# EDGAR Filing Document

**Accession Number:** 0000744822
**File Stem:** 0000744822-25-000229
**Filing Date:** 2025-12
**Character Count:** 1548320
**Document Hash:** 40b60db6068f41f3e04b63149309b7fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000744822-25-000229.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000744822-25-000229

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 168

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04008
- **FILM NUMBER:** 251590423

**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 Series Emerging Markets Opportunities Fund (Series ID: S000023605)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000069437 | Fidelity Series Emerging Markets Opportunities Fund | FEMSX           |

### Fidelity Global Commodity Stock Fund (Series ID: S000024314)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000071913 | Fidelity Global Commodity Stock Fund                  | FFGCX           |
| C000071914 | Fidelity Advisor Global Commodity Stock Fund: Class A | FFGAX           |
| C000071916 | Fidelity Advisor Global Commodity Stock Fund: Class C | FCGCX           |
| C000071917 | Fidelity Advisor Global Commodity Stock Fund: Class M | FFGTX           |
| C000071918 | Fidelity Advisor Global Commodity Stock Fund: Class I | FFGIX           |
| C000205035 | Fidelity Advisor Global Commodity Stock Fund: Class Z | FIQRX           |

### Fidelity Series International Growth Fund (Series ID: S000026866)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000080862 | Fidelity Series International Growth Fund | FIGSX           |

### Fidelity Series International Value Fund (Series ID: S000026867)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000080864 | Fidelity Series International Value Fund | FINVX           |

### Fidelity Series International Small Cap Fund (Series ID: S000026868)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000080866 | Fidelity Series International Small Cap Fund | FSTSX           |

### Fidelity Series Canada Fund (Series ID: S000058342)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000191329 | Fidelity Series Canada Fund | FCNSX           |

### Fidelity Series Emerging Markets Fund (Series ID: S000062805)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000203452 | Fidelity Series Emerging Markets Fund | FHKFX           |

### Fidelity SAI International SMA Completion Fund (Series ID: S000065216)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000211072 | Fidelity SAI International SMA Completion Fund | FISZX           |

### Fidelity Series Overseas Fund (Series ID: S000065700)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000212505 | Fidelity Series Overseas Fund | FSOSX           |

### Fidelity Infrastructure Fund (Series ID: S000066805)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000215141 | Fidelity Infrastructure Fund | FNSTX           |

### Fidelity Sustainable Emerging Markets Equity Fund (Series ID: S000075294)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000234201 | Fidelity Advisor Sustainable Emerging Markets Equity Fund: Class M | FSYNX           |
| C000234202 | Fidelity Advisor Sustainable Emerging Markets Equity Fund: Class C | FSYKX           |
| C000234203 | Fidelity Advisor Sustainable Emerging Markets Equity Fund: Class I | FSZIX           |
| C000234204 | Fidelity Advisor Sustainable Emerging Markets Equity Fund: Class Z | FSZZX           |
| C000234205 | Fidelity Sustainable Emerging Markets Equity Fund                  | FSYJX           |
| C000234206 | Fidelity Advisor Sustainable Emerging Markets Equity Fund: Class A | FSWAX           |

### Fidelity Sustainable International Equity Fund (Series ID: S000075295)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000234207 | Fidelity Advisor Sustainable International Equity Fund: Class M | FSYMX           |
| C000234208 | Fidelity Advisor Sustainable International Equity Fund: Class C | FSYCX           |
| C000234209 | Fidelity Advisor Sustainable International Equity Fund: Class I | FSQIX           |
| C000234210 | Fidelity Advisor Sustainable International Equity Fund: Class Z | FSQZX           |
| C000234211 | Fidelity Sustainable International Equity Fund                  | FSYRX           |
| C000234212 | Fidelity Advisor Sustainable International Equity Fund: Class A | FSQAX           |

### Fidelity SAI Sustainable Emerging Markets Equity Fund (Series ID: S000075895)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000235236 | Fidelity SAI Sustainable Emerging Markets Equity Fund | FSSGX           |

### Fidelity SAI Sustainable International Equity Fund (Series ID: S000075896)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000235237 | Fidelity SAI Sustainable International Equity Fund | FSSEX           |

### Fidelity Series Select International Small Cap Fund (Series ID: S000077858)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000238445 | Fidelity Series Select International Small Cap Fund | FSSJX           |

### Fidelity Series Sustainable Emerging Markets Fund (Series ID: S000080315)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000242614 | Fidelity Series Sustainable Emerging Markets Fund | FEMYX           |

### Fidelity Series Sustainable Non-U.S. Developed Markets Fund (Series ID: S000080316)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000242615 | Fidelity Series Sustainable Non-U.S. Developed Markets Fund | FNDMX           |

?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, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (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>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;October 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;October 31, 2025 |

---

This report on Form N-CSR relates solely to the Registrant's Fidelity Global Commodity Stock Fund, Fidelity Infrastructure Fund, Fidelity SAI International SMA Completion Fund, Fidelity SAI Sustainable Emerging Markets Equity Fund, Fidelity SAI Sustainable International Equity Fund, Fidelity Series Canada Fund, Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund, Fidelity Series Overseas Fund, Fidelity Series Select International Small Cap Fund, Fidelity Series Sustainable Emerging Markets Fund, Fidelity Series Sustainable Non-U.S. Developed Markets Fund, Fidelity Sustainable Emerging Markets Equity Fund, and Fidelity Sustainable International Equity Fund (the "Funds").

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Global Commodity Stock Fund<br> **Fidelity Advisor® Global Commodity Stock Fund Class Z : FIQRX** <br>|

---

This annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $82  | 0.76% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, stock picks in Canada and Asia Pacific ex Japan, primarily in Australia, detracted from the fund's relative result versus the MSCI AC World Commodity Producers Sector Capped Index (Net) for the fiscal year.

• By industry, the biggest detractor from performance versus the benchmark was stock selection in coal & consumable fuels. Stock picks and an underweight in fertilizers & agricultural chemicals also hampered the fund's result. Also detracting from our result was security selection in steel.

• The biggest individual relative detractor was our non-benchmark stake in Core Natural Resources (-28%). The stock was not held at period end. A second notable relative detractor was our non-benchmark stake in Algoma Steel Group (-54%). The stock was not held at period end. Another notable relative detractor was our overweight stake in Teck Resources (-10%). This period we decreased our stake in Teck Resources. The company was one of our biggest holdings this period.

• In contrast, an overweight in Canada and stock selection in the United States contributed to the fund's performance versus the MSCI index for the fiscal year.

• In terms of sector and industry positioning, an overweight in precious metals & minerals notably contributed to the fund's relative result. Security selection in copper also boosted relative performance. Also helping our relative result were stock picking and an underweight in oil & gas exploration & production.

• The top individual relative contributor was an overweight in Wheaton Precious Metals (+46%). This period we decreased our position in Wheaton Precious Metals. The stock was one of the fund's largest holdings this period. In oil & gas exploration & production, a non-benchmark stake in Antero Resources gained about 19% and was a second notable relative contributor. This period we decreased our position in Antero Resources. Another notable relative contributor was an overweight in Northam Platinum Holdings (+123%). This period we decreased our position in Northam Platinum Holdings.

• Notable changes in positioning include increased exposure to the United Kingdom and a lower allocation to Finland. By sector, meaningful changes in positioning include higher allocations to fertilizers & agricultural chemicals and gold.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 2, 2018 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9003<br>| $9005<br>| $8286<br>| $12767<br>| $15796<br>| $14327<br>| $16134<br>|
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index<br>| $10000 | $9089<br>| $8789<br>| $7500<br>| $11735<br>| $13197<br>| $12843<br>| $13596<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $9268<br>| $10478<br>| $11032<br>| $15191<br>| $12201<br>| $13531<br>| $18028<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118551_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 14.54% | 17.40% | 9.06% |
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index | 14.31%<br>| 15.69%<br>| 6.42% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 14.99%<br>| 11.90% |

---

**A** From October 2, 2018

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $920798944<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $7303906<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining | 36.7 |
| Oil, Gas & Consumable Fuels | 32.7 |
| Chemicals | 14.7 |
| Food Products | 9.1 |
| Paper & Forest Products | 4.1 |
| Containers & Packaging | 0.5 |
| Energy Equipment & Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 49.6 |
| Canada | 21.5 |
| Brazil | 7.3 |
| Australia | 4.8 |
| China | 3.5 |
| Chile | 3.1 |
| South Africa | 2.6 |
| Finland | 2.3 |
| United Kingdom | 2.3 |
| Others | 3.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 49.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 21.5&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;Brazil - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;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;Chile - 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;South Africa - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 8.2<br>|
| Corteva Inc | 7.6<br>|
| Chevron Corp | 5.6<br>|
| Nutrien Ltd | 4.9<br>|
| Archer-Daniels-Midland Co | 4.9<br>|
| Shell PLC | 4.6<br>|
| Bunge Global SA | 4.2<br>|
| Agnico Eagle Mines Ltd/CA | 3.9<br>|
| Imperial Oil Ltd | 3.1<br>|
| Glencore PLC | 2.7<br>|
|  | 49.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20251031_2.jpg)<br>| ![](img118551_3.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> 1.9913960.101 3276-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Global Commodity Stock Fund<br> **Fidelity Advisor® Global Commodity Stock Fund Class I : FFGIX** <br>|

---

This annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $96  | 0.89% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, stock picks in Canada and Asia Pacific ex Japan, primarily in Australia, detracted from the fund's relative result versus the MSCI AC World Commodity Producers Sector Capped Index (Net) for the fiscal year.

• By industry, the biggest detractor from performance versus the benchmark was stock selection in coal & consumable fuels. Stock picks and an underweight in fertilizers & agricultural chemicals also hampered the fund's result. Also detracting from our result was security selection in steel.

