
| Prepaid expenses |  | 1419 |
| Other receivables |  | 128993 |
| **Total assets** |  | 4945809171 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1242586 |  |
| Payable for fund shares redeemed | 2906845 |  |
| Accrued management fee | 3828791 |  |
| Distribution and service plan fees payable | 43140 |  |
| Deferred taxes | 4508668 |  |
| Other payables and accrued expenses | 96896 |  |
| Collateral on securities loaned | 36591868 |  |
| **Total liabilities** |  | 49218794 |
| **Net Assets**  |  | $4896590377 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4211533969 |
| Total accumulated earnings (loss) |  | 685056408 |
| **Net Assets** |  | $4896590377 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends (including $1,489,936 earned from affiliated issuers) |  | $70634920 |
| Income from Fidelity Central Funds (including $115,097 from security lending)  |  | 1740606 |
| Income before foreign taxes withheld |  | $72375526 |
| Less foreign taxes withheld |  | (4591451) |
| **Total income** |  | 67784075 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $19776764 |  |
| Performance adjustment | 1944991 |  |
| Distribution and service plan fees | 263605 |  |
| Custodian fees and expenses | 209129 |  |
| Independent trustees' fees and expenses | 10334 |  |
| Registration fees | 115692 |  |
| Audit fees | 57943 |  |
| Legal | 2902 |  |
| Miscellaneous | 42580 |  |
| Total expenses before reductions | 22423940 |  |
| Expense reductions | (1727) |  |
| Total expenses after reductions |  | 22422213 |
| **Net Investment income (loss)** |  | 45361862 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $252,510)  | 42964689 |  |
| Affiliated issuers | (1381825) |  |
| Foreign currency transactions | (1208703) |  |
| Total net realized gain (loss) |  | 40374161 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,693,220)  | 232431894 |  |
| Fidelity Central Funds  | (1) |  |
| Other affiliated issuers  | 4754564 |  |
| Assets and liabilities in foreign currencies | 4606747 |  |
| Total change in net unrealized appreciation (depreciation) |  | 241793204 |
| **Net gain (loss)** |  | 282167365 |
| **Net increase (decrease) in net assets resulting from operations** |  | $327529227 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $45361862 | $97982787 |
| &nbsp;&nbsp;Net realized gain (loss) | 40374161<br>| 37452111<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 241793204 | 563297242<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 327529227<br>| 698732140<br>|
| Distributions to shareholders | (120637857)<br>| (81035424)<br>|
| Share transactions - net increase (decrease) | (88591400)<br>| 505200813<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 118299970<br>| 1122897529<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4778290407 | 3655392878<br>|
| &nbsp;&nbsp;End of period | $4896590377 | $4778290407 |

---

**Financial Highlights** 

**Fidelity Advisor® International Small Cap Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $134066 | $124941 | $108866 | $95906 | $136131 | $92044 |
| Portfolio turnover rate I | 18% H<br>| 17%  | 10%  | 17%  | 28%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Small Cap Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $17953 | $19033 | $15515 | $13761 | $19926 | $12492 |
| Portfolio turnover rate J | 18% I<br>| 17%  | 10%  | 17%  | 28%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $11452 | $12577 | $12603 | $13556 | $21683 | $17659 |
| Portfolio turnover rate I | 18% H<br>| 17%  | 10%  | 17%  | 28%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® International Small Cap Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $1570568 | $1590236 | $1342755 | $1145773 | $1534214 | $1122746 |
| Portfolio turnover rate H | 18% G<br>| 17%  | 10%  | 17%  | 28%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Small Cap Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $1303439 | $1304244 | $924094 | $696515 | $1080258 | $605100 |
| Portfolio turnover rate H | 18% G<br>| 17%  | 10%  | 17%  | 28%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Small Cap Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $1859112 | $1727260 | $1251559 | $965701 | $739757 | $275127 |
| Portfolio turnover rate H | 18% G<br>| 17%  | 10%  | 17%  | 28%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $1123249681 |
| **Gross unrealized depreciation** | <u>(447335159)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$675914522</u> |
| **Tax cost** | <u>$4120417590</u> |

---

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 | $(48289622) |
| Long-term | <u>(11173625)</u> |
| **Total capital loss carryforward** | <u>$(59463247)</u> |

---

**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** | 414938503 | 541261979 |

---

**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% | 158460 | 3595 |
| **Class M** | .25% | .25% | 46632 | 473 |
| **Class C** | .75% | .25% | <u>58513</u> | 6463 |
|  |  |  | <u>263605</u> | <u>10531</u> |

---

**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** | 5294 |
| **Class M** | 425 |
| **Class C**A | <u>96</u> |
|  | <u>5815</u> |

---

*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** | 12405986 | 3665819 | (1558056) |

---

**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** | 3668 |

---

**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** | 12109 | - | - |

---

**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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Small Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2901411 | $2098372 |
| Class M | 410420 | 241727 |
| Class C | 186204 | 139497 |
| International Small Cap | 39749892 | 27992078 |
| Class I | 31846159 | 20805567 |
| Class Z | <u>45543771</u> | <u>29758183</u> |
| Total  | <u>$120637857</u> | <u>$81035424</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Small Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 577315 | 727649 | $17737407 | $22252808 |
| Reinvestment of distributions | 94214 | 71368 | 2884846 | 2084465 |
| Shares redeemed | <u>(564843)</u> | <u>(860161)</u> | <u>(17483809)</u> | <u>(26602775)</u> |
| Net increase (decrease) | <u>106686</u> | <u>(61144)</u> | <u>$3138444</u> | <u>$(2265502)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 54908 | 123660 | $1688890 | $3890067 |
| Reinvestment of distributions | 13431 | 8280 | 409526 | 241156 |
| Shares redeemed | <u>(128128)</u> | <u>(101426)</u> | <u>(3841524)</u> | <u>(3110795)</u> |
| Net increase (decrease) | <u>(59789)</u> | <u>30514</u> | <u>$(1743108)</u> | <u>$1020428</u> |
| **Class C** |  |  |  |  |
| Shares sold | 18544 | 57296 | $551348 | $1707164 |
| Reinvestment of distributions | 6318 | 4960 | 185987 | 139376 |
| Shares redeemed | <u>(80562)</u> | <u>(132703)</u> | <u>(2400502)</u> | <u>(3971313)</u> |
| Net increase (decrease) | <u>(55700)</u> | <u>(70447)</u> | <u>$(1663167)</u> | <u>$(2124773)</u> |
| **International Small Cap** |  |  |  |  |
| Shares sold | 6777539 | 10622095 | $211932927 | $338221799 |
| Reinvestment of distributions | 1091550 | 843925 | 34154601 | 25168669 |
| Shares redeemed | <u>(10562816)</u> | <u>(10703729)</u> | <u>(330413759)</u> | <u>(336929002)</u> |
| Net increase (decrease) | <u>(2693727)</u> | <u>762291</u> | <u>$(84326231)</u> | <u>$26461466</u> |
| **Class I** |  |  |  |  |
| Shares sold | 6914024 | 13931167 | $218212461 | $442942466 |
| Reinvestment of distributions | 980060 | 673230 | 30891485 | 20225978 |
| Shares redeemed | <u>(9642671)</u> | <u>(7562762)</u> | <u>(306152811)</u> | <u>(242340980)</u> |
| Net increase (decrease) | <u>(1748587)</u> | <u>7041635</u> | <u>$(57048865)</u> | <u>$220827464</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 7516330 | 16036560 | $238067237 | $510478803 |
| Reinvestment of distributions | 967209 | 663553 | 30428407 | 19900821 |
| Shares redeemed | <u>(6811874)</u> | <u>(8375022)</u> | <u>(215444117)</u> | <u>(269097894)</u> |
| Net increase (decrease) | <u>1671665</u> | <u>8325091</u> | <u>$53051527</u> | <u>$261281730</u> |

---

**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.

![](img109449_4.jpg)<br>

1.800662.121 ISC-SANN-0625

**Fidelity® Total International Equity Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109433_1.jpg)

![](img109433_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_TIE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Total International Equity Fund](#Sub_Sec_Fund_1978_TIE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1978_TIE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TIE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TIE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TIE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TIE-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.2%** | &nbsp;&nbsp;**Common Stocks - 97.2%** | &nbsp;&nbsp;**Common Stocks - 97.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Whitehaven Coal Ltd  | 14276 | 45665 |
| Financials - 0.4% |  |  |
| Banks - 0.1% |  |  |
| Commonwealth Bank of Australia  | 2478 | 264128 |
| Capital Markets - 0.3% |  |  |
| Macquarie Group Ltd  | 10055 | 1242547 |
| Insurance - 0.0% |  |  |
| Steadfast Group Ltd  | 41846 | 157252 |
| TOTAL FINANCIALS |  | 1663927 |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| BHP Group Ltd  | 89545 | 2134184 |
| Glencore PLC  | 311247 | 1020497 |
| Imdex Ltd  | 87017 | 164618 |
|  |  | 3319299 |
| TOTAL AUSTRALIA |  | 5028891 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| JTC PLC (a)(b) | 10743 | 119405 |
| BELGIUM - 0.7%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| KBC Ancora  | 5284 | 344792 |
| KBC Group NV  | 15601 | 1432622 |
|  |  | 1777414 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 5871 | 1071803 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 25055 | 387151 |
| TOTAL BELGIUM |  | 3236368 |
| BRAZIL - 2.3%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Petroleo Brasileiro SA ADR  | 190282 | 2148284 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Itau Unibanco Holding SA  | 512001 | 3209958 |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Localiza Rent a Car SA  | 223682 | 1693238 |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Gerdau SA ADR  | 436090 | 1138195 |
| Vale SA ADR  | 226093 | 2104926 |
|  |  | 3243121 |
| TOTAL BRAZIL |  | 10294601 |
| CANADA - 7.2%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Restaurant Brands International Inc  | 22924 | 1477105 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Alimentation Couche-Tard Inc  | 43175 | 2253644 |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Pason Systems Inc  | 6589 | 52479 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Cameco Corp  | 22983 | 1037453 |
| Canadian Natural Resources Ltd  | 58164 | 1669061 |
| Suncor Energy Inc  | 53110 | 1875762 |
|  |  | 4582276 |
| TOTAL ENERGY |  | 4634755 |
| Financials - 2.2% |  |  |
| Banks - 1.2% |  |  |
| Royal Bank of Canada  | 28211 | 3386098 |
| Toronto Dominion Bank  | 25019 | 1598668 |
|  |  | 4984766 |
| Capital Markets - 0.5% |  |  |
| Brookfield Asset Management Ltd Class A  | 24050 | 1283271 |
| TMX Group Ltd  | 27011 | 1094664 |
|  |  | 2377935 |
| Insurance - 0.5% |  |  |
| Intact Financial Corp  | 10745 | 2386332 |
| TOTAL FINANCIALS |  | 9749033 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| CAE Inc (c) | 11701 | 292737 |
| Ground Transportation - 1.0% |  |  |
| Canadian Pacific Kansas City Ltd  | 63203 | 4590539 |
| Trading Companies & Distributors - 0.0% |  |  |
| Richelieu Hardware Ltd  | 8844 | 209200 |
| TOTAL INDUSTRIALS |  | 5092476 |
| Information Technology - 0.8% |  |  |
| Software - 0.8% |  |  |
| Constellation Software Inc/Canada  | 950 | 3423714 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(d) | 921 | 0 |
| Lumine Group Inc Subordinate Voting Shares (b)(c) | 3200 | 103456 |
|  |  | 3527170 |
| Materials - 1.3% |  |  |
| Chemicals - 0.2% |  |  |
| Nutrien Ltd  | 19410 | 1108057 |
| Metals & Mining - 1.1% |  |  |
| Franco-Nevada Corp  | 24806 | 4262868 |
| Osisko Gold Royalties Ltd  | 9863 | 236380 |
|  |  | 4499248 |
| TOTAL MATERIALS |  | 5607305 |
| TOTAL CANADA |  | 32341488 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 63202 | 1375465 |
| CHINA - 9.7%  |  |  |
| Communication Services - 2.9% |  |  |
| Interactive Media & Services - 2.9% |  |  |
| Tencent Holdings Ltd  | 210692 | 12905086 |
| Consumer Discretionary - 3.0% |  |  |
| Broadline Retail - 1.7% |  |  |
| Alibaba Group Holding Ltd ADR  | 42137 | 5032422 |
| PDD Holdings Inc Class A ADR (c) | 24345 | 2570102 |
|  |  | 7602524 |
| Diversified Consumer Services - 0.3% |  |  |
| TAL Education Group Class A ADR (c) | 137804 | 1205785 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Meituan B Shares (a)(b)(c) | 129218 | 2139519 |
| Shangri-La Asia Ltd  | 980093 | 548456 |
|  |  | 2687975 |
| Household Durables - 0.4% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 521300 | 1779758 |
| TOTAL CONSUMER DISCRETIONARY |  | 13276042 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Chlitina Holding Ltd  | 13197 | 46949 |
| Financials - 1.5% |  |  |
| Banks - 0.4% |  |  |
| China Construction Bank Corp H Shares  | 2468792 | 2030906 |
| Insurance - 1.1% |  |  |
| China Life Insurance Co Ltd H Shares  | 1785267 | 3268708 |
| PICC Property & Casualty Co Ltd H Shares  | 879568 | 1621773 |
|  |  | 4890481 |
| TOTAL FINANCIALS |  | 6921387 |
| Health Care - 1.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Akeso Inc (a)(b)(c) | 100000 | 1112100 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Wuxi Apptec Co Ltd H Shares (a)(b) | 275203 | 2134388 |
| Pharmaceuticals - 0.4% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (a)(b) | 647203 | 2011139 |
| TOTAL HEALTH CARE |  | 5257627 |
| Industrials - 1.1% |  |  |
| Ground Transportation - 0.3% |  |  |
| Full Truck Alliance Co Ltd ADR  | 134108 | 1523466 |
| Machinery - 0.8% |  |  |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 354200 | 3482390 |
| TOTAL INDUSTRIALS |  | 5005856 |
| TOTAL CHINA |  | 43412947 |
| DENMARK - 0.7%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Novo Nordisk A/S Series B  | 35238 | 2356068 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 3858 | 817741 |
| TOTAL DENMARK |  | 3173809 |
| EGYPT - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Integrated Diagnostics Holdings PLC (a)(b)(c) | 69838 | 24163 |
| FINLAND - 0.9%  |  |  |
| Financials - 0.5% |  |  |
| Insurance - 0.5% |  |  |
| Mandatum Holding Oy  | 24277 | 170898 |
| Sampo Oyj A Shares  | 168818 | 1691321 |
|  |  | 1862219 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Kone Oyj B Shares  | 24313 | 1501093 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Fortum Oyj  | 30326 | 506562 |
| TOTAL FINLAND |  | 3869874 |
| FRANCE - 7.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.1% |  |  |
| Vivendi SE  | 112132 | 347297 |
| Media - 0.1% |  |  |
| Canal+ SA  | 98642 | 224140 |
| Louis Hachette Group  | 93308 | 145765 |
|  |  | 369905 |
| TOTAL COMMUNICATION SERVICES |  | 717202 |
| Consumer Discretionary - 0.8% |  |  |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 6618 | 3665904 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.0% |  |  |
| Laurent-Perrier  | 491 | 53954 |
| Food Products - 0.5% |  |  |
| Danone SA  | 26541 | 2283758 |
| TOTAL CONSUMER STAPLES |  | 2337712 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| TotalEnergies SE  | 35773 | 2037458 |
| Financials - 1.2% |  |  |
| Banks - 0.4% |  |  |
| BNP Paribas SA  | 23322 | 1976061 |
| Insurance - 0.8% |  |  |
| AXA SA  | 76020 | 3595434 |
| TOTAL FINANCIALS |  | 5571495 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| EssilorLuxottica SA  | 8662 | 2479681 |
| Pharmaceuticals - 0.0% |  |  |
| Vetoquinol SA  | 1515 | 127690 |
| TOTAL HEALTH CARE |  | 2607371 |
| Industrials - 2.8% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Airbus SE  | 16745 | 2841468 |
| LISI SA  | 3180 | 99608 |
| Safran SA  | 24254 | 6454465 |
|  |  | 9395541 |
| Building Products - 0.1% |  |  |
| Cie de Saint-Gobain SA  | 5191 | 564355 |
| Electrical Equipment - 0.5% |  |  |
| Legrand SA  | 21314 | 2342405 |
| TOTAL INDUSTRIALS |  | 12302301 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Alten SA  | 3114 | 260873 |
| Software - 0.1% |  |  |
| Lectra  | 14561 | 375271 |
| TOTAL INFORMATION TECHNOLOGY |  | 636144 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Air Liquide SA  | 8911 | 1831016 |
| TOTAL FRANCE |  | 31706603 |
| GERMANY - 7.2%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 8798 | 1034555 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (a)(b) | 1690 | 200450 |
| TOTAL COMMUNICATION SERVICES |  | 1235005 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Bayerische Motoren Werke AG  | 3260 | 274396 |
| Financials - 2.1% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 23617 | 621240 |
| Capital Markets - 1.0% |  |  |
| Deutsche Bank AG  | 36069 | 938980 |
| Deutsche Boerse AG  | 11001 | 3543356 |
|  |  | 4482336 |
| Insurance - 1.0% |  |  |
| Hannover Rueck SE  | 5415 | 1732349 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (c) | 3974 | 2720638 |
|  |  | 4452987 |
| TOTAL FINANCIALS |  | 9556563 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Fresenius SE & Co KGaA (c) | 30459 | 1442329 |
| Pharmaceuticals - 0.1% |  |  |
| Bayer AG  | 13612 | 355131 |
| TOTAL HEALTH CARE |  | 1797460 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Rheinmetall AG  | 2032 | 3460604 |
| Air Freight & Logistics - 0.3% |  |  |
| Deutsche Post AG  | 26496 | 1132121 |
| Industrial Conglomerates - 0.5% |  |  |
| Siemens AG  | 9668 | 2226166 |
| Machinery - 0.0% |  |  |
| Daimler Truck Holding AG  | 9680 | 385564 |
| Stabilus SE  | 1138 | 31327 |
|  |  | 416891 |
| TOTAL INDUSTRIALS |  | 7235782 |
| Information Technology - 2.1% |  |  |
| Software - 2.1% |  |  |
| SAP SE  | 32896 | 9624996 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| BASF SE (c) | 14602 | 745717 |
| Covestro AG  | 6253 | 420772 |
|  |  | 1166489 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Vonovia SE  | 23333 | 773958 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 11773 | 457194 |
| TOTAL GERMANY |  | 32121843 |
| GREECE - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 615561 | 1746978 |
| National Bank of Greece SA  | 262296 | 2761638 |
|  |  | 4508616 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Athens International Airport SA  | 5000 | 51771 |
| TOTAL GREECE |  | 4560387 |
| HONG KONG - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Prudential PLC  | 81199 | 863371 |
| Prudential PLC rights (c)(e)(f) | 94230 | 15858 |
| TOTAL HONG KONG |  | 879229 |
| HUNGARY - 0.9%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| OTP Bank Nyrt  | 29973 | 2206429 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Richter Gedeon Nyrt  | 53228 | 1610269 |
| TOTAL HUNGARY |  | 3816698 |
| INDIA - 2.9%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Reliance Industries Ltd  | 37771 | 626310 |
| Reliance Industries Ltd GDR (a) | 11970 | 781641 |
|  |  | 1407951 |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| HDFC Bank Ltd  | 171307 | 3885782 |
| ICICI Bank Ltd  | 137012 | 2299950 |
|  |  | 6185732 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (c) | 22121 | 68228 |
| TOTAL FINANCIALS |  | 6253960 |
| Industrials - 0.4% |  |  |
| Construction & Engineering - 0.4% |  |  |
| Larsen & Toubro Ltd  | 50737 | 2005579 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Tata Consultancy Services Ltd  | 48027 | 1957799 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| JK Cement Ltd  | 24545 | 1478065 |
| TOTAL INDIA |  | 13103354 |
| INDONESIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank Central Asia Tbk PT  | 1176473 | 625520 |
| IRELAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| Cairn Homes PLC  | 29274 | 64294 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 1809 | 191755 |
| Real Estate - 0.0% |  |  |
| Residential REITs - 0.0% |  |  |
| Irish Residential Properties Reit PLC  | 68257 | 78871 |
| TOTAL IRELAND |  | 334920 |
| ISRAEL - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Tel Aviv Stock Exchange Ltd  | 7100 | 87153 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 18111 | 280902 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ituran Location and Control Ltd  | 5021 | 180455 |
| TOTAL ISRAEL |  | 548510 |
| ITALY - 1.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Prada Spa (c) | 115300 | 721034 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Eni SpA  | 77168 | 1105164 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Mediobanca Banca di Credito Finanziario SpA  | 99065 | 2018381 |
| UniCredit SpA  | 44663 | 2598532 |
|  |  | 4616913 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 7590 | 416935 |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 20395 | 694983 |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC ADR  | 13529 | 647498 |
| TOTAL INDUSTRIALS |  | 1759416 |
| TOTAL ITALY |  | 8202527 |
| JAPAN - 10.1%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.7% |  |  |
| Daiichikosho Co Ltd  | 3127 | 36501 |
| Nintendo Co Ltd  | 37757 | 3134587 |
|  |  | 3171088 |
| Interactive Media & Services - 0.1% |  |  |
| LY Corp  | 160042 | 605282 |
| Wireless Telecommunication Services - 0.1% |  |  |
| SoftBank Group Corp  | 8584 | 434090 |
| TOTAL COMMUNICATION SERVICES |  | 4210460 |
| Consumer Discretionary - 1.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Denso Corp  | 10723 | 138455 |
| Shoei Co Ltd  | 2405 | 28124 |
|  |  | 166579 |
| Automobiles - 0.5% |  |  |
| Toyota Motor Corp  | 104873 | 2003013 |
| Distributors - 0.0% |  |  |
| Central Automotive Products Ltd  | 4800 | 56869 |
| Diversified Consumer Services - 0.0% |  |  |
| Aucnet Inc  | 7074 | 61152 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Curves Holdings Co Ltd  | 34991 | 167883 |
| Gift Holdings Inc  | 4310 | 108519 |
| Koshidaka Holdings Co Ltd  | 21530 | 152538 |
| Monogatari Corp/The  | 5471 | 142342 |
|  |  | 571282 |
| Household Durables - 0.4% |  |  |
| Sony Group Corp  | 44892 | 1184377 |
| Sumitomo Forestry Co Ltd  | 15997 | 459614 |
|  |  | 1643991 |
| Leisure Products - 0.0% |  |  |
| Yonex Co Ltd  | 2468 | 40288 |
| Specialty Retail - 0.2% |  |  |
| USS Co Ltd  | 90191 | 901405 |
| TOTAL CONSUMER DISCRETIONARY |  | 5444579 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Daikokutenbussan Co Ltd  | 1428 | 75904 |
| Kusuri no Aoki Holdings Co Ltd  | 3360 | 80135 |
| YAKUODO Holdings Co Ltd  | 4000 | 56651 |
|  |  | 212690 |
| Personal Care Products - 0.0% |  |  |
| Artnature Inc  | 6599 | 36784 |
| TOTAL CONSUMER STAPLES |  | 249474 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Inpex Corp  | 39079 | 488859 |
| San-Ai Obbli Co Ltd  | 6954 | 81563 |
|  |  | 570422 |
| Financials - 2.1% |  |  |
| Banks - 1.3% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 237188 | 2988362 |
| Sumitomo Mitsui Financial Group Inc  | 120365 | 2871574 |
|  |  | 5859936 |
| Financial Services - 0.3% |  |  |
| ORIX Corp  | 59212 | 1187795 |
| Insurance - 0.5% |  |  |
| Tokio Marine Holdings Inc  | 52421 | 2101158 |
| TOTAL FINANCIALS |  | 9148889 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Hoya Corp  | 11628 | 1368222 |
| Medikit Co Ltd  | 3557 | 61473 |
| Nagaileben Co Ltd  | 9300 | 136918 |
| Paramount Bed Holdings Co Ltd  | 2998 | 48205 |
| Techno Medica Co Ltd  | 500 | 6330 |
|  |  | 1621148 |
| Health Care Technology - 0.0% |  |  |
| Software Service Inc  | 832 | 73377 |
| TOTAL HEALTH CARE |  | 1694525 |
| Industrials - 3.1% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Japan Elevator Service Holdings Co Ltd  | 6547 | 141261 |
| Pronexus Inc  | 5993 | 51052 |
|  |  | 192313 |
| Construction & Engineering - 0.2% |  |  |
| Hibiya Engineering Ltd  | 1500 | 36666 |
| SHO-BOND Holdings Co Ltd  | 22464 | 804575 |
|  |  | 841241 |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 111408 | 2753506 |
| Machinery - 0.8% |  |  |
| Fujitec Co Ltd  | 4328 | 169512 |
| Komatsu Ltd  | 25100 | 725881 |
| MINEBEA MITSUMI Inc  | 21951 | 321715 |
| Mitsubishi Heavy Industries Ltd  | 89473 | 1763768 |
| Mitsuboshi Belting Ltd  | 1484 | 37105 |
| Moriya Transportation Engineering & Manufacturing Co Ltd  | 2000 | 39026 |
| NS Tool Co Ltd  | 8179 | 40500 |
| Tocalo Co Ltd  | 6600 | 75795 |
|  |  | 3173302 |
| Professional Services - 1.0% |  |  |
| Funai Soken Holdings Inc  | 3180 | 50709 |
| Recruit Holdings Co Ltd  | 70800 | 3923404 |
|  |  | 3974113 |
| Trading Companies & Distributors - 0.5% |  |  |
| ITOCHU Corp  | 26452 | 1352833 |
| Mitsui & Co Ltd  | 52077 | 1053055 |
|  |  | 2405888 |
| TOTAL INDUSTRIALS |  | 13340363 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Ai Holdings Corp  | 2201 | 32527 |
| Azbil Corp  | 204589 | 1762859 |
| Ibiden Co Ltd  | 7824 | 216257 |
| Keyence Corp  | 6584 | 2752716 |
|  |  | 4764359 |
| IT Services - 0.5% |  |  |
| Fujitsu Ltd  | 52345 | 1162868 |
| NSD Co Ltd  | 8842 | 207723 |
| Obic Co Ltd  | 2526 | 88175 |
| TIS Inc  | 25335 | 731983 |
|  |  | 2190749 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Renesas Electronics Corp  | 51067 | 599285 |
| Software - 0.0% |  |  |
| Broadleaf Co Ltd  | 20657 | 99977 |
| m-up Holdings Inc  | 5322 | 70238 |
| Miroku Jyoho Service Co Ltd  | 3298 | 42649 |
| WingArc1st Inc  | 2178 | 58037 |
|  |  | 270901 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| FUJIFILM Holdings Corp  | 44400 | 909418 |
| TOTAL INFORMATION TECHNOLOGY |  | 8734712 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Kansai Paint Co Ltd  | 3754 | 56449 |
| Nihon Parkerizing Co Ltd  | 13566 | 112623 |
| Shin-Etsu Chemical Co Ltd  | 39915 | 1214673 |
| SK Kaken Co Ltd  | 2933 | 182774 |
|  |  | 1566519 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Goldcrest Co Ltd  | 7610 | 174309 |
| TOTAL JAPAN |  | 45134252 |
| KOREA (SOUTH) - 2.7%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Hyundai Mobis Co Ltd  | 8915 | 1669992 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BGF retail Co Ltd  | 943 | 71112 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Korea Aerospace Industries Ltd  | 35605 | 2079712 |
| Information Technology - 1.8% |  |  |
| Technology Hardware, Storage & Peripherals - 1.8% |  |  |
| Samsung Electronics Co Ltd  | 207989 | 8098583 |
| TOTAL KOREA (SOUTH) |  | 11919399 |
| MALAYSIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| CIMB Group Holdings Bhd  | 1182300 | 1953047 |
| MEXICO - 2.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Wireless Telecommunication Services - 0.5% |  |  |
| America Movil SAB de CV ADR  | 123206 | 2124071 |
| Consumer Staples - 1.5% |  |  |
| Beverages - 0.4% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 18777 | 1977406 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 1547569 | 4904588 |
| TOTAL CONSUMER STAPLES |  | 6881994 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Grupo Financiero Banorte SAB de CV  | 107127 | 920580 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Cemex SAB de CV ADR  | 218300 | 1346911 |
| TOTAL MEXICO |  | 11273556 |
| NETHERLANDS - 1.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Havas NV  | 89469 | 147796 |
| Industrials - 0.3% |  |  |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 13075 | 431622 |
| Aalberts NV rights (c)(e) | 13075 | 16737 |
|  |  | 448359 |
| Trading Companies & Distributors - 0.2% |  |  |
| IMCD NV  | 6034 | 798742 |
| TOTAL INDUSTRIALS |  | 1247101 |
| Information Technology - 1.2% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| ASML Holding NV  | 7028 | 4637673 |
| BE Semiconductor Industries NV  | 7398 | 789809 |
|  |  | 5427482 |
| TOTAL NETHERLANDS |  | 6822379 |
| NORWAY - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medistim ASA (c) | 2242 | 34589 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 1631 | 261502 |
| TOTAL NORWAY |  | 296091 |
| PERU - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Credicorp Ltd  | 13869 | 2804173 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| International Container Terminal Services Inc  | 13200 | 80825 |
| POLAND - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 135200 | 2588932 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| LUKOIL PJSC ADR (c)(d) | 15040 | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC ADR (c)(d) | 62556 | 1 |
| TOTAL RUSSIA |  | 1 |
| SINGAPORE - 0.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Singapore Telecommunications Ltd  | 289400 | 837291 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| United Overseas Bank Ltd  | 62801 | 1667922 |
| TOTAL SINGAPORE |  | 2505213 |
| SOUTH AFRICA - 1.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Wireless Telecommunication Services - 0.4% |  |  |
| MTN Group Ltd  | 263950 | 1741243 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Thungela Resources Ltd (United Kingdom)  | 4647 | 23162 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| FirstRand Ltd  | 344164 | 1343815 |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Anglo American PLC  | 39856 | 1088004 |
| Impala Platinum Holdings Ltd (c) | 388383 | 2309763 |
|  |  | 3397767 |
| TOTAL SOUTH AFRICA |  | 6505987 |
| SPAIN - 1.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Amadeus IT Group SA Class A  | 14993 | 1175010 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Banco Santander SA (f) | 546822 | 3829547 |
| Bankinter SA  | 73155 | 848626 |
|  |  | 4678173 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Fluidra SA  | 1941 | 44681 |
| TOTAL SPAIN |  | 5897864 |
| SWEDEN - 3.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Hemnet Group AB (c) | 3838 | 131434 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Autoliv Inc  | 7104 | 662306 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| Investor AB B Shares  | 83213 | 2456228 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| AddLife AB B Shares  | 3782 | 71605 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| INVISIO AB  | 4091 | 163801 |
| Building Products - 0.6% |  |  |
| Assa Abloy AB B Shares  | 77657 | 2357200 |
| Machinery - 1.6% |  |  |
| Atlas Copco AB A Shares  | 307668 | 4769960 |
| Epiroc AB A Shares  | 100313 | 2167022 |
|  |  | 6936982 |
| Trading Companies & Distributors - 0.4% |  |  |
| AddTech AB B Shares  | 45066 | 1513468 |
| Bergman & Beving AB B Shares  | 5200 | 157364 |
|  |  | 1670832 |
| TOTAL INDUSTRIALS |  | 11128815 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Lagercrantz Group AB B Shares  | 69568 | 1577705 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| John Mattson Fastighetsforetagen AB (c) | 11796 | 74690 |
| TOTAL SWEDEN |  | 16102783 |
| SWITZERLAND - 2.1%  |  |  |
| Financials - 1.8% |  |  |
| Capital Markets - 0.8% |  |  |
| UBS Group AG  | 92061 | 2776275 |
| UBS Group AG (United States)  | 20323 | 614363 |
|  |  | 3390638 |
| Insurance - 1.0% |  |  |
| Swiss Life Holding AG  | 1446 | 1440131 |
| Zurich Insurance Group AG  | 4352 | 3086747 |
|  |  | 4526878 |
| TOTAL FINANCIALS |  | 7917516 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Tecan Group AG  | 265 | 51244 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Schindler Holding AG  | 3914 | 1426463 |
| Schindler Holding AG  | 298 | 105429 |
|  |  | 1531892 |
| TOTAL SWITZERLAND |  | 9500652 |
| TAIWAN - 3.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Addcn Technology Co Ltd  | 21069 | 114918 |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Eclat Textile Co Ltd (c) | 152392 | 1982369 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Hiwin Technologies Corp  | 204056 | 1405753 |
| Information Technology - 3.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Yageo Corp  | 76809 | 1099102 |
| Semiconductors & Semiconductor Equipment - 2.8% |  |  |
| eMemory Technology Inc  | 1461 | 117407 |
| MediaTek Inc  | 45564 | 1932289 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 354271 | 10018065 |
|  |  | 12067761 |
| TOTAL INFORMATION TECHNOLOGY |  | 13166863 |
| TOTAL TAIWAN |  | 16669903 |
| TURKEY - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 446869 | 1166661 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Adnoc Gas PLC  | 2335600 | 2015723 |
| UNITED KINGDOM - 9.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Baltic Classifieds Group PLC  | 48435 | 219468 |
| Rightmove PLC  | 56614 | 556666 |
|  |  | 776134 |
| Consumer Discretionary - 2.4% |  |  |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 56625 | 253861 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Compass Group PLC  | 127294 | 4291695 |
| Dp Poland PLC (c) | 226282 | 27141 |
| Flutter Entertainment PLC (United Kingdom) (c) | 1344 | 321690 |
| InterContinental Hotels Group PLC ADR  | 25466 | 2747527 |
|  |  | 7388053 |
| Household Durables - 0.4% |  |  |
| Barratt Redrow PLC  | 322919 | 2004590 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 4319 | 886989 |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 149748 | 156821 |
| TOTAL CONSUMER DISCRETIONARY |  | 10690314 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Tesco PLC  | 151831 | 751412 |
| Tobacco - 0.5% |  |  |
| Imperial Brands PLC  | 57574 | 2362436 |
| TOTAL CONSUMER STAPLES |  | 3113848 |
| Financials - 2.8% |  |  |
| Banks - 1.3% |  |  |
| HSBC Holdings PLC  | 202165 | 2253610 |
| Lloyds Banking Group PLC  | 2211307 | 2172561 |
| Standard Chartered PLC  | 87700 | 1263165 |
|  |  | 5689336 |
| Capital Markets - 1.3% |  |  |
| 3i Group PLC  | 18723 | 1061426 |
| London Stock Exchange Group PLC  | 29627 | 4613266 |
|  |  | 5674692 |
| Insurance - 0.2% |  |  |
| Beazley PLC  | 79906 | 941910 |
| TOTAL FINANCIALS |  | 12305938 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC  | 7518 | 1077079 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Avon Technologies PLC  | 2000 | 36249 |
| BAE Systems PLC  | 246593 | 5716676 |
| Rolls-Royce Holdings PLC  | 94534 | 956918 |
|  |  | 6709843 |
| Machinery - 0.1% |  |  |
| Bodycote PLC  | 33432 | 212081 |
| Spirax Group PLC  | 380 | 29753 |
|  |  | 241834 |
| Marine Transportation - 0.0% |  |  |
| Clarkson PLC  | 1774 | 77664 |
| Professional Services - 0.7% |  |  |
| RELX PLC  | 60627 | 3308728 |
| Trading Companies & Distributors - 0.2% |  |  |
| Bunzl PLC  | 17866 | 561430 |
| Diploma PLC  | 2247 | 118645 |
| Howden Joinery Group PLC  | 31478 | 322601 |
|  |  | 1002676 |
| TOTAL INDUSTRIALS |  | 11340745 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Oxford Instruments PLC  | 3177 | 69437 |
| Spectris PLC  | 37763 | 1006536 |
|  |  | 1075973 |
| Software - 0.2% |  |  |
| Sage Group PLC/The  | 55255 | 911274 |
| TOTAL INFORMATION TECHNOLOGY |  | 1987247 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglogold Ashanti Plc  | 62017 | 2614637 |
| Real Estate - 0.0% |  |  |
| Residential REITs - 0.0% |  |  |
| UNITE Group PLC/The  | 12506 | 143417 |
| TOTAL UNITED KINGDOM |  | 44049359 |
| UNITED STATES - 11.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| PriceSmart Inc  | 5409 | 548959 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Shell PLC ADR  | 63087 | 4067850 |
| Financials - 3.2% |  |  |
| Capital Markets - 1.4% |  |  |
| Moody's Corp  | 7189 | 3257480 |
| Morningstar Inc  | 910 | 259094 |
| S&P Global Inc  | 5771 | 2885789 |
|  |  | 6402363 |
| Financial Services - 1.1% |  |  |
| Mastercard Inc Class A  | 4276 | 2343505 |
| Visa Inc Class A  | 7374 | 2547717 |
|  |  | 4891222 |
| Insurance - 0.7% |  |  |
| Marsh & McLennan Cos Inc  | 14275 | 3218584 |
| TOTAL FINANCIALS |  | 14512169 |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| GSK PLC  | 29349 | 580602 |
| Roche Holding AG  | 8556 | 2797697 |
|  |  | 3378299 |
| Industrials - 2.2% |  |  |
| Commercial Services & Supplies - 0.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 31975 | 1595503 |
| Electrical Equipment - 0.7% |  |  |
| GE Vernova Inc  | 8636 | 3202402 |
| Machinery - 0.2% |  |  |
| Otis Worldwide Corp  | 11090 | 1067634 |
| Professional Services - 0.8% |  |  |
| Experian PLC  | 71494 | 3556901 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 2723 | 457609 |
| TOTAL INDUSTRIALS |  | 9880049 |
| Materials - 3.9% |  |  |
| Chemicals - 1.7% |  |  |
| Linde PLC  | 13785 | 6247776 |
| Sherwin-Williams Co/The  | 3956 | 1396151 |
|  |  | 7643927 |
| Construction Materials - 2.2% |  |  |
| CRH PLC  | 83126 | 7931883 |
| Holcim AG  | 15781 | 1763495 |
|  |  | 9695378 |
| TOTAL MATERIALS |  | 17339305 |
| TOTAL UNITED STATES |  | 49726631 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $350,628,109) |  | <br> **435790033** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| ByteDance Ltd Series E1 (c)(d)(g)<br>(Cost $63,224)<br>| 577 | **122491** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Porsche Automobil Holding SE <br>(Cost $441,454)<br>| 7660 | **315828** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 16011115 | 16014317 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 2941456 | 2941750 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $18,956,063) |  |  | **18956067** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $370,088,850)<br>| <br>**455184419** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(6746721)** |
| **NET ASSETS - 100.0%** | **448437698** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 63224 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 9756116 | 174144628 | 167886427 | 204117 | - | - | 16014317 | 16011115 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 897547 | 29399439 | 27355236 | 6455 | - | - | 2941750 | 2941456 | 0.0% |
| Total | 10653663 | 203544067 | 195241663 | 210572 | - | - | 18956067 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 24940640 | 6909386 | 18031254 | - |
| Consumer Discretionary | 41103345 | 22248263 | 18855082 | - |
| Consumer Staples | 15503692 | 9988025 | 5515667 | - |
| Energy | 18056434 | 13752978 | 4303456 | - |
| Financials | 121906604 | 67406872 | 54499731 | 1 |
| Health Care | 21313004 | 13133336 | 8179668 | - |
| Industrials | 91552258 | 33889724 | 57662534 | - |
| Information Technology | 54919156 | 16646628 | 38272528 | - |
| Materials | 44285899 | 30535867 | 13750032 | - |
| Real Estate | 1245245 | 471287 | 773958 | - |
| Utilities | 963756 | 506562 | 457194 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 122491 | - | - | 122491 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 315828 | - | 315828 | - |
|  **Money Market Funds** | 18956067 | 18956067 | - | - |
| **Total Investments in Securities:** | 455184419 | 234444995 | 220616932 | 122492 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $436228352 |  |
| Fidelity Central Funds (cost $18,956,063) | 18956067 |  |
| Total Investment in Securities (cost $370,088,850) |  | $455184419 |
| Cash |  | 49769 |
| Foreign currency held at value (cost $55,088) |  | 55397 |
| Receivable for investments sold |  | 550140 |
| Receivable for fund shares sold |  | 1959891 |
| Dividends receivable |  | 1238324 |
| Reclaims receivable |  | 410177 |
| Interest receivable |  | 43 |
| Distributions receivable from Fidelity Central Funds |  | 53704 |
| Prepaid expenses |  | 86 |
| Receivable from investment adviser for expense reductions |  | 13371 |
| Other receivables |  | 64771 |
| **Total assets** |  | 459580092 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $6641017 |  |
| Delayed delivery | 32596 |  |
| Payable for fund shares redeemed | 960673 |  |
| Accrued management fee | 296599 |  |
| Distribution and service plan fees payable | 13487 |  |
| Other payables and accrued expenses | 256272 |  |
| Collateral on securities loaned | 2941750 |  |
| **Total liabilities** |  | 11142394 |
| **Net Assets**  |  | $448437698 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $370229528 |
| Total accumulated earnings (loss) |  | 78208170 |
| **Net Assets** |  | $448437698 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4142401 |
| Non-Cash dividends |  | 529286 |
| Income from Fidelity Central Funds (including $6,455 from security lending)  |  | 210572 |
| Income before foreign taxes withheld |  | $4882259 |
| Less foreign taxes withheld |  | (382368) |
| **Total income** |  | 4499891 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $1473489 |  |
| Performance adjustment | 56459 |  |
| Distribution and service plan fees | 80182 |  |
| Custodian fees and expenses | 74598 |  |
| Independent trustees' fees and expenses | 726 |  |
| Registration fees | 56479 |  |
| Audit fees | 47685 |  |
| Legal | 1462 |  |
| Miscellaneous | 2386 |  |
| Total expenses before reductions | 1793466 |  |
| Expense reductions | (37160) |  |
| Total expenses after reductions |  | 1756306 |
| **Net Investment income (loss)** |  | 2743585 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $76,797)  | (823709) |  |
| Foreign currency transactions | (58447) |  |
| Total net realized gain (loss) |  | (882156) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $77,622)  | 21113488 |  |
| Assets and liabilities in foreign currencies | 51688 |  |
| Total change in net unrealized appreciation (depreciation) |  | 21165176 |
| **Net gain (loss)** |  | 20283020 |
| **Net increase (decrease) in net assets resulting from operations** |  | $23026605 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2743585 | $3732888 |
| &nbsp;&nbsp;Net realized gain (loss) | (882156)<br>| 4359942<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 21165176 | 50001353<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 23026605<br>| 58094183<br>|
| Distributions to shareholders | (4837858)<br>| (3300481)<br>|
| Share transactions - net increase (decrease) | 110489613<br>| 42264083<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 128678360<br>| 97057785<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 319759338 | 222701553<br>|
| &nbsp;&nbsp;End of period | $448437698 | $319759338 |