• The biggest individual relative detractor was our non-benchmark stake in Core Natural Resources (-28%). The stock was not held at period end. A second notable relative detractor was our non-benchmark stake in Algoma Steel Group (-54%). The stock was not held at period end. Another notable relative detractor was our overweight stake in Teck Resources (-10%). This period we decreased our stake in Teck Resources. The company was one of our biggest holdings this period.

• In contrast, an overweight in Canada and stock selection in the United States contributed to the fund's performance versus the MSCI index for the fiscal year.

• In terms of sector and industry positioning, an overweight in precious metals & minerals notably contributed to the fund's relative result. Security selection in copper also boosted relative performance. Also helping our relative result were stock picking and an underweight in oil & gas exploration & production.

• The top individual relative contributor was an overweight in Wheaton Precious Metals (+46%). This period we decreased our position in Wheaton Precious Metals. The stock was one of the fund's largest holdings this period. In oil & gas exploration & production, a non-benchmark stake in Antero Resources gained about 19% and was a second notable relative contributor. This period we decreased our position in Antero Resources. Another notable relative contributor was an overweight in Northam Platinum Holdings (+123%). This period we decreased our position in Northam Platinum Holdings.

• Notable changes in positioning include increased exposure to the United Kingdom and a lower allocation to Finland. By sector, meaningful changes in positioning include higher allocations to fertilizers & agricultural chemicals and gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10963<br>| $13044<br>| $13083<br>| $13076<br>| $12016<br>| $18500<br>| $22860<br>| $20705<br>| $23282<br>| $26646<br>|
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index<br>| $10000 | $11142<br>| $13428<br>| $13646<br>| $13195<br>| $11260<br>| $17618<br>| $19812<br>| $19281<br>| $20411<br>| $23332<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10248<br>| $12676<br>| $12658<br>| $14311<br>| $15068<br>| $20749<br>| $16664<br>| $18482<br>| $24624<br>| $30294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118553_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 14.45% | 17.27% | 10.30% |
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index | 14.31%<br>| 15.69%<br>| 8.84% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 14.99%<br>| 11.72% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $920798944<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $7303906<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining | 36.7 |
| Oil, Gas & Consumable Fuels | 32.7 |
| Chemicals | 14.7 |
| Food Products | 9.1 |
| Paper & Forest Products | 4.1 |
| Containers & Packaging | 0.5 |
| Energy Equipment & Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 49.6 |
| Canada | 21.5 |
| Brazil | 7.3 |
| Australia | 4.8 |
| China | 3.5 |
| Chile | 3.1 |
| South Africa | 2.6 |
| Finland | 2.3 |
| United Kingdom | 2.3 |
| Others | 3.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 49.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 21.5&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;Brazil - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;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;Chile - 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;South Africa - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 8.2<br>|
| Corteva Inc | 7.6<br>|
| Chevron Corp | 5.6<br>|
| Nutrien Ltd | 4.9<br>|
| Archer-Daniels-Midland Co | 4.9<br>|
| Shell PLC | 4.6<br>|
| Bunge Global SA | 4.2<br>|
| Agnico Eagle Mines Ltd/CA | 3.9<br>|
| Imperial Oil Ltd | 3.1<br>|
| Glencore PLC | 2.7<br>|
|  | 49.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20251031_2.jpg)<br>| ![](img118553_3.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> 1.9913959.101 2125-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series International Value Fund<br> **Fidelity® Series International Value Fund : FINVX** <br>|

---

This annual shareholder report contains information about Fidelity® Series International Value Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Value Fund  | $1  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, picks and an underweight in Europe ex U.K., primarily Germany, along with an overweight in the U.K., contributed to the fund's performance versus the MSCI EAFE Value Index (Net MA) for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was security selection in industrials, especially among capital goods firms. An overweight in financials also boosted the fund's relative performance. Investment choices and an underweight in consumer staples, the food, beverage & tobacco industry particular, helped as well.

• The top individual relative contributor was our non-benchmark stake in Rheinmetall (+282%). This period we decreased exposure to the stock though it remained one of the fund's biggest holdings. An overweight in Banco Santander (+113%), one of the fund's largest holdings, also helped. Another notable relative contributor was an outsized position in Mitsubishi Heavy Industries (+110%), though we decreased our position this period.

• In contrast, from a regional standpoint, security selection in the U.K. and Asia Pacific ex Japan detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks in consumer discretionary also hampered the fund's result, as did investment choices and an overweight in materials.

• The fund's non-benchmark stake in Shin-Etsu Chemical returned about -19% and was the biggest individual relative detractor. An overweight in Barratt Redrow (-10%) hurt as well. Another notable relative detractor this period was avoiding Banco Bilbao Vizcaya Argentaria, a benchmark component that gained approximately 110%.

• Notable changes in geographic positioning included decreased exposure to Australia and a higher allocation to Switzerland. By sector, meaningful shifts included decreased exposure to information technology and a higher allocation to health care stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series International Value Fund<br>| $10000 | $9551<br>| $11493<br>| $10561<br>| $11140<br>| $9742<br>| $14121<br>| $11805<br>| $14047<br>| $17586<br>| $23407<br>|
| MSCI EAFE Value Index<br>| $10000 | $9690<br>| $11967<br>| $11074<br>| $11716<br>| $9580<br>| $13285<br>| $11143<br>| $13198<br>| $16252<br>| $21136<br>|
| MSCI EAFE Index<br>| $10000 | $9697<br>| $11994<br>| $11197<br>| $12462<br>| $11629<br>| $15635<br>| $12063<br>| $13831<br>| $17046<br>| $21031<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118477_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series International Value Fund | 33.10% | 19.16% | 8.88% |
| MSCI EAFE Value Index | 30.05%<br>| 17.15%<br>| 7.77% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $16069689133<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 39.9 |
| Industrials | 16.5 |
| Materials | 11.7 |
| Energy | 6.7 |
| Health Care | 6.1 |
| Consumer Discretionary | 5.1 |
| Consumer Staples | 4.3 |
| Communication Services | 3.5 |
| Information Technology | 3.2 |
| Utilities | 1.1 |
| Real Estate | 0.5 |

---

Common Stocks 98.4 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2283_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.4&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) - 1.4 |

---

---

| | |
|:---|:---|
| Japan | 21.6 |
| United Kingdom | 14.1 |
| Germany | 13.8 |
| United States | 12.6 |
| France | 9.2 |
| Italy | 4.3 |
| Australia | 4.1 |
| Spain | 3.9 |
| Switzerland | 3.6 |
| Others | 12.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2283_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.6&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 - 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 13.8&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;United States - 12.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 9.2&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;Italy - 4.3&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;Australia - 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;Spain - 3.9&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 - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Shell PLC ADR | 3.1<br>|
| Banco Santander SA | 3.0<br>|
| Mitsubishi UFJ Financial Group Inc | 2.4<br>|
| Sumitomo Mitsui Financial Group Inc | 2.3<br>|
| Lloyds Banking Group PLC | 2.3<br>|
| Hitachi Ltd | 2.2<br>|
| AXA SA | 2.2<br>|
| CRH PLC | 2.0<br>|
| Rheinmetall AG | 2.0<br>|
| Zurich Insurance Group AG | 2.0<br>|
|  | 23.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2283_20251031_2.jpg)<br>| ![](img118477_3.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> 1.9913963.101 2283-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series International Small Cap Fund<br> **Fidelity® Series International Small Cap Fund : FSTSX** <br>|

---

This annual shareholder report contains information about Fidelity® Series International Small Cap Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Small Cap Fund  | $1  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in Japan and an overweight in Europe ex U.K., primarily in Sweden, detracted from the fund's performance versus the MSCI EAFE Small Cap Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within communication services, where our stock picks in media & entertainment hurt most. Investment choices and an underweight in financials, primarily within the insurance industry, also hampered the fund's result, as did security selection in real estate.

• The largest individual relative detractor was our non-benchmark stake in CTS Eventim (-13%), one of the fund's biggest holdings this period. A non-benchmark stake in Morningstar returned -35% also hurt. This period we decreased our investment in the stock. Outsized exposure to Aalberts (-9%), one of the fund's largest holdings, was another negative.

• In contrast, from a regional standpoint, stock picks in Europe and the U.K. contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was security selection in information technology, primarily within the technology hardware & equipment industry. Stock picking and an underweight in health care also boosted the fund's relative performance. An underweight in real estate, especially among equity real estate investment trusts, helped as well.

• The fund's non-benchmark stake in Rheinmetall gained 267% and was the top individual relative contributor. This period we decreased our position in the stock. Further bolstering performance was exposure to Spectris (+71%). Though the stock was no longer held at period end, the company was among our largest holdings the past 12 months. A non-benchmark stake in Zegona Communications gained roughly 315% and notably helped as well. This was a stake we established this period.

• Notable changes in geographic positioning included decreased exposure to Germany. By sector, meaningful changes shifts included decreased exposure to communication services and a higher allocation to financials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series International Small Cap Fund<br>| $10000 | $10002<br>| $12589<br>| $12121<br>| $13668<br>| $14980<br>| $20763<br>| $14156<br>| $15086<br>| $19197<br>| $23676<br>|
| MSCI EAFE Small Cap Index<br>| $10000 | $10312<br>| $13169<br>| $12158<br>| $13252<br>| $13090<br>| $17798<br>| $12431<br>| $13260<br>| $16336<br>| $20385<br>|
| MSCI EAFE Index<br>| $10000 | $9697<br>| $11994<br>| $11197<br>| $12462<br>| $11629<br>| $15635<br>| $12063<br>| $13831<br>| $17046<br>| $21031<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118478_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series International Small Cap Fund | 23.33% | 9.59% | 9.00% |
| MSCI EAFE Small Cap Index | 24.78%<br>| 9.26%<br>| 7.38% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3750979737<br>|
| Number of Holdings | 269<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 32.4 |
| Information Technology | 17.1 |
| Consumer Discretionary | 13.4 |
| Financials | 9.8 |
| Materials | 5.8 |
| Communication Services | 5.8 |
| Consumer Staples | 4.6 |
| Health Care | 4.2 |
| Real Estate | 3.1 |
| Energy | 2.1 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2284_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&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) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 30.9 |
| United Kingdom | 17.7 |
| Sweden | 11.0 |
| Germany | 5.2 |
| Netherlands | 4.9 |
| Canada | 4.0 |
| Italy | 3.7 |
| France | 3.5 |
| United States | 2.7 |
| Others | 16.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2284_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 30.9&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 Kingdom - 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 11.0&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;Germany - 5.2&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;Netherlands - 4.9&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;Italy - 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;France - 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;United States - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 16.4&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**<br>**(% of Fund's net assets)**  |  |
| Lagercrantz Group AB B Shares | 3.0<br>|
| AddTech AB B Shares | 2.8<br>|
| Azbil Corp | 2.8<br>|
| Interpump Group SpA | 2.6<br>|
| Games Workshop Group PLC | 2.3<br>|
| BE Semiconductor Industries NV | 2.1<br>|
| KBC Ancora | 1.9<br>|
| Howden Joinery Group PLC | 1.9<br>|
| Aalberts NV | 1.8<br>|
| Bergman & Beving AB B Shares | 1.7<br>|
|  | 22.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2284_20251031_2.jpg)<br>| ![](img118478_3.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> 1.9913964.101 2284-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Emerging Markets Opportunities Fund<br> **Fidelity® Series Emerging Markets Opportunities Fund : FEMSX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Emerging Markets Opportunities Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Emerging Markets Opportunities Fund  | $2  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection and underweights in Emerging Asia and the Middle East contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, security selection was the primary contributor, led by information technology. Stock picking in materials and health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+192%). The company was one of our largest holdings. A non-benchmark stake in Sea gained approximately 60% and was the second-largest relative contributor. This period we decreased our investment in Sea. Another notable relative contributor was our non-benchmark stake in BizLink (+214%). This period we decreased our investment in BizLink.

• In contrast, from a regional standpoint, picks and an overweight in Latin America, primarily in Brazil, and stock picking in Emerging Europe detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer staples, primarily within the consumer staples distribution & retail industry. An underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Also detracting from our result were stock picks in energy.

• The biggest individual relative detractor was an underweight in Hon Hai Precision Industry (+31%). A second notable relative detractor was an overweight in Alfamart (-42%). Another relative detractor was an overweight in Bank Central Asia (-19%).

• Notable changes in positioning include higher allocations to South Korea and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer staples and energy.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Emerging Markets Opportunities Fund<br>| $10000 | $11102<br>| $14326<br>| $12203<br>| $14660<br>| $16664<br>| $19736<br>| $12763<br>| $14602<br>| $18394<br>| $24100<br>|
| MSCI Emerging Markets Index<br>| $10000 | $10931<br>| $13827<br>| $12101<br>| $13540<br>| $14660<br>| $17148<br>| $11830<br>| $13112<br>| $16433<br>| $21015<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118482_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Emerging Markets Opportunities Fund | 31.02% | 7.66% | 9.19% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $26667861463<br>|
| Number of Holdings | 247<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.9 |
| Financials | 21.9 |
| Consumer Discretionary | 14.1 |
| Communication Services | 9.0 |
| Materials | 6.4 |
| Industrials | 5.8 |
| Consumer Staples | 3.8 |
| Energy | 3.4 |
| Health Care | 3.2 |
| Utilities | 2.2 |
| Real Estate | 1.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Preferred Stocks | 1.1 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2117_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| China | 29.1 |
| Taiwan | 19.6 |
| India | 13.9 |
| Korea (South) | 12.6 |
| Brazil | 5.0 |
| South Africa | 4.5 |
| Saudi Arabia | 2.9 |
| Mexico | 2.1 |
| United States | 2.0 |
| Others | 8.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2117_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 19.6&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;India - 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;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 12.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 5.0&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;South Africa - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 2.1&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 States - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.8<br>|
| Tencent Holdings Ltd | 6.2<br>|
| Samsung Electronics Co Ltd | 4.9<br>|
| Alibaba Group Holding Ltd | 3.9<br>|
| SK Hynix Inc | 3.5<br>|
| China Construction Bank Corp H Shares | 2.1<br>|
| HDFC Bank Ltd/Gandhinagar | 1.8<br>|
| PDD Holdings Inc Class A ADR | 1.7<br>|
| Reliance Industries Ltd | 1.3<br>|
| Naspers Ltd Class N | 1.2<br>|
|  | 40.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2117_20251031_2.jpg)<br>| ![](img118482_3.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> 1.9913954.101 2117-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® SAI International SMA Completion Fund<br> **Fidelity® SAI International SMA Completion Fund : FISZX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI International SMA Completion Fund for the period November 1, 2024 to October 31, 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 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI International SMA Completion Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, a non-benchmark allocation to Canada detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials. Also hurting our result was stock selection in consumer discretionary and in industrials, primarily within the capital goods industry.

• The biggest individual relative detractor was a non-benchmark stake in Constellation Software, which returned roughly -13%. Another notable relative detractor was our non-benchmark stake in Ivanhoe Mines (-25%). The stock was not held at period end. An overweight in Indutrade (0%) also hurt. This period we decreased our stake in Indutrade.

• In contrast, from a regional standpoint, an underweight in Europe ex U.K., primarily in Denmark, contributed to the fund's relative result.

• By sector, the biggest contributors to performance versus the benchmark were stock picks and an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. An overweight in industrials, primarily within the capital goods industry, also boosted relative performance. Also contributing to our result was stock selection in materials.

• The top individual relative contributor was an overweight in Mitsubishi Heavy Industries (+112%). The stock was the fund's largest holding. Another relative contributor was an overweight in Thales (+80%). The stock was one of our largest holdings at period end. An overweight in CaixaBank (+84%) also contributed. The stock was among our largest holdings.

• By sector, meaningful changes in positioning include increased exposure to health care and a lower allocation to energy.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 11, 2019 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI International SMA Completion Fund<br>| $10000 | $10470<br>| $12415<br>| $15646<br>| $10313<br>| $10994<br>| $13517<br>|
| MSCI EAFE Index<br>| $10000 | $10437<br>| $9739<br>| $13094<br>| $10103<br>| $11583<br>| $14276<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118491_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI International SMA Completion Fund | 24.58% | 6.29% | 8.27% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 9.01% |

---

**A** From April 11, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1403076804<br>|
| Number of Holdings | 48<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 29.3 |
| Financials | 20.9 |
| Information Technology | 15.3 |
| Health Care | 10.5 |
| Materials | 8.5 |
| Consumer Discretionary | 7.7 |
| Consumer Staples | 2.5 |
| Communication Services | 1.8 |
| Energy | 0.7 |

---

Common Stocks 97.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3358_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.8 <br>

---

| | |
|:---|:---|
| Japan | 31.2 |
| Germany | 13.6 |
| Korea (South) | 7.9 |
| Spain | 6.4 |
| United Kingdom | 5.8 |
| Sweden | 5.5 |
| Canada | 4.9 |
| Italy | 4.4 |
| France | 3.7 |
| Others | 16.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3358_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 31.2&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;Germany - 13.6&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;Korea (South) - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 6.4&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;United Kingdom - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 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;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;Italy - 4.4&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;France - 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;Others - 16.6&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**<br>**(% of Fund's net assets)**  |  |
| Mitsubishi Heavy Industries Ltd | 7.6<br>|
| CaixaBank SA | 6.4<br>|
| ITOCHU Corp | 5.6<br>|
| SK Hynix Inc | 5.1<br>|
| Fresenius SE & Co KGaA | 4.8<br>|
| Investor AB B Shares | 4.5<br>|
| Heidelberg Materials AG | 4.0<br>|
| Renesas Electronics Corp | 3.7<br>|
| Antofagasta PLC | 2.8<br>|
| Samsung Electronics Co Ltd | 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. |
| ![](img3358_20251031_2.jpg)<br>| ![](img118491_3.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> 1.9914008.101 3358-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Overseas Fund<br> **Fidelity® Series Overseas Fund : FSOSX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Overseas Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Overseas Fund  | $1  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, stock selection in Europe ex U.K. and a non-benchmark allocation to the United States detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials. Also hurting our result were stock picks in industrials and consumer discretionary.

• The fund's non-benchmark stake in Marsh & McLennan returned -17% and was the largest individual relative detractor. A second notable relative detractor this period was avoiding SoftBank Group, a benchmark component that gained 183%. Another notable relative detractor was our non-benchmark stake in Constellation Software (-13%).

• In contrast, from a regional standpoint, stock picking in Japan and an underweight in the Asia Pacific ex Japan region contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection and an underweight in consumer staples, primarily within the food, beverage & tobacco industry, also boosted the fund's relative performance. Also helping our relative result was an overweight in industrials, primarily within the capital goods industry.

• The top individual relative contributor was an overweight in Rolls-Royce Holdings (+124%). The company was among our biggest holdings. The second-largest relative contributor was an overweight in Mitsubishi Heavy Industries (+115%), and we reduced our holdings of the stock. An overweight in CaixaBank (+84%) also contributed. The stock was one of the fund's largest holdings at period end.