---

**Financial Highlights** 

**Fidelity Advisor® Total International Equity Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $30595 | $24152 | $17343 | $12786 | $8642 | $6091 |
| Portfolio turnover rate K | 42% J<br>| 33%  | 28%  | 31%  | 39%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Total International Equity Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $13081 | $13015 | $10624 | $9876 | $12936 | $10620 |
| Portfolio turnover rate K | 42% J<br>| 33%  | 28%  | 31%  | 39%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Total International Equity Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $2846 | $2950 | $2475 | $1893 | $1982 | $1827 |
| Portfolio turnover rate K | 42% J<br>| 33%  | 28%  | 31%  | 39%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12)%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Total International Equity Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $281011 | $163406 | $108561 | $86458 | $82604 | $61362 |
| Portfolio turnover rate I | 42% H<br>| 33%  | 28%  | 31%  | 39%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Total International Equity Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $85018 | $69379 | $57299 | $35423 | $5714 | $2073 |
| Portfolio turnover rate I | 42% H<br>| 33%  | 28%  | 31%  | 39%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Total International Equity Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $35887 | $46858 | $26401 | $7681 | $5752 | $3422 |
| Portfolio turnover rate I | 42% H<br>| 33%  | 28%  | 31%  | 39%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $98049766 |
| **Gross unrealized depreciation** | <u>(17139797)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$80909969</u> |
| **Tax cost** | <u>$374274450</u> |

---

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 | $(4514700) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(4514700)</u> |

---

**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** | 180463821 | 73432459 |

---

**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% | 32888 | 1062 |
| **Class M** | .25% | .25% | 32606 | 330 |
| **Class C** | .75% | .25% | <u>14688</u> | <u>2604</u> |
|  |  |  | <u>80182</u> | <u>3996</u> |

---

**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** | 8937 |
| **Class M** | 354 |
| **Class C**A | <u>19</u> |
|  | <u>9310</u> |

---

*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** | 7556437 | 1262489 | 1307 |

---

**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% | 6163 |
| **Class M** | 1.45% | 3019 |
| **Class C** | 1.95% | 657 |
| **Total International Equity** | .95% | 4599 |
| **Class I** | .95% | 12103 |
| **Class Z** | .80% | <u>9826</u> |
|  |  | <u>36367</u> |

---

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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Total International Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $294865 | $214708 |
| Class M | 118208 | 103563 |
| Class C | 10828 | 12847 |
| Total International Equity | 2693319 | 1657937 |
| Class I | 1209622 | 886527 |
| Class Z | <u>511016</u> | <u>424899</u> |
| Total  | <u>$4837858</u> | <u>$3300481</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Total International Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 618445 | 549290 | $7384893 | $6240487 |
| Reinvestment of distributions | 25108 | 20725 | 294592 | 213883 |
| Shares redeemed | <u>(214692)</u> | <u>(344770)</u> | <u>(2567644)</u> | <u>(3941834)</u> |
| Net increase (decrease) | <u>428861</u> | <u>225245</u> | <u>$5111841</u> | <u>$2512536</u> |
| **Class M** |  |  |  |  |
| Shares sold | 57011 | 137040 | $686899 | $1587737 |
| Reinvestment of distributions | 9993 | 9958 | 118147 | 103562 |
| Shares redeemed | <u>(112228)</u> | <u>(159164)</u> | <u>(1363391)</u> | <u>(1820564)</u> |
| Net increase (decrease) | <u>(45224)</u> | <u>(12166)</u> | <u>$(558345)</u> | <u>$(129265)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 33320 | 57438 | $402295 | $630153 |
| Reinvestment of distributions | 926 | 1241 | 10828 | 12847 |
| Shares redeemed | <u>(54987)</u> | <u>(68257)</u> | <u>(641806)</u> | <u>(785305)</u> |
| Net increase (decrease) | <u>(20741)</u> | <u>(9578)</u> | <u>$(228683)</u> | <u>$(142305)</u> |
| **Total International Equity** |  |  |  |  |
| Shares sold | 11296090 | 4737578 | $135145569 | $54385150 |
| Reinvestment of distributions | 200010 | 144359 | 2352232 | 1492669 |
| Shares redeemed | <u>(2624783)</u> | <u>(2451059)</u> | <u>(31060537)</u> | <u>(27787042)</u> |
| Net increase (decrease) | <u>8871317</u> | <u>2430878</u> | <u>$106437264</u> | <u>$28090777</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2533110 | 2162129 | $30083298 | $24037565 |
| Reinvestment of distributions | 101172 | 85453 | 1185843 | 880163 |
| Shares redeemed | <u>(1622860)</u> | <u>(2382839)</u> | <u>(19003595)</u> | <u>(26892945)</u> |
| Net increase (decrease) | <u>1011422</u> | <u>(135257)</u> | <u>$12265546</u> | <u>$(1975217)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1346988 | 2618679 | $16053422 | $30191085 |
| Reinvestment of distributions | 40881 | 37496 | 482408 | 388454 |
| Shares redeemed | <u>(2439323)</u> | <u>(1471673)</u> | <u>(29073840)</u> | <u>(16671982)</u> |
| Net increase (decrease) | <u>(1051454)</u> | <u>1184502</u> | <u>$(12538010)</u> | <u>$13907557</u> |

---

**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.

![](img109433_4.jpg)<br>

1.912361.115 TIE-SANN-0625

**Fidelity® International Growth Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109451_1.jpg)

![](img109451_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IGF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Growth Fund](#Sub_Sec_Fund_1979_IGF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1979_IGF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IGF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IGF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IGF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IGF-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 992905 | 15342441 |
| CANADA - 2.4%  |  |  |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| CAE Inc (a) | 533511 | 13347450 |
| Ground Transportation - 1.1% |  |  |
| Canadian Pacific Kansas City Ltd  | 916400 | 66559649 |
| TOTAL INDUSTRIALS |  | 79907099 |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Franco-Nevada Corp  | 428080 | 73564799 |
| TOTAL CANADA |  | 153471898 |
| CHINA - 0.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Tencent Holdings Ltd  | 808800 | 49539772 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Trip.com Group Ltd ADR  | 37400 | 2206226 |
| TOTAL CHINA |  | 51745998 |
| DENMARK - 1.8%  |  |  |
| Health Care - 1.8% |  |  |
| Pharmaceuticals - 1.8% |  |  |
| Novo Nordisk A/S Series B  | 1727300 | 115489980 |
| FINLAND - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Machinery - 1.1% |  |  |
| Kone Oyj B Shares  | 1115704 | 68883928 |
| FRANCE - 12.5%  |  |  |
| Consumer Discretionary - 2.6% |  |  |
| Textiles, Apparel & Luxury Goods - 2.6% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 306545 | 169804238 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| EssilorLuxottica SA  | 325921 | 93301794 |
| Industrials - 8.3% |  |  |
| Aerospace & Defense - 6.6% |  |  |
| Airbus SE  | 768400 | 130390212 |
| Safran SA  | 1113000 | 296191095 |
|  |  | 426581307 |
| Electrical Equipment - 1.7% |  |  |
| Legrand SA  | 978100 | 107493024 |
| TOTAL INDUSTRIALS |  | 534074331 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Lectra  | 397459 | 10243447 |
| TOTAL FRANCE |  | 807423810 |
| GERMANY - 9.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 165100 | 19414081 |
| Financials - 2.0% |  |  |
| Capital Markets - 2.0% |  |  |
| Deutsche Boerse AG  | 400900 | 129127444 |
| Information Technology - 6.8% |  |  |
| Software - 6.8% |  |  |
| SAP SE  | 1509600 | 441691809 |
| TOTAL GERMANY |  | 590233334 |
| INDIA - 1.0%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Reliance Industries Ltd  | 1733300 | 28741237 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| HDFC Bank Ltd  | 1490891 | 33818098 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (a) | 970400 | 2993029 |
| TOTAL FINANCIALS |  | 36811127 |
| TOTAL INDIA |  | 65552364 |
| ITALY - 0.9%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Prada Spa (a) | 5520400 | 34522074 |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Interpump Group SpA  | 740226 | 25224036 |
| TOTAL ITALY |  | 59746110 |
| JAPAN - 8.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Nintendo Co Ltd  | 599200 | 49745589 |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| USS Co Ltd  | 3222800 | 32209967 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Hoya Corp  | 468400 | 55114843 |
| Industrials - 3.8% |  |  |
| Construction & Engineering - 0.4% |  |  |
| SHO-BOND Holdings Co Ltd  | 752000 | 26933781 |
| Machinery - 0.6% |  |  |
| Komatsu Ltd  | 1306100 | 37771851 |
| Professional Services - 2.8% |  |  |
| Recruit Holdings Co Ltd  | 3248400 | 180011032 |
| TOTAL INDUSTRIALS |  | 244716664 |
| Information Technology - 2.9% |  |  |
| Electronic Equipment, Instruments & Components - 2.9% |  |  |
| Azbil Corp  | 6730712 | 57995784 |
| Keyence Corp  | 301748 | 126158314 |
|  |  | 184154098 |
| TOTAL JAPAN |  | 565941161 |
| NETHERLANDS - 4.7%  |  |  |
| Industrials - 0.7% |  |  |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 260700 | 8606033 |
| Aalberts NV rights (a)(b) | 254800 | 326174 |
|  |  | 8932207 |
| Trading Companies & Distributors - 0.6% |  |  |
| IMCD NV  | 279146 | 36951539 |
| TOTAL INDUSTRIALS |  | 45883746 |
| Information Technology - 4.0% |  |  |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| ASML Holding NV  | 337742 | 222870922 |
| BE Semiconductor Industries NV  | 299464 | 31970712 |
|  |  | 254841634 |
| TOTAL NETHERLANDS |  | 300725380 |
| SPAIN - 0.8%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Amadeus IT Group SA Class A  | 688000 | 53918947 |
| SWEDEN - 8.1%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Autoliv Inc (c) | 306769 | 28600074 |
| Industrials - 7.2% |  |  |
| Building Products - 1.7% |  |  |
| Assa Abloy AB B Shares  | 3563710 | 108172806 |
| Machinery - 5.0% |  |  |
| Atlas Copco AB A Shares  | 14119100 | 218896812 |
| Epiroc AB A Shares  | 4603417 | 99445809 |
|  |  | 318342621 |
| Trading Companies & Distributors - 0.5% |  |  |
| AddTech AB B Shares  | 982490 | 32995319 |
| TOTAL INDUSTRIALS |  | 459510746 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Lagercrantz Group AB B Shares  | 1511600 | 34280970 |
| TOTAL SWEDEN |  | 522391790 |
| SWITZERLAND - 3.1%  |  |  |
| Financials - 2.0% |  |  |
| Capital Markets - 2.0% |  |  |
| UBS Group AG  | 4224732 | 127404834 |
| Industrials - 1.1% |  |  |
| Machinery - 1.1% |  |  |
| Schindler Holding AG  | 175048 | 63796497 |
| Schindler Holding AG  | 18350 | 6492033 |
|  |  | 70288530 |
| TOTAL SWITZERLAND |  | 197693364 |
| TAIWAN - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 4200000 | 118767466 |
| UNITED KINGDOM - 14.4%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| Rightmove PLC  | 1946773 | 19141957 |
| Consumer Discretionary - 5.3% |  |  |
| Hotels, Restaurants & Leisure - 5.1% |  |  |
| Compass Group PLC  | 5841600 | 196948515 |
| InterContinental Hotels Group PLC ADR (c) | 1211470 | 130705498 |
|  |  | 327654013 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 65000 | 13348990 |
| TOTAL CONSUMER DISCRETIONARY |  | 341003003 |
| Financials - 3.2% |  |  |
| Capital Markets - 3.2% |  |  |
| 3i Group PLC  | 859200 | 48708941 |
| London Stock Exchange Group PLC  | 996300 | 155135394 |
|  |  | 203844335 |
| Industrials - 4.6% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| BAE Systems PLC  | 6230136 | 144430975 |
| Professional Services - 2.4% |  |  |
| RELX PLC  | 2782200 | 151838983 |
| TOTAL INDUSTRIALS |  | 296269958 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Spectris PLC  | 1112257 | 29646098 |
| Software - 0.6% |  |  |
| Sage Group PLC/The  | 2309600 | 38090299 |
| TOTAL INFORMATION TECHNOLOGY |  | 67736397 |
| TOTAL UNITED KINGDOM |  | 927995650 |
| UNITED STATES - 24.4%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| PriceSmart Inc (c) | 192598 | 19546771 |
| Financials - 10.1% |  |  |
| Capital Markets - 4.4% |  |  |
| Moody's Corp  | 329900 | 149484288 |
| S&P Global Inc  | 264800 | 132413240 |
|  |  | 281897528 |
| Financial Services - 3.5% |  |  |
| Mastercard Inc Class A  | 196200 | 107529372 |
| Visa Inc Class A  | 338360 | 116903380 |
|  |  | 224432752 |
| Insurance - 2.2% |  |  |
| Marsh & McLennan Cos Inc  | 655051 | 147694349 |
| TOTAL FINANCIALS |  | 654024629 |
| Industrials - 5.6% |  |  |
| Electrical Equipment - 2.3% |  |  |
| GE Vernova Inc  | 396300 | 146955966 |
| Machinery - 0.8% |  |  |
| Otis Worldwide Corp  | 508900 | 48991803 |
| Professional Services - 2.5% |  |  |
| Experian PLC  | 3280900 | 163228176 |
| TOTAL INDUSTRIALS |  | 359175945 |
| Materials - 8.4% |  |  |
| Chemicals - 4.5% |  |  |
| Linde PLC  | 490779 | 222435766 |
| Sherwin-Williams Co/The  | 196311 | 69282078 |
|  |  | 291717844 |
| Construction Materials - 3.9% |  |  |
| CRH PLC  | 2625266 | 250502882 |
| TOTAL MATERIALS |  | 542220726 |
| TOTAL UNITED STATES |  | 1574968071 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,998,447,448) |  | <br> **6190291692** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| ByteDance Ltd Series E1 (a)(d)(e)<br>(Cost $6,992,914)<br>| 63819 | **13548136** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 230276796 | 230322851 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 91619695 | 91628857 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $321,951,708) |  |  | **321951708** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $4,327,392,070)<br>| <br>**6525791536** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(67452815)** |
| **NET ASSETS - 100.0%** | **6458338721** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 6992915 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 148770998 | 838820578 | 757268725 | 3433638 | - | - | 230322851 | 230276796 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 144986916 | 228039235 | 281397294 | 166106 | - | - | 91628857 | 91619695 | 0.3% |
| Total | 293757914 | 1066859813 | 1038666019 | 3599744 | - | - | 321951708 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 137841399 | 38556038 | 99285361 | - |
| Consumer Discretionary | 662264529 | 295511776 | 366752753 | - |
| Consumer Staples | 19546771 | 19546771 | - | - |
| Energy | 28741237 | - | 28741237 | - |
| Financials | 1151212369 | 781429463 | 369782906 | - |
| Health Care | 263906617 | 93301794 | 170604823 | - |
| Industrials | 2199277424 | 879749270 | 1319528154 | - |
| Information Technology | 1111715821 | 425098232 | 686617589 | - |
| Materials | 615785525 | 615785525 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 13548136 | - | - | 13548136 |
|  **Money Market Funds** | 321951708 | 321951708 | - | - |
| **Total Investments in Securities:** | 6525791536 | 3470930577 | 3041312823 | 13548136 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $6203839828 |  |
| Fidelity Central Funds (cost $321,951,708) | 321951708 |  |
| Total Investment in Securities (cost $4,327,392,070) |  | $6525791536 |
| Foreign currency held at value (cost $942,100) |  | 942146 |
| Receivable for investments sold |  | 17571213 |
| Receivable for fund shares sold |  | 3650329 |
| Dividends receivable |  | 12526772 |
| Reclaims receivable |  | 15704590 |
| Interest receivable |  | 393 |
| Distributions receivable from Fidelity Central Funds |  | 680003 |
| Prepaid expenses |  | 1741 |
| Other receivables |  | 10284 |
| **Total assets** |  | 6576879007 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $10469519 |  |
| Delayed delivery | 326175 |  |
| Payable for fund shares redeemed | 8848086 |  |
| Accrued management fee | 4182878 |  |
| Distribution and service plan fees payable | 69478 |  |
| Other payables and accrued expenses | 3015996 |  |
| Collateral on securities loaned | 91628154 |  |
| **Total liabilities** |  | 118540286 |
| **Net Assets**  |  | $6458338721 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4281426272 |
| Total accumulated earnings (loss) |  | 2176912449 |
| **Net Assets** |  | $6458338721 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $45552945 |
| Foreign Tax Reclaims |  | 4583010 |
| Interest  |  | 122 |
| Income from Fidelity Central Funds (including $166,106 from security lending)  |  | 3599744 |
| Income before foreign taxes withheld |  | $53735821 |
| Less foreign taxes withheld |  | (3958427) |
| **Total income** |  | 49777394 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $23560458 |  |
| Performance adjustment | 2830088 |  |
| Distribution and service plan fees | 445909 |  |
| Custodian fees and expenses | 156234 |  |
| Independent trustees' fees and expenses | 13628 |  |
| Registration fees | 85919 |  |
| Audit fees | 61602 |  |
| Legal | 4284 |  |
| Miscellaneous | 58325 |  |
| Total expenses before reductions | 27216447 |  |
| Expense reductions | (463) |  |
| Total expenses after reductions |  | 27215984 |
| **Net Investment income (loss)** |  | 22561410 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (20710303) |  |
| Foreign currency transactions | (249818) |  |
| Total net realized gain (loss) |  | (20960121) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,465,834)  | 195930024 |  |
| Assets and liabilities in foreign currencies | 984125 |  |
| Total change in net unrealized appreciation (depreciation) |  | 196914149 |
| **Net gain (loss)** |  | 175954028 |
| **Net increase (decrease) in net assets resulting from operations** |  | $198515438 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $22561410 | $31462911 |
| &nbsp;&nbsp;Net realized gain (loss) | (20960121)<br>| 104369251<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 196914149 | 924053495<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 198515438<br>| 1059885657<br>|
| Distributions to shareholders | (52532043)<br>| (24060084)<br>|
| Share transactions - net increase (decrease) | 265740024<br>| 670552377<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 411723419<br>| 1706377950<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6046615302 | 4340237352<br>|
| &nbsp;&nbsp;End of period | $6458338721 | $6046615302 |

---

**Financial Highlights** 

**Fidelity Advisor® International Growth Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $205870 | $204716 | $171656 | $157490 | $232527 | $174561 |
| Portfolio turnover rate K | 31% J<br>| 31%  | 22%  | 22%  | 21%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Growth Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $30236 | $31196 | $27016 | $26250 | $38761 | $30353 |
| Portfolio turnover rate I | 31% H<br>| 31%  | 22%  | 22%  | 21%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Growth Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $20628 | $24523 | $27270 | $33575 | $58867 | $55013 |
| Portfolio turnover rate I | 31% H<br>| 31%  | 22%  | 22%  | 21%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® International Growth Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $1605863 | $1591303 | $1277884 | $1194442 | $1773433 | $1292392 |
| Portfolio turnover rate I | 31% H<br>| 31%  | 22%  | 22%  | 21%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Growth Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $1869467 | $1821120 | $1441605 | $1373850 | $2035690 | $1382837 |
| Portfolio turnover rate I | 31% H<br>| 31%  | 22%  | 22%  | 21%  | 23%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Growth Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $2726276 | $2373757 | $1394806 | $989259 | $1277877 | $1350267 |
| Portfolio turnover rate H | 31% G<br>| 31%  | 22%  | 22%  | 21%  | 23%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $2294293924 |
| **Gross unrealized depreciation** | <u>(102077459)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2192216465</u> |
| **Tax cost** | <u>$4333575071</u> |

---

**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** | 1121336677 | 959548560 |

---

**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% | 256236 | 7522 |
| **Class M** | .25% | .25% | 77162 | 802 |
| **Class C** | .75% | .25% | <u>112511</u> | <u>9721</u> |
|  |  |  | <u>445909</u> | <u>18045</u> |

---

**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** | 15208 |
| **Class M** | 832 |
| **Class C**A | <u>204</u> |
|  | <u>16244</u> |

---

*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:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity International Growth Fund** | 1227 |

---

**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** | 87710906 | 27823399 | 1989966 |

---

**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** | 4921 |

---

**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:

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 17181 | 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:

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| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $961001 | $381205 |
| Class M | 111260 | - |
| Class C | 87826 | - |
| International Growth | 11811561 | 7052424 |
| Class I | 14013519 | 7886338 |
| Class Z | <u>25546876</u> | <u>8740117</u> |
| Total  | <u>$52532043</u> | <u>$24060084</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 643704 | 1361726 | $13132854 | $26631593 |
| Reinvestment of distributions | 46688 | 21028 | 959433 | 380612 |
| Shares redeemed | <u>(890719)</u> | <u>(1854663)</u> | <u>(18204974)</u> | <u>(36470900)</u> |
| Net increase (decrease) | <u>(200327)</u> | <u>(471909)</u> | <u>$(4112687)</u> | <u>$(9458695)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 50456 | 108808 | $1008477 | $2130923 |
| Reinvestment of distributions | 5288 | - | 107663 | - |
| Shares redeemed | <u>(141795)</u> | <u>(234072)</u> | <u>(2889395)</u> | <u>(4543640)</u> |
| Net increase (decrease) | <u>(86051)</u> | <u>(125264)</u> | <u>$(1773255)</u> | <u>$(2412717)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 62857 | 107281 | $1225448 | $2006178 |
| Reinvestment of distributions | 4496 | - | 87769 | - |
| Shares redeemed | <u>(294578)</u> | <u>(593274)</u> | <u>(5724188)</u> | <u>(11112046)</u> |
| Net increase (decrease) | <u>(227225)</u> | <u>(485993)</u> | <u>$(4410971)</u> | <u>$(9105868)</u> |
| **International Growth** |  |  |  |  |
| Shares sold | 7794506 | 14283815 | $162479956 | $286244273 |
| Reinvestment of distributions | 511084 | 347988 | 10599872 | 6354264 |
| Shares redeemed | <u>(9476053)</u> | <u>(14803330)</u> | <u>(195596290)</u> | <u>(295979856)</u> |
| Net increase (decrease) | <u>(1170463)</u> | <u>(171527)</u> | <u>$(22516462)</u> | <u>$(3381319)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 10960393 | 21361727 | $225266328 | $425487377 |
| Reinvestment of distributions | 667402 | 424789 | 13801873 | 7735409 |
| Shares redeemed | <u>(11434004)</u> | <u>(20686405)</u> | <u>(235726272)</u> | <u>(410163686)</u> |
| Net increase (decrease) | <u>193791</u> | <u>1100111</u> | <u>$3341929</u> | <u>$23059100</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 30127547 | 68973110 | $618409913 | $1408702342 |
| Reinvestment of distributions | 901011 | 267865 | 18632896 | 4883179 |
| Shares redeemed | <u>(16745307)</u> | <u>(38217356)</u> | <u>(341831339)</u> | <u>(741733645)</u> |
| Net increase (decrease) | <u>14283251</u> | <u>31023619</u> | <u>$295211470</u> | <u>$671851876</u> |

---

**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.

![](img109451_4.jpg)<br>

1.912353.115 IGF-SANN-0625

**Fidelity® Emerging Markets Discovery Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109460_1.jpg)

![](img109460_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EMD-TEK-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Markets Discovery Fund](#Sub_Sec_Fund_2374_EMD-TEK-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2374_EMD-TEK-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EMD-TEK-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EMD-TEK-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EMD-TEK-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EMD-TEK-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 13.1%  |  |  |
| Consumer Discretionary - 2.7% |  |  |
| Diversified Consumer Services - 1.2% |  |  |
| Afya Ltd Class A (a) | 664959 | 12634221 |
| Specialty Retail - 1.0% |  |  |
| Lojas Renner SA  | 4098874 | 10552065 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Azzas 2154 SA  | 856827 | 4807163 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Atacadao SA  | 5656194 | 8521441 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| PRIO SA/Brazil (b) | 1803560 | 10713022 |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Caixa Seguridade Participacoes S/A  | 4188090 | 12073188 |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Hypera SA  | 2985959 | 12690648 |
| Industrials - 3.9% |  |  |
| Commercial Services & Supplies - 1.2% |  |  |
| Orizon Valorizacao de Residuos SA (b) | 1385510 | 11972443 |
| Ground Transportation - 2.7% |  |  |
| Localiza Rent a Car SA  | 2072529 | 15688721 |
| Rumo SA  | 3356356 | 11473407 |
|  |  | 27162128 |
| TOTAL INDUSTRIALS |  | 39134571 |
| Real Estate - 0.9% |  |  |
| Real Estate Management & Development - 0.9% |  |  |
| LOG Commercial Properties e Participacoes SA  | 2403756 | 8894721 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 1.3% |  |  |
| Equatorial Energia SA  | 2089524 | 13553013 |
| Water Utilities - 0.1% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 56300 | 1129838 |
| TOTAL UTILITIES |  | 14682851 |
| TOTAL BRAZIL |  | 134703891 |
| CHILE - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Banco de Chile ADR  | 450779 | 13306996 |
| CHINA - 17.5%  |  |  |
| Communication Services - 2.5% |  |  |
| Entertainment - 2.0% |  |  |
| DouYu International Holdings Ltd ADR  | 574703 | 4281536 |
| NetEase Cloud Music Inc (b)(d)(e) | 297780 | 6930385 |
| Tencent Music Entertainment Group Class A ADR  | 674430 | 9050851 |
|  |  | 20262772 |
| Interactive Media & Services - 0.5% |  |  |
| Tongdao Liepin Group (d) | 11271997 | 5304914 |
| TOTAL COMMUNICATION SERVICES |  | 25567686 |
| Consumer Discretionary - 3.4% |  |  |
| Diversified Consumer Services - 1.5% |  |  |
| Fu Shou Yuan International Group Ltd  | 17498916 | 7942156 |
| TAL Education Group Class A ADR (b) | 822230 | 7194512 |
|  |  | 15136668 |
| Household Durables - 0.9% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 2617041 | 8934778 |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Li Ning Co Ltd  | 5506190 | 10436458 |
| TOTAL CONSUMER DISCRETIONARY |  | 34507904 |
| Consumer Staples - 3.1% |  |  |
| Beverages - 2.2% |  |  |
| China Resources Beer Holdings Co Ltd  | 3290583 | 11625403 |
| Tsingtao Brewery Co Ltd H Shares  | 1465536 | 10374172 |
|  |  | 21999575 |
| Personal Care Products - 0.9% |  |  |
| Proya Cosmetics Co Ltd A Shares (China)  | 726769 | 9538264 |
| TOTAL CONSUMER STAPLES |  | 31537839 |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Far East Horizon Ltd  | 14294244 | 11076952 |
| Industrials - 6.4% |  |  |
| Construction & Engineering - 1.0% |  |  |
| China Communications Services Corp Ltd H Shares  | 3262794 | 1703842 |
| Sinopec Engineering Group Co Ltd H Shares  | 13545172 | 9658157 |
|  |  | 11361999 |
| Ground Transportation - 1.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 1042320 | 11840755 |
| Machinery - 2.9% |  |  |
| Airtac International Group  | 409330 | 11220301 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 1327897 | 13055490 |
| Zhejiang Dingli Machinery Co Ltd A Shares (China)  | 922540 | 5514172 |
|  |  | 29789963 |
| Marine Transportation - 1.3% |  |  |
| SITC International Holdings Co Ltd  | 4729210 | 13079782 |
| TOTAL INDUSTRIALS |  | 66072499 |
| Utilities - 1.0% |  |  |
| Water Utilities - 1.0% |  |  |
| Guangdong Investment Ltd  | 13565540 | 10984526 |
| TOTAL CHINA |  | 179747406 |
| GEORGIA - 1.5%  |  |  |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| Lion Finance Group PLC  | 194166 | 15525902 |
| GREECE - 2.5%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| OPAP SA  | 770090 | 17072799 |
| Industrials - 0.8% |  |  |
| Transportation Infrastructure - 0.8% |  |  |
| Athens International Airport SA  | 863430 | 8940169 |
| TOTAL GREECE |  | 26012968 |
| HONG KONG - 1.1%  |  |  |
| Consumer Staples - 1.1% |  |  |
| Food Products - 1.1% |  |  |
| WH Group Ltd (d)(e) | 12305733 | 11011629 |
| HUNGARY - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Richter Gedeon Nyrt  | 367685 | 11123311 |
| INDIA - 11.9%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Automobiles - 1.3% |  |  |
| Eicher Motors Ltd  | 209973 | 13808270 |
| Financials - 3.9% |  |  |
| Consumer Finance - 2.6% |  |  |
| Manappuram Finance Ltd  | 4848793 | 13229401 |
| Shriram Finance Ltd  | 1863845 | 13488423 |
|  |  | 26717824 |
| Insurance - 1.3% |  |  |
| HDFC Life Insurance Co Ltd (d)(e) | 1475620 | 12955883 |
| TOTAL FINANCIALS |  | 39673707 |
| Health Care - 2.4% |  |  |
| Health Care Providers & Services - 1.4% |  |  |
| Max Healthcare Institute Ltd  | 1070650 | 13872046 |
| Pharmaceuticals - 1.0% |  |  |
| Torrent Pharmaceuticals Ltd  | 277028 | 10879959 |
| TOTAL HEALTH CARE |  | 24752005 |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| Bharat Electronics Ltd  | 3003123 | 11155041 |
| Hindustan Aeronautics Ltd (d) | 229700 | 12164133 |
|  |  | 23319174 |
| Air Freight & Logistics - 0.2% |  |  |
| Delhivery Ltd (b) | 746513 | 2694220 |
| Professional Services - 1.1% |  |  |
| Computer Age Management Services Ltd  | 241310 | 11112156 |
| TOTAL INDUSTRIALS |  | 37125550 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Deccan Cements Ltd (c) | 730039 | 6734715 |
| TOTAL INDIA |  | 122094247 |
| INDONESIA - 4.1%  |  |  |
| Consumer Staples - 2.0% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 77901530 | 10084716 |
| Food Products - 1.0% |  |  |
| First Resources Ltd  | 9109441 | 10539468 |
| TOTAL CONSUMER STAPLES |  | 20624184 |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| United Tractors Tbk PT  | 7241990 | 9897044 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Bank Syariah Indonesia Tbk PT  | 64586910 | 11108452 |
| TOTAL INDONESIA |  | 41629680 |
| KOREA (SOUTH) - 7.6%  |  |  |
| Consumer Discretionary - 2.1% |  |  |
| Household Durables - 1.2% |  |  |
| Coway Co Ltd  | 203909 | 12529034 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Misto Holdings Corp  | 353785 | 9181034 |
| TOTAL CONSUMER DISCRETIONARY |  | 21710068 |
| Consumer Staples - 1.0% |  |  |
| Tobacco - 1.0% |  |  |
| KT&G Corp  | 132920 | 10706550 |
| Financials - 1.9% |  |  |
| Insurance - 1.9% |  |  |
| DB Insurance Co Ltd  | 169175 | 10876809 |
| Hyundai Marine & Fire Insurance Co Ltd (b) | 545889 | 8524013 |
|  |  | 19400822 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Korea Aerospace Industries Ltd  | 204579 | 11949595 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Hansol Chemical Co Ltd  | 85668 | 6966420 |
| Soulbrain Co Ltd  | 58867 | 7156329 |
|  |  | 14122749 |
| TOTAL KOREA (SOUTH) |  | 77889784 |
| MEXICO - 5.5%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Grupo Comercial Chedraui SA de CV (a) | 1834473 | 11864369 |
| Food Products - 0.2% |  |  |
| Gruma SAB de CV Series B  | 166186 | 3175843 |
| TOTAL CONSUMER STAPLES |  | 15040212 |
| Financials - 2.5% |  |  |
| Banks - 1.1% |  |  |
| Regional SAB de CV  | 1659922 | 11623390 |
| Insurance - 1.4% |  |  |
| Qualitas Controladora SAB de CV (a) | 1253563 | 13813771 |
| TOTAL FINANCIALS |  | 25437161 |
| Real Estate - 1.6% |  |  |
| Diversified REITs - 0.8% |  |  |
| Fibra Uno Administracion SA de CV  | 6293836 | 8116627 |
| Industrial REITs - 0.8% |  |  |
| FIBRA Macquarie Mexico (d)(e) | 5190385 | 8136072 |
| TOTAL REAL ESTATE |  | 16252699 |
| TOTAL MEXICO |  | 56730072 |
| PANAMA - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Passenger Airlines - 1.1% |  |  |
| Copa Holdings SA Class A  | 123010 | 11287398 |
| PHILIPPINES - 0.8%  |  |  |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Robinsons Land Corp  | 37129529 | 7774404 |
| POLAND - 2.7%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| Allegro.eu SA (b)(d)(e) | 1441260 | 12569582 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Dino Polska SA (b)(d)(e) | 106210 | 14858751 |
| TOTAL POLAND |  | 27428333 |
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| TCS Group Holding PLC Class A GDR (Russia) (b)(d)(f) | 59253 | 0 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| LSR Group PJSC (b)(f) | 67346 | 0 |
| TOTAL RUSSIA |  | 0 |
| SAUDI ARABIA - 2.0%  |  |  |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 223471 | 10008965 |
| Industrials - 1.0% |  |  |
| Commercial Services & Supplies - 1.0% |  |  |
| Catrion Catering Holding Co  | 332270 | 10435065 |
| TOTAL SAUDI ARABIA |  | 20444030 |
| SOUTH AFRICA - 2.0%  |  |  |
| Financials - 1.0% |  |  |
| Financial Services - 1.0% |  |  |
| FirstRand Ltd  | 2600746 | 10154811 |
| Industrials - 1.0% |  |  |
| Industrial Conglomerates - 1.0% |  |  |
| Bidvest Group Ltd  | 807107 | 10194465 |
| TOTAL SOUTH AFRICA |  | 20349276 |
| TAIWAN - 17.8%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| International Games System Co Ltd  | 433490 | 11216180 |
| Consumer Discretionary - 3.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| Poya International Co Ltd  | 662167 | 9894338 |
| Household Durables - 1.1% |  |  |
| Nien Made Enterprise Co Ltd  | 917960 | 11218739 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Makalot Industrial Co Ltd  | 1041768 | 9250828 |
| TOTAL CONSUMER DISCRETIONARY |  | 30363905 |
| Financials - 0.8% |  |  |
| Financial Services - 0.8% |  |  |
| Chailease Holding Co Ltd  | 2462621 | 8843050 |
| Industrials - 3.1% |  |  |
| Commercial Services & Supplies - 0.8% |  |  |
| Cleanaway Co Ltd  | 1513105 | 8574847 |
| Construction & Engineering - 1.2% |  |  |
| Acter Group Corp Ltd  | 941050 | 11822510 |
| Electrical Equipment - 1.1% |  |  |
| Bizlink Holding Inc  | 646178 | 10916779 |
| TOTAL INDUSTRIALS |  | 31314136 |
| Information Technology - 9.8% |  |  |
| Electronic Equipment, Instruments & Components - 4.3% |  |  |
| Chroma ATE Inc  | 1269030 | 11577343 |
| E Ink Holdings Inc  | 1543150 | 10758282 |
| Unimicron Technology Corp  | 3754564 | 11054090 |
| Yageo Corp  | 744300 | 10650600 |
|  |  | 44040315 |
| Semiconductors & Semiconductor Equipment - 3.6% |  |  |
| ASPEED Technology Inc  | 108390 | 10176581 |
| eMemory Technology Inc  | 133300 | 10712082 |
| King Yuan Electronics Co Ltd  | 3016050 | 8185530 |
| Nanya Technology Corp (b) | 7154900 | 8062078 |
|  |  | 37136271 |
| Technology Hardware, Storage & Peripherals - 1.9% |  |  |
| Advantech Co Ltd  | 914070 | 9556829 |
| Innodisk Corp  | 1351270 | 9833437 |
|  |  | 19390266 |
| TOTAL INFORMATION TECHNOLOGY |  | 100566852 |
| TOTAL TAIWAN |  | 182304123 |
| TURKEY - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Mavi Giyim Sanayi Ve Ticaret AS Class B (d)(e) | 9092273 | 7624379 |
| UNITED ARAB EMIRATES - 1.9%  |  |  |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| ADNOC Drilling Co PJSC  | 6948450 | 9269518 |
| Real Estate - 1.0% |  |  |
| Real Estate Management & Development - 1.0% |  |  |
| Aldar Properties PJSC  | 4469541 | 10051159 |
| TOTAL UNITED ARAB EMIRATES |  | 19320677 |
| UNITED STATES - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Consumer Finance - 1.3% |  |  |
| FirstCash Holdings Inc  | 96640 | 12945894 |
| VIETNAM - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| FPT Corp  | 1512114 | 6395468 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $913,282,647) |  | <br> **1005649868** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 34075764 | 34082579 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 31216985 | 31220107 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $65,302,686) |  |  | **65302686** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.3%**<br> (Cost $978,585,333)<br>| <br>**1070952554** |
| **NET OTHER ASSETS (LIABILITIES) - (4.3)%**  | **(44496088)** |
| **NET ASSETS - 100.0%** | **1026456466** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 15114149 | 147533640 | 128565210 | 295680 | - | - | 34082579 | 34075764 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 14200460 | 103354164 | 86334517 | 52158 | - | - | 31220107 | 31216985 | 0.1% |
| Total | 29314609 | 250887804 | 214899727 | 347838 | - | - | 65302686 |  |  |

---

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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Deccan Cements Ltd | 5077547 | - | - | - | - | 1657168 | 6734715 | 730039 |
| Total | 5077547 | - | - | - | - | 1657168 | 6734715 |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 36783866 | 25567686 | 11216180 | - |
| Consumer Discretionary | 165650356 | 90833335 | 74817021 | - |
| Consumer Staples | 112300606 | 71431608 | 40868998 | - |
| Energy | 29879584 | 19982540 | 9897044 | - |
| Financials | 189555900 | 110529869 | 79026031 | - |
| Health Care | 48565964 | 23813959 | 24752005 | - |
| Industrials | 226453448 | 116274204 | 110179244 | - |
| Information Technology | 106962320 | - | 106962320 | - |
| Materials | 20857464 | - | 20857464 | - |
| Real Estate | 42972983 | 35198579 | 7774404 | - |
| Utilities | 25667377 | 25667377 | - | - |
|  **Money Market Funds** | 65302686 | 65302686 | - | - |
| **Total Investments in Securities:** | 1070952554 | 584601843 | 486350711 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $998915153 |  |
| Fidelity Central Funds (cost $65,302,686) | 65302686 |  |
| Other affiliated issuers (cost $5,095,528) | 6734715 |  |
| Total Investment in Securities (cost $978,585,333) |  | $1070952554 |
| Foreign currency held at value (cost $434,614) |  | 426800 |
| Receivable for investments sold |  | 443277 |
| Receivable for fund shares sold |  | 706201 |
| Dividends receivable |  | 2645944 |
| Distributions receivable from Fidelity Central Funds |  | 140721 |
| Prepaid expenses |  | 376 |
| Other receivables |  | 116866 |
| **Total assets** |  | 1075432739 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9372308 |  |
| Payable for fund shares redeemed | 699704 |  |
| Accrued management fee | 758947 |  |
| Distribution and service plan fees payable | 9796 |  |
| Deferred taxes | 6831144 |  |
| Other payables and accrued expenses | 84267 |  |
| Collateral on securities loaned | 31220107 |  |
| **Total liabilities** |  | 48976273 |
| **Net Assets**  |  | $1026456466 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $944686465 |
| Total accumulated earnings (loss) |  | 81770001 |
| **Net Assets** |  | $1026456466 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $14396995 |
| Special dividends |  | 5712548 |
| Interest  |  | 45 |
| Income from Fidelity Central Funds (including $52,158 from security lending)  |  | 347838 |
| Income before foreign taxes withheld |  | $20457426 |
| Less foreign taxes withheld |  | (1456145) |
| **Total income** |  | 19001281 |
| **Expenses** |  |  |
| Management fee | $4894403 |  |
| Distribution and service plan fees | 62209 |  |
| Custodian fees and expenses | 164492 |  |
| Independent trustees' fees and expenses | 2441 |  |
| Registration fees | 72172 |  |
| Audit fees | 53442 |  |
| Legal | 1101 |  |
| Interest | 39496 |  |
| Miscellaneous | 10809 |  |
| **Total expenses** |  | 5300565 |
| **Net Investment income (loss)** |  | 13700716 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $2,263,080)  | 15213845 |  |
| Foreign currency transactions | (66374) |  |
| Total net realized gain (loss) |  | 15147471 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,123,686)  | (33042713) |  |
| Affiliated issuers  | 1657168 |  |
| Assets and liabilities in foreign currencies | 37881 |  |
| Total change in net unrealized appreciation (depreciation) |  | (31347664) |
| **Net gain (loss)** |  | (16200193) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(2499477) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13700716 | $32737820 |
| &nbsp;&nbsp;Net realized gain (loss) | 15147471<br>| 2744550<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (31347664) | 109422927<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2499477)<br>| 144905297<br>|
| Distributions to shareholders | (42386248)<br>| (23040155)<br>|
| Share transactions - net increase (decrease) | (111895418)<br>| 132171089<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (156781143)<br>| 254036231<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1183237609 | 929201378<br>|
| &nbsp;&nbsp;End of period | $1026456466 | $1183237609 |

---

**Financial Highlights** 

**Fidelity Advisor® Emerging Markets Discovery Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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<br>| 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<br>| 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) | $29973 | $30907 | $23373 | $16063 | $18900 | $11745 |
| Portfolio turnover rate L | 38% K<br>| 29%  | 30%  | 33%  | 64%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.99%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Amount represents less than .005%.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Emerging Markets Discovery Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $4364 | $5103 | $6560 | $4355 | $6095 | $4552 |
| Portfolio turnover rate L | 38% K<br>| 29%  | 30%  | 33%  | 64%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.78%.*

E*Amount represents less than $.005 per share.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the sales charges.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Emerging Markets Discovery Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $2637 | $3146 | $3300 | $3079 | $4995 | $5080 |
| Portfolio turnover rate K | 38% J<br>| 29%  | 30%  | 33%  | 64%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.26%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Emerging Markets Discovery Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $377586 | $411220 | $368811 | $248805 | $283133 | $189784 |
| Portfolio turnover rate J | 38% I<br>| 29%  | 30%  | 33%  | 64%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.28%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $488798 | $553444 | $404844 | $129250 | $27397 | $28034 |
| Portfolio turnover rate J | 38% I<br>| 29%  | 30%  | 33%  | 64%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.24%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Emerging Markets Discovery Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $123099 | $179418 | $122312 | $29546 | $16365 | $11561 |
| Portfolio turnover rate J | 38% I<br>| 29%  | 30%  | 33%  | 64%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.35%.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $191138620 |
| **Gross unrealized depreciation** | <u>(111481503)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$79657117</u> |
| **Tax cost** | <u>$991295436</u> |

---

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 | $(6274551) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(6274551)</u> |

---

**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** | 199183069 | 354933250 |

---

**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% | 36503 | 2378 |
| **Class M** | .25% | .25% | 11462 | 104 |
| **Class C** | .75% | .25% | <u>14244</u> | <u>2354</u> |
|  |  |  | <u>62209</u> | <u>4836</u> |

---

**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** | 2522 |
| **Class M** | 238 |
| **Class C**A | <u>60</u> |
|  | <u>2820</u> |

---

*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 | 6161980 | 4.61% | 38691 |

---

**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** | 2310090 | 19814965 | 6744507 |

---

**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** | 5649 | 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** | 858286 | 4.83% | 805 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Emerging Markets Discovery Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1053053 | $509536 |
| Class M | 149825 | 117571 |
| Class C | 88170 | 40122 |
| Emerging Markets Discovery | 14364018 | 8637465 |
| Class I | 20784903 | 10634852 |
| Class Z | <u>5946279</u> | <u>3100609</u> |
| Total  | <u>$42386248</u> | <u>$23040155</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Emerging Markets Discovery Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 177231 | 589656 | $2755459 | $9506630 |
| Reinvestment of distributions | 67073 | 32877 | 1051706 | 509269 |
| Shares redeemed | <u>(234138)</u> | <u>(333376)</u> | <u>(3658141)</u> | <u>(5440815)</u> |
| Net increase (decrease) | <u>10166</u> | <u>289157</u> | <u>$149024</u> | <u>$4575084</u> |
| **Class M** |  |  |  |  |
| Shares sold | 13090 | 32443 | $201543 | $528491 |
| Reinvestment of distributions | 9543 | 7600 | 149825 | 117571 |
| Shares redeemed | <u>(58926)</u> | <u>(176394)</u> | <u>(920547)</u> | <u>(2861973)</u> |
| Net increase (decrease) | <u>(36293)</u> | <u>(136351)</u> | <u>$(569179)</u> | <u>$(2215911)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 19950 | 39779 | $305733 | $631296 |
| Reinvestment of distributions | 5770 | 2657 | 88170 | 40122 |
| Shares redeemed | <u>(52204)</u> | <u>(76848)</u> | <u>(792881)</u> | <u>(1216417)</u> |
| Net increase (decrease) | <u>(26484)</u> | <u>(34412)</u> | <u>$(398978)</u> | <u>$(544999)</u> |
| **Emerging Markets Discovery** |  |  |  |  |
| Shares sold | 3401248 | 8550200 | $53181948 | $138799157 |
| Reinvestment of distributions | 813454 | 500754 | 12836304 | 7796740 |
| Shares redeemed | <u>(5398786)</u> | <u>(9155683)</u> | <u>(84706546)</u> | <u>(150486850)</u> |
| Net increase (decrease) | <u>(1184084)</u> | <u>(104729)</u> | <u>$(18688294)</u> | <u>$(3890953)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 9343738 | 21327643 | $146926222 | $346080275 |
| Reinvestment of distributions | 1255207 | 647193 | 19844830 | 10102677 |
| Shares redeemed | <u>(13384523)</u> | <u>(15930728)</u> | <u>(209647269)</u> | <u>(262986812)</u> |
| Net increase (decrease) | <u>(2785578)</u> | <u>6044108</u> | <u>$(42876217)</u> | <u>$93196140</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1592674 | 6301582 | $24765237 | $103483546 |
| Reinvestment of distributions | 327837 | 169011 | 5176545 | 2631506 |
| Shares redeemed | <u>(5037203)</u> | <u>(3907594)</u> | <u>(79453556)</u> | <u>(65063324)</u> |
| Net increase (decrease) | <u>(3116692)</u> | <u>2562999</u> | <u>$(49511774)</u> | <u>$41051728</u> |

---

**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.

![](img109460_4.jpg)<br>

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

![](img109456_1.jpg)

![](img109456_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_GED-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Global Equity Income Fund](#Sub_Sec_Fund_2406_GED-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2406_GED-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GED-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GED-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GED-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GED-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.0%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| KBC Group NV  | 19137 | 1757328 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 5932 | 1082939 |
| TOTAL BELGIUM |  | 2840267 |
| BRAZIL - 0.6%  |  |  |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Equatorial Energia SA  | 286974 | 1861363 |
| CANADA - 4.9%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Quebecor Inc Class B  | 39400 | 1080885 |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Restaurant Brands International Inc  | 13500 | 869871 |
| Consumer Staples - 1.9% |  |  |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Alimentation Couche-Tard Inc  | 50483 | 2635106 |
| Metro Inc/CN  | 37234 | 2869389 |
|  |  | 5504495 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Canadian Natural Resources Ltd  | 51442 | 1476168 |
| Cenovus Energy Inc  | 24000 | 282548 |
| Imperial Oil Ltd  | 23380 | 1577039 |
| PrairieSky Royalty Ltd  | 92106 | 1550689 |
|  |  | 4886444 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Constellation Software Inc/Canada  | 581 | 2093872 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 581 | 0 |
|  |  | 2093872 |
| TOTAL CANADA |  | 14435567 |
| DENMARK - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 29100 | 694266 |
| FINLAND - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Elisa Oyj A Shares  | 19148 | 1019949 |
| FRANCE - 3.4%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 3887 | 2153123 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Danone SA  | 12500 | 1075580 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Vallourec SACA (b) | 72000 | 1329921 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Gaztransport Et Technigaz SA  | 4700 | 765648 |
| TOTAL ENERGY |  | 2095569 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Amundi SA (c)(d) | 7939 | 623713 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Airbus SE  | 7918 | 1343610 |
| Thales SA  | 5700 | 1596697 |
|  |  | 2940307 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Capgemini SE  | 7109 | 1134968 |
| TOTAL FRANCE |  | 10023260 |
| GERMANY - 7.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Deutsche Telekom AG  | 91799 | 3297193 |
| Industrials - 6.0% |  |  |
| Aerospace & Defense - 5.2% |  |  |
| Rheinmetall AG  | 8947 | 15237212 |
| Industrial Conglomerates - 0.8% |  |  |
| Siemens AG  | 9621 | 2215344 |
| TOTAL INDUSTRIALS |  | 17452556 |
| TOTAL GERMANY |  | 20749749 |
| HONG KONG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| AIA Group Ltd  | 162086 | 1214497 |
| HUNGARY - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Richter Gedeon Nyrt  | 51700 | 1564043 |
| INDIA - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd ADR  | 7879 | 572725 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Redington Ltd  | 71339 | 207128 |
| TOTAL INDIA |  | 779853 |
| IRELAND - 1.5%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Kerry Group PLC Class A  | 7600 | 802851 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AIB Group PLC  | 111300 | 748054 |
| Information Technology - 1.0% |  |  |
| IT Services - 1.0% |  |  |
| Accenture PLC Class A  | 9787 | 2927781 |
| TOTAL IRELAND |  | 4478686 |
| ITALY - 1.0%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 24300 | 1427340 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 26900 | 1477676 |
| TOTAL ITALY |  | 2905016 |
| JAPAN - 6.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Entertainment - 1.0% |  |  |
| Capcom Co Ltd  | 44236 | 1280548 |
| Nintendo Co Ltd  | 19200 | 1593985 |
|  |  | 2874533 |
| Consumer Discretionary - 2.1% |  |  |
| Automobiles - 0.5% |  |  |
| Toyota Motor Corp  | 69070 | 1319197 |
| Household Durables - 1.3% |  |  |
| Sony Group Corp  | 143380 | 3782766 |
| Leisure Products - 0.3% |  |  |
| Roland Corp  | 41535 | 919417 |
| TOTAL CONSUMER DISCRETIONARY |  | 6021380 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Hoya Corp  | 6132 | 721529 |
| Industrials - 1.7% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Fuji Electric Co Ltd  | 5300 | 235673 |
| Industrial Conglomerates - 1.0% |  |  |
| Hitachi Ltd  | 121251 | 2996781 |
| Machinery - 0.1% |  |  |
| Ebara Corp  | 18900 | 283912 |
| Trading Companies & Distributors - 0.5% |  |  |
| Inaba Denki Sangyo Co Ltd  | 58899 | 1548066 |
| TOTAL INDUSTRIALS |  | 5064432 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Renesas Electronics Corp  | 75479 | 885766 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Shin-Etsu Chemical Co Ltd  | 63026 | 1917975 |
| TOTAL JAPAN |  | 17485615 |
| KENYA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Safaricom PLC  | 1360546 | 184525 |
| KOREA (SOUTH) - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Samsung Electronics Co Ltd  | 57722 | 2247554 |
| NETHERLANDS - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| NXP Semiconductors NV  | 24645 | 4542320 |
| SOUTH AFRICA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Naspers Ltd Class N  | 1900 | 499716 |
| SWITZERLAND - 1.2%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Cie Financiere Richemont SA Series A  | 6840 | 1208664 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Galderma Group AG  | 11194 | 1300666 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Sika AG  | 4091 | 1022372 |
| TOTAL SWITZERLAND |  | 3531702 |
| TAIWAN - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 240452 | 6799494 |
| UNITED KINGDOM - 7.6%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 0.2% |  |  |
| B&M European Value Retail SA  | 131196 | 588178 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Compass Group PLC  | 83146 | 2803253 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 2700 | 554496 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Burberry Group PLC  | 67200 | 654446 |
| TOTAL CONSUMER DISCRETIONARY |  | 4600373 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC  | 23820 | 668875 |
| Food Products - 0.2% |  |  |
| Premier Foods PLC  | 273400 | 725805 |
| Personal Care Products - 0.7% |  |  |
| Unilever PLC  | 26901 | 1712784 |
| TOTAL CONSUMER STAPLES |  | 3107464 |
| Financials - 1.3% |  |  |
| Banks - 0.4% |  |  |
| Lloyds Banking Group PLC  | 859800 | 844735 |
| Starling Bank Ltd Class D (a)(b)(e) | 83600 | 269621 |
|  |  | 1114356 |
| Capital Markets - 0.8% |  |  |
| London Stock Exchange Group PLC  | 15200 | 2366815 |
| Insurance - 0.1% |  |  |
| Hiscox Ltd  | 31873 | 466824 |
| TOTAL FINANCIALS |  | 3947995 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC ADR  | 43637 | 3132700 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| BAE Systems PLC  | 105774 | 2452120 |
| Rolls-Royce Holdings PLC  | 147800 | 1496102 |
|  |  | 3948222 |
| Professional Services - 0.9% |  |  |
| RELX PLC  | 48295 | 2635707 |
| Trading Companies & Distributors - 0.2% |  |  |
| RS GROUP PLC  | 95777 | 657995 |
| TOTAL INDUSTRIALS |  | 7241924 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Halma PLC  | 9000 | 330563 |
| TOTAL UNITED KINGDOM |  | 22361019 |
| UNITED STATES - 57.5%  |  |  |
| Communication Services - 4.6% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| AT&T Inc  | 45494 | 1260184 |
| Verizon Communications Inc  | 24882 | 1096301 |
|  |  | 2356485 |
| Entertainment - 0.7% |  |  |
| Walt Disney Co/The  | 23330 | 2121864 |
| Interactive Media & Services - 1.2% |  |  |
| Alphabet Inc Class A  | 22528 | 3577446 |
| Media - 0.4% |  |  |
| Comcast Corp Class A  | 38121 | 1303738 |
| Wireless Telecommunication Services - 1.5% |  |  |
| T-Mobile US Inc  | 16677 | 4118385 |
| TOTAL COMMUNICATION SERVICES |  | 13477918 |
| Consumer Discretionary - 4.5% |  |  |
| Diversified Consumer Services - 0.9% |  |  |
| H&R Block Inc  | 44439 | 2682782 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| McDonald's Corp  | 7393 | 2363172 |
| Starbucks Corp  | 6900 | 552345 |
|  |  | 2915517 |
| Specialty Retail - 2.0% |  |  |
| Lowe's Cos Inc  | 9607 | 2147741 |
| TJX Cos Inc/The  | 27526 | 3542047 |
|  |  | 5689788 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Samsonite Group SA (c)(d) | 202500 | 363975 |
| Tapestry Inc  | 20950 | 1480118 |
|  |  | 1844093 |
| TOTAL CONSUMER DISCRETIONARY |  | 13132180 |
| Consumer Staples - 5.6% |  |  |
| Beverages - 1.3% |  |  |
| Coca-Cola Co/The  | 37732 | 2737457 |
| Keurig Dr Pepper Inc  | 32628 | 1128602 |
|  |  | 3866059 |
| Consumer Staples Distribution & Retail - 2.5% |  |  |
| Albertsons Cos Inc Class A  | 22700 | 498946 |
| BJ's Wholesale Club Holdings Inc (b) | 9831 | 1155732 |
| Costco Wholesale Corp  | 1724 | 1714518 |
| Target Corp  | 7745 | 748942 |
| Walmart Inc  | 30944 | 3009305 |
|  |  | 7127443 |
| Food Products - 0.7% |  |  |
| Mondelez International Inc  | 9931 | 676599 |
| Nestle SA  | 13842 | 1473306 |
|  |  | 2149905 |
| Household Products - 1.1% |  |  |
| Procter & Gamble Co/The  | 19390 | 3152232 |
| TOTAL CONSUMER STAPLES |  | 16295639 |
| Energy - 2.3% |  |  |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Exxon Mobil Corp  | 31804 | 3359457 |
| Hess Corp  | 8598 | 1109572 |
| Phillips 66  | 4378 | 455575 |
| Shell PLC  | 43111 | 1391267 |
| Valero Energy Corp  | 3491 | 405269 |
|  |  | 6721140 |
| Financials - 11.1% |  |  |
| Banks - 5.9% |  |  |
| Bank of America Corp  | 75351 | 3004998 |
| JPMorgan Chase & Co  | 20822 | 5093479 |
| M&T Bank Corp  | 13545 | 2299399 |
| PNC Financial Services Group Inc/The  | 15747 | 2530385 |
| US Bancorp  | 38400 | 1549056 |
| Wells Fargo & Co  | 38516 | 2735021 |
|  |  | 17212338 |
| Capital Markets - 1.3% |  |  |
| Blackrock Inc  | 1100 | 1005686 |
| Charles Schwab Corp/The  | 25100 | 2043140 |
| MSCI Inc  | 1589 | 866180 |
|  |  | 3915006 |
| Consumer Finance - 0.7% |  |  |
| Capital One Financial Corp  | 11948 | 2153746 |
| Financial Services - 0.3% |  |  |
| Apollo Global Management Inc  | 6300 | 859824 |
| Insurance - 2.9% |  |  |
| Chubb Ltd  | 7427 | 2124716 |
| Hartford Insurance Group Inc/The  | 28928 | 3548598 |
| The Travelers Companies, Inc.  | 10224 | 2700465 |
|  |  | 8373779 |
| TOTAL FINANCIALS |  | 32514693 |
| Health Care - 8.1% |  |  |
| Biotechnology - 2.7% |  |  |
| AbbVie Inc  | 23673 | 4618602 |
| Gilead Sciences Inc  | 29705 | 3164771 |
|  |  | 7783373 |
| Health Care Providers & Services - 0.9% |  |  |
| UnitedHealth Group Inc  | 6599 | 2715093 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Danaher Corp  | 11965 | 2384983 |
| Pharmaceuticals - 3.7% |  |  |
| Eli Lilly & Co  | 4338 | 3899645 |
| GSK PLC  | 62700 | 1240375 |
| Merck & Co Inc  | 27468 | 2340274 |
| Roche Holding AG  | 6620 | 2164651 |
| Sanofi SA  | 10512 | 1149926 |
|  |  | 10794871 |
| TOTAL HEALTH CARE |  | 23678320 |
| Industrials - 3.5% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| GE Aerospace  | 18624 | 3753481 |
| General Dynamics Corp  | 3318 | 902894 |
|  |  | 4656375 |
| Building Products - 0.4% |  |  |
| Johnson Controls International plc  | 14548 | 1220577 |
| Commercial Services & Supplies - 0.2% |  |  |
| Veralto Corp  | 6671 | 639749 |
| Electrical Equipment - 0.6% |  |  |
| GE Vernova Inc  | 4791 | 1776599 |
| Ground Transportation - 0.3% |  |  |
| Norfolk Southern Corp  | 4300 | 963415 |
| Machinery - 0.3% |  |  |
| Crane Co  | 5414 | 871546 |
| TOTAL INDUSTRIALS |  | 10128261 |
| Information Technology - 10.9% |  |  |
| Communications Equipment - 1.0% |  |  |
| Cisco Systems Inc  | 48975 | 2827327 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Crane NXT Co  | 5914 | 277485 |
| IT Services - 0.8% |  |  |
| Amdocs Ltd  | 26626 | 2358531 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Broadcom Inc  | 3579 | 688850 |
| Software - 4.2% |  |  |
| Microsoft Corp  | 31444 | 12428555 |
| Technology Hardware, Storage & Peripherals - 4.6% |  |  |
| Apple Inc  | 62685 | 13320563 |
| TOTAL INFORMATION TECHNOLOGY |  | 31901311 |
| Materials - 2.3% |  |  |
| Chemicals - 1.4% |  |  |
| Linde PLC  | 8568 | 3883275 |
| Containers & Packaging - 0.7% |  |  |
| Ball Corp  | 12898 | 669922 |
| Crown Holdings Inc  | 14982 | 1443216 |
|  |  | 2113138 |
| Metals & Mining - 0.2% |  |  |
| Freeport-McMoRan Inc  | 19603 | 706295 |
| TOTAL MATERIALS |  | 6702708 |
| Real Estate - 1.1% |  |  |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 5819 | 1311660 |
| Lamar Advertising Co Class A  | 17463 | 1987464 |
|  |  | 3299124 |
| Utilities - 3.5% |  |  |
| Electric Utilities - 1.5% |  |  |
| NextEra Energy Inc  | 31837 | 2129259 |
| PG&E Corp  | 34085 | 563084 |
| Southern Co/The  | 17868 | 1641891 |
|  |  | 4334234 |
| Gas Utilities - 0.2% |  |  |
| Southwest Gas Holdings Inc  | 6800 | 491028 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| Vistra Corp  | 22229 | 2881545 |
| Multi-Utilities - 0.8% |  |  |
| Ameren Corp  | 15843 | 1572259 |
| WEC Energy Group Inc  | 7715 | 844947 |
|  |  | 2417206 |
| TOTAL UTILITIES |  | 10124013 |
| TOTAL UNITED STATES |  | 167975307 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd (b) | 61057 | 819792 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $197,897,662) |  | <br> **289013560** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $3,040,371)<br>| 4.33 | 3039763 | **3040371** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $200,938,033)<br>| <br>**292053931** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **691059** |
| **NET ASSETS - 100.0%** | **292744990** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 170981 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 7369184 | 31072259 | 35401072 | 174080 | - | - | 3040371 | 3039763 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 10088225 | 10088225 | 991 | - | - | - | - | 0.0% |
| Total | 7369184 | 41160484 | 45489297 | 175071 | - | - | 3040371 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 21935003 | 17043825 | 4891178 | - |
| Consumer Discretionary | 28485307 | 16563858 | 11921449 | - |
| Consumer Staples | 26786029 | 21855484 | 4930545 | - |
| Energy | 13703153 | 12311886 | 1391267 | - |
| Financials | 42073271 | 36629549 | 5174101 | 269621 |
| Health Care | 32907537 | 27631056 | 5276481 | - |
| Industrials | 44305156 | 12334322 | 31970834 | - |
| Information Technology | 53070757 | 41795847 | 11274910 | - |
| Materials | 10462847 | 7522500 | 2940347 | - |
| Real Estate | 3299124 | 3299124 | - | - |
| Utilities | 11985376 | 11985376 | - | - |
|  **Money Market Funds** | 3040371 | 3040371 | - | - |
| **Total Investments in Securities:** | 292053931 | 212013198 | 79771112 | 269621 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $197,897,662) | $289013560 |  |
| Fidelity Central Funds (cost $3,040,371) | 3040371 |  |
| Total Investment in Securities (cost $200,938,033) |  | $292053931 |
| Foreign currency held at value (cost $15,171) |  | 15240 |
| Receivable for fund shares sold |  | 332692 |
| Dividends receivable |  | 432895 |
| Reclaims receivable |  | 294242 |
| Distributions receivable from Fidelity Central Funds |  | 10128 |
| Prepaid expenses |  | 47 |
| Receivable from investment adviser for expense reductions |  | 18486 |
| Other receivables |  | 429 |
| **Total assets** |  | 293158090 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $99175 |  |
| Accrued management fee | 192029 |  |
| Distribution and service plan fees payable | 16165 |  |
| Deferred taxes | 28724 |  |
| Audit fee payable | 74309 |  |
| Other payables and accrued expenses | 2698 |  |
| **Total liabilities** |  | 413100 |
| **Net Assets**  |  | $292744990 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $208013881 |
| Total accumulated earnings (loss) |  | 84731109 |
| **Net Assets** |  | $292744990 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2752277 |
| Income from Fidelity Central Funds (including $991 from security lending)  |  | 175071 |
| Income before foreign taxes withheld |  | $2927348 |
| Less foreign taxes withheld |  | (141450) |
| **Total income** |  | 2785898 |
| **Expenses** |  |  |
| Management fee | $1145812 |  |
| Distribution and service plan fees | 98279 |  |
| Custodian fees and expenses | 8073 |  |
| Independent trustees' fees and expenses | 576 |  |
| Registration fees | 129631 |  |
| Audit fees | 66076 |  |
| Legal | 5543 |  |
| Miscellaneous | 347 |  |
| Total expenses before reductions | 1454337 |  |
| Expense reductions | (98216) |  |
| Total expenses after reductions |  | 1356121 |
| **Net Investment income (loss)** |  | 1429777 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 725820 |  |
| Foreign currency transactions | (34716) |  |
| Total net realized gain (loss) |  | 691104 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $6,327)  | 13314519 |  |
| Assets and liabilities in foreign currencies | 13741 |  |
| Total change in net unrealized appreciation (depreciation) |  | 13328260 |
| **Net gain (loss)** |  | 14019364 |
| **Net increase (decrease) in net assets resulting from operations** |  | $15449141 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1429777 | $1828545 |
| &nbsp;&nbsp;Net realized gain (loss) | 691104<br>| 4323676<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13328260 | 29455406<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 15449141<br>| 35607627<br>|
| Distributions to shareholders | (2882254)<br>| (1803376)<br>|
| Share transactions - net increase (decrease) | 22480650<br>| 75952778<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 35047537<br>| 109757029<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 257697453 | 147940424<br>|
| &nbsp;&nbsp;End of period | $292744990 | $257697453 |

---

**Financial Highlights** 

**Fidelity Advisor® Global Equity Income Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| (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<br>| 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) | $24813 | $24403 |
| Portfolio turnover rate L | 12% J<br>| 29% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Audit fees are not annualized.*

L*Amount 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.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| (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<br>| 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) | $18809 | $16568 |
| Portfolio turnover rate L | 12% J<br>| 29% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Audit fees are not annualized.*

L*Amount 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.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| (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<br>| 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) | $4402 | $4953 |
| Portfolio turnover rate L | 12% J<br>| 29% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Total returns for periods of less than one year are not annualized.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Audit fees are not annualized.*

L*Amount 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.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Global Equity Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $201173 | $166803 | $147940 | $139355 | $92918 | $66715 |
| Portfolio turnover rate H | 12% G<br>| 29% I | 30%  | 61%  | 43%  | 48%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| (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<br>| .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) | $16597 | $14026 |
| Portfolio turnover rate L | 12% J<br>| 29% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Audit fees are not annualized.*

L*Amount 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.*

M*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Global Equity Income Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| (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<br>| .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) | $26951 | $30944 |
| Portfolio turnover rate L | 12% J<br>| 29% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Audit fees are not annualized.*

L*Amount 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.*

M*The 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** | $99765890 |
| **Gross unrealized depreciation** | <u>(9300683)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$90465207</u> |
| **Tax cost** | <u>$201588724</u> |

---

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 | $(5856214) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(5856214)</u> |

---

**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** | 40502872 | 15808348 |

---

**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% | 30973 | 1234 |
| **Class M** | .25% | .25% | 43680 | 835 |
| **Class C** | .75% | .25% | <u>23626</u> | <u>2577</u> |
|  |  |  | <u>98279</u> | <u>4646</u> |

---

**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** | 6919 |
| **Class C**A | <u>33</u> |
|  | <u>6952</u> |

---

*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** | 7463986 | 1370884 | 13744 |

---

**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% | 4640 |
| **Class I** | 1.05% | - |
| **Class Z** | .90% | <u>-</u> |
|  |  | <u>4640</u> |

---

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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024A** |
| **Fidelity Global Equity Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $224606 | $- |
| Class M | 139880 | - |
| Class C | 35015 | - |
| Fidelity Global Equity Income Fund | 1998326 | 1803376 |
| Class I | 177737 | - |
| Class Z | <u>306690</u> | <u>-</u> |
| Total  | <u>$2882254</u> | <u>$1803376</u> |

---

*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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Global Equity Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 137900 | 13802 | $2869385 | $287423 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 1194022 | - | 24716232<br>|
| Reinvestment of distributions | 11037 | - | 224402 | - |
| Shares redeemed | <u>(185192)</u> | <u>(9300)</u> | <u>(3853360)</u> | <u>(192220)</u> |
| Net increase (decrease) | <u>(36255)</u> | <u>1198524</u> | <u>$(759573)</u> | <u>$24811435</u> |
| **Class M** |  |  |  |  |
| Shares sold | 148215 | 21406 | $3116946 | $444749 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 810080 | - | 16768677<br>|
| Reinvestment of distributions | 6872 | - | 139880 | - |
| Shares redeemed | <u>(87379)</u> | <u>(17770)</u> | <u>(1794580)</u> | <u>(367978)</u> |
| Net increase (decrease) | <u>67708</u> | <u>813716</u> | <u>$1462246</u> | <u>$16845448</u> |
| **Class C** |  |  |  |  |
| Shares sold | 9150 | 4787 | $192618 | $100926 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 238738 | - | 4939487<br>|
| Reinvestment of distributions | 1726 | - | 35015 | - |
| Shares redeemed | <u>(47554)</u> | <u>(142)</u> | <u>(988139)</u> | <u>(2945)</u> |
| Net increase (decrease) | <u>(36678)</u> | <u>243383</u> | <u>$(760506)</u> | <u>$5037468</u> |
| **Fidelity Global Equity Income Fund** |  |  |  |  |
| Shares sold | 2254985 | 1679995 | $47193939 | $32230191 |
| Reinvestment of distributions | 87882 | 82061 | 1776678 | 1584378 |
| Shares redeemed | <u>(1109256)</u> | <u>(2706097)</u> | <u>(22931660)</u> | <u>(50277215)</u> |
| Net increase (decrease) | <u>1233611</u> | <u>(944041)</u> | <u>$26038957</u> | <u>$(16462646)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 253215 | 4818 | $5311967 | $101465 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 685565 | - | 14191192<br>|
| Reinvestment of distributions | 8477 | - | 171794 | - |
| Shares redeemed | <u>(172943)</u> | <u>(1531)</u> | <u>(3620293)</u> | <u>(31412)</u> |
| Net increase (decrease) | <u>88749</u> | <u>688852</u> | <u>$1863468</u> | <u>$14261245</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 117424 | 11434 | $2447637 | $238032 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 1515595 | - | 31372832<br>|
| Reinvestment of distributions | 14318 | - | 289828 | - |
| Shares redeemed | <u>(389032)</u> | <u>(7340)</u> | <u>(8101407)</u> | <u>(151036)</u> |
| Net increase (decrease) | <u>(257290)</u> | <u>1519689</u> | <u>$(5363942)</u> | <u>$31459828</u> |

---

*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 | 91300657 | 28301146 |  |  |  |
| Class A |  |  | 24716232 | 1194022 | 1.0649033816 |
| Class M |  |  | 16768677 | 810080 | 1.0640193237 |
| Class C |  |  | 4939487 | 238738 | 1.0519091348 |
| Class I |  |  | 14191192 | 685565 | 1.0661111111 |
| Class Z |  |  | 31372832 | 1515595 | 1.0742801932 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| Fidelity Global Equity Income Fund | 169611375 | 261599795 |

---

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) | $2998559 |
| Total net realized gain (loss) | 7713721 |
| Total change in net unrealized appreciation (depreciation) | <u>50804014</u> |
| Net increase (decrease) in net assets resulting from operations | <u>$61516294</u> |

---

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.