• Notable changes in positioning include increased exposure to communication services and a lower allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

June 21, 2019 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Overseas Fund<br>| $10000 | $10200<br>| $10660<br>| $14805<br>| $10562<br>| $12046<br>| $15208<br>|
| MSCI EAFE Index<br>| $10000 | $10320<br>| $9630<br>| $12947<br>| $9989<br>| $11453<br>| $14115<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118476_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Series Overseas Fund | 18.69% | 11.11% | 9.72% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 9.10% |

---

**A** From June 21, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $16062648496<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 27.5 |
| Financials | 26.6 |
| Information Technology | 12.9 |
| Materials | 8.1 |
| Consumer Discretionary | 6.5 |
| Communication Services | 5.3 |
| Health Care | 4.7 |
| Consumer Staples | 3.9 |
| Utilities | 1.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3468_20251031_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 | 17.3 |
| United States | 16.1 |
| United Kingdom | 15.2 |
| Germany | 11.1 |
| France | 9.9 |
| Spain | 6.8 |
| Italy | 5.0 |
| Netherlands | 3.3 |
| Switzerland | 2.6 |
| Others | 12.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3468_20251031_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 - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 11.1&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;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;Spain - 6.8&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 - 5.0&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 - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 12.7&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 3.1<br>|
| Banco Santander SA | 2.8<br>|
| Safran SA | 2.7<br>|
| Schneider Electric SE | 2.6<br>|
| Rolls-Royce Holdings PLC | 2.6<br>|
| SAP SE | 2.5<br>|
| Hoya Corp | 2.1<br>|
| CaixaBank SA | 2.1<br>|
| ASML Holding NV | 2.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.1<br>|
|  | 24.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3468_20251031_2.jpg)<br>| ![](img118476_3.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> 1.9914010.101 3468-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable International Equity Fund<br> **Fidelity Advisor® Sustainable International Equity Fund Class C : FSYCX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $226  | 2.05% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, stock picking was the primary detractor, especially within financials. Also hurting our result were investment choices in industrials, primarily among capital goods firms, in addition to health care, pharmaceuticals, biotechnology & life sciences stocks in particular.

• The biggest individual relative detractor was our stake in Novo Nordisk (-58%). Though we decreased exposure to the stock, it was one of the fund's biggest holdings this period. An overweight in Merck (-20%) hurt as well. Another notable relative detractor was Tokyo Electron (-16%).

• In contrast, from a regional standpoint, non-benchmark allocations to emerging markets and Japan contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was security selection in information technology. Stock picking and an underweight in energy also boosted relative performance. Outsized exposure to financials helped as well.

• The top individual relative contributor was our non-benchmark stake in SK Hynix (+191%). An out-of-benchmark position in Cameco also helped, gaining 149%. This was a holding we established this period. Another notable relative contributor was an overweight in UniCredit (+75%), one of our biggest positions.

• Notable changes in geographic positioning included lower allocations to Denmark and the United Kingdom. By sector, meaningful shifts included increased exposure to communication services and information technology stocks.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $7160<br>| $7780<br>| $9694<br>|
| MSCI EAFE ESG Leaders<br>| $10000 | $7669<br>| $8792<br>| $10737<br>|
| MSCI EAFE Index<br>| $10000 | $7820<br>| $8966<br>| $11050<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118459_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 19.61% | 4.29% |
| Class C | 20.61% | 4.29% |
| MSCI EAFE ESG Leaders | 18.01%<br>| 6.56% |
| MSCI EAFE Index | 23.38%<br>| 8.68% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17778945<br>|
| Number of Holdings | 90<br>|
| Total Advisory Fee | $100755<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 19.2 |
| Information Technology | 13.7 |
| Consumer Discretionary | 8.7 |
| Health Care | 7.4 |
| Materials | 4.8 |
| Consumer Staples | 4.6 |
| Communication Services | 3.5 |
| Utilities | 3.4 |
| Energy | 1.7 |
| Real Estate | 0.7 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20251031_AA.jpg) <br>|

---

Common Stocks - 95.0&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) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 10.8 |
| United States | 10.7 |
| Germany | 8.8 |
| France | 8.8 |
| Netherlands | 6.8 |
| Italy | 4.4 |
| Australia | 4.0 |
| Taiwan | 3.4 |
| Others | 20.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&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 Kingdom - 10.8&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;Germany - 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;France - 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;Netherlands - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&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;Australia - 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;Taiwan - 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;Others - 20.4&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 4.9<br>|
| Sony Group Corp | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.4<br>|
| ITOCHU Corp | 3.3<br>|
| UniCredit SpA | 2.6<br>|
| Schneider Electric SE | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| Koninklijke KPN NV | 2.1<br>|
| ING Groep NV | 2.1<br>|
| Danone SA | 2.1<br>|
|  | 29.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img6462_20251031_2.jpg)<br>| ![](img118459_3.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> 1.9914020.101 6464-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Sustainable Non-U.S. Developed Markets Fund<br> **Fidelity® Series Sustainable Non-U.S. Developed Markets Fund : FNDMX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Sustainable Non-U.S. Developed Markets Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Sustainable Non-U.S. Developed Markets Fund  | $1  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, an underweight in emerging markets, primarily in South Korea, and stock picking in the U.K. detracted from the fund's performance versus the MSCI World ex US Net MA Index for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials, where our stock picks in financial services hurt most.

• The largest individual relative detractor was an underweight in Taiwan Semiconductor Manufacturing (+54%). The company was among the fund's biggest holdings at period end. Not owning SK Hynix, a benchmark component that gained about 193%, was a second notable relative detractor. An underweight in Samsung Electronics (+79%) also detracted.

• In contrast, from a regional standpoint, an overweight in Canada and an underweight in Asia Pacific ex Japan, primarily in Australia, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The top individual relative contributor was an overweight in Rheinmetall (+275%). A second notable relative contributor was an overweight in Mitsubishi Heavy Industries (+112%). The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include decreased exposure to the United States and Netherlands. By sector, meaningful changes in positioning include lower allocations to health care and consumer discretionary.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 11, 2023 through October 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Fidelity® Series Sustainable Non-U.S. Developed Markets Fund<br>| $10000 | $9340<br>| $11713<br>|
| MSCI World ex USA ESG Focus Index<br>| $10000 | $9188<br>| $11372<br>|
| MSCI World ex USA Index<br>| $10000 | $9244<br>| $11474<br>|
|  | 2023 | 2024 | 2025 |

---

![](img118473_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Series Sustainable Non-U.S. Developed Markets Fund | 22.75% | 15.79% |
| MSCI World ex USA ESG Focus Index | 23.70%<br>| 14.77% |
| MSCI World ex USA Index | 23.93%<br>| 15.28% |

---

**A** From May 11, 2023

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $28661300<br>|
| Number of Holdings | 426<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 39%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 28.7 |
| Industrials | 24.4 |
| Information Technology | 13.0 |
| Materials | 7.6 |
| Consumer Discretionary | 6.9 |
| Health Care | 4.7 |
| Consumer Staples | 4.0 |
| Energy | 3.9 |
| Communication Services | 3.8 |
| Utilities | 0.9 |
| Real Estate | 0.7 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7318_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&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) - 1.4 |

---

---

| | |
|:---|:---|
| Japan | 16.8 |
| United Kingdom | 13.5 |
| Canada | 12.5 |
| United States | 11.5 |
| France | 8.6 |
| Germany | 8.0 |
| Switzerland | 3.9 |
| Spain | 3.4 |
| Netherlands | 3.2 |
| Others | 18.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7318_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.8&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;United Kingdom - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;United States - 11.5&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;Germany - 8.0&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;Switzerland - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Netherlands - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 18.6&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**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 2.2<br>|
| CRH PLC | 2.1<br>|
| SAP SE | 2.0<br>|
| BAE Systems PLC | 1.8<br>|
| Schneider Electric SE | 1.7<br>|
| Hitachi Ltd | 1.6<br>|
| Banco Santander SA | 1.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 1.4<br>|
| Mitsubishi Heavy Industries Ltd | 1.4<br>|
| Zurich Insurance Group AG | 1.3<br>|
|  | 17.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img7318_20251031_2.jpg)<br>| ![](img118473_3.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> 1.9914034.101 7318-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable Emerging Markets Equity Fund<br> **Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class C : FSYKX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $259  | 2.25% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection and an underweight in Emerging Asia and an underweight in Emerging Europe, Middle East & Africa contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks in materials also boosted relative performance. Also lifting the fund's relative result were stock picking and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was our stake in Xiaomi (+59%). The company was one of our biggest holdings this period. The second-largest relative contributor was an overweight in SK Hynix (+191%). The company was one of our largest holdings. A non-benchmark stake in Chroma ATE gained 134% and notably helped. This was a position we established this period.

• In contrast, from a regional standpoint, stock selection in Latin America, primarily in Mexico, and Emerging Europe, Middle East & Africa detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock picking in consumer staples and financials. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-19%). The second-largest relative detractor was our non-benchmark stake in Bank Syariah Indonesia (-16%). This was a stake we established this period.

• Notable changes in positioning include decreased exposure to Brazil and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to information technology.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $6520<br>| $7300<br>| $9104<br>|
| MSCI Emerging Markets (EM) ESG Leaders Index<br>| $10000 | $6534<br>| $7249<br>| $9315<br>|
| MSCI Emerging Markets Index<br>| $10000 | $6946<br>| $7699<br>| $9649<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118465_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 29.41% | 4.72% |
| Class C | 30.41% | 4.72% |
| MSCI Emerging Markets (EM) ESG Leaders Index | 31.76%<br>| 5.66% |
| MSCI Emerging Markets Index | 27.88%<br>| 5.81% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13646324<br>|
| Number of Holdings | 142<br>|
| Total Advisory Fee | $72241<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.1 |
| Financials | 25.8 |
| Consumer Discretionary | 13.5 |
| Communication Services | 10.1 |
| Industrials | 6.2 |
| Health Care | 4.1 |
| Materials | 2.2 |
| Energy | 2.1 |
| Consumer Staples | 1.8 |
| Utilities | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20251031_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>

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 20.4 |
| Korea (South) | 11.6 |
| India | 10.4 |
| Brazil | 4.4 |
| United States | 3.6 |
| South Africa | 3.5 |
| Indonesia | 2.9 |
| Mexico | 2.2 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&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 - 20.4&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) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 10.4&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;Brazil - 4.4&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;United States - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 3.5&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;Mexico - 2.2&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;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.5<br>|
| Tencent Holdings Ltd | 6.4<br>|
| Samsung Electronics Co Ltd | 4.8<br>|
| Alibaba Group Holding Ltd | 4.4<br>|
| SK Hynix Inc | 3.0<br>|
| China Construction Bank Corp H Shares | 2.2<br>|
| Reliance Industries Ltd | 1.8<br>|
| Delta Electronics Inc | 1.5<br>|
| Bharti Airtel Ltd | 1.3<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
|  | 40.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20251031_2.jpg)<br>| ![](img118465_3.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> 1.9914026.101 6470-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable Emerging Markets Equity Fund<br> **Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class M : FSYNX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $202  | 1.75% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection and an underweight in Emerging Asia and an underweight in Emerging Europe, Middle East & Africa contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks in materials also boosted relative performance. Also lifting the fund's relative result were stock picking and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was our stake in Xiaomi (+59%). The company was one of our biggest holdings this period. The second-largest relative contributor was an overweight in SK Hynix (+191%). The company was one of our largest holdings. A non-benchmark stake in Chroma ATE gained 134% and notably helped. This was a position we established this period.

• In contrast, from a regional standpoint, stock selection in Latin America, primarily in Mexico, and Emerging Europe, Middle East & Africa detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock picking in consumer staples and financials. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-19%). The second-largest relative detractor was our non-benchmark stake in Bank Syariah Indonesia (-16%). This was a stake we established this period.

• Notable changes in positioning include decreased exposure to Brazil and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to information technology.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $6311<br>| $7110<br>| $8900<br>|
| MSCI Emerging Markets (EM) ESG Leaders Index<br>| $10000 | $6534<br>| $7249<br>| $9315<br>|
| MSCI Emerging Markets Index<br>| $10000 | $6946<br>| $7699<br>| $9649<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118463_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 26.53% | 4.23% |
| Class M (without 3.50% sales charge) | 31.12% | 5.24% |
| MSCI Emerging Markets (EM) ESG Leaders Index | 31.76%<br>| 5.66% |
| MSCI Emerging Markets Index | 27.88%<br>| 5.81% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13646324<br>|
| Number of Holdings | 142<br>|
| Total Advisory Fee | $72241<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.1 |
| Financials | 25.8 |
| Consumer Discretionary | 13.5 |
| Communication Services | 10.1 |
| Industrials | 6.2 |
| Health Care | 4.1 |
| Materials | 2.2 |
| Energy | 2.1 |
| Consumer Staples | 1.8 |
| Utilities | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20251031_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>

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 20.4 |
| Korea (South) | 11.6 |
| India | 10.4 |
| Brazil | 4.4 |
| United States | 3.6 |
| South Africa | 3.5 |
| Indonesia | 2.9 |
| Mexico | 2.2 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&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 - 20.4&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) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 10.4&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;Brazil - 4.4&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;United States - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 3.5&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;Mexico - 2.2&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;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.5<br>|
| Tencent Holdings Ltd | 6.4<br>|
| Samsung Electronics Co Ltd | 4.8<br>|
| Alibaba Group Holding Ltd | 4.4<br>|
| SK Hynix Inc | 3.0<br>|
| China Construction Bank Corp H Shares | 2.2<br>|
| Reliance Industries Ltd | 1.8<br>|
| Delta Electronics Inc | 1.5<br>|
| Bharti Airtel Ltd | 1.3<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
|  | 40.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20251031_2.jpg)<br>| ![](img118463_3.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> 1.9914027.101 6471-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable International Equity Fund<br> **Fidelity® Sustainable International Equity Fund : FSYRX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable International Equity Fund  | $116  | 1.05% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, stock picking was the primary detractor, especially within financials. Also hurting our result were investment choices in industrials, primarily among capital goods firms, in addition to health care, pharmaceuticals, biotechnology & life sciences stocks in particular.

• The biggest individual relative detractor was our stake in Novo Nordisk (-58%). Though we decreased exposure to the stock, it was one of the fund's biggest holdings this period. An overweight in Merck (-20%) hurt as well. Another notable relative detractor was Tokyo Electron (-16%).

• In contrast, from a regional standpoint, non-benchmark allocations to emerging markets and Japan contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was security selection in information technology. Stock picking and an underweight in energy also boosted relative performance. Outsized exposure to financials helped as well.

• The top individual relative contributor was our non-benchmark stake in SK Hynix (+191%). An out-of-benchmark position in Cameco also helped, gaining 149%. This was a holding we established this period. Another notable relative contributor was an overweight in UniCredit (+75%), one of our biggest positions.

• Notable changes in geographic positioning included lower allocations to Denmark and the United Kingdom. By sector, meaningful shifts included increased exposure to communication services and information technology stocks.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Sustainable International Equity Fund<br>| $10000 | $7210<br>| $7912<br>| $9968<br>|
| MSCI EAFE ESG Leaders<br>| $10000 | $7669<br>| $8792<br>| $10737<br>|
| MSCI EAFE Index<br>| $10000 | $7820<br>| $8966<br>| $11050<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118455_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Sustainable International Equity Fund | 21.74% | 5.33% |
| MSCI EAFE ESG Leaders | 18.01%<br>| 6.56% |
| MSCI EAFE Index | 23.38%<br>| 8.68% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17778945<br>|
| Number of Holdings | 90<br>|
| Total Advisory Fee | $100755<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 19.2 |
| Information Technology | 13.7 |
| Consumer Discretionary | 8.7 |
| Health Care | 7.4 |
| Materials | 4.8 |
| Consumer Staples | 4.6 |
| Communication Services | 3.5 |
| Utilities | 3.4 |
| Energy | 1.7 |
| Real Estate | 0.7 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20251031_AA.jpg) <br>|

---

Common Stocks - 95.0&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) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 10.8 |
| United States | 10.7 |
| Germany | 8.8 |
| France | 8.8 |
| Netherlands | 6.8 |
| Italy | 4.4 |
| Australia | 4.0 |
| Taiwan | 3.4 |
| Others | 20.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&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 Kingdom - 10.8&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;Germany - 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;France - 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;Netherlands - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&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;Australia - 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;Taiwan - 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;Others - 20.4&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 4.9<br>|
| Sony Group Corp | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.4<br>|
| ITOCHU Corp | 3.3<br>|
| UniCredit SpA | 2.6<br>|
| Schneider Electric SE | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| Koninklijke KPN NV | 2.1<br>|
| ING Groep NV | 2.1<br>|
| Danone SA | 2.1<br>|
|  | 29.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img6462_20251031_2.jpg)<br>| ![](img118455_3.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> 1.9914018.101 6462-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable Emerging Markets Equity Fund<br> **Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class I : FSZIX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $145  | 1.25% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection and an underweight in Emerging Asia and an underweight in Emerging Europe, Middle East & Africa contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks in materials also boosted relative performance. Also lifting the fund's relative result were stock picking and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was our stake in Xiaomi (+59%). The company was one of our biggest holdings this period. The second-largest relative contributor was an overweight in SK Hynix (+191%). The company was one of our largest holdings. A non-benchmark stake in Chroma ATE gained 134% and notably helped. This was a position we established this period.

• In contrast, from a regional standpoint, stock selection in Latin America, primarily in Mexico, and Emerging Europe, Middle East & Africa detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock picking in consumer staples and financials. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-19%). The second-largest relative detractor was our non-benchmark stake in Bank Syariah Indonesia (-16%). This was a stake we established this period.

• Notable changes in positioning include decreased exposure to Brazil and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to information technology.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $6570<br>| $7431<br>| $9351<br>|
| MSCI Emerging Markets (EM) ESG Leaders Index<br>| $10000 | $6534<br>| $7249<br>| $9315<br>|
| MSCI Emerging Markets Index<br>| $10000 | $6946<br>| $7699<br>| $9649<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118464_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 31.68% | 5.75% |
| MSCI Emerging Markets (EM) ESG Leaders Index | 31.76%<br>| 5.66% |
| MSCI Emerging Markets Index | 27.88%<br>| 5.81% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13646324<br>|
| Number of Holdings | 142<br>|
| Total Advisory Fee | $72241<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.1 |
| Financials | 25.8 |
| Consumer Discretionary | 13.5 |
| Communication Services | 10.1 |
| Industrials | 6.2 |
| Health Care | 4.1 |
| Materials | 2.2 |
| Energy | 2.1 |
| Consumer Staples | 1.8 |
| Utilities | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20251031_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>

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 20.4 |
| Korea (South) | 11.6 |
| India | 10.4 |
| Brazil | 4.4 |
| United States | 3.6 |
| South Africa | 3.5 |
| Indonesia | 2.9 |
| Mexico | 2.2 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&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 - 20.4&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) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 10.4&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;Brazil - 4.4&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;United States - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 3.5&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;Mexico - 2.2&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;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.5<br>|
| Tencent Holdings Ltd | 6.4<br>|
| Samsung Electronics Co Ltd | 4.8<br>|
| Alibaba Group Holding Ltd | 4.4<br>|
| SK Hynix Inc | 3.0<br>|
| China Construction Bank Corp H Shares | 2.2<br>|
| Reliance Industries Ltd | 1.8<br>|
| Delta Electronics Inc | 1.5<br>|
| Bharti Airtel Ltd | 1.3<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
|  | 40.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20251031_2.jpg)<br>| ![](img118464_3.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> 1.9914028.101 6472-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable Emerging Markets Equity Fund<br> **Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A : FSWAX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $173  | 1.50% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection and an underweight in Emerging Asia and an underweight in Emerging Europe, Middle East & Africa contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks in materials also boosted relative performance. Also lifting the fund's relative result were stock picking and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was our stake in Xiaomi (+59%). The company was one of our biggest holdings this period. The second-largest relative contributor was an overweight in SK Hynix (+191%). The company was one of our largest holdings. A non-benchmark stake in Chroma ATE gained 134% and notably helped. This was a position we established this period.