![](img109456_4.jpg)<br>

1.938166.112 GED-SANN-0625

**Fidelity® International Capital Appreciation K6 Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109455_1.jpg)

![](img109455_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IVFK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Capital Appreciation K6 Fund](#Sub_Sec_Fund_2953_IVFK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2953_IVFK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IVFK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IVFK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IVFK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IVFK6-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.6% |  |  |
| MercadoLibre Inc (a) | 11313 | 26368906 |
| CANADA - 7.0%  |  |  |
| Financials - 1.6% |  |  |
| Capital Markets - 1.6% |  |  |
| Brookfield Asset Management Ltd Class A (United States) (b) | 501687 | 26754968 |
| Industrials - 1.3% |  |  |
| Professional Services - 1.3% |  |  |
| Thomson Reuters Corp  | 120405 | 22404972 |
| Information Technology - 4.1% |  |  |
| IT Services - 2.2% |  |  |
| Shopify Inc Class A (United States) (a) | 369850 | 35135750 |
| Software - 1.9% |  |  |
| Constellation Software Inc/Canada  | 9009 | 32467623 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 9222 | 1 |
|  |  | 32467624 |
| TOTAL INFORMATION TECHNOLOGY |  | 67603374 |
| TOTAL CANADA |  | 116763314 |
| CHINA - 3.1%  |  |  |
| Communication Services - 3.0% |  |  |
| Interactive Media & Services - 3.0% |  |  |
| Tencent Holdings Ltd  | 807993 | 49490342 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Trip.com Group Ltd ADR  | 47117 | 2779432 |
| TOTAL CHINA |  | 52269774 |
| DENMARK - 1.7%  |  |  |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 1.7% |  |  |
| DSV A/S  | 136046 | 28836296 |
| FRANCE - 8.6%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Hermes International SCA  | 10872 | 29448381 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| EssilorLuxottica SA  | 86484 | 24757878 |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Safran SA  | 116465 | 30993618 |
| Building Products - 1.7% |  |  |
| Cie de Saint-Gobain SA  | 263636 | 28661983 |
| TOTAL INDUSTRIALS |  | 59655601 |
| Materials - 1.8% |  |  |
| Chemicals - 1.8% |  |  |
| Air Liquide SA  | 143325 | 29450164 |
| TOTAL FRANCE |  | 143312024 |
| GERMANY - 12.3%  |  |  |
| Communication Services - 1.8% |  |  |
| Diversified Telecommunication Services - 1.8% |  |  |
| Deutsche Telekom AG  | 889117 | 31934881 |
| Financials - 3.4% |  |  |
| Capital Markets - 1.5% |  |  |
| Deutsche Boerse AG  | 80244 | 25846103 |
| Insurance - 1.9% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 44119 | 30204281 |
| TOTAL FINANCIALS |  | 56050384 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| MTU Aero Engines AG  | 36158 | 12448227 |
| Electrical Equipment - 1.9% |  |  |
| Siemens Energy AG (a) | 394210 | 30426580 |
| TOTAL INDUSTRIALS |  | 42874807 |
| Information Technology - 2.5% |  |  |
| Software - 2.5% |  |  |
| SAP SE  | 144677 | 42330847 |
| Materials - 2.0% |  |  |
| Construction Materials - 2.0% |  |  |
| Heidelberg Materials AG  | 165845 | 32737656 |
| TOTAL GERMANY |  | 205928575 |
| INDIA - 7.0%  |  |  |
| Communication Services - 1.8% |  |  |
| Wireless Telecommunication Services - 1.8% |  |  |
| Bharti Airtel Ltd  | 1334091 | 29387799 |
| Financials - 3.7% |  |  |
| Banks - 3.7% |  |  |
| HDFC Bank Ltd  | 1397021 | 31688832 |
| ICICI Bank Ltd  | 1834169 | 30789247 |
|  |  | 62478079 |
| Industrials - 1.5% |  |  |
| Construction & Engineering - 1.5% |  |  |
| Larsen & Toubro Ltd  | 628471 | 24842783 |
| TOTAL INDIA |  | 116708661 |
| ISRAEL - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Hapoalim BM  | 951800 | 13940709 |
| ITALY - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Automobiles - 1.2% |  |  |
| Ferrari NV (Italy)  | 44226 | 20120731 |
| JAPAN - 6.0%  |  |  |
| Consumer Discretionary - 1.9% |  |  |
| Household Durables - 1.9% |  |  |
| Sony Group Corp  | 1241637 | 32757857 |
| Industrials - 4.1% |  |  |
| Industrial Conglomerates - 2.1% |  |  |
| Hitachi Ltd  | 1430358 | 35352035 |
| Machinery - 2.0% |  |  |
| Mitsubishi Heavy Industries Ltd  | 1664044 | 32803045 |
| TOTAL INDUSTRIALS |  | 68155080 |
| TOTAL JAPAN |  | 100912937 |
| NETHERLANDS - 5.4%  |  |  |
| Industrials - 1.7% |  |  |
| Professional Services - 1.7% |  |  |
| Wolters Kluwer NV  | 164378 | 28947218 |
| Information Technology - 3.7% |  |  |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| ASM International NV  | 50521 | 24341074 |
| ASML Holding NV  | 55778 | 36807072 |
|  |  | 61148146 |
| TOTAL NETHERLANDS |  | 90095364 |
| SPAIN - 1.4%  |  |  |
| Industrials - 1.3% |  |  |
| Transportation Infrastructure - 1.3% |  |  |
| Aena SME SA (d)(e) | 84600 | 21218779 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Iberdrola SA  | 131000 | 2361388 |
| TOTAL SPAIN |  | 23580167 |
| SWEDEN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Machinery - 0.6% |  |  |
| Atlas Copco AB A Shares  | 621951 | 9642476 |
| SWITZERLAND - 4.9%  |  |  |
| Financials - 4.9% |  |  |
| Capital Markets - 3.2% |  |  |
| Partners Group Holding AG  | 18077 | 23555841 |
| UBS Group AG  | 976340 | 29443391 |
|  |  | 52999232 |
| Insurance - 1.7% |  |  |
| Zurich Insurance Group AG  | 41286 | 29282956 |
| TOTAL SWITZERLAND |  | 82282188 |
| TAIWAN - 4.2%  |  |  |
| Information Technology - 4.2% |  |  |
| Semiconductors & Semiconductor Equipment - 4.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 2466502 | 69747665 |
| UNITED KINGDOM - 8.5%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| InterContinental Hotels Group PLC  | 212454 | 22670946 |
| Financials - 3.3% |  |  |
| Capital Markets - 3.3% |  |  |
| 3i Group PLC  | 523713 | 29689835 |
| London Stock Exchange Group PLC  | 165564 | 25780223 |
|  |  | 55470058 |
| Industrials - 3.9% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Rolls-Royce Holdings PLC  | 3415712 | 34575458 |
| Professional Services - 1.8% |  |  |
| RELX PLC  | 549288 | 29977475 |
| TOTAL INDUSTRIALS |  | 64552933 |
| TOTAL UNITED KINGDOM |  | 142693937 |
| UNITED STATES - 24.0%  |  |  |
| Communication Services - 1.9% |  |  |
| Entertainment - 1.9% |  |  |
| Spotify Technology SA (a) | 52587 | 32287366 |
| Financials - 8.3% |  |  |
| Capital Markets - 2.6% |  |  |
| Moody's Corp  | 47511 | 21528184 |
| S&P Global Inc  | 43988 | 21996200 |
|  |  | 43524384 |
| Financial Services - 3.0% |  |  |
| Mastercard Inc Class A  | 43846 | 24030238 |
| Visa Inc Class A  | 72079 | 24903295 |
|  |  | 48933533 |
| Insurance - 2.7% |  |  |
| Arthur J Gallagher & Co  | 70354 | 22561825 |
| Marsh & McLennan Cos Inc  | 95958 | 21635650 |
|  |  | 44197475 |
| TOTAL FINANCIALS |  | 136655392 |
| Industrials - 7.9% |  |  |
| Building Products - 1.5% |  |  |
| Trane Technologies PLC  | 65782 | 25214898 |
| Commercial Services & Supplies - 1.3% |  |  |
| Waste Connections Inc  | 109403 | 21606815 |
| Construction & Engineering - 1.5% |  |  |
| Ferrovial SE  | 528600 | 25677595 |
| Electrical Equipment - 2.1% |  |  |
| Schneider Electric SE  | 147487 | 34459716 |
| Professional Services - 1.5% |  |  |
| Experian PLC  | 490919 | 24423729 |
| TOTAL INDUSTRIALS |  | 131382753 |
| Information Technology - 3.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Broadcom Inc  | 148199 | 28523862 |
| Software - 1.4% |  |  |
| Synopsys Inc (a) | 50688 | 23266298 |
| TOTAL INFORMATION TECHNOLOGY |  | 51790160 |
| Materials - 2.8% |  |  |
| Chemicals - 1.2% |  |  |
| Linde PLC  | 46291 | 20980470 |
| Construction Materials - 1.6% |  |  |
| Holcim AG  | 235370 | 26302123 |
| TOTAL MATERIALS |  | 47282593 |
| TOTAL UNITED STATES |  | 399398264 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,184,432,911) |  | <br> **1642601988** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 16379724 | 16383000 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 203205 | 203225 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $16,586,225) |  |  | **16586225** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $1,201,019,136)<br>| <br>**1659188213** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **12623548** |
| **NET ASSETS - 100.0%** | **1671811761** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 326431652 | 310048652 | 282114 | - | - | 16383000 | 16379724 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 28492200 | 74113253 | 102402228 | 8305 | - | - | 203225 | 203205 | 0.0% |
| Total | 28492200 | 400544905 | 412450880 | 290419 | - | - | 16586225 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 143100388 | 32287366 | 110813022 | - |
| Consumer Discretionary | 134146253 | 78717450 | 55428803 | - |
| Financials | 433631778 | 230350301 | 203281477 | - |
| Health Care | 24757878 | 24757878 | - | - |
| Industrials | 502513698 | 167160980 | 335352718 | - |
| Information Technology | 292620192 | 180541679 | 112078512 | 1 |
| Materials | 109470413 | 53718126 | 55752287 | - |
| Utilities | 2361388 | - | 2361388 | - |
|  **Money Market Funds** | 16586225 | 16586225 | - | - |
| **Total Investments in Securities:** | 1659188213 | 784120005 | 875068207 | 1 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $1642601988 |  |
| Fidelity Central Funds (cost $16,586,225) | 16586225 |  |
| Total Investment in Securities (cost $1,201,019,136) |  | $1659188213 |
| Foreign currency held at value (cost $1,882,567) |  | 1884061 |
| Receivable for investments sold |  | 19505567 |
| Receivable for fund shares sold |  | 1185045 |
| Dividends receivable |  | 1875981 |
| Reclaims receivable |  | 2977276 |
| Distributions receivable from Fidelity Central Funds |  | 46422 |
| Other receivables |  | 24784 |
| **Total assets** |  | 1686687349 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8230802 |  |
| Payable for fund shares redeemed | 1008604 |  |
| Accrued management fee | 853196 |  |
| Deferred taxes | 4549620 |  |
| Other payables and accrued expenses | 30141 |  |
| Collateral on securities loaned | 203225 |  |
| **Total liabilities** |  | 14875588 |
| **Net Assets**  |  | $1671811761 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1191133050 |
| Total accumulated earnings (loss) |  | 480678711 |
| **Net Assets** |  | $1671811761 |
| **Net Asset Value**, offering price and redemption price per share ($1,671,811,761 ÷ 96,722,508 shares) |  | $17.28 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8840741 |
| Foreign Tax Reclaims |  | 1250224 |
| Income from Fidelity Central Funds (including $8,305 from security lending)  |  | 290419 |
| Income before foreign taxes withheld |  | $10381384 |
| Less foreign taxes withheld |  | (1198830) |
| **Total income** |  | 9182554 |
| **Expenses** |  |  |
| Management fee | $5258190 |  |
| Independent trustees' fees and expenses | 3555 |  |
| Interest | 37199 |  |
| Total expenses before reductions | 5298944 |  |
| Expense reductions | (707) |  |
| Total expenses after reductions |  | 5298237 |
| **Net Investment income (loss)** |  | 3884317 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $445,626)  | 32963181 |  |
| Foreign currency transactions | 310063 |  |
| Total net realized gain (loss) |  | 33273244 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $577,368)  | 51602487 |  |
| Assets and liabilities in foreign currencies | 246137 |  |
| Total change in net unrealized appreciation (depreciation) |  | 51848624 |
| **Net gain (loss)** |  | 85121868 |
| **Net increase (decrease) in net assets resulting from operations** |  | $89006185 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3884317 | $10703959 |
| &nbsp;&nbsp;Net realized gain (loss) | 33273244<br>| 89865881<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 51848624 | 261153684<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 89006185<br>| 361723524<br>|
| Distributions to shareholders | (45040106)<br>| (5644723)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 265908136 | 853341623 |
| Reinvestment of distributions | 44942135<br>| 5644723<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (303638022) | (686774012) |
| **Net increase (decrease) in net assets resulting from share transactions** | 7212249<br>| 172212334<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 51178328<br>| 528291135<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1620633433 | 1092342298<br>|
| &nbsp;&nbsp;End of period | $1671811761 | $1620633433 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15900160 | 53488845 |
| Issued in reinvestment of distributions | 2687927<br>| 386361<br>|
| &nbsp;&nbsp;Redeemed | (18168674) | (41290018) |
| &nbsp;&nbsp;Net increase (decrease) | 419413 | 12585188 |

---

**Financial Highlights** 

**Fidelity® International Capital Appreciation K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $1671812 | $1620633 | $1092342 | $763118 | $923233 | $760960 |
| Portfolio turnover rate I | 96% H<br>| 84%  | 78%  | 119% J | 149%  | 138%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

J*Portfolio 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** | $460308597 |
| **Gross unrealized depreciation** | <u>(10550887)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$449757710</u> |
| **Tax cost** | <u>$1209430503</u> |

---

**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** | 772003672 | 811883932 |

---

**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 | 9721033 | 4.59% | 37199 |

---

**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** | 45181755 | 58673378 | 5327014 |

---

**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.

![](img109455_4.jpg)<br>

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

![](img109448_1.jpg)

![](img109448_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ILS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Small Cap Opportunities Fund](#Sub_Sec_Fund_1504_ILS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1504_ILS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ILS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ILS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ILS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ILS-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 91.5%** | &nbsp;&nbsp;**Common Stocks - 91.5%** | &nbsp;&nbsp;**Common Stocks - 91.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.2%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Whitehaven Coal Ltd  | 1135000 | 3630565 |
| Financials - 0.9% |  |  |
| Insurance - 0.9% |  |  |
| Steadfast Group Ltd  | 3356460 | 12613122 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Imdex Ltd  | 6980074 | 13204871 |
| TOTAL AUSTRALIA |  | 29448558 |
| BAILIWICK OF JERSEY - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| JTC PLC (a)(b) | 900000 | 10003246 |
| BELGIUM - 2.6%  |  |  |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| KBC Ancora  | 424745 | 27715529 |
| Industrials - 0.5% |  |  |
| Trading Companies & Distributors - 0.5% |  |  |
| Azelis Group NV  | 420600 | 6499142 |
| TOTAL BELGIUM |  | 34214671 |
| CANADA - 4.0%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| McCoy Global Inc  | 47215 | 116102 |
| Pason Systems Inc (c) | 547900 | 4363806 |
|  |  | 4479908 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| CAE Inc (d) | 110600 | 2767006 |
| Trading Companies & Distributors - 1.4% |  |  |
| Richelieu Hardware Ltd (c) | 746706 | 17662906 |
| TOTAL INDUSTRIALS |  | 20429912 |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| Lumine Group Inc Subordinate Voting Shares (b)(d) | 285000 | 9214021 |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| Osisko Gold Royalties Ltd  | 792100 | 18983740 |
| TOTAL CANADA |  | 53107581 |
| CHINA - 0.3%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Personal Care Products - 0.3% |  |  |
| Chlitina Holding Ltd  | 1048842 | 3731314 |
| EGYPT - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Integrated Diagnostics Holdings PLC (a)(b)(d) | 5696716 | 1971064 |
| FRANCE - 2.5%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Laurent-Perrier  | 39132 | 4300076 |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| Vetoquinol SA  | 121442 | 10235622 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| LISI SA  | 254584 | 7974412 |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| Lectra  | 450006 | 11597707 |
| TOTAL FRANCE |  | 34107817 |
| GERMANY - 5.5%  |  |  |
| Communication Services - 3.9% |  |  |
| Entertainment - 2.7% |  |  |
| CTS Eventim AG & Co KGaA  | 305392 | 35910993 |
| Interactive Media & Services - 1.2% |  |  |
| Scout24 SE (a)(b) | 135700 | 16095295 |
| TOTAL COMMUNICATION SERVICES |  | 52006288 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| Rheinmetall AG  | 11200 | 19074190 |
| Machinery - 0.2% |  |  |
| Stabilus SE  | 89195 | 2455383 |
| TOTAL INDUSTRIALS |  | 21529573 |
| TOTAL GERMANY |  | 73535861 |
| GREECE - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Athens International Airport SA  | 388700 | 4024697 |
| IRELAND - 2.0%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Household Durables - 0.4% |  |  |
| Cairn Homes PLC  | 2335691 | 5129854 |
| Industrials - 1.1% |  |  |
| Trading Companies & Distributors - 1.1% |  |  |
| AerCap Holdings NV  | 140200 | 14861200 |
| Real Estate - 0.5% |  |  |
| Residential REITs - 0.5% |  |  |
| Irish Residential Properties Reit PLC  | 5454557 | 6302779 |
| TOTAL IRELAND |  | 26293833 |
| ISRAEL - 1.7%  |  |  |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| Tel Aviv Stock Exchange Ltd  | 665296 | 8166629 |
| Information Technology - 1.1% |  |  |
| Communications Equipment - 1.1% |  |  |
| Ituran Location and Control Ltd  | 402877 | 14479400 |
| TOTAL ISRAEL |  | 22646029 |
| ITALY - 2.1%  |  |  |
| Industrials - 2.1% |  |  |
| Machinery - 2.1% |  |  |
| Interpump Group SpA  | 812640 | 27691625 |
| JAPAN - 26.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Daiichikosho Co Ltd  | 258100 | 3012790 |
| Consumer Discretionary - 5.9% |  |  |
| Automobile Components - 0.1% |  |  |
| Shoei Co Ltd  | 186604 | 2182137 |
| Distributors - 0.4% |  |  |
| Central Automotive Products Ltd  | 469500 | 5562547 |
| Diversified Consumer Services - 0.4% |  |  |
| Aucnet Inc  | 563954 | 4875137 |
| Hotels, Restaurants & Leisure - 3.6% |  |  |
| Curves Holdings Co Ltd  | 2807078 | 13468006 |
| Gift Holdings Inc (c) | 345000 | 8686530 |
| Koshidaka Holdings Co Ltd (c) | 2055775 | 14564975 |
| Monogatari Corp/The (c) | 438700 | 11413932 |
|  |  | 48133443 |
| Leisure Products - 0.3% |  |  |
| Yonex Co Ltd  | 221000 | 3607595 |
| Specialty Retail - 1.1% |  |  |
| USS Co Ltd  | 1537130 | 15362699 |
| TOTAL CONSUMER DISCRETIONARY |  | 79723558 |
| Consumer Staples - 1.6% |  |  |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Daikokutenbussan Co Ltd (c) | 117100 | 6224368 |
| Kusuri no Aoki Holdings Co Ltd  | 243500 | 5807351 |
| YAKUODO Holdings Co Ltd  | 411500 | 5828000 |
|  |  | 17859719 |
| Food Products - 0.1% |  |  |
| Iwatsuka Confectionery Co Ltd  | 37800 | 888292 |
| Personal Care Products - 0.2% |  |  |
| Artnature Inc  | 521000 | 2904161 |
| TOTAL CONSUMER STAPLES |  | 21652172 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| San-Ai Obbli Co Ltd  | 605800 | 7105375 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Medikit Co Ltd  | 291800 | 5042928 |
| Nagaileben Co Ltd  | 745427 | 10974429 |
| Paramount Bed Holdings Co Ltd  | 238520 | 3835204 |
| Techno Medica Co Ltd  | 80791 | 1022742 |
|  |  | 20875303 |
| Health Care Technology - 0.4% |  |  |
| Software Service Inc  | 66400 | 5856092 |
| TOTAL HEALTH CARE |  | 26731395 |
| Industrials - 5.2% |  |  |
| Commercial Services & Supplies - 1.1% |  |  |
| Japan Elevator Service Holdings Co Ltd  | 525000 | 11327634 |
| Pronexus Inc  | 477000 | 4063407 |
|  |  | 15391041 |
| Construction & Engineering - 1.5% |  |  |
| Hibiya Engineering Ltd  | 16800 | 410659 |
| SHO-BOND Holdings Co Ltd  | 559400 | 20035581 |
|  |  | 20446240 |
| Machinery - 2.3% |  |  |
| Fujitec Co Ltd  | 347300 | 13602463 |
| Mitsuboshi Belting Ltd  | 117580 | 2939911 |
| Moriya Transportation Engineering & Manufacturing Co Ltd  | 151700 | 2960155 |
| NS Tool Co Ltd  | 648900 | 3213185 |
| Tocalo Co Ltd  | 608636 | 6989651 |
|  |  | 29705365 |
| Professional Services - 0.3% |  |  |
| Funai Soken Holdings Inc  | 224350 | 3577549 |
| TOTAL INDUSTRIALS |  | 69120195 |
| Information Technology - 8.0% |  |  |
| Electronic Equipment, Instruments & Components - 3.7% |  |  |
| Ai Holdings Corp  | 172500 | 2549255 |
| Azbil Corp  | 5348368 | 46084693 |
|  |  | 48633948 |
| IT Services - 2.7% |  |  |
| Digital Hearts Holdings Co Ltd  | 231314 | 1601629 |
| NSD Co Ltd  | 719949 | 16913615 |
| Obic Co Ltd  | 202000 | 7051210 |
| TIS Inc  | 319700 | 9236821 |
|  |  | 34803275 |
| Software - 1.6% |  |  |
| Broadleaf Co Ltd  | 1922198 | 9303126 |
| m-up Holdings Inc  | 357450 | 4717500 |
| Miroku Jyoho Service Co Ltd  | 261700 | 3384273 |
| WingArc1st Inc  | 170100 | 4532669 |
|  |  | 21937568 |
| TOTAL INFORMATION TECHNOLOGY |  | 105374791 |
| Materials - 2.1% |  |  |
| Chemicals - 2.1% |  |  |
| Kansai Paint Co Ltd  | 274100 | 4121660 |
| Nihon Parkerizing Co Ltd  | 1117678 | 9278807 |
| SK Kaken Co Ltd  | 235400 | 14669283 |
|  |  | 28069750 |
| Real Estate - 1.0% |  |  |
| Real Estate Management & Development - 1.0% |  |  |
| Goldcrest Co Ltd (c) | 610730 | 13988955 |
| TOTAL JAPAN |  | 354778981 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| BGF retail Co Ltd  | 79256 | 5976740 |
| NETHERLANDS - 4.7%  |  |  |
| Industrials - 3.3% |  |  |
| Machinery - 2.0% |  |  |
| Aalberts NV  | 770397 | 25431767 |
| Aalberts NV rights (d)(e) | 769097 | 984537 |
|  |  | 26416304 |
| Trading Companies & Distributors - 1.3% |  |  |
| IMCD NV  | 130449 | 17267994 |
| TOTAL INDUSTRIALS |  | 43684298 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| BE Semiconductor Industries NV (c) | 175429 | 18728762 |
| TOTAL NETHERLANDS |  | 62413060 |
| NORWAY - 1.8%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Medistim ASA (d) | 185242 | 2857848 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Kongsberg Gruppen ASA  | 130981 | 21000472 |
| TOTAL NORWAY |  | 23858320 |
| PHILIPPINES - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| International Container Terminal Services Inc  | 1020000 | 6245551 |
| SPAIN - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Fluidra SA  | 154201 | 3549632 |
| SWEDEN - 14.1%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Hemnet Group AB (d) | 313320 | 10729804 |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.7% |  |  |
| Autoliv Inc  | 98000 | 9136540 |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| AddLife AB B Shares  | 301520 | 5708774 |
| Industrials - 6.6% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| INVISIO AB  | 328163 | 13139422 |
| Trading Companies & Distributors - 5.6% |  |  |
| AddTech AB B Shares  | 1848275 | 62071291 |
| Bergman & Beving AB B Shares  | 417154 | 12624028 |
|  |  | 74695319 |
| TOTAL INDUSTRIALS |  | 87834741 |
| Information Technology - 5.2% |  |  |
| Electronic Equipment, Instruments & Components - 5.2% |  |  |
| Lagercrantz Group AB B Shares  | 3050212 | 69174535 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| John Mattson Fastighetsforetagen AB (d) | 942052 | 5964884 |
| TOTAL SWEDEN |  | 188549278 |
| SWITZERLAND - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Tecan Group AG  | 21050 | 4070491 |
| TAIWAN - 1.4%  |  |  |
| Communication Services - 0.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| Addcn Technology Co Ltd  | 1688028 | 9207124 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| eMemory Technology Inc  | 117000 | 9402202 |
| TOTAL TAIWAN |  | 18609326 |
| TURKEY - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 759300 | 1982339 |
| UNITED KINGDOM - 15.1%  |  |  |
| Communication Services - 2.2% |  |  |
| Interactive Media & Services - 2.2% |  |  |
| Baltic Classifieds Group PLC  | 3964002 | 17961607 |
| Rightmove PLC  | 1137993 | 11189498 |
|  |  | 29151105 |
| Consumer Discretionary - 4.2% |  |  |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Dp Poland PLC (d) | 18541591 | 2223934 |
| InterContinental Hotels Group PLC ADR  | 224300 | 24199727 |
|  |  | 26423661 |
| Leisure Products - 2.2% |  |  |
| Games Workshop Group PLC  | 146200 | 30024958 |
| TOTAL CONSUMER DISCRETIONARY |  | 56448619 |
| Industrials - 4.8% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Avon Technologies PLC  | 165000 | 2990578 |
| Machinery - 1.4% |  |  |
| Bodycote PLC  | 2684726 | 17030968 |
| Spirax Group PLC  | 29691 | 2324690 |
|  |  | 19355658 |
| Marine Transportation - 0.5% |  |  |
| Clarkson PLC  | 156153 | 6836253 |
| Trading Companies & Distributors - 2.7% |  |  |
| Diploma PLC  | 180000 | 9504283 |
| Howden Joinery Group PLC  | 2529700 | 25925537 |
|  |  | 35429820 |
| TOTAL INDUSTRIALS |  | 64612309 |
| Information Technology - 3.0% |  |  |
| Electronic Equipment, Instruments & Components - 2.5% |  |  |
| Oxford Instruments PLC  | 283100 | 6187513 |
| Spectris PLC  | 1035478 | 27599631 |
|  |  | 33787144 |
| Software - 0.5% |  |  |
| Sage Group PLC/The  | 393700 | 6492964 |
| TOTAL INFORMATION TECHNOLOGY |  | 40280108 |
| Real Estate - 0.9% |  |  |
| Residential REITs - 0.9% |  |  |
| UNITE Group PLC/The  | 1052900 | 12074535 |
| TOTAL UNITED KINGDOM |  | 202566676 |
| UNITED STATES - 2.4%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| PriceSmart Inc  | 97060 | 9850619 |
| Financials - 1.7% |  |  |
| Capital Markets - 1.7% |  |  |
| Morningstar Inc  | 79321 | 22584276 |
| TOTAL UNITED STATES |  | 32434895 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $875,175,082) |  | <br> **1225811585** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 4.9%** | &nbsp;&nbsp;**International Equity Funds - 4.9%** | &nbsp;&nbsp;**International Equity Funds - 4.9%** |
|  | Shares | Value ($)<br>|
| iShares MSCI EAFE Small-Cap ETF (c)<br>(Cost $62,198,061)<br>| 990000 | **65835000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 32440379 | 32446867 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 57130334 | 57136047 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $89,582,914) |  |  | **89582914** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.1%**<br> (Cost $1,026,956,057)<br>| <br>**1381229499** |
| **NET OTHER ASSETS (LIABILITIES) - (3.1)%**  | **(40931808)** |
| **NET ASSETS - 100.0%** | **1340297691** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 34774965 | 178337076 | 180665174 | 810365 | - | - | 32446867 | 32440379 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 18102100 | 458225829 | 419191882 | 59890 | - | - | 57136047 | 57130334 | 0.2% |
| Total | 52877065 | 636562905 | 599857056 | 870255 | - | - | 89582914 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 104107111 | 94899987 | 9207124 | - |
| Consumer Discretionary | 150438571 | 150438571 | - | - |
| Consumer Staples | 45510921 | 35802867 | 9708054 | - |
| Energy | 15215848 | 11585283 | 3630565 | - |
| Financials | 81082802 | 68469680 | 12613122 | - |
| Health Care | 51575194 | 51575194 | - | - |
| Industrials | 401040098 | 375720357 | 25319741 | - |
| Information Technology | 278251526 | 268849324 | 9402202 | - |
| Materials | 60258361 | 47053490 | 13204871 | - |
| Real Estate | 38331153 | 38331153 | - | - |
|  **International Equity Funds** | 65835000 | 65835000 | - | - |
|  **Money Market Funds** | 89582914 | 89582914 | - | - |
| **Total Investments in Securities:** | 1381229499 | 1298143820 | 83085679 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $1291646585 |  |
| Fidelity Central Funds (cost $89,582,914) | 89582914 |  |
| Total Investment in Securities (cost $1,026,956,057) |  | $1381229499 |
| Foreign currency held at value (cost $162,079) |  | 160543 |
| Receivable for investments sold |  | 7665149 |
| Receivable for fund shares sold |  | 1817851 |
| Dividends receivable |  | 7848789 |
| Reclaims receivable |  | 2263856 |
| Distributions receivable from Fidelity Central Funds |  | 147019 |
| Prepaid expenses |  | 377 |
| Other receivables |  | 2880 |
| **Total assets** |  | 1401135963 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $275020 |  |
| Delayed delivery | 984537 |  |
| Payable for fund shares redeemed | 1261459 |  |
| Accrued management fee | 1121599 |  |
| Distribution and service plan fees payable | 11815 |  |
| Other payables and accrued expenses | 44185 |  |
| Collateral on securities loaned | 57139657 |  |
| **Total liabilities** |  | 60838272 |
| **Net Assets**  |  | $1340297691 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $923805986 |
| Total accumulated earnings (loss) |  | 416491705 |
| **Net Assets** |  | $1340297691 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $14246897 |
| Foreign Tax Reclaims |  | 1260972 |
| Income from Fidelity Central Funds (including $59,890 from security lending)  |  | 870255 |
| Income before foreign taxes withheld |  | $16378124 |
| Less foreign taxes withheld |  | (1102548) |
| **Total income** |  | 15275576 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $5814214 |  |
| Performance adjustment | 138068 |  |
| Distribution and service plan fees | 74459 |  |
| Custodian fees and expenses | 41986 |  |
| Independent trustees' fees and expenses | 2838 |  |
| Registration fees | 60160 |  |
| Audit fees | 43869 |  |
| Legal | 975 |  |
| Miscellaneous | 6361 |  |
| Total expenses before reductions | 6182930 |  |
| Expense reductions | (297) |  |
| Total expenses after reductions |  | 6182633 |
| **Net Investment income (loss)** |  | 9092943 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 64358871 |  |
| Foreign currency transactions | (273783) |  |
| Total net realized gain (loss) |  | 64085088 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 31613065 |  |
| Assets and liabilities in foreign currencies | 454372 |  |
| Total change in net unrealized appreciation (depreciation) |  | 32067437 |
| **Net gain (loss)** |  | 96152525 |
| **Net increase (decrease) in net assets resulting from operations** |  | $105245468 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9092943 | $13006743 |
| &nbsp;&nbsp;Net realized gain (loss) | 64085088<br>| 66758616<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 32067437 | 179564617<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 105245468<br>| 259329976<br>|
| Distributions to shareholders | (77968307)<br>| (42624195)<br>|
| Share transactions - net increase (decrease) | 41488587<br>| 79946440<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 68765748<br>| 296652221<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1271531943 | 974879722<br>|
| &nbsp;&nbsp;End of period | $1340297691 | $1271531943 |

---

**Financial Highlights** 

**Fidelity Advisor® International Small Cap Opportunities Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $33507 | $32876 | $26559 | $26380 | $45981 | $37771 |
| Portfolio turnover rate J | 30% I<br>| 27%  | 10%  | 13%  | 21%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $9093 | $9933 | $9589 | $10115 | $16378 | $13141 |
| Portfolio turnover rate J | 30% I<br>| 27%  | 10%  | 13%  | 21%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $1908 | $2035 | $2036 | $3314 | $6770 | $7253 |
| Portfolio turnover rate J | 30% I<br>| 27%  | 10%  | 13%  | 21%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $657936 | $636948 | $632320 | $700271 | $1268421 | $1152472 |
| Portfolio turnover rate J | 30% I<br>| 27%  | 10%  | 13%  | 21%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Small Cap Opportunities Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $188619 | $221654 | $81122 | $82705 | $141310 | $113041 |
| Portfolio turnover rate I | 30% H<br>| 27%  | 10%  | 13%  | 21%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® International Small Cap Opportunities Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $449235 | $368086 | $223254 | $219360 | $309803 | $82476 |
| Portfolio turnover rate H | 30% G<br>| 27%  | 10%  | 13%  | 21%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $437335148 |
| **Gross unrealized depreciation** | <u>(92642108)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$344693040</u> |
| **Tax cost** | <u>$1036536459</u> |

---

**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** | 188377844 | 235208784 |

---

**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% | 40949 | 1699 |
| **Class M** | .25% | .25% | 23690 | 284 |
| **Class C** | .75% | .25% | <u>9820</u> | <u>1671</u> |
|  |  |  | <u>74459</u> | <u>3654</u> |

---

**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** | 3719 |
| **Class M** | 111 |
| **Class C**A | <u>27</u> |
|  | <u>3857</u> |

---

*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** | 13880439 | 7770667 | 5757758 |

---

**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** | 1020 |

---

**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** | 6429 | - | - |

---

**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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Small Cap Opportunities Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1902866 | $1071393 |
| Class M | 561660 | 359747 |
| Class C | 112453 | 67234 |
| International Small Cap Opportunities | 38399271 | 27456391 |
| Class I | 13413028 | 3627918 |
| Class Z | <u>23579029</u> | <u>10041512</u> |
| Total  | <u>$77968307</u> | <u>$42624195</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Small Cap Opportunities Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 138517 | 225403 | $2774070 | $4421268 |
| Reinvestment of distributions | 88165 | 57351 | 1736854 | 1052398 |
| Shares redeemed | <u>(227498)</u> | <u>(253463)</u> | <u>(4583889)</u> | <u>(4972403)</u> |
| Net increase (decrease) | <u>(816)</u> | <u>29291</u> | <u>$(72965)</u> | <u>$501263</u> |
| **Class M** |  |  |  |  |
| Shares sold | 12193 | 13011 | $237078 | $253332 |
| Reinvestment of distributions | 26375 | 19865 | 510610 | 358562 |
| Shares redeemed | <u>(89709)</u> | <u>(119085)</u> | <u>(1722277)</u> | <u>(2319634)</u> |
| Net increase (decrease) | <u>(51141)</u> | <u>(86209)</u> | <u>$(974589)</u> | <u>$(1707740)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 5001 | 17556 | $92616 | $327256 |
| Reinvestment of distributions | 6125 | 3896 | 112453 | 67013 |
| Shares redeemed | <u>(19631)</u> | <u>(44237)</u> | <u>(365114)</u> | <u>(801985)</u> |
| Net increase (decrease) | <u>(8505)</u> | <u>(22785)</u> | <u>$(160045)</u> | <u>$(407716)</u> |
| **International Small Cap Opportunities** |  |  |  |  |
| Shares sold | 3983821 | 7348249 | $81129097 | $150444534 |
| Reinvestment of distributions | 1573114 | 1228945 | 31635332 | 22993567 |
| Shares redeemed | <u>(5159083)</u> | <u>(14912938)</u> | <u>(103861687)</u> | <u>(304809170)</u> |
| Net increase (decrease) | <u>397852</u> | <u>(6335744)</u> | <u>$8902742</u> | <u>$(131371069)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1906305 | 11400627 | $38424830 | $231485694 |
| Reinvestment of distributions | 647836 | 186259 | 13008545 | 3479316 |
| Shares redeemed | <u>(4324260)</u> | <u>(5660385)</u> | <u>(88196618)</u> | <u>(117402312)</u> |
| Net increase (decrease) | <u>(1770119)</u> | <u>5926501</u> | <u>$(36763243)</u> | <u>$117562698</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 3495510 | 6196097 | $70071354 | $127736617 |
| Reinvestment of distributions | 1086298 | 493559 | 21736824 | 9199948 |
| Shares redeemed | <u>(1053117)</u> | <u>(2022168)</u> | <u>(21251491)</u> | <u>(41567561)</u> |
| Net increase (decrease) | <u>3528691</u> | <u>4667488</u> | <u>$70556687</u> | <u>$95369004</u> |