• In contrast, from a regional standpoint, stock selection in Latin America, primarily in Mexico, and Emerging Europe, Middle East & Africa detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock picking in consumer staples and financials. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-19%). The second-largest relative detractor was our non-benchmark stake in Bank Syariah Indonesia (-16%). This was a stake we established this period.

• Notable changes in positioning include decreased exposure to Brazil and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to information technology.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $6173<br>| $6972<br>| $8755<br>|
| MSCI Emerging Markets (EM) ESG Leaders Index<br>| $10000 | $6534<br>| $7249<br>| $9315<br>|
| MSCI Emerging Markets Index<br>| $10000 | $6946<br>| $7699<br>| $9649<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118466_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 23.81% | 3.83% |
| Class A (without 5.75% sales charge) | 31.37% | 5.49% |
| MSCI Emerging Markets (EM) ESG Leaders Index | 31.76%<br>| 5.66% |
| MSCI Emerging Markets Index | 27.88%<br>| 5.81% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13646324<br>|
| Number of Holdings | 142<br>|
| Total Advisory Fee | $72241<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.1 |
| Financials | 25.8 |
| Consumer Discretionary | 13.5 |
| Communication Services | 10.1 |
| Industrials | 6.2 |
| Health Care | 4.1 |
| Materials | 2.2 |
| Energy | 2.1 |
| Consumer Staples | 1.8 |
| Utilities | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20251031_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>

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 20.4 |
| Korea (South) | 11.6 |
| India | 10.4 |
| Brazil | 4.4 |
| United States | 3.6 |
| South Africa | 3.5 |
| Indonesia | 2.9 |
| Mexico | 2.2 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&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 - 20.4&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) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 10.4&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;Brazil - 4.4&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;United States - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 3.5&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;Mexico - 2.2&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;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.5<br>|
| Tencent Holdings Ltd | 6.4<br>|
| Samsung Electronics Co Ltd | 4.8<br>|
| Alibaba Group Holding Ltd | 4.4<br>|
| SK Hynix Inc | 3.0<br>|
| China Construction Bank Corp H Shares | 2.2<br>|
| Reliance Industries Ltd | 1.8<br>|
| Delta Electronics Inc | 1.5<br>|
| Bharti Airtel Ltd | 1.3<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
|  | 40.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20251031_2.jpg)<br>| ![](img118466_3.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> 1.9914025.101 6469-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® SAI Sustainable International Equity Fund<br> **Fidelity® SAI Sustainable International Equity Fund : FSSEX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI Sustainable International Equity Fund for the period November 1, 2024 to October 31, 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 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable International Equity Fund  | $83  | 0.75% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, stock picking in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials. Also hurting our result were picks in industrials, primarily among capital goods firms, as well as in health care, pharmaceuticals, biotechnology & life sciences stocks in particular.

• The biggest individual relative detractor was our stake in Novo Nordisk (-58%). Though we decreased exposure to the stock, it was one of the fund's biggest holdings this period. Outsized exposure to Merck (-20%) hurt as well. Another notable relative detractor was Tokyo Electron (-16%).

• In contrast, from a regional standpoint, non-benchmark allocations to emerging markets and Japan contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks and an underweight in energy also boosted relative performance, as did an overweight in financials.

• The top individual relative contributor was our non-benchmark stake in SK Hynix (+191%). An out-of-benchmark holding in Cameco also helped, gaining 149%. This was a position we established this period. Another notable relative contributor was an overweight in UniCredit (+75%), one of our biggest holdings.

• Notable changes in geographic positioning included lower allocations to Denmark and the United Kingdom. By sector, meaningful shifts included increased exposure to communication services and information technology stocks.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 14, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® SAI Sustainable International Equity Fund<br>| $10000 | $8060<br>| $8875<br>| $11133<br>|
| MSCI EAFE ESG Leaders<br>| $10000 | $8296<br>| $9511<br>| $11615<br>|
| MSCI EAFE Index<br>| $10000 | $8407<br>| $9638<br>| $11879<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118486_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® SAI Sustainable International Equity Fund | 21.86% | 8.97% |
| MSCI EAFE ESG Leaders | 18.01%<br>| 9.29% |
| MSCI EAFE Index | 23.38%<br>| 11.37% |

---

**A** From April 14, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $117601154<br>|
| Number of Holdings | 90<br>|
| Total Advisory Fee | $539929<br>|
| Portfolio Turnover | 42%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.5 |
| Industrials | 19.2 |
| Information Technology | 13.7 |
| Consumer Discretionary | 8.7 |
| Health Care | 7.4 |
| Materials | 4.9 |
| Consumer Staples | 4.6 |
| Utilities | 3.3 |
| Communication Services | 3.3 |
| Energy | 1.7 |
| Real Estate | 0.8 |

---

Common Stocks 95.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6549_20251031_AA.jpg) <br>|

---

Common Stocks - 95.1&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) - 4.9 <br>

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 10.9 |
| United States | 10.6 |
| France | 8.9 |
| Germany | 8.9 |
| Netherlands | 6.8 |
| Italy | 4.4 |
| Australia | 4.1 |
| Taiwan | 3.4 |
| Others | 20.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6549_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&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 Kingdom - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 8.9&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 - 8.9&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;Netherlands - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&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;Australia - 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;Taiwan - 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;Others - 20.1&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 4.8<br>|
| Sony Group Corp | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.4<br>|
| ITOCHU Corp | 3.3<br>|
| UniCredit SpA | 2.6<br>|
| Schneider Electric SE | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| Koninklijke KPN NV | 2.1<br>|
| ING Groep NV | 2.1<br>|
| Danone SA | 2.1<br>|
|  | 28.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6549_20251031_2.jpg)<br>| ![](img118486_3.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> 1.9914031.101 6549-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Global Commodity Stock Fund<br> **Fidelity Advisor® Global Commodity Stock Fund Class C : FCGCX** <br>|

---

This annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $202  | 1.90% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, stock picks in Canada and Asia Pacific ex Japan, primarily in Australia, detracted from the fund's relative result versus the MSCI AC World Commodity Producers Sector Capped Index (Net) for the fiscal year.

• By industry, the biggest detractor from performance versus the benchmark was stock selection in coal & consumable fuels. Stock picks and an underweight in fertilizers & agricultural chemicals also hampered the fund's result. Also detracting from our result was security selection in steel.

• The biggest individual relative detractor was our non-benchmark stake in Core Natural Resources (-28%). The stock was not held at period end. A second notable relative detractor was our non-benchmark stake in Algoma Steel Group (-54%). The stock was not held at period end. Another notable relative detractor was our overweight stake in Teck Resources (-10%). This period we decreased our stake in Teck Resources. The company was one of our biggest holdings this period.

• In contrast, an overweight in Canada and stock selection in the United States contributed to the fund's performance versus the MSCI index for the fiscal year.

• In terms of sector and industry positioning, an overweight in precious metals & minerals notably contributed to the fund's relative result. Security selection in copper also boosted relative performance. Also helping our relative result were stock picking and an underweight in oil & gas exploration & production.

• The top individual relative contributor was an overweight in Wheaton Precious Metals (+46%). This period we decreased our position in Wheaton Precious Metals. The stock was one of the fund's largest holdings this period. In oil & gas exploration & production, a non-benchmark stake in Antero Resources gained about 19% and was a second notable relative contributor. This period we decreased our position in Antero Resources. Another notable relative contributor was an overweight in Northam Platinum Holdings (+123%). This period we decreased our position in Northam Platinum Holdings.

• Notable changes in positioning include increased exposure to the United Kingdom and a lower allocation to Finland. By sector, meaningful changes in positioning include higher allocations to fertilizers & agricultural chemicals and gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10846<br>| $12754<br>| $12668<br>| $12521<br>| $11380<br>| $17333<br>| $21205<br>| $19013<br>| $21319<br>| $24337<br>|
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index<br>| $10000 | $11142<br>| $13428<br>| $13646<br>| $13195<br>| $11260<br>| $17618<br>| $19812<br>| $19281<br>| $20411<br>| $23332<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10248<br>| $12676<br>| $12658<br>| $14311<br>| $15068<br>| $20749<br>| $16664<br>| $18482<br>| $24624<br>| $30294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118554_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 12.30% | 16.08%<br>| 9.30% |
| Class C | 13.30% | 16.08% | 9.30% |
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index | 14.31%<br>| 15.69%<br>| 8.84% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 14.99%<br>| 11.72% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $920798944<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $7303906<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining | 36.7 |
| Oil, Gas & Consumable Fuels | 32.7 |
| Chemicals | 14.7 |
| Food Products | 9.1 |
| Paper & Forest Products | 4.1 |
| Containers & Packaging | 0.5 |
| Energy Equipment & Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 49.6 |
| Canada | 21.5 |
| Brazil | 7.3 |
| Australia | 4.8 |
| China | 3.5 |
| Chile | 3.1 |
| South Africa | 2.6 |
| Finland | 2.3 |
| United Kingdom | 2.3 |
| Others | 3.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 49.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 21.5&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;Brazil - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;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;Chile - 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;South Africa - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 8.2<br>|
| Corteva Inc | 7.6<br>|
| Chevron Corp | 5.6<br>|
| Nutrien Ltd | 4.9<br>|
| Archer-Daniels-Midland Co | 4.9<br>|
| Shell PLC | 4.6<br>|
| Bunge Global SA | 4.2<br>|
| Agnico Eagle Mines Ltd/CA | 3.9<br>|
| Imperial Oil Ltd | 3.1<br>|
| Glencore PLC | 2.7<br>|
|  | 49.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20251031_2.jpg)<br>| ![](img118554_3.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> 1.9913957.101 2123-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Sustainable Emerging Markets Fund<br> **Fidelity® Series Sustainable Emerging Markets Fund : FEMYX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Sustainable Emerging Markets Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Sustainable Emerging Markets Fund  | $2  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, an underweight in emerging markets contributed to the fund's performance versus the MSCI Emerging Markets (Net MA) Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Stock picking in information technology and communication services also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in SK Hynix (+186%). The company was one of the fund's largest holdings. A second notable relative contributor was our non-benchmark stake in BizLink Holding (+217%). This period we decreased our position in BizLink Holding. An overweight in AngloGold Ashanti (+153%) also contributed.