---

**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.

![](img109448_4.jpg)<br>

1.815078.119 ILS-SANN-0625

**Fidelity® International Discovery Fund**

**Semi-Annual Report**

**April 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109454_1.jpg)

![](img109454_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IGI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Discovery Fund](#Sub_Sec_Fund_305_IGI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements305_IGI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IGI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IGI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IGI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IGI-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** | &nbsp;&nbsp;**Common Stocks - 94.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| CAR Group Ltd  | 1275761 | 27230227 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Aristocrat Leisure Ltd  | 1630630 | 69642654 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (a)(b)(c) | 5900 | 6814500 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Brazilian Rare Earths Ltd (c) | 3982215 | 5762274 |
| IperionX Ltd (c)(d) | 21820344 | 50052311 |
|  |  | 55814585 |
| TOTAL AUSTRALIA |  | 159501966 |
| BAILIWICK OF JERSEY - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| JTC PLC (e)(f) | 3573397 | 39717300 |
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 430749 | 78637011 |
| BRAZIL - 1.5%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| MercadoLibre Inc (c) | 55051 | 128315623 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (c) | 1990930 | 24747260 |
| TOTAL BRAZIL |  | 153062883 |
| CANADA - 3.5%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Cameco Corp  | 993617 | 44851868 |
| Canadian Natural Resources Ltd  | 1580280 | 45347365 |
|  |  | 90199233 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Definity Financial Corp  | 504279 | 25170055 |
| Information Technology - 2.4% |  |  |
| Software - 2.4% |  |  |
| Constellation Software Inc/Canada  | 67024 | 241548448 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 50942 | 4 |
| Lumine Group Inc Subordinate Voting Shares (c)(f) | 158132 | 5112392 |
|  |  | 246660844 |
| TOTAL CANADA |  | 362030132 |
| CHINA - 1.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Tencent Holdings Ltd  | 1051600 | 64411504 |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.5% |  |  |
| BYD Co Ltd H Shares  | 952000 | 45216426 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Trip.com Group Ltd ADR  | 216760 | 12786672 |
| TOTAL CONSUMER DISCRETIONARY |  | 58003098 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 1102200 | 28576552 |
| TOTAL CHINA |  | 150991154 |
| DENMARK - 1.8%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 1078046 | 25719962 |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Novo Nordisk A/S Series B  | 1803824 | 120606494 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| DSV A/S  | 182700 | 38725073 |
| TOTAL DENMARK |  | 185051529 |
| FRANCE - 9.9%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Hermes International SCA  | 69901 | 189336949 |
| Consumer Staples - 1.1% |  |  |
| Food Products - 1.1% |  |  |
| Danone SA  | 1299200 | 111791503 |
| Financials - 2.8% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 631667 | 53520816 |
| Insurance - 2.3% |  |  |
| AXA SA  | 5056799 | 239165867 |
| TOTAL FINANCIALS |  | 292686683 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| EssilorLuxottica SA  | 450862 | 129068803 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| Dassault Aviation SA  | 29315 | 10527411 |
| Safran SA  | 553075 | 147184088 |
| Thales SA  | 110998 | 31093022 |
|  |  | 188804521 |
| Materials - 1.1% |  |  |
| Chemicals - 1.1% |  |  |
| Air Liquide SA  | 540768 | 111116040 |
| TOTAL FRANCE |  | 1022804499 |
| GERMANY - 9.6%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 250700 | 29479770 |
| Consumer Discretionary - 0.6% |  |  |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| adidas AG  | 262144 | 59898815 |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (c) | 187982 | 128694240 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Fresenius SE & Co KGaA (c) | 636009 | 30117017 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| Rheinmetall AG  | 173874 | 296116579 |
| Industrial Conglomerates - 1.5% |  |  |
| Siemens AG  | 695537 | 160155266 |
| TOTAL INDUSTRIALS |  | 456271845 |
| Information Technology - 2.8% |  |  |
| Software - 2.8% |  |  |
| SAP SE  | 973621 | 284870443 |
| TOTAL GERMANY |  | 989332130 |
| HUNGARY - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Richter Gedeon Nyrt  | 846525 | 25609314 |
| INDIA - 1.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Lenskart Solutions Pvt Ltd (a)(b) | 3274000 | 10915462 |
| Financials - 0.8% |  |  |
| Banks - 0.6% |  |  |
| HDFC Bank Ltd  | 2191519 | 49710545 |
| Capital Markets - 0.2% |  |  |
| 360 ONE WAM Ltd  | 2167100 | 25208312 |
| TOTAL FINANCIALS |  | 74918857 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| Computer Age Management Services Ltd  | 717700 | 33049580 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Pvt Ltd (a)(b)(c) | 8672 | 4014356 |
| TOTAL INDIA |  | 122898255 |
| IRELAND - 1.7%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Dalata Hotel Group PLC  | 3653493 | 20942629 |
| Household Durables - 0.6% |  |  |
| Cairn Homes PLC  | 26071501 | 57260567 |
| TOTAL CONSUMER DISCRETIONARY |  | 78203196 |
| Industrials - 0.9% |  |  |
| Building Products - 0.9% |  |  |
| Kingspan Group PLC  | 1092637 | 91968081 |
| TOTAL IRELAND |  | 170171277 |
| ISRAEL - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (c) | 59430 | 10078734 |
| ITALY - 5.7%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.8% |  |  |
| Ferrari NV (g) | 176242 | 81385031 |
| Financials - 4.6% |  |  |
| Banks - 4.3% |  |  |
| FinecoBank Banca Fineco SpA  | 1617890 | 32193601 |
| Intesa Sanpaolo SpA  | 11040100 | 58935236 |
| UniCredit SpA  | 5981202 | 347991459 |
|  |  | 439120296 |
| Financial Services - 0.3% |  |  |
| BFF Bank SpA (c)(e)(f) | 3140339 | 29634250 |
| TOTAL FINANCIALS |  | 468754546 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 651751 | 38282727 |
| TOTAL ITALY |  | 588422304 |
| JAPAN - 16.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| Nintendo Co Ltd  | 1347900 | 111902668 |
| Consumer Discretionary - 3.1% |  |  |
| Broadline Retail - 0.7% |  |  |
| Pan Pacific International Holdings Corp  | 2194144 | 67675025 |
| Household Durables - 1.2% |  |  |
| Sony Group Corp  | 4609815 | 121619815 |
| Specialty Retail - 1.2% |  |  |
| Fast Retailing Co Ltd  | 387980 | 127624031 |
| TOTAL CONSUMER DISCRETIONARY |  | 316918871 |
| Financials - 3.2% |  |  |
| Banks - 1.8% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 8990686 | 113274812 |
| Sumitomo Mitsui Financial Group Inc  | 3179818 | 75861597 |
|  |  | 189136409 |
| Financial Services - 0.6% |  |  |
| ORIX Corp  | 3155174 | 63292889 |
| Insurance - 0.8% |  |  |
| Tokio Marine Holdings Inc  | 2041364 | 81822719 |
| TOTAL FINANCIALS |  | 334252017 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Hoya Corp  | 690421 | 81239208 |
| Pharmaceuticals - 0.5% |  |  |
| Daiichi Sankyo Co Ltd  | 1957017 | 50061728 |
| TOTAL HEALTH CARE |  | 131300936 |
| Industrials - 6.7% |  |  |
| Industrial Conglomerates - 2.8% |  |  |
| Hitachi Ltd  | 11525355 | 284855084 |
| Machinery - 1.5% |  |  |
| IHI Corp  | 567000 | 44414342 |
| Mitsubishi Heavy Industries Ltd  | 5791091 | 114158891 |
|  |  | 158573233 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 587200 | 31640454 |
| Timee Inc (c) | 2312900 | 27758682 |
| Visional Inc (c) | 360594 | 21810162 |
|  |  | 81209298 |
| Trading Companies & Distributors - 1.6% |  |  |
| ITOCHU Corp  | 3232367 | 165312753 |
| TOTAL INDUSTRIALS |  | 689950368 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Advantest Corp  | 1297100 | 54265410 |
| Tokyo Seimitsu Co Ltd  | 398311 | 22202676 |
|  |  | 76468086 |
| TOTAL JAPAN |  | 1660792946 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR  | 131410 | 11549625 |
| KOREA (SOUTH) - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| SK Hynix Inc  | 486840 | 60620011 |
| LUXEMBOURG - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| CVC Capital Partners PLC (c)(e)(f) | 3113018 | 55085218 |
| NETHERLANDS - 5.7%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Universal Music Group NV  | 1727500 | 50797950 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| ING Groep NV  | 4691479 | 91105315 |
| Industrials - 2.0% |  |  |
| Professional Services - 1.7% |  |  |
| Wolters Kluwer NV  | 968185 | 170498862 |
| Trading Companies & Distributors - 0.3% |  |  |
| IMCD NV  | 242944 | 32159353 |
| TOTAL INDUSTRIALS |  | 202658215 |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| ASML Holding NV  | 230562 | 152144434 |
| BE Semiconductor Industries NV (g) | 704050 | 75164226 |
|  |  | 227308660 |
| Software - 0.1% |  |  |
| Topicus.com Inc (c) | 101061 | 12094185 |
| TOTAL INFORMATION TECHNOLOGY |  | 239402845 |
| TOTAL NETHERLANDS |  | 583964325 |
| SINGAPORE - 0.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Sea Ltd Class A ADR (c) | 591900 | 79344195 |
| SPAIN - 2.1%  |  |  |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| Banco Santander SA (g) | 12619200 | 88375775 |
| CaixaBank SA (g) | 16936953 | 129808278 |
| TOTAL SPAIN |  | 218184053 |
| SWEDEN - 3.6%  |  |  |
| Financials - 1.5% |  |  |
| Financial Services - 1.5% |  |  |
| Investor AB B Shares  | 5224233 | 154205543 |
| Industrials - 1.0% |  |  |
| Machinery - 1.0% |  |  |
| Indutrade AB  | 3857122 | 104075052 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Hexagon AB B Shares  | 3539600 | 34449399 |
| Lagercrantz Group AB B Shares  | 3266697 | 74084112 |
|  |  | 108533511 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(c) | 194526 | 3836620 |
| TOTAL INFORMATION TECHNOLOGY |  | 112370131 |
| TOTAL SWEDEN |  | 370650726 |
| SWITZERLAND - 1.7%  |  |  |
| Financials - 1.7% |  |  |
| Capital Markets - 1.7% |  |  |
| Partners Group Holding AG  | 60346 | 78635879 |
| UBS Group AG  | 3077270 | 92800934 |
| TOTAL SWITZERLAND |  | 171436813 |
| TAIWAN - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 6894000 | 194948312 |
| UNITED KINGDOM - 17.6%  |  |  |
| Communication Services - 2.0% |  |  |
| Diversified Telecommunication Services - 1.8% |  |  |
| Zegona Communications plc (c) | 20594092 | 185533246 |
| Interactive Media & Services - 0.2% |  |  |
| Baltic Classifieds Group PLC  | 4756761 | 21553740 |
| TOTAL COMMUNICATION SERVICES |  | 207086986 |
| Consumer Discretionary - 3.2% |  |  |
| Hotels, Restaurants & Leisure - 2.4% |  |  |
| Compass Group PLC  | 5152249 | 173707168 |
| Flutter Entertainment PLC (United Kingdom) (c) | 305257 | 73064154 |
|  |  | 246771322 |
| Leisure Products - 0.8% |  |  |
| Games Workshop Group PLC  | 422000 | 86665747 |
| TOTAL CONSUMER DISCRETIONARY |  | 333437069 |
| Consumer Staples - 1.2% |  |  |
| Tobacco - 1.2% |  |  |
| Imperial Brands PLC  | 3117600 | 127924581 |
| Financials - 5.3% |  |  |
| Banks - 1.0% |  |  |
| NatWest Group PLC  | 13215600 | 85006527 |
| Starling Bank Ltd Class D (a)(b)(c) | 6223100 | 20070331 |
|  |  | 105076858 |
| Capital Markets - 4.1% |  |  |
| 3i Group PLC  | 3547734 | 201124729 |
| London Stock Exchange Group PLC  | 1331620 | 207348583 |
|  |  | 408473312 |
| Financial Services - 0.2% |  |  |
| Revolut Group Holdings Ltd (a)(b) | 25338 | 19100545 |
| TOTAL FINANCIALS |  | 532650715 |
| Health Care - 1.4% |  |  |
| Pharmaceuticals - 1.4% |  |  |
| Astrazeneca PLC  | 1024055 | 146713002 |
| Industrials - 4.5% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| BAE Systems PLC  | 7419708 | 172008390 |
| Rolls-Royce Holdings PLC  | 5273900 | 53384918 |
|  |  | 225393308 |
| Professional Services - 1.9% |  |  |
| RELX PLC  | 3572579 | 194974035 |
| Trading Companies & Distributors - 0.4% |  |  |
| Diploma PLC  | 701000 | 37013903 |
| TOTAL INDUSTRIALS |  | 457381246 |
| TOTAL UNITED KINGDOM |  | 1805193599 |
| UNITED STATES - 4.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Spotify Technology SA (c) | 132100 | 81106758 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Shell PLC  | 719842 | 23230556 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Alcon AG (United States)  | 525400 | 51284294 |
| Industrials - 1.4% |  |  |
| Electrical Equipment - 1.4% |  |  |
| Schneider Electric SE  | 601865 | 140623220 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Monday.com Ltd (c) | 49800 | 13993302 |
| Materials - 1.8% |  |  |
| Chemicals - 0.5% |  |  |
| Linde PLC  | 119432 | 54130165 |
| Construction Materials - 1.3% |  |  |
| CRH PLC (United Kingdom)  | 1245142 | 116722248 |
| James Hardie Industries PLC depository receipt (c) | 730048 | 17135837 |
|  |  | 133858085 |
| TOTAL MATERIALS |  | 187988250 |
| TOTAL UNITED STATES |  | 498226380 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,429,450,889) |  | <br> **9768304691** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (a)(b)(c) | 931 | 1075305 |
| Canva Inc Series A2 (a)(b)(c) | 169 | 195195 |
| TOTAL AUSTRALIA |  | 1270500 |
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Valsoft Corp Series A-1.2 (a)(b) | 1026 | 12018266 |
| Valsoft Corp Series A-1.3 (a)(b) | 363 | 4252077 |
| Valsoft Corp Series A-1.4 (a)(b) | 469 | 5493730 |
| TOTAL CANADA |  | 21764073 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| ByteDance Ltd Series E1 (a)(b)(c) | 131235 | 27859878 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(b)(c) | 631853 | 5067461 |
| TOTAL CHINA |  | 32927339 |
| ESTONIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Bolt Technology OU Series E (a)(b)(c) | 87239 | 16980747 |
| INDIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Pine Labs Pvt Ltd Series 1 (a)(b)(c) | 20726 | 9594273 |
| Pine Labs Pvt Ltd Series A (a)(b)(c) | 5179 | 2397411 |
| Pine Labs Pvt Ltd Series B (a)(b)(c) | 5635 | 2608498 |
| Pine Labs Pvt Ltd Series B2 (a)(b)(c) | 4558 | 2109944 |
| Pine Labs Pvt Ltd Series C (a)(b)(c) | 8478 | 3924551 |
| Pine Labs Pvt Ltd Series C1 (a)(b)(c) | 1786 | 826757 |
| Pine Labs Pvt Ltd Series D (a)(b)(c) | 1910 | 884158 |
| TOTAL INDIA |  | 22345592 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $86,987,981) |  | <br> **95288251** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 404014917 | 404095720 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 181763113 | 181781289 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $585,877,009) |  |  | **585877009** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $7,102,315,879)<br>| <br>**10449469951** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(153277798)** |
| **NET ASSETS - 100.0%** | **10296192153** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/03/22 | 22664387 |
| ByteDance Ltd Series E1 | 11/18/20 | 14379968 |
| Canva Inc Class A | 3/18/24 | 6293300 |
| Canva Inc Series A | 9/22/23 | 993061 |
| Canva Inc Series A2 | 9/22/23 | 180266 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 8974302 |
| Kry International Ab | 5/14/21 - 10/30/24 | 12863695 |
| Lenskart Solutions Pvt Ltd | 4/30/24 | 9022526 |
| Pine Labs Pvt Ltd | 6/30/21 | 3233849 |
| Pine Labs Pvt Ltd Series 1 | 6/30/21 | 7728303 |
| Pine Labs Pvt Ltd Series A | 6/30/21 | 1931449 |
| Pine Labs Pvt Ltd Series B | 6/30/21 | 2101473 |
| Pine Labs Pvt Ltd Series B2 | 6/30/21 | 1699903 |
| Pine Labs Pvt Ltd Series C | 6/30/21 | 3161514 |
| Pine Labs Pvt Ltd Series C1 | 6/30/21 | 666335 |
| Pine Labs Pvt Ltd Series D | 6/30/21 | 712570 |
| Revolut Group Holdings Ltd | 12/27/24 | 22037614 |
| Starling Bank Ltd Class D | 6/18/21 | 11126191 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 12018266 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 3603455 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 6172730 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 267528251 | 1630168992 | 1493601523 | 4715285 | - | - | 404095720 | 404014917 | 0.7% |
| Fidelity Securities Lending Cash Central Fund | 23907178 | 762572245 | 604698134 | 191645 | - | - | 181781289 | 181763113 | 0.6% |
| Total | 291435429 | 2392741237 | 2098299657 | 4906930 | - | - | 585877009 |  |  |

---

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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| IperionX Ltd | 48120514 | - | 1433760 | - | 348533 | 3017024 | 50052311 | 21820344 |
| Total | 48120514 | - | 1433760 | - | 348533 | 3017024 | 50052311 |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 651360058 | 397017709 | 254342349 | - |
| Consumer Discretionary | 1326056768 | 777331212 | 537810094 | 10915462 |
| Consumer Staples | 239716084 | - | 239716084 | - |
| Energy | 113429789 | 90199233 | 23230556 | - |
| Financials | 2648878202 | 657835402 | 1951871924 | 39170876 |
| Health Care | 751619598 | 352999166 | 398620432 | - |
| Industrials | 2403507201 | 495811506 | 1907695695 | - |
| Information Technology | 1278818116 | 606422509 | 657730127 | 14665480 |
| Materials | 354918875 | 170852413 | 184066462 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 27859878 | - | - | 27859878 |
| Health Care | 5067461 | - | - | 5067461 |
| Information Technology | 62360912 | - | - | 62360912 |
|  **Money Market Funds** | 585877009 | 585877009 | - | - |
| **Total Investments in Securities:** | 10449469951 | 4134346159 | 6155083723 | 160040069 |

---

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 ($)** | **Amoritization/**<br> **Accretion ($)** | **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** | 48790355 | 407 | (6076558) | 22037614 | - | - | - | - | 64751818 | (6076558) |
| **Convertible Preferred Stocks** | 71851148 | (222389) | 3001899 | 21794452 | (1136859) | - | - | - | 95288251 | 3001899 |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $9813540631 |  |
| Fidelity Central Funds (cost $585,877,009) | 585877009 |  |
| Other affiliated issuers (cost $20,574,030) | 50052311 |  |
| Total Investment in Securities (cost $7,102,315,879) |  | $10449469951 |
| Foreign currency held at value (cost $380,288) |  | 379137 |
| Receivable for investments sold |  | 1327806 |
| Receivable for fund shares sold |  | 2785484 |
| Dividends receivable |  | 27805122 |
| Reclaims receivable |  | 31339322 |
| Distributions receivable from Fidelity Central Funds |  | 1257124 |
| Prepaid expenses |  | 2891 |
| Other receivables |  | 2976786 |
| **Total assets** |  | 10517343623 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $17970234 |  |
| Payable for fund shares redeemed | 12234519 |  |
| Accrued management fee | 5056129 |  |
| Distribution and service plan fees payable | 38904 |  |
| Deferred taxes | 3882371 |  |
| Other payables and accrued expenses | 188024 |  |
| Collateral on securities loaned | 181781289 |  |
| **Total liabilities** |  | 221151470 |
| **Net Assets**  |  | $10296192153 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7435918622 |
| Total accumulated earnings (loss) |  | 2860273531 |
| **Net Assets** |  | $10296192153 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $92201563 |
| Foreign Tax Reclaims |  | 8427184 |
| Income from Fidelity Central Funds (including $191,645 from security lending)  |  | 4906930 |
| Income before foreign taxes withheld |  | $105535677 |
| Less foreign taxes withheld |  | (11243845) |
| **Total income** |  | 94291832 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $35734924 |  |
| Performance adjustment | (7032099) |  |
| Distribution and service plan fees | 242345 |  |
| Custodian fees and expenses | 288638 |  |
| Independent trustees' fees and expenses | 21627 |  |
| Registration fees | 129376 |  |
| Audit fees | 81878 |  |
| Legal | 6292 |  |
| Miscellaneous | 16431 |  |
| Total expenses before reductions | 29489412 |  |
| Expense reductions | (5321) |  |
| Total expenses after reductions |  | 29484091 |
| **Net Investment income (loss)** |  | 64807741 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $5,124,635)  | (18378177) |  |
| Affiliated issuers | 348533 |  |
| Foreign currency transactions | 482187 |  |
| Total net realized gain (loss) |  | (17547457) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $8,524,003)  | 618721919 |  |
| Affiliated issuers  | 3017024 |  |
| Assets and liabilities in foreign currencies | 2700756 |  |
| Total change in net unrealized appreciation (depreciation) |  | 624439699 |
| **Net gain (loss)** |  | 606892242 |
| **Net increase (decrease) in net assets resulting from operations** |  | $671699983 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $64807741 | $124753922 |
| &nbsp;&nbsp;Net realized gain (loss) | (17547457)<br>| 272609663<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 624439699 | 1734690881<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 671699983<br>| 2132054466<br>|
| Distributions to shareholders | (278640123)<br>| (157784315)<br>|
| Share transactions - net increase (decrease) | 62098518<br>| 731093896<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 455158378<br>| 2705364047<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 9841033775 | 7135669728<br>|
| &nbsp;&nbsp;End of period | $10296192153 | $9841033775 |

---

**Financial Highlights** 

**Fidelity Advisor® International Discovery Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $144063 | $143018 | $122305 | $130702 | $206114 | $172784 |
| Portfolio turnover rate J | 52% I<br>| 44% K | 49% K | 43% K | 41% K | 34% K |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .92%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount 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.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $18085 | $17503 | $15275 | $16100 | $25178 | $21333 |
| Portfolio turnover rate K | 52% J<br>| 44% L | 49% L | 43% L | 41% L | 34% L |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .67%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| 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) | $4374 | $4485 | $4391 | $5429 | $10230 | $10714 |
| Portfolio turnover rate K | 52% J<br>| 44% L | 49% L | 43% L | 41% L | 34% L |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® International Discovery Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $3833019 | $3704910 | $3352940 | $3385800 | $5117474 | $6784273 |
| Portfolio turnover rate I | 52% H<br>| 44% J | 49% J | 43% J | 41% J | 34% J |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® International Discovery Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $556758 | $645612 | $476117 | $602552 | $1371352 | $1400517 |
| Portfolio turnover rate J | 52% I<br>| 44% K | 49% K | 43% K | 41% K | 34% K |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $805870 | $776727 | $496845 | $509367 | $565667 | $388405 |
| Portfolio turnover rate I | 52% H<br>| 44% J | 49% J | 43% J | 41% J | 34% J |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® International Discovery Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $4934024 | $4548779 | $2667797 | $2720340 | $3972323 | $53963 |
| Portfolio turnover rate I | 52% H<br>| 44% J | 49% J | 43% J | 41% J | 34% J |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio 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 | $64751818  | 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 | $95288251  | 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** | $3257679287 |
| **Gross unrealized depreciation** | <u>(144721503)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3112957784</u> |
| **Tax cost** | <u>$7336512167</u> |

---

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 | <u>$(278889671)</u> |
| **Total capital loss carryforward** | <u>$(278889671)</u> |

---

**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** | 2537409850 | 2809144400 |

---

**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** | 872951 | 9303152 | 36396996 |

---

**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** | 95277 | 4686699 |

---

**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% | 177108 | 2630 |
| **Class M** | .25% | .25% | 43618 | 525 |
| **Class C** | .75% | .25% | <u>21619</u> | <u>2190</u> |
|  |  |  | <u>242345</u> | <u>5345</u> |

---

**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** | 2574 |
| **Class M** | 812 |
| **Class C**A | <u>69</u> |
|  | <u>3455</u> |

---

*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** | 5395 |

---

**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** | 67271653 | 155775810 | (19831663) |

---

**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** | 7736 |

---

**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** | 19898 | - | - |

---

**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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Discovery Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3553974 | $2140472 |
| Class M | 392108 | 232905 |
| Class C | 79580 | 36776 |
| International Discovery | 101373792 | 70858650 |
| Class K | 17514884 | 9876323 |
| Class I | 22644236 | 10533622 |
| Class Z | <u>133081549</u> | <u>64105567</u> |
| Total  | <u>$278640123</u> | <u>$157784315</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity International Discovery Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 83837 | 128704 | $4169580 | $6133183 |
| Reinvestment of distributions | 71602 | 50196 | 3507794 | 2114271 |
| Shares redeemed | <u>(247037)</u> | <u>(427825)</u> | <u>(12246296)</u> | <u>(20180822)</u> |
| Net increase (decrease) | <u>(91598)</u> | <u>(248925)</u> | <u>$(4568922)</u> | <u>$(11933368)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 10697 | 11065 | $525835 | $514154 |
| Reinvestment of distributions | 8014 | 5531 | 389159 | 230983 |
| Shares redeemed | <u>(21562)</u> | <u>(55236)</u> | <u>(1053015)</u> | <u>(2576685)</u> |
| Net increase (decrease) | <u>(2851)</u> | <u>(38640)</u> | <u>$(138021)</u> | <u>$(1831548)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 7060 | 12469 | $342124 | $581189 |
| Reinvestment of distributions | 1644 | 889 | 78954 | 36710 |
| Shares redeemed | <u>(14807)</u> | <u>(36076)</u> | <u>(715140)</u> | <u>(1658420)</u> |
| Net increase (decrease) | <u>(6103)</u> | <u>(22718)</u> | <u>$(294062)</u> | <u>$(1040521)</u> |
| **International Discovery** |  |  |  |  |
| Shares sold | 3232410 | 6202249 | $162207044 | $302448143 |
| Reinvestment of distributions | 1875836 | 1538643 | 92572519 | 65253862 |
| Shares redeemed | <u>(5445231)</u> | <u>(18763133)</u> | <u>(272134567)</u> | <u>(912040994)</u> |
| Net increase (decrease) | <u>(336985)</u> | <u>(11022241)</u> | <u>$(17355004)</u> | <u>$(544338989)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 1029506 | 3777457 | $51173820 | $182664593 |
| Reinvestment of distributions | 356501 | 233814 | 17514884 | 9876323 |
| Shares redeemed | <u>(3574490)</u> | <u>(3189382)</u> | <u>(178766014)</u> | <u>(146659863)</u> |
| Net increase (decrease) | <u>(2188483)</u> | <u>821889</u> | <u>$(110077310)</u> | <u>$45881053</u> |
| **Class I** |  |  |  |  |
| Shares sold | 4653727 | 5546246 | $224293808 | $270048189 |
| Reinvestment of distributions | 103131 | 48017 | 5062699 | 2028708 |
| Shares redeemed | <u>(4763369)</u> | <u>(2674032)</u> | <u>(230277332)</u> | <u>(125179604)</u> |
| Net increase (decrease) | <u>(6511)</u> | <u>2920231</u> | <u>$(920825)</u> | <u>$146897293</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 4352151 | 22189059 | $211668813 | $1054486022 |
| Reinvestment of distributions | 2691652 | 1513180 | 131971709 | 63825921 |
| Shares redeemed | <u>(2935938)</u> | <u>(433995)</u> | <u>(148187860)</u> | <u>(20851967)</u> |
| Net increase (decrease) | <u>4107865</u> | <u>23268244</u> | <u>$195452662</u> | <u>$1097459976</u> |

---

**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.

![](img109454_4.jpg)<br>

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

![](img109464_1.jpg)

![](img109464_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IBD-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Diversified International Fund](#Sub_Sec_Fund_325_IBD-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Capital Appreciation Fund](#Sub_Sec_Fund_335_IBD-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Overseas Fund](#Sub_Sec_Fund_94_IBD-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Worldwide Fund](#Sub_Sec_Fund_318_IBD-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IBD-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IBD-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IBD-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IBD-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.1%** | &nbsp;&nbsp;**Common Stocks - 96.1%** | &nbsp;&nbsp;**Common Stocks - 96.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 1549713 | 66186766 |
| BELGIUM - 1.1%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| KBC Group NV  | 741100 | 68054340 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 344120 | 62822126 |
| TOTAL BELGIUM |  | 130876466 |
| BRAZIL - 0.8%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| MercadoLibre Inc (a) | 27400 | 63865290 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA  | 2638100 | 24572032 |
| TOTAL BRAZIL |  | 88437322 |
| CANADA - 4.8%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Alimentation Couche-Tard Inc  | 1257090 | 65617435 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Cameco Corp  | 395181 | 17838469 |
| Canadian Natural Resources Ltd  | 3092051 | 88728810 |
| Imperial Oil Ltd  | 1160614 | 78286302 |
| MEG Energy Corp  | 1016509 | 14260325 |
|  |  | 199113906 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| Thomson Reuters Corp  | 314544 | 58530373 |
| Information Technology - 1.2% |  |  |
| Software - 1.2% |  |  |
| Constellation Software Inc/Canada  | 37856 | 136429608 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 50399 | 4 |
|  |  | 136429612 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Franco-Nevada Corp  | 599651 | 103048976 |
| TOTAL CANADA |  | 562740302 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 1695900 | 36907856 |
| CHINA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| Prosus NV Class N  | 1623050 | 76096062 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mine Ltd Class A (a) | 2251288 | 19988224 |
| DENMARK - 2.7%  |  |  |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| Novo Nordisk A/S Series B  | 2320448 | 155148783 |
| Industrials - 1.4% |  |  |
| Air Freight & Logistics - 1.4% |  |  |
| DSV A/S  | 773303 | 163909223 |
| TOTAL DENMARK |  | 319058006 |
| FRANCE - 9.3%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Accor SA  | 537800 | 26288996 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 292555 | 162054768 |
| TOTAL CONSUMER DISCRETIONARY |  | 188343764 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Danone SA  | 326056 | 28055950 |
| Financials - 1.1% |  |  |
| Capital Markets - 0.2% |  |  |
| Amundi SA (c)(d) | 349469 | 27455384 |
| Insurance - 0.9% |  |  |
| AXA SA  | 2262222 | 106993829 |
| TOTAL FINANCIALS |  | 134449213 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| EssilorLuxottica SA  | 485100 | 138870157 |
| Industrials - 3.2% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Safran SA  | 470591 | 125233480 |
| Thales SA  | 583917 | 163568212 |
|  |  | 288801692 |
| Electrical Equipment - 0.7% |  |  |
| Legrand SA  | 729066 | 80124229 |
| TOTAL INDUSTRIALS |  | 368925921 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 67715 | 5672773 |
| Capgemini SE  | 235130 | 37539054 |
|  |  | 43211827 |
| Software - 0.3% |  |  |
| Dassault Systemes SE  | 1047418 | 39253170 |
| TOTAL INFORMATION TECHNOLOGY |  | 82464997 |
| Materials - 1.2% |  |  |
| Chemicals - 1.2% |  |  |
| Air Liquide SA  | 705954 | 145058164 |
| TOTAL FRANCE |  | 1086168166 |
| GERMANY - 11.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Deutsche Telekom AG  | 490200 | 17606771 |
| Financials - 5.5% |  |  |
| Capital Markets - 1.4% |  |  |
| Deutsche Boerse AG  | 493849 | 159065749 |
| Insurance - 4.1% |  |  |
| Allianz SE  | 579817 | 239798793 |
| Hannover Rueck SE  | 313221 | 100204672 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 207242 | 141879817 |
|  |  | 481883282 |
| TOTAL FINANCIALS |  | 640949031 |
| Health Care - 1.2% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Fresenius SE & Co KGaA (a) | 2720295 | 128814483 |
| Pharmaceuticals - 0.1% |  |  |
| Merck KGaA  | 123692 | 17081174 |
| TOTAL HEALTH CARE |  | 145895657 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rheinmetall AG  | 7621 | 12978964 |
| Electrical Equipment - 0.6% |  |  |
| Siemens Energy AG (a) | 886093 | 68391921 |
| Industrial Conglomerates - 0.8% |  |  |
| Siemens AG  | 387924 | 89323891 |
| TOTAL INDUSTRIALS |  | 170694776 |
| Information Technology - 2.7% |  |  |
| Software - 2.7% |  |  |
| SAP SE  | 1095145 | 320426985 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 492995 | 97316775 |
| TOTAL GERMANY |  | 1392889995 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| AIA Group Ltd  | 1556239 | 11660768 |
| INDIA - 1.5%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.1% |  |  |
| HDFC Bank Ltd  | 5617204 | 127415858 |
| Capital Markets - 0.2% |  |  |
| Fairfax India Holdings Corp Subordinate Voting Shares (a)(c)(d) | 1206268 | 20566869 |
| TOTAL FINANCIALS |  | 147982727 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Hindustan Aeronautics Ltd (d) | 503600 | 26668949 |
| TOTAL INDIA |  | 174651676 |
| INDONESIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bank Central Asia Tbk PT  | 96369256 | 51238629 |
| IRELAND - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Building Products - 0.5% |  |  |
| Kingspan Group PLC  | 646911 | 54450987 |
| ITALY - 3.0%  |  |  |
| Financials - 2.5% |  |  |
| Banks - 2.5% |  |  |
| FinecoBank Banca Fineco SpA  | 3562536 | 70889159 |
| UniCredit SpA (e) | 3792715 | 220663410 |
|  |  | 291552569 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 250985 | 14742425 |
| Industrials - 0.4% |  |  |
| Machinery - 0.1% |  |  |
| Interpump Group SpA  | 497023 | 16936619 |
| Passenger Airlines - 0.3% |  |  |
| Ryanair Holdings PLC ADR  | 508645 | 24343750 |
| TOTAL INDUSTRIALS |  | 41280369 |
| TOTAL ITALY |  | 347575363 |
| JAPAN - 17.6%  |  |  |
| Communication Services - 1.6% |  |  |
| Entertainment - 1.6% |  |  |
| Capcom Co Ltd  | 1665683 | 48218365 |
| Nintendo Co Ltd  | 1631297 | 135430290 |
|  |  | 183648655 |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.0% |  |  |
| Toyota Motor Corp  | 609000 | 11631546 |
| Household Durables - 0.1% |  |  |
| Panasonic Holdings Corp  | 1061500 | 12171126 |
| Specialty Retail - 0.7% |  |  |
| Fast Retailing Co Ltd  | 264762 | 87092103 |
| TOTAL CONSUMER DISCRETIONARY |  | 110894775 |
| Financials - 3.1% |  |  |
| Banks - 1.1% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 5508827 | 131425262 |
| Financial Services - 0.6% |  |  |
| ORIX Corp  | 3281627 | 65829540 |
| Insurance - 1.4% |  |  |
| Tokio Marine Holdings Inc  | 4106167 | 164584930 |
| TOTAL FINANCIALS |  | 361839732 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Hoya Corp  | 1083072 | 127440954 |
| Industrials - 7.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Fuji Electric Co Ltd  | 1261878 | 56111621 |
| Industrial Conglomerates - 2.6% |  |  |
| Hitachi Ltd  | 12129791 | 299794030 |
| Machinery - 2.2% |  |  |
| Ebara Corp  | 1437201 | 21589339 |
| IHI Corp  | 225355 | 17652547 |
| Kawasaki Heavy Industries Ltd  | 631849 | 37690864 |
| Mitsubishi Heavy Industries Ltd  | 9235238 | 182052834 |
|  |  | 258985584 |
| Professional Services - 0.4% |  |  |
| BayCurrent Inc  | 860293 | 46355689 |
| Trading Companies & Distributors - 1.8% |  |  |
| ITOCHU Corp  | 2315904 | 118442141 |
| Mitsui & Co Ltd  | 3534582 | 71473215 |
| MonotaRO Co Ltd  | 1342400 | 25804912 |
|  |  | 215720268 |
| TOTAL INDUSTRIALS |  | 876967192 |
| Information Technology - 2.5% |  |  |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 3545908 | 78773986 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Advantest Corp  | 1061500 | 44408860 |
| Renesas Electronics Corp  | 3268605 | 38357942 |
| Tokyo Electron Ltd  | 468027 | 69688469 |
|  |  | 152455271 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| FUJIFILM Holdings Corp  | 2924145 | 59893474 |
| TOTAL INFORMATION TECHNOLOGY |  | 291122731 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Shin-Etsu Chemical Co Ltd  | 3797700 | 115569682 |
| TOTAL JAPAN |  | 2067483721 |
| LUXEMBOURG - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| CVC Capital Partners PLC (a)(c)(d) | 3253333 | 57568108 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Cemex SAB de CV ADR  | 2155297 | 13298181 |
| NETHERLANDS - 4.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE (a) | 47004 | 30385696 |
| Industrials - 2.0% |  |  |
| Professional Services - 1.6% |  |  |
| Wolters Kluwer NV  | 1059513 | 186581863 |
| Trading Companies & Distributors - 0.4% |  |  |
| IMCD NV  | 401693 | 53173517 |
| TOTAL INDUSTRIALS |  | 239755380 |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| ASML Holding NV depository receipt  | 250180 | 167140254 |
| BE Semiconductor Industries NV  | 424694 | 45340240 |
| NXP Semiconductors NV  | 92161 | 16986194 |
|  |  | 229466688 |
| TOTAL NETHERLANDS |  | 499607764 |
| SPAIN - 2.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA (e) | 654771 | 35040616 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Banco Santander SA  | 24609286 | 172345689 |
| CaixaBank SA  | 14607702 | 111956421 |
|  |  | 284302110 |
| TOTAL SPAIN |  | 319342726 |
| SWEDEN - 3.1%  |  |  |
| Financials - 1.2% |  |  |
| Financial Services - 1.2% |  |  |
| Investor AB B Shares  | 4866259 | 143639097 |
| Industrials - 1.9% |  |  |
| Machinery - 1.9% |  |  |
| Atlas Copco AB A Shares  | 5103525 | 79122986 |
| Epiroc AB A Shares  | 866900 | 18727301 |
| Epiroc AB B Shares  | 424091 | 8301486 |
| Indutrade AB  | 4025382 | 108615139 |
|  |  | 214766912 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(f) | 123307 | 2431974 |
| TOTAL SWEDEN |  | 360837983 |
| SWITZERLAND - 2.5%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Cie Financiere Richemont SA Series A  | 659792 | 116588689 |
| Financials - 1.5% |  |  |
| Capital Markets - 1.5% |  |  |
| Partners Group Holding AG  | 49039 | 63901914 |
| UBS Group AG  | 3606932 | 108773899 |
|  |  | 172675813 |
| TOTAL SWITZERLAND |  | 289264502 |
| TAIWAN - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 802797 | 133818232 |
| UNITED KINGDOM - 15.8%  |  |  |
| Consumer Discretionary - 2.3% |  |  |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Compass Group PLC  | 4446403 | 149909694 |
| InterContinental Hotels Group PLC  | 834725 | 89073429 |
|  |  | 238983123 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 161825 | 33233850 |
| TOTAL CONSUMER DISCRETIONARY |  | 272216973 |
| Financials - 5.7% |  |  |
| Banks - 2.9% |  |  |
| HSBC Holdings PLC  | 3600418 | 40135210 |
| Lloyds Banking Group PLC  | 146529966 | 143962524 |
| NatWest Group PLC  | 20121632 | 129428103 |
| Starling Bank Ltd Class D (a)(b)(f) | 8636400 | 27853547 |
|  |  | 341379384 |
| Capital Markets - 2.8% |  |  |
| 3i Group PLC  | 2153262 | 122070662 |
| London Stock Exchange Group PLC  | 1353378 | 210736554 |
|  |  | 332807216 |
| TOTAL FINANCIALS |  | 674186600 |
| Health Care - 2.1% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| ConvaTec Group PLC (c)(d) | 16790343 | 58134120 |
| Pharmaceuticals - 1.6% |  |  |
| Astrazeneca PLC  | 1294211 | 185417367 |
| TOTAL HEALTH CARE |  | 243551487 |
| Industrials - 5.7% |  |  |
| Aerospace & Defense - 3.1% |  |  |
| BAE Systems PLC  | 7052132 | 163487010 |
| Rolls-Royce Holdings PLC  | 20180464 | 204276233 |
|  |  | 367763243 |
| Professional Services - 2.2% |  |  |
| Intertek Group PLC  | 485100 | 29635228 |
| RELX PLC (Netherlands)  | 4138454 | 224004471 |
|  |  | 253639699 |
| Trading Companies & Distributors - 0.4% |  |  |
| Diploma PLC  | 226800 | 11975397 |
| RS GROUP PLC  | 4865760 | 33428104 |
|  |  | 45403501 |
| TOTAL INDUSTRIALS |  | 666806443 |
| TOTAL UNITED KINGDOM |  | 1856761503 |
| UNITED STATES - 10.8%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.7% |  |  |
| Spotify Technology SA (a) | 143339 | 88007278 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Shell PLC  | 4885822 | 157673993 |
| Financials - 1.4% |  |  |
| Capital Markets - 0.2% |  |  |
| S&P Global Inc  | 57298 | 28651865 |
| Financial Services - 0.4% |  |  |
| Mastercard Inc Class A  | 75510 | 41384011 |
| Insurance - 0.8% |  |  |
| Marsh & McLennan Cos Inc  | 435043 | 98089145 |
| TOTAL FINANCIALS |  | 168125021 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Alcon AG  | 1551872 | 149781455 |
| Industrials - 2.3% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Schneider Electric SE  | 566501 | 132360570 |
| Professional Services - 0.5% |  |  |
| Experian PLC  | 1154773 | 57451154 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 478528 | 80418291 |
| TOTAL INDUSTRIALS |  | 270230015 |
| Materials - 3.8% |  |  |
| Chemicals - 1.0% |  |  |
| Linde PLC  | 253892 | 115071471 |
| Construction Materials - 2.8% |  |  |
| CRH PLC (United Kingdom)  | 1460645 | 136923956 |
| Holcim AG  | 1412239 | 157814859 |
| James Hardie Industries PLC depository receipt (a) | 794031 | 18637659 |
|  |  | 313376474 |
| TOTAL MATERIALS |  | 428447945 |
| TOTAL UNITED STATES |  | 1262265707 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,400,601,996) |  | <br> **11279175015** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Valsoft Corp Series A-1.2 (b)(f) | 537 | 6290262 |
| Valsoft Corp Series A-1.3 (b)(f) | 190 | 2225604 |
| Valsoft Corp Series A-1.4 (b)(f) | 246 | 2881573 |
| TOTAL CANADA |  | 11397439 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(b)(f) | 79275 | 15430584 |
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Wasabi Holdings Inc Series C (a)(b)(f) | 2976172 | 30446240 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $64,344,376) |  | <br> **57274263** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 370249766 | 370323816 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 139916509 | 139930501 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $510,253,360) |  |  | **510254317** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $7,975,199,732)<br>| <br>**11846703595** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(109281662)** |
| **NET ASSETS - 100.0%** | **11737421933** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/03/22 | 20595368 |
| Kry International Ab | 5/14/21 - 10/30/24 | 8153900 |
| Starling Bank Ltd Class D | 6/18/21 | 15440896 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 6290262 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 1886106 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 3237722 |
| Wasabi Holdings Inc Series C | 3/31/21 | 32334918 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 433786100 | 905415674 | 968877958 | 7961771 | - | - | 370323816 | 370249766 | 0.6% |
| Fidelity Securities Lending Cash Central Fund | 81050500 | 741671496 | 682791495 | 135731 | - | - | 139930501 | 139916509 | 0.5% |
| Total | 514836600 | 1647087170 | 1651669453 | 8097502 | - | - | 510254317 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 289262704 | 136225643 | 153037061 | - |
| Consumer Discretionary | 929232935 | 158428752 | 770804183 | - |
| Consumer Staples | 93673385 | 65617435 | 28055950 | - |
| Energy | 356787899 | 199113906 | 157673993 | - |
| Financials | 3208223758 | 1001524152 | 2178846059 | 27853547 |
| Health Care | 1068638740 | 570245940 | 498392800 | - |
| Industrials | 3152986540 | 1014050424 | 2138936116 | - |
| Information Technology | 1196161219 | 505387301 | 688341940 | 2431978 |
| Materials | 984207835 | 547127471 | 437080364 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 57274263 | - | - | 57274263 |
|  **Money Market Funds** | 510254317 | 510254317 | - | - |
| **Total Investments in Securities:** | 11846703595 | 4707975341 | 7051168466 | 87559788 |