• In contrast, from a regional standpoint, picks in emerging markets and a non-benchmark allocation to Canada detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Picks in financials also hampered the fund's result. Also hurting our result was an overweight in information technology, primarily within the technology hardware & equipment industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was our stake in Alibaba (+19%). The company was among our largest holdings. The second-largest relative detractor was our stake in Axis Bank (-7%). Another notable relative detractor was our stake in Infosys (-19%). The stock was among our biggest holdings this period.

• Notable changes in positioning include a higher allocation to South Korea. By sector, meaningful changes in positioning include lower allocations to energy and industrials.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 11, 2023 through October 31, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Fidelity® Series Sustainable Emerging Markets Fund<br>| $10000 | $9620<br>| $11878<br>|
| MSCI Emerging Markets ESG Focus Index<br>| $10000 | $9561<br>| $11815<br>|
| MSCI Emerging Markets Index<br>| $10000 | $9509<br>| $11917<br>|
|  | 2023 | 2024 | 2025 |

---

![](img118474_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Series Sustainable Emerging Markets Fund | 28.42% | 18.59% |
| MSCI Emerging Markets ESG Focus Index | 30.19%<br>| 18.99% |
| MSCI Emerging Markets Index | 27.88%<br>| 18.54% |

---

**A** From May 11, 2023

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15719198<br>|
| Number of Holdings | 206<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 87%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.9 |
| Financials | 25.8 |
| Consumer Discretionary | 14.5 |
| Communication Services | 8.6 |
| Industrials | 4.8 |
| Materials | 3.9 |
| Consumer Staples | 3.1 |
| Health Care | 3.0 |
| Energy | 2.7 |
| Utilities | 1.9 |
| Real Estate | 1.5 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7317_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&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) - 2.3 |

---

---

| | |
|:---|:---|
| China | 28.9 |
| Taiwan | 19.2 |
| Korea (South) | 13.4 |
| India | 13.0 |
| South Africa | 4.9 |
| Brazil | 4.8 |
| United States | 3.1 |
| Mexico | 2.3 |
| Saudi Arabia | 2.3 |
| Others | 8.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7317_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 28.9&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;Taiwan - 19.2&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;Korea (South) - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 13.0&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;South Africa - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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;Mexico - 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;Saudi Arabia - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 14.4<br>|
| Tencent Holdings Ltd | 6.2<br>|
| Samsung Electronics Co Ltd | 4.7<br>|
| Alibaba Group Holding Ltd | 3.5<br>|
| SK Hynix Inc | 3.2<br>|
| China Construction Bank Corp H Shares | 2.6<br>|
| HDFC Bank Ltd/Gandhinagar | 2.1<br>|
| Reliance Industries Ltd | 1.8<br>|
| Al Rajhi Bank | 1.6<br>|
| Naspers Ltd Class N | 1.5<br>|
|  | 41.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7317_20251031_2.jpg)<br>| ![](img118474_3.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> 1.9914033.101 7317-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable Emerging Markets Equity Fund<br> **Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class Z : FSZZX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $127  | 1.10% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection and an underweight in Emerging Asia and an underweight in Emerging Europe, Middle East & Africa contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks in materials also boosted relative performance. Also lifting the fund's relative result were stock picking and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was our stake in Xiaomi (+59%). The company was one of our biggest holdings this period. The second-largest relative contributor was an overweight in SK Hynix (+191%). The company was one of our largest holdings. A non-benchmark stake in Chroma ATE gained 134% and notably helped. This was a position we established this period.

• In contrast, from a regional standpoint, stock selection in Latin America, primarily in Mexico, and Emerging Europe, Middle East & Africa detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock picking in consumer staples and financials. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-19%). The second-largest relative detractor was our non-benchmark stake in Bank Syariah Indonesia (-16%). This was a stake we established this period.

• Notable changes in positioning include decreased exposure to Brazil and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to information technology.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $6570<br>| $7452<br>| $9392<br>|
| MSCI Emerging Markets (EM) ESG Leaders Index<br>| $10000 | $6534<br>| $7249<br>| $9315<br>|
| MSCI Emerging Markets Index<br>| $10000 | $6946<br>| $7699<br>| $9649<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118462_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class Z | 31.88% | 5.91% |
| MSCI Emerging Markets (EM) ESG Leaders Index | 31.76%<br>| 5.66% |
| MSCI Emerging Markets Index | 27.88%<br>| 5.81% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13646324<br>|
| Number of Holdings | 142<br>|
| Total Advisory Fee | $72241<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.1 |
| Financials | 25.8 |
| Consumer Discretionary | 13.5 |
| Communication Services | 10.1 |
| Industrials | 6.2 |
| Health Care | 4.1 |
| Materials | 2.2 |
| Energy | 2.1 |
| Consumer Staples | 1.8 |
| Utilities | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20251031_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>

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 20.4 |
| Korea (South) | 11.6 |
| India | 10.4 |
| Brazil | 4.4 |
| United States | 3.6 |
| South Africa | 3.5 |
| Indonesia | 2.9 |
| Mexico | 2.2 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&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 - 20.4&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) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 10.4&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;Brazil - 4.4&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;United States - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 3.5&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;Mexico - 2.2&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;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.5<br>|
| Tencent Holdings Ltd | 6.4<br>|
| Samsung Electronics Co Ltd | 4.8<br>|
| Alibaba Group Holding Ltd | 4.4<br>|
| SK Hynix Inc | 3.0<br>|
| China Construction Bank Corp H Shares | 2.2<br>|
| Reliance Industries Ltd | 1.8<br>|
| Delta Electronics Inc | 1.5<br>|
| Bharti Airtel Ltd | 1.3<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
|  | 40.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20251031_2.jpg)<br>| ![](img118462_3.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> 1.9914029.101 6473-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable International Equity Fund<br> **Fidelity Advisor® Sustainable International Equity Fund Class A : FSQAX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $144  | 1.30% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, stock picking was the primary detractor, especially within financials. Also hurting our result were investment choices in industrials, primarily among capital goods firms, in addition to health care, pharmaceuticals, biotechnology & life sciences stocks in particular.

• The biggest individual relative detractor was our stake in Novo Nordisk (-58%). Though we decreased exposure to the stock, it was one of the fund's biggest holdings this period. An overweight in Merck (-20%) hurt as well. Another notable relative detractor was Tokyo Electron (-16%).

• In contrast, from a regional standpoint, non-benchmark allocations to emerging markets and Japan contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was security selection in information technology. Stock picking and an underweight in energy also boosted relative performance. Outsized exposure to financials helped as well.

• The top individual relative contributor was our non-benchmark stake in SK Hynix (+191%). An out-of-benchmark position in Cameco also helped, gaining 149%. This was a holding we established this period. Another notable relative contributor was an overweight in UniCredit (+75%), one of our biggest positions.

• Notable changes in geographic positioning included lower allocations to Denmark and the United Kingdom. By sector, meaningful shifts included increased exposure to communication services and information technology stocks.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $6786<br>| $7426<br>| $9335<br>|
| MSCI EAFE ESG Leaders<br>| $10000 | $7669<br>| $8792<br>| $10737<br>|
| MSCI EAFE Index<br>| $10000 | $7820<br>| $8966<br>| $11050<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118460_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | 14.43% | 3.42% |
| Class A (without 5.75% sales charge) | 21.41% | 5.08% |
| MSCI EAFE ESG Leaders | 18.01%<br>| 6.56% |
| MSCI EAFE Index | 23.38%<br>| 8.68% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17778945<br>|
| Number of Holdings | 90<br>|
| Total Advisory Fee | $100755<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 19.2 |
| Information Technology | 13.7 |
| Consumer Discretionary | 8.7 |
| Health Care | 7.4 |
| Materials | 4.8 |
| Consumer Staples | 4.6 |
| Communication Services | 3.5 |
| Utilities | 3.4 |
| Energy | 1.7 |
| Real Estate | 0.7 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20251031_AA.jpg) <br>|

---

Common Stocks - 95.0&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) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 10.8 |
| United States | 10.7 |
| Germany | 8.8 |
| France | 8.8 |
| Netherlands | 6.8 |
| Italy | 4.4 |
| Australia | 4.0 |
| Taiwan | 3.4 |
| Others | 20.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&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 Kingdom - 10.8&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;Germany - 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;France - 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;Netherlands - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&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;Australia - 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;Taiwan - 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;Others - 20.4&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 4.9<br>|
| Sony Group Corp | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.4<br>|
| ITOCHU Corp | 3.3<br>|
| UniCredit SpA | 2.6<br>|
| Schneider Electric SE | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| Koninklijke KPN NV | 2.1<br>|
| ING Groep NV | 2.1<br>|
| Danone SA | 2.1<br>|
|  | 29.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img6462_20251031_2.jpg)<br>| ![](img118460_3.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> 1.9914019.101 6463-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Emerging Markets Fund<br> **Fidelity® Series Emerging Markets Fund : FHKFX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Emerging Markets Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Emerging Markets Fund  | $2  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, picks and an underweight in Emerging Asia and an underweight in Emerging Europe, Middle East & Africa contributed to the fund's performance versus the MSCI Emerging Markets (Net MA) Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock picking in information technology. Stock picks in materials and communication services also boosted the fund's relative performance.