---

**Fidelity® Diversified International Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $11336449278 |  |
| Fidelity Central Funds (cost $510,253,360) | 510254317 |  |
| Total Investment in Securities (cost $7,975,199,732) |  | $11846703595 |
| Foreign currency held at value (cost $9,623,644) |  | 9603889 |
| Receivable for investments sold |  | 42973660 |
| Receivable for fund shares sold |  | 3151776 |
| Dividends receivable |  | 34715243 |
| Reclaims receivable |  | 30453487 |
| Distributions receivable from Fidelity Central Funds |  | 1124120 |
| Prepaid expenses |  | 3238 |
| Other receivables |  | 623913 |
| **Total assets** |  | 11969352921 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $76126837 |  |
| Payable for fund shares redeemed | 3984739 |  |
| Accrued management fee | 6317018 |  |
| Other payables and accrued expenses | 5571893 |  |
| Collateral on securities loaned | 139930501 |  |
| **Total liabilities** |  | 231930988 |
| **Net Assets**  |  | $11737421933 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7415529800 |
| Total accumulated earnings (loss) |  | 4321892133 |
| **Net Assets** |  | $11737421933 |
| **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** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $103725564 |
| Income from Fidelity Central Funds (including $135,731 from security lending)  |  | 8097502 |
| Income before foreign taxes withheld |  | $111823066 |
| Less foreign taxes withheld |  | (8641790) |
| **Total income** |  | 103181276 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $42116343 |  |
| Performance adjustment | (7214021) |  |
| Custodian fees and expenses | 344065 |  |
| Independent trustees' fees and expenses | 24398 |  |
| Registration fees | 68253 |  |
| Audit fees | 64882 |  |
| Legal | 311870 |  |
| Miscellaneous | 18486 |  |
| **Total expenses** |  | 35734276 |
| **Net Investment income (loss)** |  | 67447000 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $4,100,400)  | 510930720 |  |
| Foreign currency transactions | (1032034) |  |
| Total net realized gain (loss) |  | 509898686 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,637,027)  | 163423681 |  |
| Assets and liabilities in foreign currencies | 2873550 |  |
| Total change in net unrealized appreciation (depreciation) |  | 166297231 |
| **Net gain (loss)** |  | 676195917 |
| **Net increase (decrease) in net assets resulting from operations** |  | $743642917 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $67447000 | $152336940 |
| &nbsp;&nbsp;Net realized gain (loss) | 509898686<br>| 292206267<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 166297231 | 1669974321<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 743642917<br>| 2114517528<br>|
| Distributions to shareholders | (413712402)<br>| (399892110)<br>|
| Share transactions - net increase (decrease) | 389329013<br>| 833287676<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 719259528<br>| 2547913094<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11018162405 | 8470249311<br>|
| &nbsp;&nbsp;End of period | $11737421933 | $11018162405 |

---

**Financial Highlights** 

**Fidelity® Diversified International Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $10603803 | $9913806 | $7407098 | $7230515 | $11529722 | $9419192 |
| Portfolio turnover rate I,J | 41% H<br>| 35%  | 22%  | 20%  | 29%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Diversified International Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $1133618 | $1104357 | $1063151 | $1396859 | $3306774 | $3761267 |
| Portfolio turnover rate I,J | 41% H<br>| 35%  | 22%  | 20%  | 29%  | 29%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio 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** | $113650 |

---

**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** | $3949567625 |
| **Gross unrealized depreciation** | <u>(183893876)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3765673749</u> |
| **Tax cost** | <u>$8081029846</u> |

---

**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** | 2301147986 | 2226233016 |

---

**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** | 1513290 | 67940579 |

---

**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** | 2676493 | 43852349 | 110362436 |

---

**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** | 1187445 | 55311198 |

---

**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** | 5030 |

---

**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** | 91093992 | 100458810 | 47776598 |

---

**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** | 8749 |

---

**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** | 14767 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Diversified International Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Diversified International | $371565804 | $350399026 |
| Class K | <u>42146598</u> | <u>49493084</u> |
| Total  | <u>$413712402</u> | <u>$399892110</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Diversified International Fund** |  |  |  |  |
| **Diversified International** |  |  |  |  |
| Shares sold | 17724081 | 34479828 | $777959620 | $1495985575 |
| Reinvestment of distributions | 7395536 | 7644991 | 322593261 | 300983288 |
| Shares redeemed | <u>(16154597)</u> | <u>(18521934)</u> | <u>(710741550)</u> | <u>(803075098)</u> |
| Net increase (decrease) | <u>8965020</u> | <u>23602885</u> | <u>$389811331</u> | <u>$993893765</u> |
| **Class K** |  |  |  |  |
| Shares sold | 3685757 | 4533810 | $163418793 | $196601168 |
| Reinvestment of distributions | 967876 | 1259505 | 42121949 | 49460747 |
| Shares redeemed | <u>(4677964)</u> | <u>(9489207)</u> | <u>(206023060)</u> | <u>(406668004)</u> |
| Net increase (decrease) | <u>(24331)</u> | <u>(3695892)</u> | <u>$(482318)</u> | <u>$(160606089)</u> |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.6% |  |  |
| MercadoLibre Inc (a) | 25971 | 60534505 |
| CANADA - 7.0%  |  |  |
| Financials - 1.6% |  |  |
| Capital Markets - 1.6% |  |  |
| Brookfield Asset Management Ltd Class A (United States) (b) | 1142346 | 60921312 |
| Industrials - 1.3% |  |  |
| Professional Services - 1.3% |  |  |
| Thomson Reuters Corp  | 274164 | 51016459 |
| Information Technology - 4.1% |  |  |
| IT Services - 2.2% |  |  |
| Shopify Inc Class A (United States) (a) | 841994 | 79989430 |
| Software - 1.9% |  |  |
| Constellation Software Inc/Canada  | 20479 | 73804468 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 38399 | 3 |
|  |  | 73804471 |
| TOTAL INFORMATION TECHNOLOGY |  | 153793901 |
| TOTAL CANADA |  | 265731672 |
| CHINA - 3.1%  |  |  |
| Communication Services - 2.9% |  |  |
| Interactive Media & Services - 2.9% |  |  |
| Tencent Holdings Ltd  | 1829220 | 112041471 |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Trip.com Group Ltd ADR  | 107106 | 6318183 |
| TOTAL CHINA |  | 118359654 |
| DENMARK - 1.7%  |  |  |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 1.7% |  |  |
| DSV A/S  | 309759 | 65656485 |
| FRANCE - 8.6%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Hermes International SCA  | 24808 | 67196049 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 1.4% |  |  |
| EssilorLuxottica SA  | 196925 | 56373955 |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Safran SA  | 265192 | 70572784 |
| Building Products - 1.7% |  |  |
| Cie de Saint-Gobain SA  | 600302 | 65263643 |
| TOTAL INDUSTRIALS |  | 135836427 |
| Materials - 1.8% |  |  |
| Chemicals - 1.8% |  |  |
| Air Liquide SA  | 326352 | 67058225 |
| TOTAL FRANCE |  | 326464656 |
| GERMANY - 12.3%  |  |  |
| Communication Services - 1.9% |  |  |
| Diversified Telecommunication Services - 1.9% |  |  |
| Deutsche Telekom AG  | 2013243 | 72310706 |
| Financials - 3.4% |  |  |
| Capital Markets - 1.5% |  |  |
| Deutsche Boerse AG  | 182717 | 58852031 |
| Insurance - 1.9% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 100463 | 68777912 |
| TOTAL FINANCIALS |  | 127629943 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| MTU Aero Engines AG  | 81713 | 28131589 |
| Electrical Equipment - 1.8% |  |  |
| Siemens Energy AG (a) | 884489 | 68268118 |
| TOTAL INDUSTRIALS |  | 96399707 |
| Information Technology - 2.5% |  |  |
| Software - 2.5% |  |  |
| SAP SE  | 329037 | 96272488 |
| Materials - 2.0% |  |  |
| Construction Materials - 2.0% |  |  |
| Heidelberg Materials AG  | 377600 | 74537905 |
| TOTAL GERMANY |  | 467150749 |
| INDIA - 7.0%  |  |  |
| Communication Services - 1.8% |  |  |
| Wireless Telecommunication Services - 1.8% |  |  |
| Bharti Airtel Ltd  | 3037736 | 66916257 |
| Financials - 3.7% |  |  |
| Banks - 3.7% |  |  |
| HDFC Bank Ltd  | 3180547 | 72144812 |
| ICICI Bank Ltd  | 4176400 | 70107068 |
|  |  | 142251880 |
| Industrials - 1.5% |  |  |
| Construction & Engineering - 1.5% |  |  |
| Larsen & Toubro Ltd  | 1431032 | 56567156 |
| TOTAL INDIA |  | 265735293 |
| ISRAEL - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Hapoalim BM  | 2157436 | 31599274 |
| ITALY - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Automobiles - 1.2% |  |  |
| Ferrari NV (Italy)  | 100704 | 45815543 |
| JAPAN - 6.0%  |  |  |
| Consumer Discretionary - 1.9% |  |  |
| Household Durables - 1.9% |  |  |
| Sony Group Corp  | 2827012 | 74584485 |
| Industrials - 4.1% |  |  |
| Industrial Conglomerates - 2.1% |  |  |
| Hitachi Ltd  | 3254545 | 80437755 |
| Machinery - 2.0% |  |  |
| Mitsubishi Heavy Industries Ltd  | 3788833 | 74688685 |
| TOTAL INDUSTRIALS |  | 155126440 |
| TOTAL JAPAN |  | 229710925 |
| NETHERLANDS - 5.4%  |  |  |
| Industrials - 1.7% |  |  |
| Professional Services - 1.7% |  |  |
| Wolters Kluwer NV  | 374291 | 65913219 |
| Information Technology - 3.7% |  |  |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| ASM International NV  | 115037 | 55424953 |
| ASML Holding NV  | 126889 | 83732164 |
|  |  | 139157117 |
| TOTAL NETHERLANDS |  | 205070336 |
| SPAIN - 1.4%  |  |  |
| Industrials - 1.3% |  |  |
| Transportation Infrastructure - 1.3% |  |  |
| Aena SME SA (d)(e) | 192800 | 48356744 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Iberdrola SA  | 297900 | 5369904 |
| TOTAL SPAIN |  | 53726648 |
| SWEDEN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Machinery - 0.6% |  |  |
| Atlas Copco AB A Shares  | 1416021 | 21953416 |
| SWITZERLAND - 4.9%  |  |  |
| Financials - 4.9% |  |  |
| Capital Markets - 3.2% |  |  |
| Partners Group Holding AG  | 41023 | 53456396 |
| UBS Group AG  | 2223134 | 67042837 |
|  |  | 120499233 |
| Insurance - 1.7% |  |  |
| Zurich Insurance Group AG  | 94047 | 66704794 |
| TOTAL SWITZERLAND |  | 187204027 |
| TAIWAN - 4.2%  |  |  |
| Information Technology - 4.2% |  |  |
| Semiconductors & Semiconductor Equipment - 4.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 5633325 | 159298984 |
| UNITED KINGDOM - 8.5%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| InterContinental Hotels Group PLC  | 474544 | 50638547 |
| Financials - 3.3% |  |  |
| Capital Markets - 3.3% |  |  |
| 3i Group PLC  | 1192498 | 67603952 |
| London Stock Exchange Group PLC  | 376992 | 58701999 |
|  |  | 126305951 |
| Industrials - 3.9% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| Rolls-Royce Holdings PLC  | 7774774 | 78699952 |
| Professional Services - 1.8% |  |  |
| RELX PLC  | 1250734 | 68258996 |
| TOTAL INDUSTRIALS |  | 146958948 |
| TOTAL UNITED KINGDOM |  | 323903446 |
| UNITED STATES - 24.0%  |  |  |
| Communication Services - 1.9% |  |  |
| Entertainment - 1.9% |  |  |
| Spotify Technology SA (a) | 119962 | 73654269 |
| Financials - 8.3% |  |  |
| Capital Markets - 2.6% |  |  |
| Moody's Corp  | 108324 | 49083771 |
| S&P Global Inc  | 100418 | 50214021 |
|  |  | 99297792 |
| Financial Services - 3.0% |  |  |
| Mastercard Inc Class A  | 99839 | 54717762 |
| Visa Inc Class A  | 164126 | 56705533 |
|  |  | 111423295 |
| Insurance - 2.7% |  |  |
| Arthur J Gallagher & Co  | 160197 | 51373576 |
| Marsh & McLennan Cos Inc  | 218497 | 49264519 |
|  |  | 100638095 |
| TOTAL FINANCIALS |  | 311359182 |
| Industrials - 7.9% |  |  |
| Building Products - 1.5% |  |  |
| Trane Technologies PLC  | 149850 | 57439004 |
| Commercial Services & Supplies - 1.3% |  |  |
| Waste Connections Inc  | 249112 | 49198987 |
| Construction & Engineering - 1.5% |  |  |
| Ferrovial SE  | 1208800 | 58719404 |
| Electrical Equipment - 2.1% |  |  |
| Schneider Electric SE  | 335591 | 78409422 |
| Professional Services - 1.5% |  |  |
| Experian PLC  | 1117828 | 55613102 |
| TOTAL INDUSTRIALS |  | 299379919 |
| Information Technology - 3.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Broadcom Inc  | 337451 | 64949194 |
| Software - 1.4% |  |  |
| Synopsys Inc (a) | 115418 | 52978016 |
| TOTAL INFORMATION TECHNOLOGY |  | 117927210 |
| Materials - 2.8% |  |  |
| Chemicals - 1.2% |  |  |
| Linde PLC  | 105405 | 47772708 |
| Construction Materials - 1.6% |  |  |
| Holcim AG  | 535939 | 59890102 |
| TOTAL MATERIALS |  | 107662810 |
| TOTAL UNITED STATES |  | 909983390 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,657,872,048) |  | <br> **3737899003** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 35759199 | 35766351 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 9662534 | 9663500 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $45,429,851) |  |  | **45429851** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $2,703,301,899)<br>| <br>**3783328854** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **17492804** |
| **NET ASSETS - 100.0%** | **3800821658** |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 636498280 | 600731929 | 636200 | - | - | 35766351 | 35759199 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 35530000 | 36718868 | 62585368 | 17156 | - | - | 9663500 | 9662534 | 0.0% |
| Total | 35530000 | 673217148 | 663317297 | 653356 | - | - | 45429851 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 324922703 | 73654269 | 251268434 | - |
| Consumer Discretionary | 305087312 | 179864280 | 125223032 | - |
| Financials | 987271569 | 524379001 | 462892568 | - |
| Health Care | 56373955 | 56373955 | - | - |
| Industrials | 1143164920 | 380728822 | 762436098 | - |
| Information Technology | 666449700 | 410878225 | 255571472 | 3 |
| Materials | 249258940 | 122310613 | 126948327 | - |
| Utilities | 5369904 | - | 5369904 | - |
|  **Money Market Funds** | 45429851 | 45429851 | - | - |
| **Total Investments in Securities:** | 3783328854 | 1793619016 | 1989709835 | 3 |

---

**Fidelity® International Capital Appreciation Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $3737899003 |  |
| Fidelity Central Funds (cost $45,429,851) | 45429851 |  |
| Total Investment in Securities (cost $2,703,301,899) |  | $3783328854 |
| Foreign currency held at value (cost $1,047,161) |  | 1055515 |
| Receivable for investments sold |  | 44884057 |
| Receivable for fund shares sold |  | 1643229 |
| Dividends receivable |  | 4350459 |
| Reclaims receivable |  | 10583004 |
| Distributions receivable from Fidelity Central Funds |  | 132442 |
| Prepaid expenses |  | 1686 |
| Receivable from investment adviser for expense reductions |  | 70000 |
| Other receivables |  | 1862131 |
| **Total assets** |  | 3847911377 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $19933665 |  |
| Payable for fund shares redeemed | 2093135 |  |
| Accrued management fee | 2937456 |  |
| Deferred taxes | 11172505 |  |
| Other payables and accrued expenses | 1289458 |  |
| Collateral on securities loaned | 9663500 |  |
| **Total liabilities** |  | 47089719 |
| **Net Assets**  |  | $3800821658 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2691547829 |
| Total accumulated earnings (loss) |  | 1109273829 |
| **Net Assets** |  | $3800821658 |
| **Net Asset Value**, offering price and redemption price per share ($3,800,821,658 ÷ 128,729,277 shares) |  | $29.53 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $19888174 |
| Foreign Tax Reclaims |  | 4254015 |
| Income from Fidelity Central Funds (including $17,156 from security lending)  |  | 653356 |
| Income before foreign taxes withheld |  | $24795545 |
| Less foreign taxes withheld |  | (2605898) |
| **Total income** |  | 22189647 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $13851882 |  |
| Performance adjustment | 2116084 |  |
| Custodian fees and expenses | 136110 |  |
| Independent trustees' fees and expenses | 8934 |  |
| Registration fees | 50667 |  |
| Audit fees | 61913 |  |
| Legal | 4410 |  |
| Interest | 92559 |  |
| Miscellaneous | 165403 |  |
| Total expenses before reductions | 16487962 |  |
| Expense reductions | (756328) |  |
| Total expenses after reductions |  | 15731634 |
| **Net Investment income (loss)** |  | 6458013 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $973,575)  | 50200158 |  |
| Foreign currency transactions | 682767 |  |
| Total net realized gain (loss) |  | 50882925 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,070,884)  | 141469614 |  |
| Assets and liabilities in foreign currencies | 814255 |  |
| Total change in net unrealized appreciation (depreciation) |  | 142283869 |
| **Net gain (loss)** |  | 193166794 |
| **Net increase (decrease) in net assets resulting from operations** |  | $199624807 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6458013 | $23118507 |
| &nbsp;&nbsp;Net realized gain (loss) | 50882925<br>| 1150726190<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 142283869 | 148690945<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 199624807<br>| 1322535642<br>|
| Distributions to shareholders | (141566132)<br>| (18874608)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 436919404 | 888745860 |
| Reinvestment of distributions | 105987905<br>| 15731033<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (396643227) | (2763954753) |
| **Net increase (decrease) in net assets resulting from share transactions** | 146264082<br>| (1859477860)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 204322757<br>| (555816826)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3596498901 | 4152315727<br>|
| &nbsp;&nbsp;End of period | $3800821658 | $3596498901 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15322561 | 32603910 |
| Issued in reinvestment of distributions | 3708464<br>| 621044<br>|
| &nbsp;&nbsp;Redeemed | (13890605) | (93351491) |
| &nbsp;&nbsp;Net increase (decrease) | 5140420 | (60126537) |

---

**Financial Highlights** 

**Fidelity® International Capital Appreciation Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $3800822 | $3596499 | $4152316 | $3823263 | $5851757 | $4514343 |
| Portfolio turnover rate J | 96% I<br>| 78% K | 79%  | 112% K | 141%  | 135%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Proxy expenses are not annualized.*

I*Annualized.*

J*Amount 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.* 

K*Portfolio 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** | $1099725220 |
| **Gross unrealized depreciation** | <u>(26385956)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1073339264</u> |
| **Tax cost** | <u>$2709989590</u> |

---

**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** | 1723402922 | 1760382341 |

---

**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** | 1164 |

---

**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 | 18521282 | 4.61% | 92559 |

---

**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** | 93563330 | 143203167 | 13928800 |

---

**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** | 73272626 | 681502360 | 2203307882 |

---

**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** | 2954 |

---

**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** | 1524 | - | - |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| JTC PLC (a)(b) | 1730500 | 19234019 |
| BELGIUM - 1.1%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| KBC Group NV  | 695490 | 63866027 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 609300 | 9414948 |
| TOTAL BELGIUM |  | 73280975 |
| CANADA - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Software - 1.9% |  |  |
| Constellation Software Inc/Canada  | 33000 | 118929022 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(d) | 62100 | 5 |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 346922 | 11215953 |
| TOTAL CANADA |  | 130144980 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Trip.com Group Ltd ADR  | 87890 | 5184630 |
| DENMARK - 2.8%  |  |  |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Novo Nordisk A/S Series B  | 730100 | 48815628 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 1.7% |  |  |
| DSV A/S  | 532800 | 112932233 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Novonesis Novozymes B Series B  | 471536 | 30493472 |
| TOTAL DENMARK |  | 192241333 |
| FRANCE - 11.3%  |  |  |
| Consumer Discretionary - 2.5% |  |  |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Accor SA  | 1481300 | 72409614 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Hermes International SCA  | 6848 | 18548796 |
| LVMH Moet Hennessy Louis Vuitton SE  | 147476 | 81691269 |
|  |  | 100240065 |
| TOTAL CONSUMER DISCRETIONARY |  | 172649679 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| EssilorLuxottica SA  | 313713 | 89806995 |
| Industrials - 3.7% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| Safran SA  | 554800 | 147643144 |
| Thales SA  | 364100 | 101992553 |
|  |  | 249635697 |
| Information Technology - 1.8% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 318856 | 26711925 |
| Software - 1.4% |  |  |
| Dassault Systemes SE  | 2519500 | 94421101 |
| TOTAL INFORMATION TECHNOLOGY |  | 121133026 |
| Materials - 2.0% |  |  |
| Chemicals - 2.0% |  |  |
| Air Liquide SA  | 658851 | 135379524 |
| TOTAL FRANCE |  | 768604921 |
| GERMANY - 12.3%  |  |  |
| Communication Services - 1.7% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| Deutsche Telekom AG  | 3124300 | 112217124 |
| Financials - 6.1% |  |  |
| Capital Markets - 2.0% |  |  |
| Deutsche Boerse AG  | 431191 | 138883990 |
| Insurance - 4.1% |  |  |
| Allianz SE  | 359801 | 148805304 |
| Hannover Rueck SE  | 380100 | 121600391 |
|  |  | 270405695 |
| TOTAL FINANCIALS |  | 409289685 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius SE & Co KGaA (c) | 926800 | 43886881 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| MTU Aero Engines AG  | 103300 | 35563413 |
| Information Technology - 3.4% |  |  |
| Software - 3.4% |  |  |
| SAP SE  | 792000 | 231730202 |
| TOTAL GERMANY |  | 832687305 |
| INDIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| HDFC Bank Ltd  | 2902100 | 65828758 |
| INDONESIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Bank Central Asia Tbk PT  | 111642900 | 59359483 |
| IRELAND - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Building Products - 1.1% |  |  |
| Kingspan Group PLC  | 853900 | 71873408 |
| ITALY - 3.8%  |  |  |
| Financials - 2.7% |  |  |
| Banks - 2.7% |  |  |
| FinecoBank Banca Fineco SpA  | 2656600 | 52862382 |
| UniCredit SpA  | 2285600 | 132978168 |
|  |  | 185840550 |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 1012830 | 59491884 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| GVS SpA (a)(b)(c) | 299900 | 1452396 |
| Interpump Group SpA  | 293100 | 9987713 |
|  |  | 11440109 |
| TOTAL ITALY |  | 256772543 |
| JAPAN - 13.7%  |  |  |
| Communication Services - 2.5% |  |  |
| Entertainment - 2.5% |  |  |
| Capcom Co Ltd  | 1719300 | 49770476 |
| Nintendo Co Ltd  | 1408800 | 116958587 |
|  |  | 166729063 |
| Consumer Staples - 1.3% |  |  |
| Food Products - 1.3% |  |  |
| Ajinomoto Co Inc  | 4309100 | 88138720 |
| Financials - 2.2% |  |  |
| Insurance - 2.2% |  |  |
| Tokio Marine Holdings Inc  | 3697500 | 148204585 |
| Health Care - 1.5% |  |  |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Hoya Corp  | 871800 | 102581383 |
| Industrials - 4.5% |  |  |
| Industrial Conglomerates - 2.4% |  |  |
| Hitachi Ltd  | 6474950 | 160031723 |
| Machinery - 1.4% |  |  |
| Ebara Corp  | 1163600 | 17479361 |
| Mitsubishi Heavy Industries Ltd  | 3888100 | 76645520 |
|  |  | 94124881 |
| Professional Services - 0.7% |  |  |
| BayCurrent Inc  | 897700 | 48371313 |
| TOTAL INDUSTRIALS |  | 302527917 |
| Information Technology - 1.7% |  |  |
| IT Services - 0.2% |  |  |
| TIS Inc  | 673500 | 19458865 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Tokyo Electron Ltd  | 268700 | 40008998 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| FUJIFILM Holdings Corp  | 2884800 | 59087595 |
| TOTAL INFORMATION TECHNOLOGY |  | 118555458 |
| TOTAL JAPAN |  | 926737126 |
| NETHERLANDS - 6.1%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Universal Music Group NV  | 3467700 | 101969350 |
| Industrials - 2.7% |  |  |
| Professional Services - 2.0% |  |  |
| Wolters Kluwer NV  | 784221 | 138102520 |
| Trading Companies & Distributors - 0.7% |  |  |
| IMCD NV  | 365524 | 48385699 |
| TOTAL INDUSTRIALS |  | 186488219 |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| ASML Holding NV  | 181861 | 120007369 |
| Software - 0.1% |  |  |
| Topicus.com Inc (c) | 69488 | 8315777 |
| TOTAL INFORMATION TECHNOLOGY |  | 128323146 |
| TOTAL NETHERLANDS |  | 416780715 |
| SPAIN - 3.2%  |  |  |
| Financials - 3.2% |  |  |
| Banks - 3.2% |  |  |
| Banco Santander SA (e) | 15591900 | 109194422 |
| CaixaBank SA (e) | 14142200 | 108388718 |
| TOTAL SPAIN |  | 217583140 |
| SWEDEN - 2.7%  |  |  |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| AddLife AB B Shares  | 1577972 | 29876248 |
| Industrials - 2.3% |  |  |
| Machinery - 2.3% |  |  |
| Atlas Copco AB A Shares  | 4959444 | 76889213 |
| Indutrade AB  | 2761316 | 74507393 |
|  |  | 151396606 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (c)(d)(f) | 129627 | 2556623 |
| TOTAL SWEDEN |  | 183829477 |
| SWITZERLAND - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Capital Markets - 1.4% |  |  |
| Partners Group Holding AG  | 73440 | 95698455 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 2381000 | 67329842 |
| UNITED KINGDOM - 16.9%  |  |  |
| Consumer Discretionary - 3.2% |  |  |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Compass Group PLC  | 4008798 | 135155918 |
| InterContinental Hotels Group PLC  | 782063 | 83453872 |
|  |  | 218609790 |
| Financials - 5.9% |  |  |
| Banks - 1.7% |  |  |
| NatWest Group PLC  | 18105700 | 116461051 |
| Capital Markets - 4.2% |  |  |
| 3i Group PLC  | 2416700 | 137005236 |
| London Stock Exchange Group PLC  | 924500 | 143955306 |
|  |  | 280960542 |
| TOTAL FINANCIALS |  | 397421593 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| ConvaTec Group PLC (a)(b) | 7912400 | 27395534 |
| Industrials - 6.5% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| BAE Systems PLC  | 2360200 | 54715658 |
| Rolls-Royce Holdings PLC  | 13307400 | 134703817 |
|  |  | 189419475 |
| Professional Services - 3.0% |  |  |
| Intertek Group PLC  | 625300 | 38200182 |
| RELX PLC  | 3034700 | 165619208 |
|  |  | 203819390 |
| Trading Companies & Distributors - 0.7% |  |  |
| Diploma PLC  | 884895 | 46723848 |
| TOTAL INDUSTRIALS |  | 439962713 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Halma PLC  | 1807482 | 66387390 |
| TOTAL UNITED KINGDOM |  | 1149777020 |
| UNITED STATES - 15.3%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.9% |  |  |
| Spotify Technology SA (c) | 102000 | 62625960 |
| Financials - 4.5% |  |  |
| Capital Markets - 1.6% |  |  |
| S&P Global Inc  | 215005 | 107513250 |
| Financial Services - 1.3% |  |  |
| Visa Inc Class A  | 251900 | 87031450 |
| Insurance - 1.6% |  |  |
| Marsh & McLennan Cos Inc  | 493700 | 111314539 |
| TOTAL FINANCIALS |  | 305859239 |
| Health Care - 2.3% |  |  |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Alcon AG  | 1092570 | 105451174 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Thermo Fisher Scientific Inc  | 118800 | 50965200 |
| TOTAL HEALTH CARE |  | 156416374 |
| Industrials - 3.3% |  |  |
| Electrical Equipment - 1.4% |  |  |
| Schneider Electric SE  | 413200 | 96542438 |
| Professional Services - 1.7% |  |  |
| Experian PLC  | 2292800 | 114069177 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 65700 | 11041112 |
| TOTAL INDUSTRIALS |  | 221652727 |
| Materials - 4.3% |  |  |
| Chemicals - 1.6% |  |  |
| Linde PLC  | 235500 | 106735665 |
| Construction Materials - 2.7% |  |  |
| CRH PLC  | 831500 | 79341730 |
| Holcim AG  | 948570 | 106000784 |
|  |  | 185342514 |
| TOTAL MATERIALS |  | 292078179 |
| TOTAL UNITED STATES |  | 1038632479 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,760,113,305) |  | <br> **6571580609** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 177723786 | 177759330 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 132956584 | 132969879 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $310,729,210) |  |  | **310729209** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $5,070,842,515)<br>| <br>**6882309818** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(94045810)** |
| **NET ASSETS - 100.0%** | **6788264008** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Kry International Ab | 5/14/21 - 10/30/24 | 8571872 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 150014624 | 794585862 | 766841155 | 2043183 | - | (1) | 177759330 | 177723786 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 13619083 | 209770381 | 90419585 | 83373 | - | - | 132969879 | 132956584 | 0.4% |
| Total | 163633707 | 1004356243 | 857260740 | 2126556 | - | (1) | 310729209 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 443541497 | 112396436 | 331145061 | - |
| Consumer Discretionary | 396444099 | 96143040 | 300301059 | - |
| Consumer Staples | 88138720 | - | 88138720 | - |
| Financials | 1968185534 | 768314935 | 1199870599 | - |
| Health Care | 558270927 | 406873916 | 151397011 | - |
| Industrials | 1792887990 | 562141845 | 1230746145 | - |
| Information Technology | 866160667 | 371026301 | 492577738 | 2556628 |
| Materials | 457951175 | 216570867 | 241380308 | - |
|  **Money Market Funds** | 310729209 | 310729209 | - | - |
| **Total Investments in Securities:** | 6882309818 | 2844196549 | 4035556641 | 2556628 |

---

**Fidelity® Overseas Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $6571580609 |  |
| Fidelity Central Funds (cost $310,729,210) | 310729209 |  |
| Total Investment in Securities (cost $5,070,842,515) |  | $6882309818 |
| Foreign currency held at value (cost $1,636) |  | 1636 |
| Receivable for investments sold |  | 38097142 |
| Receivable for fund shares sold |  | 5684010 |
| Dividends receivable |  | 15907807 |
| Reclaims receivable |  | 35001721 |
| Distributions receivable from Fidelity Central Funds |  | 587502 |
| Prepaid expenses |  | 2824 |
| Other receivables |  | 48119 |
| **Total assets** |  | 6977640579 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $47476717 |  |
| Payable for fund shares redeemed | 3487282 |  |
| Accrued management fee | 3830038 |  |
| Other payables and accrued expenses | 1612655 |  |
| Collateral on securities loaned | 132969879 |  |
| **Total liabilities** |  | 189376571 |
| **Net Assets**  |  | $6788264008 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5001598899 |
| Total accumulated earnings (loss) |  | 1786665109 |
| **Net Assets** |  | $6788264008 |
| **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** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $50448367 |
| Foreign Tax Reclaims |  | 5630951 |
| Income from Fidelity Central Funds (including $83,373 from security lending)  |  | 2126556 |
| Income before foreign taxes withheld |  | $58205874 |
| Less foreign taxes withheld |  | (4864693) |
| **Total income** |  | 53341181 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $23755046 |  |
| Performance adjustment | (4557868) |  |
| Custodian fees and expenses | 106486 |  |
| Independent trustees' fees and expenses | 14135 |  |
| Registration fees | 69376 |  |
| Audit fees | 64296 |  |
| Legal | 169911 |  |
| Miscellaneous | 13456 |  |
| Total expenses before reductions | 19634838 |  |
| Expense reductions | (1385) |  |
| Total expenses after reductions |  | 19633453 |
| **Net Investment income (loss)** |  | 33707728 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (13310859) |  |
| Foreign currency transactions | 414960 |  |
| Total net realized gain (loss) |  | (12895899) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $960,139)  | 511905611 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 2238459 |  |
| Total change in net unrealized appreciation (depreciation) |  | 514144069 |
| **Net gain (loss)** |  | 501248170 |
| **Net increase (decrease) in net assets resulting from operations** |  | $534955898 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $33707728 | $116959291 |
| &nbsp;&nbsp;Net realized gain (loss) | (12895899)<br>| 2169142661<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 514144069 | (70668549)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 534955898<br>| 2215433403<br>|
| Distributions to shareholders | (89012888)<br>| (91103428)<br>|
| Share transactions - net increase (decrease) | 48488524<br>| (3207644234)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 494431534<br>| (1083314259)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6293832474 | 7377146733<br>|
| &nbsp;&nbsp;End of period | $6788264008 | $6293832474 |

---

**Financial Highlights** 

**Fidelity® Overseas Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $5350328 | $4962649 | $6684862 | $6175776 | $8981609 | $6160617 |
| Portfolio turnover rate I | 51% H<br>| 35% J | 34%  | 25%  | 30% J | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Overseas Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $1437936 | $1331184 | $692284 | $620003 | $1591397 | $1022402 |
| Portfolio turnover rate I | 51% H<br>| 35% J | 34%  | 25%  | 30% J | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio 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** | $19059 |

---

**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** | $1869476325 |
| **Gross unrealized depreciation** | <u>(90698789)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1778777536</u> |
| **Tax cost** | <u>$5103532282</u> |

---

**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** | 1597280588 | 1643747941 |

---

**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** | 86976173 | 20676107 | (2297189) |

---

**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** | 73699426 | 1994718961 | 5011560962 |

---

**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** | 4969 |

---

**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** | 8777 | - | - |

---

**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** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Overseas Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Overseas | $65840551 | $80812559 |
| Class K | <u>23172337</u> | <u>10290869</u> |
| Total  | <u>$89012888</u> | <u>$91103428</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Overseas Fund** |  |  |  |  |
| **Overseas** |  |  |  |  |
| Shares sold | 7762348 | 33392063 | $507860283 | $2093817387 |
| Reinvestment of distributions | 761890 | 1223215 | 49385702 | 70139126 |
| Shares redeemed | <u>(8096587)</u> | <u>(86383538)</u> | <u>(526108369)</u> | <u>(5822142918)</u> |
| Net increase (decrease) | <u>427651</u> | <u>(51768260)</u> | <u>$31137616</u> | <u>$(3658186405)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 2745281 | 10389470 | $181203944 | $652824553 |
| Reinvestment of distributions | 359651 | 179942 | 23172337 | 10290869 |
| Shares redeemed | <u>(2869581)</u> | <u>(3346586)</u> | <u>(187025373)</u> | <u>(212573251)</u> |
| Net increase (decrease) | <u>235351</u> | <u>7222826</u> | <u>$17350908</u> | <u>$450542171</u> |

---

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.1%** | &nbsp;&nbsp;**Common Stocks - 96.1%** | &nbsp;&nbsp;**Common Stocks - 96.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| CAR Group Ltd  | 709556 | 15144977 |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Lovisa Holdings Ltd  | 439390 | 7014653 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| nib holdings Ltd/Australia  | 1873683 | 8174213 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Deterra Royalties Ltd  | 2088759 | 4870035 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| National Storage REIT unit  | 4853097 | 7136065 |
| TOTAL AUSTRALIA |  | 42339943 |
| AUSTRIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Wienerberger AG  | 277300 | 9700622 |
| BELGIUM - 0.9%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| KBC Group NV  | 111600 | 10248096 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 63000 | 11501204 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 232768 | 3596748 |
| TOTAL BELGIUM |  | 25346048 |
| BRAZIL - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (a) | 11000 | 25639350 |
| CANADA - 3.6%  |  |  |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| PrairieSky Royalty Ltd  | 3144700 | 52943919 |
| Information Technology - 1.0% |  |  |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (United States) (a) | 171000 | 16245000 |
| Software - 0.4% |  |  |
| Constellation Software Inc/Canada  | 2100 | 7568211 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 3700 | 0 |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 185450 | 5995580 |
|  |  | 13563791 |
| TOTAL INFORMATION TECHNOLOGY |  | 29808791 |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Franco-Nevada Corp  | 128500 | 22082500 |
| TOTAL CANADA |  | 104835210 |
| CHINA - 1.3%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Tencent Holdings Ltd  | 262800 | 16096751 |
| Tencent Holdings Ltd ADR  | 5000 | 305300 |
|  |  | 16402051 |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 238500 | 11327855 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Kweichow Moutai Co Ltd A Shares (China)  | 27700 | 5894559 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| Full Truck Alliance Co Ltd ADR  | 483100 | 5488016 |
| TOTAL CHINA |  | 39112481 |
| DENMARK - 0.8%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Series B  | 137300 | 9180092 |
| Industrials - 0.5% |  |  |
| Air Freight & Logistics - 0.5% |  |  |
| DSV A/S  | 61646 | 13066480 |
| TOTAL DENMARK |  | 22246572 |
| FINLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Paper & Forest Products - 0.3% |  |  |
| UPM-Kymmene Oyj  | 285700 | 7567079 |
| FRANCE - 1.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 7200 | 3988291 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Danone SA  | 228900 | 19696024 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| EssilorLuxottica SA  | 32700 | 9361068 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Thales SA  | 38300 | 10728687 |
| TOTAL FRANCE |  | 43774070 |
| GERMANY - 1.4%  |  |  |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Fresenius SE & Co KGaA (a) | 160000 | 7576501 |
| Industrials - 0.5% |  |  |
| Air Freight & Logistics - 0.5% |  |  |
| Deutsche Post AG  | 365511 | 15617557 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| SAP SE  | 60700 | 17760130 |
| TOTAL GERMANY |  | 40954188 |
| HONG KONG - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Insurance - 0.9% |  |  |
| Prudential PLC  | 2394386 | 25458977 |
| Prudential PLC rights (a)(d)(e) | 2394386 | 402959 |
| TOTAL HONG KONG |  | 25861936 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Pvt Ltd (a)(b)(f) | 792 | 366625 |
| INDONESIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Central Asia Tbk PT  | 37470600 | 19922767 |
| Bank Syariah Indonesia Tbk PT  | 25640800 | 4410020 |
| TOTAL INDONESIA |  | 24332787 |
| IRELAND - 1.0%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| AIB Group PLC  | 2942400 | 19776048 |
| Financial Services - 0.0% |  |  |
| Circle Internet Financial LLC (b) | 23730 | 553621 |
| TOTAL FINANCIALS |  | 20329669 |
| Industrials - 0.3% |  |  |
| Building Products - 0.3% |  |  |
| Kingspan Group PLC  | 112700 | 9486044 |
| TOTAL IRELAND |  | 29815713 |
| ITALY - 1.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.1% |  |  |
| Pirelli & C SpA (c)(g) | 863600 | 5306458 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Prada Spa (a) | 1685600 | 10540977 |
| TOTAL CONSUMER DISCRETIONARY |  | 15847435 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| BFF Bank SpA (a)(c)(g) | 1435530 | 13546581 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 186060 | 10928843 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 74900 | 4114422 |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 160100 | 5455588 |
| TOTAL INDUSTRIALS |  | 9570010 |
| TOTAL ITALY |  | 49892869 |
| JAPAN - 3.8%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Nintendo Co Ltd  | 215300 | 17874208 |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 0.2% |  |  |
| Pan Pacific International Holdings Corp  | 227500 | 7016890 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Kyoritsu Maintenance Co Ltd (e) | 218300 | 4609370 |
| Specialty Retail - 0.7% |  |  |
| Fast Retailing Co Ltd  | 27100 | 8914407 |
| USS Co Ltd  | 886600 | 8861039 |
|  |  | 17775446 |
| TOTAL CONSUMER DISCRETIONARY |  | 29401706 |
| Industrials - 0.9% |  |  |
| Professional Services - 0.6% |  |  |
| BayCurrent Inc  | 153700 | 8281911 |
| Timee Inc (a) | 649300 | 7792690 |
|  |  | 16074601 |
| Trading Companies & Distributors - 0.3% |  |  |
| ITOCHU Corp  | 217100 | 11103132 |
| TOTAL INDUSTRIALS |  | 27177733 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.2% |  |  |
| NSD Co Ltd  | 254500 | 5978916 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Advantest Corp  | 98900 | 4137575 |
| Renesas Electronics Corp  | 509231 | 5975961 |
|  |  | 10113536 |
| TOTAL INFORMATION TECHNOLOGY |  | 16092452 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| NOF Corp  | 632885 | 9494602 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Katitas Co Ltd  | 695700 | 10052568 |
| TOTAL JAPAN |  | 110093269 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Novem Group SA (a) | 232076 | 1064775 |
| NETHERLANDS - 1.7%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.9% |  |  |
| Argenx SE ADR (a) | 41000 | 26450740 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.3% |  |  |
| Wolters Kluwer NV  | 52100 | 9174890 |
| Trading Companies & Distributors - 0.2% |  |  |
| IMCD NV  | 43951 | 5817949 |
| TOTAL INDUSTRIALS |  | 14992839 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| BE Semiconductor Industries NV  | 84400 | 9010525 |
| TOTAL NETHERLANDS |  | 50454104 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| TGS ASA  | 1137149 | 8411059 |
| SPAIN - 2.0%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Neinor Homes SA (c)(g) | 553500 | 9606137 |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Bankinter SA  | 1402400 | 16268379 |
| CaixaBank SA (e) | 2483300 | 19032520 |
|  |  | 35300899 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Aedas Homes SL (c)(g) | 377700 | 12151719 |
| TOTAL SPAIN |  | 57058755 |
| SWEDEN - 3.2%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 1.1% |  |  |
| Hemnet Group AB (a) | 845830 | 28965882 |
| Consumer Discretionary - 0.5% |  |  |
| Household Durables - 0.3% |  |  |
| JM AB  | 452900 | 7234779 |
| Specialty Retail - 0.2% |  |  |
| Haypp Group AB (a) | 607852 | 6402083 |
| TOTAL CONSUMER DISCRETIONARY |  | 13636862 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Swedbank AB A1 Shares  | 758350 | 18822427 |
| Health Care - 0.7% |  |  |
| Life Sciences Tools & Services - 0.7% |  |  |
| AddLife AB B Shares  | 1134424 | 21478412 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Dustin Group AB (a)(c)(e)(g) | 8145810 | 2907562 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(f) | 22735 | 448401 |
| TOTAL INFORMATION TECHNOLOGY |  | 3355963 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Hexpol AB B Shares  | 709259 | 6141946 |
| TOTAL SWEDEN |  | 92401492 |
| SWITZERLAND - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| TE Connectivity PLC  | 150000 | 21957000 |
| TAIWAN - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| E Ink Holdings Inc  | 1806000 | 12590777 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 254000 | 7182604 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 44000 | 7334360 |
|  |  | 14516964 |
| TOTAL TAIWAN |  | 27107741 |
| UNITED KINGDOM - 5.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Zegona Communications plc (a) | 511600 | 4609031 |
| Consumer Discretionary - 1.0% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Flutter Entertainment PLC (United Kingdom) (a) | 45800 | 10962363 |
| Leisure Products - 0.6% |  |  |
| Games Workshop Group PLC  | 82818 | 17008256 |
| TOTAL CONSUMER DISCRETIONARY |  | 27970619 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Diageo PLC  | 391173 | 10984292 |
| Financials - 2.2% |  |  |
| Banks - 0.4% |  |  |
| NatWest Group PLC  | 2004800 | 12895448 |
| Capital Markets - 0.5% |  |  |
| London Stock Exchange Group PLC  | 90528 | 14096253 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(f) | 3936 | 2967075 |
| Insurance - 1.2% |  |  |
| Hiscox Ltd  | 1504447 | 22034692 |
| Sabre Insurance Group PLC (c)(g) | 6755301 | 11325509 |
|  |  | 33360201 |
| TOTAL FINANCIALS |  | 63318977 |
| Industrials - 0.9% |  |  |
| Professional Services - 0.6% |  |  |
| Intertek Group PLC  | 100000 | 6109097 |
| RELX PLC  | 214800 | 11722742 |
|  |  | 17831839 |
| Trading Companies & Distributors - 0.3% |  |  |
| RS GROUP PLC  | 1071095 | 7358496 |
| TOTAL INDUSTRIALS |  | 25190335 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Softcat PLC  | 325792 | 7255198 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Big Yellow Group PLC (The)  | 364800 | 4890860 |
| TOTAL UNITED KINGDOM |  | 144219312 |
| UNITED STATES - 61.5%  |  |  |
| Communication Services - 9.8% |  |  |
| Entertainment - 2.0% |  |  |
| Netflix Inc (a) | 34000 | 38478480 |
| Spotify Technology SA (a) | 33000 | 20261340 |
|  |  | 58739820 |
| Interactive Media & Services - 6.1% |  |  |
| Alphabet Inc Class A  | 468000 | 74318400 |
| Meta Platforms Inc Class A  | 186000 | 102114000 |
|  |  | 176432400 |
| Wireless Telecommunication Services - 1.7% |  |  |
| T-Mobile US Inc  | 196910 | 48626925 |
| TOTAL COMMUNICATION SERVICES |  | 283799145 |
| Consumer Discretionary - 11.3% |  |  |
| Automobile Components - 0.4% |  |  |
| Modine Manufacturing Co (a) | 130000 | 10613200 |
| Automobiles - 0.0% |  |  |
| Rivian Automotive Inc Class A (a) | 100 | 1366 |
| Tesla Inc (a) | 3100 | 874696 |
|  |  | 876062 |
| Broadline Retail - 4.1% |  |  |
| Amazon.com Inc (a) | 638000 | 117659960 |
| Diversified Consumer Services - 1.0% |  |  |
| Service Corp International/US  | 378000 | 30202200 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| DraftKings Inc Class A (a) | 1785000 | 59422650 |
| Household Durables - 1.3% |  |  |
| SharkNinja Inc (a) | 30000 | 2415000 |
| Somnigroup International Inc  | 585000 | 35720100 |
|  |  | 38135100 |
| Specialty Retail - 0.7% |  |  |
| AutoZone Inc (a) | 5100 | 19189260 |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Deckers Outdoor Corp (a) | 461530 | 51151370 |
| Skechers USA Inc Class A (a) | 14000 | 672280 |
|  |  | 51823650 |
| TOTAL CONSUMER DISCRETIONARY |  | 327922082 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 0.3% |  |  |
| Keurig Dr Pepper Inc  | 318000 | 10999620 |
| Consumer Staples Distribution & Retail - 2.2% |  |  |
| Costco Wholesale Corp  | 20500 | 20387250 |
| Walmart Inc  | 434000 | 42206500 |
|  |  | 62593750 |
| Tobacco - 1.8% |  |  |
| Philip Morris International Inc  | 299000 | 51236640 |
| TOTAL CONSUMER STAPLES |  | 124830010 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Exxon Mobil Corp  | 318000 | 33590340 |
| Financials - 7.7% |  |  |
| Banks - 1.1% |  |  |
| Wells Fargo & Co  | 470000 | 33374700 |
| Capital Markets - 5.4% |  |  |
| Bank of New York Mellon Corp/The  | 597000 | 48004770 |
| Northern Trust Corp  | 242100 | 22752558 |
| Robinhood Markets Inc Class A (a) | 1701000 | 83536110 |
|  |  | 154293438 |
| Financial Services - 0.6% |  |  |
| Fiserv Inc (a) | 98201 | 18124959 |
| Insurance - 0.6% |  |  |
| Arthur J Gallagher & Co  | 16000 | 5131040 |
| Chubb Ltd  | 47000 | 13445760 |
|  |  | 18576800 |
| TOTAL FINANCIALS |  | 224369897 |
| Health Care - 5.3% |  |  |
| Biotechnology - 0.6% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 64000 | 16847360 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Boston Scientific Corp (a) | 206147 | 21206342 |
| Intuitive Surgical Inc (a) | 36000 | 18568800 |
| Masimo Corp (a) | 22000 | 3541120 |
|  |  | 43316262 |
| Health Care Providers & Services - 1.5% |  |  |
| UnitedHealth Group Inc  | 109000 | 44846960 |
| Pharmaceuticals - 1.7% |  |  |
| Eli Lilly & Co  | 54000 | 48543300 |
| TOTAL HEALTH CARE |  | 153553882 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| GE Aerospace  | 39000 | 7860060 |
| Electrical Equipment - 0.1% |  |  |
| GE Vernova Inc  | 11000 | 4079020 |
| Machinery - 0.4% |  |  |
| PACCAR Inc  | 143000 | 12900030 |
| Professional Services - 1.8% |  |  |
| TransUnion (e) | 603577 | 50072748 |
| Trading Companies & Distributors - 0.0% |  |  |
| Herc Holdings Inc  | 10000 | 1094400 |
| TOTAL INDUSTRIALS |  | 76006258 |
| Information Technology - 14.7% |  |  |
| Communications Equipment - 1.0% |  |  |
| Cisco Systems Inc  | 503000 | 29038190 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Amphenol Corp Class A  | 343000 | 26393850 |
| IT Services - 2.5% |  |  |
| Kyndryl Holdings Inc (a) | 2239000 | 72588380 |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| Broadcom Inc  | 1000 | 192470 |
| NVIDIA Corp  | 1053000 | 114692760 |
|  |  | 114885230 |
| Software - 3.4% |  |  |
| AppLovin Corp Class A (a) | 1000 | 269310 |
| Microsoft Corp  | 225000 | 88933500 |
| MicroStrategy Inc Class A (a) | 20000 | 7602200 |
| Palantir Technologies Inc Class A (a) | 3000 | 355320 |
| Rubrik Inc Class A (a) | 6000 | 423180 |
| Stripe Inc Class B (a)(b)(f) | 10000 | 355000 |
|  |  | 97938510 |
| Technology Hardware, Storage & Peripherals - 3.0% |  |  |
| Apple Inc  | 353000 | 75012500 |
| Pure Storage Inc Class A (a) | 253000 | 11476080 |
|  |  | 86488580 |
| TOTAL INFORMATION TECHNOLOGY |  | 427332740 |
| Real Estate - 2.7% |  |  |
| Industrial REITs - 2.1% |  |  |
| Prologis Inc  | 589000 | 60195800 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 19000 | 2364170 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 20000 | 4508200 |
| Iron Mountain Inc  | 124000 | 11119080 |
|  |  | 15627280 |
| TOTAL REAL ESTATE |  | 78187250 |
| Utilities - 2.0% |  |  |
| Multi-Utilities - 1.3% |  |  |
| Ameren Corp  | 199000 | 19748760 |
| CMS Energy Corp  | 245000 | 18044250 |
|  |  | 37793010 |
| Water Utilities - 0.7% |  |  |
| American Water Works Co Inc  | 131000 | 19258310 |
| TOTAL UTILITIES |  | 57051320 |
| TOTAL UNITED STATES |  | 1786642924 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,259,589,350) |  | <br> **2791195924** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (a)(b)(f) | 14425 | 3062284 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(b)(f) | 120600 | 967212 |
| TOTAL CHINA |  | 4029496 |
| INDIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pine Labs Pvt Ltd Series 1 (a)(b)(f) | 1892 | 875826 |
| Pine Labs Pvt Ltd Series A (a)(b)(f) | 473 | 218956 |
| Pine Labs Pvt Ltd Series B (a)(b)(f) | 514 | 237936 |
| Pine Labs Pvt Ltd Series B2 (a)(b)(f) | 416 | 192571 |
| Pine Labs Pvt Ltd Series C (a)(b)(f) | 774 | 358292 |
| Pine Labs Pvt Ltd Series C1 (a)(b)(f) | 163 | 75454 |
| Pine Labs Pvt Ltd Series D (a)(b)(f) | 174 | 80546 |
| TOTAL INDIA |  | 2039581 |
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Stripe Inc Series H (a)(b)(f) | 29122 | 1033831 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,106,539) |  | <br> **7102908** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 89212592 | 89230435 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 19675268 | 19677235 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $108,907,153) |  |  | **108907670** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $2,374,603,042)<br>| <br>**2907206502** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(632459)** |
| **NET ASSETS - 100.0%** | **2906574043** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ByteDance Ltd Series E1 | 11/18/20 | 1580608 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 1712900 |
| Kry International Ab | 5/14/21 - 10/30/24 | 1503523 |
| Pine Labs Pvt Ltd | 6/30/21 | 295547 |
| Pine Labs Pvt Ltd Series 1 | 6/30/21 | 705693 |
| Pine Labs Pvt Ltd Series A | 6/30/21 | 176604 |
| Pine Labs Pvt Ltd Series B | 6/30/21 | 191892 |
| Pine Labs Pvt Ltd Series B2 | 6/30/21 | 155351 |
| Pine Labs Pvt Ltd Series C | 6/30/21 | 288835 |
| Pine Labs Pvt Ltd Series C1 | 6/30/21 | 61018 |
| Pine Labs Pvt Ltd Series D | 6/30/21 | 65119 |
| Revolut Group Holdings Ltd | 12/27/24 | 3423355 |
| Stripe Inc Class B | 5/18/21 | 401284 |
| Stripe Inc Series H | 3/15/21 - 5/25/23 | 1168520 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 11621157 | 897413566 | 819804287 | 1035980 | - | (1) | 89230435 | 89212592 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 5136327 | 96450941 | 81910033 | 45051 | - | - | 19677235 | 19675268 | 0.1% |
| Total | 16757484 | 993864507 | 901714320 | 1081031 | - | (1) | 108907670 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 366795294 | 317679358 | 49115936 | - |
| Consumer Discretionary | 473419765 | 442174559 | 31245206 | - |
| Consumer Staples | 161404885 | 124830010 | 36574875 | - |
| Energy | 94945318 | 94945318 | - | - |
| Financials | 444305482 | 317018540 | 123766246 | 3520696 |
| Health Care | 250030742 | 240850650 | 9180092 | - |
| Industrials | 210920707 | 136285776 | 74634931 | - |
| Information Technology | 560047165 | 511230092 | 47647047 | 1170026 |
| Materials | 59856784 | 47419670 | 12437114 | - |
| Real Estate | 112418462 | 105282397 | 7136065 | - |
| Utilities | 57051320 | 57051320 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 3062284 | - | - | 3062284 |
| Health Care | 967212 | - | - | 967212 |
| Information Technology | 3073412 | - | - | 3073412 |
|  **Money Market Funds** | 108907670 | 108907670 | - | - |
| **Total Investments in Securities:** | 2907206502 | 2503675360 | 391737512 | 11793630 |

---

**Fidelity® Worldwide Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $2798298832 |  |
| Fidelity Central Funds (cost $108,907,153) | 108907670 |  |
| Total Investment in Securities (cost $2,374,603,042) |  | $2907206502 |
| Foreign currency held at value (cost $61,648) |  | 61651 |
| Receivable for investments sold |  | 28777091 |
| Receivable for fund shares sold |  | 1018494 |
| Dividends receivable |  | 5397238 |
| Reclaims receivable |  | 3885189 |
| Distributions receivable from Fidelity Central Funds |  | 334310 |
| Prepaid expenses |  | 1021 |
| Other receivables |  | 33755 |
| **Total assets** |  | 2946715251 |
| **Liabilities** |  |  |
| Payable to custodian bank | $4 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 15436437 |  |
| Delayed delivery | 402959 |  |
| Payable for fund shares redeemed | 2937179 |  |
| Accrued management fee | 1605163 |  |
| Distribution and service plan fees payable | 38463 |  |
| Other payables and accrued expenses | 43767 |  |
| Collateral on securities loaned | 19677236 |  |
| **Total liabilities** |  | 40141208 |
| **Net Assets**  |  | $2906574043 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2207838301 |
| Total accumulated earnings (loss) |  | 698735742 |
| **Net Assets** |  | $2906574043 |
| **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.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $23052690 |
| Income from Fidelity Central Funds (including $45,051 from security lending)  |  | 1081031 |
| Income before foreign taxes withheld |  | $24133721 |
| Less foreign taxes withheld |  | (234897) |
| **Total income** |  | 23898824 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $12290627 |  |
| Performance adjustment | (720686) |  |
| Distribution and service plan fees | 256028 |  |
| Custodian fees and expenses | 38669 |  |
| Independent trustees' fees and expenses | 7161 |  |
| Registration fees | 129152 |  |
| Audit fees | 37839 |  |
| Legal | 9446 |  |
| Miscellaneous | 5685 |  |
| **Total expenses** |  | 12053921 |
| **Net Investment income (loss)** |  | 11844903 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 174513187 |  |
| Foreign currency transactions | 259564 |  |
| Total net realized gain (loss) |  | 174772751 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (394435747) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 345254 |  |
| Total change in net unrealized appreciation (depreciation) |  | (394090494) |
| **Net gain (loss)** |  | (219317743) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(207472840) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $11844903 | $16523067 |
| &nbsp;&nbsp;Net realized gain (loss) | 174772751<br>| 447005881<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (394090494) | 562833369<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (207472840)<br>| 1026362317<br>|
| Distributions to shareholders | (409304611)<br>| (24710933)<br>|
| Share transactions - net increase (decrease) | 379681431<br>| (96724546)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (237096020)<br>| 904926838<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3143670063 | 2238743225<br>|
| &nbsp;&nbsp;End of period | $2906574043 | $3143670063 |

---

**Financial Highlights** 

**Fidelity Advisor® Worldwide Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $110530 | $112959 | $73935 | $68608 | $99731 | $63690 |
| Portfolio turnover rate I | 163% H<br>| 108%  | 114%  | 137%  | 96%  | 112%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the sales charges.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Worldwide Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $21197 | $23275 | $16051 | $15275 | $22771 | $17387 |
| Portfolio turnover rate K | 163% J<br>| 108%  | 114%  | 137%  | 96%  | 112%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Worldwide Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| 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) | $9747 | $10681 | $7292 | $8517 | $13602 | $11677 |
| Portfolio turnover rate I | 163% H<br>| 108%  | 114%  | 137%  | 96%  | 112%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns do not include the effect of the contingent deferred sales charge.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Worldwide Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $2535926 | $2836498 | $1982943 | $1899788 | $2896684 | $2217129 |
| Portfolio turnover rate H | 163% G<br>| 108%  | 114%  | 137%  | 96%  | 112%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Worldwide Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $134006 | $65286 | $41289 | $33226 | $86852 | $64615 |
| Portfolio turnover rate I | 163% H<br>| 108%  | 114%  | 137%  | 96%  | 112%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Worldwide Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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)% <br>| 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<br>| .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) | $95168 | $94971 | $117232 | $76829 | $115963 | $71278 |
| Portfolio turnover rate H | 163% G<br>| 108%  | 114%  | 137%  | 96%  | 112%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), 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** | $647380750 |
| **Gross unrealized depreciation** | <u>(136352389)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$511028361</u> |
| **Tax cost** | <u>$2396178141</u> |

---

**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** | 2531735066 | 2635340718 |

---

**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% | 145782 | 5708 |
| **Class M** | .25% | .25% | 57554 | 474 |
| **Class C** | .75% | .25% | <u>52692</u> | <u>9567</u> |
|  |  |  | <u>256028</u> | <u>15749</u> |

---

**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** | 35000 |
| **Class M** | 989 |
| **Class C**A | <u>28</u> |
|  | <u>36017</u> |

---

*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** | 41619 |

---

**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** | 166501836 | 177048216 | 17348296 |

---

**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** | 2496 |

---

**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** | 4818 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Worldwide Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $15054941 | $552793 |
| Class M | 3020788 | 75550 |
| Class C | 1421317 | - |
| Worldwide | 370044974 | 21114973 |
| Class I | 8710115 | 439298 |
| Class Z | <u>11052476</u> | <u>2528319</u> |
| Total  | <u>$409304611</u> | <u>$24710933</u> |

---

**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** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** | **Six months ended** <br> **April 30, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Worldwide Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 403272 | 581446 | $13845271 | $20483863 |
| Reinvestment of distributions | 421629 | 18512 | 14950974 | 547575 |
| Shares redeemed | <u>(247972)</u> | <u>(393376)</u> | <u>(8430908)</u> | <u>(13545664)</u> |
| Net increase (decrease) | <u>576929</u> | <u>206582</u> | <u>$20365337</u> | <u>$7485774</u> |
| **Class M** |  |  |  |  |
| Shares sold | 46288 | 123303 | $1548297 | $4403391 |
| Reinvestment of distributions | 85814 | 2570 | 3009513 | 75321 |
| Shares redeemed | <u>(62571)</u> | <u>(113480)</u> | <u>(2124655)</u> | <u>(3886219)</u> |
| Net increase (decrease) | <u>69531</u> | <u>12393</u> | <u>$2433155</u> | <u>$592493</u> |
| **Class C** |  |  |  |  |
| Shares sold | 33470 | 74442 | $1063832 | $2408430 |
| Reinvestment of distributions | 42052 | - | 1394017 | - |
| Shares redeemed | <u>(39433)</u> | <u>(65335)</u> | <u>(1258359)</u> | <u>(2097615)</u> |
| Net increase (decrease) | <u>36089</u> | <u>9107</u> | <u>$1199490</u> | <u>$310815</u> |
| **Worldwide** |  |  |  |  |
| Shares sold | 7329616 | 13320525 | $264673398 | $469690538 |
| Reinvestment of distributions | 9586818 | 660086 | 347042795 | 19906749 |
| Shares redeemed | <u>(10372731)</u> | <u>(13501211)</u> | <u>(362809155)</u> | <u>(478120242)</u> |
| Net increase (decrease) | <u>6543703</u> | <u>479400</u> | <u>$248907038</u> | <u>$11477045</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2698767 | 625867 | $93729495 | $22688518 |
| Reinvestment of distributions | 240155 | 14127 | 8611970 | 422756 |
| Shares redeemed | <u>(397044)</u> | <u>(468852)</u> | <u>(13417607)</u> | <u>(16856657)</u> |
| Net increase (decrease) | <u>2541878</u> | <u>171142</u> | <u>$88923858</u> | <u>$6254617</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 739291 | 9206355 | $26248686 | $308697406 |
| Reinvestment of distributions | 287410 | 83334 | 10453118 | 2489237 |
| Shares redeemed | <u>(524333)</u> | <u>(11140674)</u> | <u>(18849251)</u> | <u>(434031933)</u> |
| Net increase (decrease) | <u>502368</u> | <u>(1850985)</u> | <u>$17852553</u> | <u>$(122845290)</u> |

---

**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.

![](img109464_4.jpg)<br>

1.703569.127 IBD-SANN-0625

**Fidelity® Diversified International K6 Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109461_1.jpg)

![](img109461_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_DIFK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Diversified International K6 Fund](#Sub_Sec_Fund_2947_DIFK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2947_DIFK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DIFK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DIFK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DIFK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DIFK6-SANN)** |

---

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.

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*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.4%** | &nbsp;&nbsp;**Common Stocks - 94.4%** | &nbsp;&nbsp;**Common Stocks - 94.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Aristocrat Leisure Ltd  | 583611 | 24925470 |
| BELGIUM - 1.1%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| KBC Group NV  | 278512 | 25575429 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 131404 | 23988953 |
| TOTAL BELGIUM |  | 49564382 |
| BRAZIL - 0.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| MercadoLibre Inc (a) | 10252 | 23895874 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA  | 1062600 | 9897366 |
| TOTAL BRAZIL |  | 33793240 |
| CANADA - 4.7%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Alimentation Couche-Tard Inc  | 474812 | 24784181 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Cameco Corp  | 149729 | 6758767 |
| Canadian Natural Resources Ltd  | 1170989 | 33602441 |
| Imperial Oil Ltd  | 437681 | 29522672 |
| MEG Energy Corp  | 384614 | 5395644 |
|  |  | 75279524 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| Thomson Reuters Corp  | 119184 | 22177767 |
| Information Technology - 1.1% |  |  |
| Software - 1.1% |  |  |
| Constellation Software Inc/Canada  | 14319 | 51604384 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 23796 | 2 |
|  |  | 51604386 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Franco-Nevada Corp  | 228274 | 39228488 |
| TOTAL CANADA |  | 213074346 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 648211 | 14107010 |
| CHINA - 0.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| Prosus NV Class N  | 610670 | 28631023 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Ivanhoe Mine Ltd Class A (a) | 855891 | 7599090 |
| DENMARK - 2.7%  |  |  |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| Novo Nordisk A/S Series B  | 882972 | 59036889 |
| Industrials - 1.4% |  |  |
| Air Freight & Logistics - 1.4% |  |  |
| DSV A/S  | 290816 | 61641329 |
| TOTAL DENMARK |  | 120678218 |
| FRANCE - 9.1%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Accor SA  | 202058 | 9877096 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 111847 | 61955323 |
| TOTAL CONSUMER DISCRETIONARY |  | 71832419 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Danone SA  | 132252 | 11379810 |
| Financials - 1.1% |  |  |
| Capital Markets - 0.2% |  |  |
| Amundi SA (c)(d) | 135230 | 10624094 |
| Insurance - 0.9% |  |  |
| AXA SA  | 853273 | 40356316 |
| TOTAL FINANCIALS |  | 50980410 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| EssilorLuxottica SA  | 182232 | 52167772 |
| Industrials - 3.1% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Safran SA  | 177471 | 47228508 |
| Thales SA  | 221851 | 62145428 |
|  |  | 109373936 |
| Electrical Equipment - 0.7% |  |  |
| Legrand SA  | 274990 | 30221354 |
| TOTAL INDUSTRIALS |  | 139595290 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 28354 | 2375335 |
| Capgemini SE  | 89573 | 14300539 |
|  |  | 16675874 |
| Software - 0.3% |  |  |
| Dassault Systemes SE  | 401196 | 15035272 |
| TOTAL INFORMATION TECHNOLOGY |  | 31711146 |
| Materials - 1.2% |  |  |
| Chemicals - 1.2% |  |  |
| Air Liquide SA  | 267416 | 54948161 |
| TOTAL FRANCE |  | 412615008 |
| GERMANY - 11.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Deutsche Telekom AG  | 188500 | 6770454 |
| Financials - 5.4% |  |  |
| Capital Markets - 1.3% |  |  |
| Deutsche Boerse AG  | 187124 | 60271499 |
| Insurance - 4.1% |  |  |
| Allianz SE  | 218537 | 90381808 |
| Hannover Rueck SE  | 117789 | 37682685 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a) | 78190 | 53529607 |
|  |  | 181594100 |
| TOTAL FINANCIALS |  | 241865599 |
| Health Care - 1.2% |  |  |
| Health Care Providers & Services - 1.1% |  |  |
| Fresenius SE & Co KGaA (a) | 1022668 | 48426531 |
| Pharmaceuticals - 0.1% |  |  |
| Merck KGaA  | 47233 | 6522613 |
| TOTAL HEALTH CARE |  | 54949144 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Rheinmetall AG  | 2944 | 5013787 |
| Electrical Equipment - 0.6% |  |  |
| Siemens Energy AG (a) | 333408 | 25733657 |
| Industrial Conglomerates - 0.7% |  |  |
| Siemens AG  | 146936 | 33833677 |
| TOTAL INDUSTRIALS |  | 64581121 |
| Information Technology - 2.7% |  |  |
| Software - 2.7% |  |  |
| SAP SE  | 409808 | 119905165 |
| Materials - 0.8% |  |  |
| Construction Materials - 0.8% |  |  |
| Heidelberg Materials AG  | 188212 | 37152882 |
| TOTAL GERMANY |  | 525224365 |
| HONG KONG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| AIA Group Ltd  | 589048 | 4413687 |
| INDIA - 1.5%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.1% |  |  |
| HDFC Bank Ltd  | 2209051 | 50108226 |
| Capital Markets - 0.2% |  |  |
| Fairfax India Holdings Corp Subordinate Voting Shares (a)(c)(d) | 453450 | 7731323 |
| TOTAL FINANCIALS |  | 57839549 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Hindustan Aeronautics Ltd (d) | 214600 | 11364488 |
| TOTAL INDIA |  | 69204037 |
| INDONESIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bank Central Asia Tbk PT  | 36346527 | 19325107 |
| IRELAND - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Building Products - 0.5% |  |  |
| Kingspan Group PLC  | 244981 | 20620236 |
| ITALY - 2.9%  |  |  |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| FinecoBank Banca Fineco SpA  | 1374968 | 27359815 |
| UniCredit SpA  | 1429352 | 83160924 |
|  |  | 110520739 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 96333 | 5658434 |
| Industrials - 0.4% |  |  |
| Machinery - 0.1% |  |  |
| Interpump Group SpA  | 192402 | 6556315 |
| Passenger Airlines - 0.3% |  |  |
| Ryanair Holdings PLC ADR  | 196086 | 9384676 |
| TOTAL INDUSTRIALS |  | 15940991 |
| TOTAL ITALY |  | 132120164 |
| JAPAN - 17.3%  |  |  |
| Communication Services - 1.5% |  |  |
| Entertainment - 1.5% |  |  |
| Capcom Co Ltd  | 628186 | 18184794 |
| Nintendo Co Ltd  | 617716 | 51282787 |
|  |  | 69467581 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.1% |  |  |
| Toyota Motor Corp  | 234700 | 4482634 |
| Household Durables - 0.1% |  |  |
| Panasonic Holdings Corp  | 409100 | 4690728 |
| Specialty Retail - 0.7% |  |  |
| Fast Retailing Co Ltd  | 102308 | 33653692 |
| TOTAL CONSUMER DISCRETIONARY |  | 42827054 |
| Financials - 3.0% |  |  |
| Banks - 1.1% |  |  |
| Sumitomo Mitsui Financial Group Inc  | 2071900 | 49429761 |
| Financial Services - 0.5% |  |  |
| ORIX Corp  | 1234161 | 24757308 |
| Insurance - 1.4% |  |  |
| Tokio Marine Holdings Inc  | 1546374 | 61982344 |
| TOTAL FINANCIALS |  | 136169413 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Hoya Corp  | 408449 | 48060637 |
| Industrials - 7.4% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Fuji Electric Co Ltd  | 480919 | 21384908 |
| Industrial Conglomerates - 2.5% |  |  |
| Hitachi Ltd  | 4596810 | 113612526 |
| Machinery - 2.2% |  |  |
| Ebara Corp  | 560080 | 8413407 |
| IHI Corp  | 84576 | 6625022 |
| Kawasaki Heavy Industries Ltd  | 245097 | 14620452 |
| Mitsubishi Heavy Industries Ltd  | 3473310 | 68468828 |
|  |  | 98127709 |
| Professional Services - 0.4% |  |  |
| BayCurrent Inc  | 324442 | 17482105 |
| Trading Companies & Distributors - 1.8% |  |  |
| ITOCHU Corp  | 892628 | 45651622 |
| Mitsui & Co Ltd  | 1362397 | 27549196 |
| MonotaRO Co Ltd  | 508330 | 9771611 |
|  |  | 82972429 |
| TOTAL INDUSTRIALS |  | 333579677 |
| Information Technology - 2.4% |  |  |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 1333573 | 29625941 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Advantest Corp  | 400892 | 16771697 |
| Renesas Electronics Corp  | 1229643 | 14430185 |
| Tokyo Electron Ltd  | 176552 | 26288310 |
|  |  | 57490192 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| FUJIFILM Holdings Corp  | 1099725 | 22524994 |
| TOTAL INFORMATION TECHNOLOGY |  | 109641127 |
| Materials - 1.0% |  |  |
| Chemicals - 1.0% |  |  |
| Shin-Etsu Chemical Co Ltd  | 1437971 | 43759605 |
| TOTAL JAPAN |  | 783505094 |
| LUXEMBOURG - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| CVC Capital Partners PLC (a)(c)(d) | 1225962 | 21693541 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV ADR  | 823459 | 5080742 |
| NETHERLANDS - 4.2%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE (a) | 18253 | 11799636 |
| Industrials - 2.0% |  |  |
| Professional Services - 1.5% |  |  |
| Wolters Kluwer NV  | 398110 | 70107781 |
| Trading Companies & Distributors - 0.5% |  |  |
| IMCD NV  | 155027 | 20521470 |
| TOTAL INDUSTRIALS |  | 90629251 |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| ASML Holding NV depository receipt  | 96205 | 64272636 |
| BE Semiconductor Industries NV  | 160416 | 17125978 |
| NXP Semiconductors NV  | 34164 | 6296767 |
|  |  | 87695381 |
| TOTAL NETHERLANDS |  | 190124268 |
| SPAIN - 2.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA (e) | 247264 | 13232539 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Banco Santander SA  | 9368084 | 65607303 |
| CaixaBank SA (e) | 5509446 | 42225523 |
|  |  | 107832826 |
| TOTAL SPAIN |  | 121065365 |
| SWEDEN - 3.0%  |  |  |
| Financials - 1.2% |  |  |
| Financial Services - 1.2% |  |  |
| Investor AB B Shares  | 1832639 | 54094657 |
| Industrials - 1.8% |  |  |
| Machinery - 1.8% |  |  |
| Atlas Copco AB A Shares  | 1921964 | 29797352 |
| Epiroc AB A Shares  | 330956 | 7149513 |
| Epiroc AB B Shares  | 159765 | 3127364 |
| Indutrade AB  | 1515723 | 40898097 |
|  |  | 80972326 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(f) | 30819 | 607840 |
| TOTAL SWEDEN |  | 135674823 |
| SWITZERLAND - 2.4%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Cie Financiere Richemont SA Series A  | 248784 | 43961431 |
| Financials - 1.4% |  |  |
| Capital Markets - 1.4% |  |  |
| Partners Group Holding AG  | 18453 | 24045800 |
| UBS Group AG  | 1356548 | 40909287 |
|  |  | 64955087 |
| TOTAL SWITZERLAND |  | 108916518 |
| TAIWAN - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 307459 | 51250341 |
| UNITED KINGDOM - 15.5%  |  |  |
| Consumer Discretionary - 2.3% |  |  |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Compass Group PLC  | 1677006 | 56539962 |
| InterContinental Hotels Group PLC  | 316306 | 33752984 |
|  |  | 90292946 |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 60937 | 12514575 |
| TOTAL CONSUMER DISCRETIONARY |  | 102807521 |
| Financials - 5.6% |  |  |
| Banks - 2.8% |  |  |
| HSBC Holdings PLC  | 1365016 | 15216345 |
| Lloyds Banking Group PLC  | 55819570 | 54841521 |
| NatWest Group PLC  | 7665163 | 49304525 |
| Starling Bank Ltd Class D (a)(b)(f) | 2406800 | 7762253 |
|  |  | 127124644 |
| Capital Markets - 2.8% |  |  |
| 3i Group PLC  | 819821 | 46476505 |
| London Stock Exchange Group PLC  | 512245 | 79762451 |
|  |  | 126238956 |
| TOTAL FINANCIALS |  | 253363600 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| ConvaTec Group PLC (c)(d) | 6410558 | 22195625 |
| Pharmaceuticals - 1.5% |  |  |
| Astrazeneca PLC  | 486764 | 69737082 |
| TOTAL HEALTH CARE |  | 91932707 |
| Industrials - 5.6% |  |  |
| Aerospace & Defense - 3.1% |  |  |
| BAE Systems PLC  | 2711870 | 62868295 |
| Rolls-Royce Holdings PLC  | 7611269 | 77044877 |
|  |  | 139913172 |
| Professional Services - 2.1% |  |  |
| Intertek Group PLC  | 185236 | 11316247 |
| RELX PLC (Netherlands)  | 1566941 | 84814713 |
|  |  | 96130960 |
| Trading Companies & Distributors - 0.4% |  |  |
| Diploma PLC  | 86696 | 4577685 |
| RS GROUP PLC  | 1835217 | 12608067 |
|  |  | 17185752 |
| TOTAL INDUSTRIALS |  | 253229884 |
| TOTAL UNITED KINGDOM |  | 701333712 |
| UNITED STATES - 10.6%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.7% |  |  |
| Spotify Technology SA (a) | 53889 | 33086768 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Shell PLC  | 1836800 | 59276738 |
| Financials - 1.4% |  |  |
| Capital Markets - 0.2% |  |  |
| S&P Global Inc  | 21600 | 10801080 |
| Financial Services - 0.3% |  |  |
| Mastercard Inc Class A  | 28430 | 15581346 |
| Insurance - 0.9% |  |  |
| Marsh & McLennan Cos Inc  | 164106 | 37000980 |
| TOTAL FINANCIALS |  | 63383406 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Alcon AG  | 595838 | 57508275 |
| Industrials - 2.3% |  |  |
| Electrical Equipment - 1.1% |  |  |
| Schneider Electric SE  | 213374 | 49853935 |
| Professional Services - 0.5% |  |  |
| Experian PLC  | 437638 | 21772944 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 183572 | 30849912 |
| TOTAL INDUSTRIALS |  | 102476791 |
| Materials - 3.6% |  |  |
| Chemicals - 1.0% |  |  |
| Linde PLC  | 95728 | 43386801 |
| Construction Materials - 2.6% |  |  |
| CRH PLC (United Kingdom)  | 557718 | 52281667 |
| Holcim AG  | 539187 | 60253060 |
| James Hardie Industries PLC depository receipt (a) | 303358 | 7120481 |
|  |  | 119655208 |
| TOTAL MATERIALS |  | 163042009 |
| TOTAL UNITED STATES |  | 478773987 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,955,508,320) |  | <br> **4273313774** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Valsoft Corp Series A-1.2 (b)(f) | 231 | 2705867 |
| Valsoft Corp Series A-1.3 (b)(f) | 82 | 960524 |
| Valsoft Corp Series A-1.4 (b)(f) | 105 | 1229940 |
| TOTAL CANADA |  | 4896331 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(b)(f) | 21668 | 4217595 |
| UNITED STATES - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Wasabi Holdings Inc Series C (a)(b)(f) | 743562 | 7606639 |
| Wasabi Holdings Inc Series D (a)(b)(f) | 304085 | 4993076 |
| TOTAL UNITED STATES |  | 12599715 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $22,929,583) |  | <br> **21713641** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.8%** | &nbsp;&nbsp;**Money Market Funds - 5.8%** | &nbsp;&nbsp;**Money Market Funds - 5.8%** | &nbsp;&nbsp;**Money Market Funds - 5.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 220694313 | 220738452 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 40872678 | 40876765 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $261,614,594) |  |  | **261615217** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $3,240,052,497)<br>| <br>**4556642632** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(32118655)** |
| **NET ASSETS - 100.0%** | **4524523977** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/03/22 | 5629271 |
| Kry International Ab | 5/14/21 - 10/30/24 | 2038126 |
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 4642638 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 2705867 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 814004 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 1381955 |
| Wasabi Holdings Inc Series C | 3/31/21 | 8078504 |
| Wasabi Holdings Inc Series D | 9/09/22 | 4319984 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 148198288 | 510412457 | 437872292 | 2626467 | - | (1) | 220738452 | 220694313 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 61625062 | 257856645 | 278604942 | 59256 | - | - | 40876765 | 40872678 | 0.1% |
| Total | 209823350 | 768269102 | 716477234 | 2685723 | - | (1) | 261615217 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 109324803 | 51271562 | 58053241 | - |
| Consumer Discretionary | 352113331 | 59520084 | 292593247 | - |
| Consumer Staples | 36163991 | 24784181 | 11379810 | - |
| Energy | 134556262 | 75279524 | 59276738 | - |
| Financials | 1212013050 | 378707340 | 825543457 | 7762253 |
| Health Care | 405102447 | 216468203 | 188634244 | - |
| Industrials | 1196809151 | 384278806 | 812530345 | - |
| Information Technology | 452415386 | 192925441 | 258882103 | 607842 |
| Materials | 374815353 | 208734046 | 166081307 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 21713641 | - | - | 21713641 |
|  **Money Market Funds** | 261615217 | 261615217 | - | - |
| **Total Investments in Securities:** | 4556642632 | 1853584404 | 2672974492 | 30083736 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $4295027415 |  |
| Fidelity Central Funds (cost $261,614,594) | 261615217 |  |
| Total Investment in Securities (cost $3,240,052,497) |  | $4556642632 |
| Foreign currency held at value (cost $618,797) |  | 615626 |
| Receivable for investments sold |  | 16603337 |
| Receivable for fund shares sold |  | 2692216 |
| Dividends receivable |  | 13572803 |
| Reclaims receivable |  | 10722824 |
| Distributions receivable from Fidelity Central Funds |  | 606984 |
| Other receivables |  | 265645 |
| **Total assets** |  | 4601722067 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $30903508 |  |
| Payable for fund shares redeemed | 1697547 |  |
| Accrued management fee | 2138199 |  |
| Deferred taxes | 1568064 |  |
| Other payables and accrued expenses | 14007 |  |
| Collateral on securities loaned | 40876765 |  |
| **Total liabilities** |  | 77198090 |
| **Net Assets**  |  | $4524523977 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3252118761 |
| Total accumulated earnings (loss) |  | 1272405216 |
| **Net Assets** |  | $4524523977 |
| **Net Asset Value**, offering price and redemption price per share ($4,524,523,977 ÷ 291,230,029 shares) |  | $15.54 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $41999808 |
| Interest  |  | 6063 |
| Income from Fidelity Central Funds (including $59,256 from security lending)  |  | 2685723 |
| Income before foreign taxes withheld |  | $44691594 |
| Less foreign taxes withheld |  | (3040260) |
| **Total income** |  | 41651334 |
| **Expenses** |  |  |
| Management fee | $13561220 |  |
| Independent trustees' fees and expenses | 10121 |  |
| Total expenses before reductions | 13571341 |  |
| Expense reductions | (1150) |  |
| Total expenses after reductions |  | 13570191 |
| **Net Investment income (loss)** |  | 28081143 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,425,695)  | 122265927 |  |
| Redemptions in-kind | 175694543 |  |
| Foreign currency transactions | (689507) |  |
| Total net realized gain (loss) |  | 297270963 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $990,019)  | (31189886) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 1223074 |  |
| Total change in net unrealized appreciation (depreciation) |  | (29966813) |
| **Net gain (loss)** |  | 267304150 |
| **Net increase (decrease) in net assets resulting from operations** |  | $295385293 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $28081143 | $65605795 |
| &nbsp;&nbsp;Net realized gain (loss) | 297270963<br>| 61216255<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (29966813) | 845566646<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 295385293<br>| 972388696<br>|
| Distributions to shareholders | (98522166)<br>| (69972907)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 467320791 | 1024639725 |
| Reinvestment of distributions | 98517898<br>| 69972898<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1070120901) | (1156692903) |
| **Net increase (decrease) in net assets resulting from share transactions** | (504282212)<br>| (62080280)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (307419085)<br>| 840335509<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4831943062 | 3991607553<br>|
| &nbsp;&nbsp;End of period | $4524523977 | $4831943062 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 31356769 | 71524447 |
| Issued in reinvestment of distributions | 6724771<br>| 5378392<br>|
| &nbsp;&nbsp;Redeemed | (72007266) | (81461022) |
| &nbsp;&nbsp;Net increase (decrease) | (33925726) | (4558183) |

---

**Financial Highlights** 

**Fidelity® Diversified International K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $4524524 | $4831943 | $3991608 | $3483417 | $3961936 | $3102294 |
| Portfolio turnover rate H | 37% G,I<br>| 37% I | 25% I | 31% I | 30% I | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

I*Portfolio 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** | $1350494510 |
| **Gross unrealized depreciation** | <u>(67705259)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1282789251</u> |
| **Tax cost** | <u>$3273853381</u> |

---

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 | $(322445081) |
| Long-term | <u>(-)</u> |
| **Total capital loss carryforward** | <u>$(322445081)</u> |

---

**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** | 817981487 | 1027074771 |

---

**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** | 29023439 | 175694543 | 434503160 |

---

**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** | 11523901 | 57811254 | 155413531 |

---

**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** | 6128438 | 83046527 |

---

**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** | 2043 |

---

**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** | 24032981 | 67274741 | 10523324 |

---

**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** | 6254 | - | - |

---

**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.

![](img109461_4.jpg)<br>

1.9883986.107 DIFK6-SANN-0625

**Fidelity® International Discovery K6 Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109453_1.jpg)

![](img109453_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IGI-K6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Discovery K6 Fund](#Sub_Sec_Fund_3461_IGI-K6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3461_IGI-K6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IGI-K6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IGI-K6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IGI-K6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IGI-K6-SANN)** |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.2%** | &nbsp;&nbsp;**Common Stocks - 95.2%** | &nbsp;&nbsp;**Common Stocks - 95.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| CAR Group Ltd  | 65690 | 1402107 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Aristocrat Leisure Ltd  | 87320 | 3729354 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (a)(b)(c) | 400 | 462000 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Brazilian Rare Earths Ltd (c) | 192741 | 278896 |
| IperionX Ltd (c) | 1082783 | 2483728 |
|  |  | 2762624 |
| TOTAL AUSTRALIA |  | 8356085 |
| BAILIWICK OF JERSEY - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| JTC PLC (d)(e) | 176186 | 1958258 |
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 22465 | 4101183 |
| BRAZIL - 1.5%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| MercadoLibre Inc (c) | 2898 | 6754803 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (c) | 98628 | 1225946 |
| TOTAL BRAZIL |  | 7980749 |
| CANADA - 3.4%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Cameco Corp  | 49135 | 2217954 |
| Canadian Natural Resources Ltd  | 79010 | 2267253 |
|  |  | 4485207 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Definity Financial Corp  | 24435 | 1219623 |
| Information Technology - 2.4% |  |  |
| Software - 2.4% |  |  |
| Constellation Software Inc/Canada  | 3529 | 12718198 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 4032 | 0 |
| Lumine Group Inc Subordinate Voting Shares (c)(e) | 8073 | 260999 |
|  |  | 12979197 |
| TOTAL CANADA |  | 18684027 |
| CHINA - 1.4%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Tencent Holdings Ltd  | 52918 | 3241278 |
| Consumer Discretionary - 0.5% |  |  |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 47799 | 2270273 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Trip.com Group Ltd ADR  | 9387 | 553739 |
| TOTAL CONSUMER DISCRETIONARY |  | 2824012 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 55340 | 1434791 |
| TOTAL CHINA |  | 7500081 |
| DENMARK - 1.8%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 58759 | 1401869 |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Novo Nordisk A/S Series B  | 94836 | 6340883 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| DSV A/S  | 9457 | 2004505 |
| TOTAL DENMARK |  | 9747257 |
| FRANCE - 9.9%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Hermes International SCA  | 3680 | 9967811 |
| Consumer Staples - 1.1% |  |  |
| Food Products - 1.1% |  |  |
| Danone SA  | 68368 | 5882821 |
| Financials - 2.8% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 31741 | 2689398 |
| Insurance - 2.3% |  |  |
| AXA SA  | 266193 | 12589838 |
| TOTAL FINANCIALS |  | 15279236 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| EssilorLuxottica SA  | 23734 | 6794361 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| Dassault Aviation SA  | 1543 | 554112 |
| Safran SA  | 29115 | 7748072 |
| Thales SA  | 5442 | 1524426 |
|  |  | 9826610 |
| Materials - 1.1% |  |  |
| Chemicals - 1.1% |  |  |
| Air Liquide SA  | 28467 | 5849348 |
| TOTAL FRANCE |  | 53600187 |
| GERMANY - 9.6%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 13033 | 1532548 |
| Consumer Discretionary - 0.6% |  |  |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| adidas AG  | 13173 | 3009976 |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (c) | 9896 | 6774894 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Fresenius SE & Co KGaA (c) | 33522 | 1587372 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| Rheinmetall AG  | 9153 | 15588041 |
| Industrial Conglomerates - 1.5% |  |  |
| Siemens AG  | 36614 | 8430788 |
| TOTAL INDUSTRIALS |  | 24018829 |
| Information Technology - 2.8% |  |  |
| Software - 2.8% |  |  |
| SAP SE  | 51252 | 14995753 |
| TOTAL GERMANY |  | 51919372 |
| HUNGARY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Richter Gedeon Nyrt  | 67665 | 2047021 |
| INDIA - 1.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Lenskart Solutions Pvt Ltd (a)(b) | 240000 | 800156 |
| Financials - 0.8% |  |  |
| Banks - 0.6% |  |  |
| HDFC Bank Ltd  | 118315 | 2683757 |
| Capital Markets - 0.2% |  |  |
| 360 ONE WAM Ltd  | 110542 | 1285855 |
| TOTAL FINANCIALS |  | 3969612 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| Computer Age Management Services Ltd  | 38833 | 1788232 |
| TOTAL INDIA |  | 6558000 |
| IRELAND - 1.6%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Dalata Hotel Group PLC  | 201878 | 1157209 |
| Household Durables - 0.5% |  |  |
| Cairn Homes PLC  | 1306331 | 2869082 |
| TOTAL CONSUMER DISCRETIONARY |  | 4026291 |
| Industrials - 0.9% |  |  |
| Building Products - 0.9% |  |  |
| Kingspan Group PLC  | 57517 | 4841249 |
| TOTAL IRELAND |  | 8867540 |
| ISRAEL - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (c) | 2943 | 499103 |
| ITALY - 5.9%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Automobiles - 0.8% |  |  |
| Ferrari NV  | 8856 | 4089524 |
| Financials - 4.8% |  |  |
| Banks - 4.4% |  |  |
| FinecoBank Banca Fineco SpA  | 125544 | 2498138 |
| Intesa Sanpaolo SpA  | 554758 | 2961458 |
| UniCredit SpA  | 314854 | 18318476 |
|  |  | 23778072 |
| Financial Services - 0.4% |  |  |
| BFF Bank SpA (c)(d)(e) | 249544 | 2354857 |
| TOTAL FINANCIALS |  | 26132929 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 32087 | 1884735 |
| TOTAL ITALY |  | 32107188 |
| JAPAN - 16.0%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| Nintendo Co Ltd  | 71193 | 5910443 |
| Consumer Discretionary - 3.1% |  |  |
| Broadline Retail - 0.7% |  |  |
| Pan Pacific International Holdings Corp  | 117829 | 3634256 |
| Household Durables - 1.2% |  |  |
| Sony Group Corp  | 242663 | 6402129 |
| Specialty Retail - 1.2% |  |  |
| Fast Retailing Co Ltd  | 20424 | 6718370 |
| TOTAL CONSUMER DISCRETIONARY |  | 16754755 |
| Financials - 3.2% |  |  |
| Banks - 1.8% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 473275 | 5962853 |
| Sumitomo Mitsui Financial Group Inc  | 169919 | 4053794 |
|  |  | 10016647 |
| Financial Services - 0.6% |  |  |
| ORIX Corp  | 158543 | 3180378 |
| Insurance - 0.8% |  |  |
| Tokio Marine Holdings Inc  | 108749 | 4358918 |
| TOTAL FINANCIALS |  | 17555943 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Hoya Corp  | 34693 | 4082193 |
| Pharmaceuticals - 0.4% |  |  |
| Daiichi Sankyo Co Ltd  | 97009 | 2481551 |
| TOTAL HEALTH CARE |  | 6563744 |
| Industrials - 6.7% |  |  |
| Industrial Conglomerates - 2.8% |  |  |
| Hitachi Ltd  | 606701 | 14994929 |
| Machinery - 1.5% |  |  |
| IHI Corp  | 28491 | 2231761 |
| Mitsubishi Heavy Industries Ltd  | 304846 | 6009383 |
|  |  | 8241144 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 29091 | 1567528 |
| Timee Inc (c) | 122331 | 1468177 |
| Visional Inc (c) | 17740 | 1072986 |
|  |  | 4108691 |
| Trading Companies & Distributors - 1.6% |  |  |
| ITOCHU Corp  | 170154 | 8702176 |
| TOTAL INDUSTRIALS |  | 36046940 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Advantest Corp  | 66047 | 2763139 |
| Tokyo Seimitsu Co Ltd  | 19647 | 1095164 |
|  |  | 3858303 |
| TOTAL JAPAN |  | 86690128 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR  | 6875 | 604244 |
| KOREA (SOUTH) - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| SK Hynix Inc  | 24463 | 3046067 |
| LUXEMBOURG - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| CVC Capital Partners PLC (c)(d)(e) | 156251 | 2764880 |
| NETHERLANDS - 5.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Universal Music Group NV  | 87150 | 2562687 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| ING Groep NV (f) | 250181 | 4858344 |
| Industrials - 2.1% |  |  |
| Professional Services - 1.7% |  |  |
| Wolters Kluwer NV  | 50966 | 8975191 |
| Trading Companies & Distributors - 0.4% |  |  |
| IMCD NV  | 18752 | 2482268 |
| TOTAL INDUSTRIALS |  | 11457459 |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| ASML Holding NV  | 11557 | 7626292 |
| BE Semiconductor Industries NV (f) | 36877 | 3936981 |
|  |  | 11563273 |
| Software - 0.1% |  |  |
| Topicus.com Inc (c) | 5819 | 696372 |
| TOTAL INFORMATION TECHNOLOGY |  | 12259645 |
| TOTAL NETHERLANDS |  | 31138135 |
| SINGAPORE - 0.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.7% |  |  |
| Sea Ltd Class A ADR (c) | 29837 | 3999650 |
| SPAIN - 2.1%  |  |  |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| Banco Santander SA (f) | 634096 | 4440751 |
| CaixaBank SA (f) | 891570 | 6833175 |
| TOTAL SPAIN |  | 11273926 |
| SWEDEN - 3.6%  |  |  |
| Financials - 1.5% |  |  |
| Financial Services - 1.5% |  |  |
| Investor AB B Shares  | 275007 | 8117480 |
| Industrials - 1.0% |  |  |
| Machinery - 1.0% |  |  |
| Indutrade AB  | 203041 | 5478567 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Hexagon AB B Shares  | 174599 | 1699297 |
| Lagercrantz Group AB B Shares  | 185946 | 4216995 |
|  |  | 5916292 |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(c) | 3324 | 65558 |
| TOTAL INFORMATION TECHNOLOGY |  | 5981850 |
| TOTAL SWEDEN |  | 19577897 |
| SWITZERLAND - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Capital Markets - 1.6% |  |  |
| Partners Group Holding AG  | 3136 | 4086470 |
| UBS Group AG  | 154632 | 4663222 |
| TOTAL SWITZERLAND |  | 8749692 |
| TAIWAN - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 362904 | 10262188 |
| UNITED KINGDOM - 18.2%  |  |  |
| Communication Services - 2.8% |  |  |
| Diversified Telecommunication Services - 2.6% |  |  |
| Zegona Communications plc (c) | 1581560 | 14248357 |
| Interactive Media & Services - 0.2% |  |  |
| Baltic Classifieds Group PLC  | 252356 | 1143470 |
| TOTAL COMMUNICATION SERVICES |  | 15391827 |
| Consumer Discretionary - 3.2% |  |  |
| Hotels, Restaurants & Leisure - 2.4% |  |  |
| Compass Group PLC  | 271217 | 9144034 |
| Flutter Entertainment PLC (United Kingdom) (c) | 15339 | 3671434 |
|  |  | 12815468 |
| Leisure Products - 0.8% |  |  |
| Games Workshop Group PLC  | 22529 | 4626760 |
| TOTAL CONSUMER DISCRETIONARY |  | 17442228 |
| Consumer Staples - 1.2% |  |  |
| Tobacco - 1.2% |  |  |
| Imperial Brands PLC  | 164383 | 6745133 |
| Financials - 5.1% |  |  |
| Banks - 0.9% |  |  |
| NatWest Group PLC  | 664064 | 4271450 |
| Starling Bank Ltd Class D (a)(b)(c) | 137500 | 443456 |
|  |  | 4714906 |
| Capital Markets - 4.0% |  |  |
| 3i Group PLC  | 186755 | 10587335 |
| London Stock Exchange Group PLC  | 70098 | 10915067 |
|  |  | 21502402 |
| Financial Services - 0.2% |  |  |
| Revolut Group Holdings Ltd (a)(b) | 1409 | 1062146 |
| TOTAL FINANCIALS |  | 27279454 |
| Health Care - 1.4% |  |  |
| Pharmaceuticals - 1.4% |  |  |
| Astrazeneca PLC  | 53907 | 7723079 |
| Industrials - 4.5% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| BAE Systems PLC  | 390578 | 9054628 |
| Rolls-Royce Holdings PLC  | 262950 | 2661705 |
|  |  | 11716333 |
| Professional Services - 1.9% |  |  |
| RELX PLC  | 188063 | 10263566 |
| Trading Companies & Distributors - 0.3% |  |  |
| Diploma PLC  | 34385 | 1815582 |
| TOTAL INDUSTRIALS |  | 23795481 |
| TOTAL UNITED KINGDOM |  | 98377202 |
| UNITED STATES - 4.7%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Spotify Technology SA (c) | 6638 | 4075599 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Shell PLC  | 37786 | 1219420 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Alcon AG (United States)  | 26401 | 2577002 |
| Industrials - 1.4% |  |  |
| Electrical Equipment - 1.4% |  |  |
| Schneider Electric SE  | 31683 | 7402599 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Monday.com Ltd (c) | 2605 | 731979 |
| Materials - 1.8% |  |  |
| Chemicals - 0.5% |  |  |
| Linde PLC  | 6002 | 2720286 |
| Construction Materials - 1.3% |  |  |
| CRH PLC (United Kingdom)  | 65545 | 6144328 |
| James Hardie Industries PLC depository receipt (c) | 37046 | 869551 |
|  |  | 7013879 |
| TOTAL MATERIALS |  | 9734165 |
| TOTAL UNITED STATES |  | 25740764 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $349,892,375) |  | <br> **516150824** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (a)(b)(c) | 85 | 98175 |
| Canva Inc Series A2 (a)(b)(c) | 15 | 17325 |
| TOTAL AUSTRALIA |  | 115500 |
| CANADA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Valsoft Corp Series A-1.2 (a)(b) | 64 | 749677 |
| Valsoft Corp Series A-1.3 (a)(b) | 23 | 269415 |
| Valsoft Corp Series A-1.4 (a)(b) | 29 | 339698 |
| TOTAL CANADA |  | 1358790 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (a)(b)(c) | 1533 | 325441 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (a)(b)(c) | 7322 | 58722 |
| TOTAL CHINA |  | 384163 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(b)(c) | 3347 | 651481 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,607,856) |  | <br> **2509934** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 21796795 | 21801155 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 12633414 | 12634677 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $34,435,832) |  |  | **34435832** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.0%**<br> (Cost $386,936,063)<br>| <br>**553096590** |
| **NET OTHER ASSETS (LIABILITIES) - (2.0)%**  | **(10671268)** |
| **NET ASSETS - 100.0%** | **542425322** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Bolt Technology OU Series E | 1/03/22 | 869539 |
| ByteDance Ltd Series E1 | 11/18/20 | 167977 |
| Canva Inc Class A | 3/18/24 | 426664 |
| Canva Inc Series A | 9/22/23 | 90666 |
| Canva Inc Series A2 | 9/22/23 | 16000 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 103995 |
| Kry International Ab | 5/14/21 - 10/30/24 | 219661 |
| Lenskart Solutions Pvt Ltd | 4/30/24 | 661395 |
| Revolut Group Holdings Ltd | 12/27/24 | 1225512 |
| Starling Bank Ltd Class D | 6/18/21 - 4/05/22 | 286270 |
| Valsoft Corp Series A-1.2 | 3/14/25 | 749677 |
| Valsoft Corp Series A-1.3 | 3/17/25 | 228318 |
| Valsoft Corp Series A-1.4 | 3/17/25 | 381683 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 12600765 | 107111111 | 97910721 | 222366 | - | - | 21801155 | 21796795 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 100450 | 34210263 | 21676036 | 9592 | - | - | 12634677 | 12633414 | 0.0% |
| Total | 12701215 | 141321374 | 119586757 | 231958 | - | - | 34435832 |  |  |

---

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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 38116139 | 24999624 | 13116515 | - |
| Consumer Discretionary | 69398910 | 40334594 | 28264160 | 800156 |
| Consumer Staples | 12627954 | - | 12627954 | - |
| Energy | 5704627 | 4485207 | 1219420 | - |
| Financials | 139166330 | 35335738 | 102324990 | 1505602 |
| Health Care | 39619380 | 18991674 | 20627706 | - |
| Industrials | 126660471 | 26688132 | 99972339 | - |
| Information Technology | 66510876 | 31782083 | 34201235 | 527558 |
| Materials | 18346137 | 8864614 | 9481523 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 325441 | - | - | 325441 |
| Health Care | 58722 | - | - | 58722 |
| Information Technology | 2125771 | - | - | 2125771 |
|  **Money Market Funds** | 34435832 | 34435832 | - | - |
| **Total Investments in Securities:** | 553096590 | 225917498 | 321835842 | 5343250 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **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) | $518660758 |  |
| Fidelity Central Funds (cost $34,435,832) | 34435832 |  |
| Total Investment in Securities (cost $386,936,063) |  | $553096590 |
| Foreign currency held at value (cost $129,809) |  | 129640 |
| Receivable for investments sold |  | 64910 |
| Receivable for fund shares sold |  | 448502 |
| Dividends receivable |  | 1464138 |
| Reclaims receivable |  | 1267231 |
| Distributions receivable from Fidelity Central Funds |  | 64726 |
| Other receivables |  | 5398 |
| **Total assets** |  | 556541135 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $943299 |  |
| Payable for fund shares redeemed | 129879 |  |
| Accrued management fee | 257227 |  |
| Deferred taxes | 150612 |  |
| Other payables and accrued expenses | 118 |  |
| Collateral on securities loaned | 12634678 |  |
| **Total liabilities** |  | 14115813 |
| **Net Assets**  |  | $542425322 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $488352594 |
| Total accumulated earnings (loss) |  | 54072728 |
| **Net Assets** |  | $542425322 |
| **Net Asset Value**, offering price and redemption price per share ($542,425,322 ÷ 37,864,251 shares) |  | $14.33 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4901568 |
| Foreign Tax Reclaims |  | 460822 |
| Income from Fidelity Central Funds (including $9,592 from security lending)  |  | 231958 |
| Income before foreign taxes withheld |  | $5594348 |
| Less foreign taxes withheld |  | (573370) |
| **Total income** |  | 5020978 |
| **Expenses** |  |  |
| Management fee | $1604118 |  |
| Independent trustees' fees and expenses | 1219 |  |
| Total expenses before reductions | 1605337 |  |
| Expense reductions | (456) |  |
| Total expenses after reductions |  | 1604881 |
| **Net Investment income (loss)** |  | 3416097 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $117,266)  | 951783 |  |
| Foreign currency transactions | 42649 |  |
| Total net realized gain (loss) |  | 994432 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $297,217)  | 34320857 |  |
| Assets and liabilities in foreign currencies | 126063 |  |
| Total change in net unrealized appreciation (depreciation) |  | 34446920 |
| **Net gain (loss)** |  | 35441352 |
| **Net increase (decrease) in net assets resulting from operations** |  | $38857449 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3416097 | $8489589 |
| &nbsp;&nbsp;Net realized gain (loss) | 994432<br>| 38108806<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 34446920 | 123162530<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 38857449<br>| 169760925<br>|
| Distributions to shareholders | (20770849)<br>| (11176994)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 53943312 | 175322558 |
| Reinvestment of distributions | 20770849<br>| 11176992<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (101026577) | (377815727) |
| **Net increase (decrease) in net assets resulting from share transactions** | (26312416)<br>| (191316177)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (8225816)<br>| (32732246)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 550651138 | 583383384<br>|
| &nbsp;&nbsp;End of period | $542425322 | $550651138 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3939971 | 13577941 |
| Issued in reinvestment of distributions | 1540864<br>| 955298<br>|
| &nbsp;&nbsp;Redeemed | (7420319) | (28467113) |
| &nbsp;&nbsp;Net increase (decrease) | (1939484) | (13933874) |

---

**Financial Highlights** 

**Fidelity® International Discovery K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(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% <br>| 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<br>| .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) | $542425 | $550651 | $583383 | $468052 | $430892 | $103173 |
| Portfolio turnover rate H | 50% G<br>| 48% I | 55% I | 50% I | 58% I | 42% I |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

I*Portfolio 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** | $160773061 |
| **Gross unrealized depreciation** | <u>(6430980)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$154342081</u> |
| **Tax cost** | <u>$398754509</u> |

---

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 | $(90418700) |
| Long-term | <u>(12920706)</u> |
| **Total capital loss carryforward** | <u>$(103339406)</u> |

---

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** | 130985415 | 183710798 |

---

**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** | 5980844 | 21762174 | 73727455 |

---

**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** | 3165883 | 36396996 |

---

**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** | 3065615 | 11176762 | (791485) |

---

**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** | 1026 | 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.

![](img109453_4.jpg)<br>

1.9893916.105 IGI-K6-SANN-0625

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

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.

<u>Controls and Procedures</u>

(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.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(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.](ex99cert.htm)

(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.](ex99906cert.htm)

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: | <u>/s/Stacie M. Smith</u> |
|  | 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: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 20, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Investment Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>