• The top individual relative contributor was our stake in Xiaomi (+59%). This period we decreased our stake in Xiaomi. The stock was one of our biggest holdings this period. A second notable relative contributor was an overweight in SK Hynix (+191%). The company was one of the fund's largest holdings. Another notable relative contributor was an overweight in AngloGold Ashanti (+156%).

• In contrast, from a regional standpoint, stock picking in Latin America, primarily in Brazil, and Emerging Europe, Middle East & Africa detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. Also hurting our result were picks in financials, primarily within the banks industry, and industrials. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Bank Central Asia (-19%). A second notable relative detractor was an overweight in NTPC (-20%). Our stake in WEG (-30%) also hurt. The stock was not held at period end.

• Notable changes in positioning include increased exposure to South Korea and a lower allocation to South Africa. By sector, meaningful changes in positioning include increased exposure to communication services and a lower allocation to consumer discretionary.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 29, 2018 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Emerging Markets Fund<br>| $10000 | $8870<br>| $9520<br>| $9916<br>| $11788<br>| $7482<br>| $8532<br>| $10632<br>|
| MSCI Emerging Markets Index<br>| $10000 | $8960<br>| $10026<br>| $10855<br>| $12697<br>| $8759<br>| $9709<br>| $12168<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118483_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Series Emerging Markets Fund | 31.12% | 7.05% | 4.74% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 6.35% |

---

**A** From August 29, 2018

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6592407859<br>|
| Number of Holdings | 154<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 100%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 23.4 |
| Consumer Discretionary | 12.2 |
| Communication Services | 10.6 |
| Industrials | 7.7 |
| Materials | 4.7 |
| Health Care | 3.9 |
| Energy | 3.2 |
| Consumer Staples | 2.5 |
| Utilities | 1.3 |
| Real Estate | 0.3 |

---

Common Stocks 97.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3225_20251031_AA.jpg) <br>|

---

Common Stocks - 97.9&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) - 2.1 <br>

---

| | |
|:---|:---|
| China | 27.3 |
| Taiwan | 18.3 |
| Korea (South) | 13.9 |
| India | 12.8 |
| Brazil | 5.3 |
| Mexico | 3.6 |
| South Africa | 3.5 |
| United States | 2.5 |
| Indonesia | 1.8 |
| Others | 11.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3225_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 27.3&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;Taiwan - 18.3&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;Korea (South) - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 12.8&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;Brazil - 5.3&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;Mexico - 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;South Africa - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 1.8&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 - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 12.7<br>|
| Tencent Holdings Ltd | 6.0<br>|
| Samsung Electronics Co Ltd | 4.7<br>|
| Alibaba Group Holding Ltd | 3.5<br>|
| SK Hynix Inc | 3.1<br>|
| HDFC Bank Ltd/Gandhinagar | 1.9<br>|
| Reliance Industries Ltd | 1.5<br>|
| ICICI Bank Ltd | 1.4<br>|
| PDD Holdings Inc Class A ADR | 1.4<br>|
| Bharti Airtel Ltd | 1.3<br>|
|  | 37.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3225_20251031_2.jpg)<br>| ![](img118483_3.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> 1.9913999.101 3225-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Canada Fund<br> **Fidelity® Series Canada Fund : FCNSX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Canada Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Canada Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, stock picks detracted from the fund's performance versus the MSCI Canada Index (Net MA) for the fiscal year.

• By sector, security selection within information technology was the biggest relative detractor. Picks in materials also hampered the fund's result. Also hurting our result were security selection and an overweight in consumer staples, primarily within the consumer staples distribution & retail industry.

• The largest individual relative detractor this period was avoiding Agnico Eagle Mines, a benchmark component that gained about 90%. The second-largest relative detractor was our non-benchmark stake in PrairieSky Royalty (-7%). Another notable relative detractor was an underweight in Celestica (+221%). The stock was not held at period end.

• In contrast, from a regional standpoint, a non-benchmark allocation to the United States contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was stock picking in consumer discretionary, primarily within the consumer discretionary distribution & retail industry. An overweight in information technology, primarily within the software & services industry, also boosted the fund's relative performance. Also contributing to our result were picks in communication services.

• Not owning CGI, a benchmark component that returned -21%, was the top individual relative contributor. A non-benchmark stake in Aritzia gained 146% and was a second notable relative contributor. Not owning Pembina Pipeline, a benchmark component that returned about -5%, was another relative contributor.

• By sector, meaningful changes in positioning include increased exposure to consumer discretionary and information technology, and a lower allocation to communication services.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 15, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Canada Fund<br>| $10000 | $10660<br>| $10100<br>| $11273<br>| $10346<br>| $15974<br>| $14784<br>| $15011<br>| $19122<br>|
| MSCI Canada Index<br>| $10000 | $10602<br>| $10012<br>| $11195<br>| $10553<br>| $15773<br>| $13617<br>| $13495<br>| $17759<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118484_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Series Canada Fund | 20.12% | 17.29% | 10.65% |
| MSCI Canada Index | 28.17%<br>| 16.62%<br>| 10.53% |

---

**A** From August 15, 2017

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7596211449<br>|
| Number of Holdings | 74<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.3 |
| Energy | 17.3 |
| Materials | 12.2 |
| Information Technology | 11.8 |
| Industrials | 10.9 |
| Consumer Discretionary | 7.8 |
| Consumer Staples | 7.2 |
| Communication Services | 0.9 |
| Health Care | 0.6 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.7 |
| Preferred Stocks | 0.2 |
| Bonds | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3036_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.7&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;  |
| Bonds - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| Canada | 91.6 |
| United States | 4.2 |
| Brazil | 2.9 |
| Chile | 1.0 |
| Zambia | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3036_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 91.6&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 - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;Chile - 1.0&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;Zambia - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Shopify Inc Class A | 6.7<br>|
| Toronto Dominion Bank | 5.4<br>|
| Royal Bank of Canada | 5.0<br>|
| Bank of Montreal | 4.9<br>|
| Franco-Nevada Corp | 4.5<br>|
| Canadian Pacific Kansas City Ltd | 4.3<br>|
| Canadian Natural Resources Ltd | 4.3<br>|
| Constellation Software Inc/Canada | 4.3<br>|
| Alimentation Couche-Tard Inc | 4.1<br>|
| Suncor Energy Inc | 3.2<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. |
| ![](img3036_20251031_2.jpg)<br>| ![](img118484_3.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> 1.9913995.101 3036-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Global Commodity Stock Fund<br> **Fidelity Advisor® Global Commodity Stock Fund Class A : FFGAX** <br>|

---

This annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $122  | 1.14% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, stock picks in Canada and Asia Pacific ex Japan, primarily in Australia, detracted from the fund's relative result versus the MSCI AC World Commodity Producers Sector Capped Index (Net) for the fiscal year.

• By industry, the biggest detractor from performance versus the benchmark was stock selection in coal & consumable fuels. Stock picks and an underweight in fertilizers & agricultural chemicals also hampered the fund's result. Also detracting from our result was security selection in steel.

• The biggest individual relative detractor was our non-benchmark stake in Core Natural Resources (-28%). The stock was not held at period end. A second notable relative detractor was our non-benchmark stake in Algoma Steel Group (-54%). The stock was not held at period end. Another notable relative detractor was our overweight stake in Teck Resources (-10%). This period we decreased our stake in Teck Resources. The company was one of our biggest holdings this period.

• In contrast, an overweight in Canada and stock selection in the United States contributed to the fund's performance versus the MSCI index for the fiscal year.

• In terms of sector and industry positioning, an overweight in precious metals & minerals notably contributed to the fund's relative result. Security selection in copper also boosted relative performance. Also helping our relative result were stock picking and an underweight in oil & gas exploration & production.

• The top individual relative contributor was an overweight in Wheaton Precious Metals (+46%). This period we decreased our position in Wheaton Precious Metals. The stock was one of the fund's largest holdings this period. In oil & gas exploration & production, a non-benchmark stake in Antero Resources gained about 19% and was a second notable relative contributor. This period we decreased our position in Antero Resources. Another notable relative contributor was an overweight in Northam Platinum Holdings (+123%). This period we decreased our position in Northam Platinum Holdings.

• Notable changes in positioning include increased exposure to the United Kingdom and a lower allocation to Finland. By sector, meaningful changes in positioning include higher allocations to fertilizers & agricultural chemicals and gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $10301<br>| $12210<br>| $12204<br>| $12151<br>| $11131<br>| $17073<br>| $21045<br>| $19016<br>| $21323<br>| $24341<br>|
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index<br>| $10000 | $11142<br>| $13428<br>| $13646<br>| $13195<br>| $11260<br>| $17618<br>| $19812<br>| $19281<br>| $20411<br>| $23332<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10248<br>| $12676<br>| $12658<br>| $14311<br>| $15068<br>| $20749<br>| $16664<br>| $18482<br>| $24624<br>| $30294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118555_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 7.59% | 15.56%<br>| 9.30% |
| Class A (without 5.75% sales charge) | 14.15% | 16.94% | 9.95% |
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index | 14.31%<br>| 15.69%<br>| 8.84% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 14.99%<br>| 11.72% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $920798944<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $7303906<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining | 36.7 |
| Oil, Gas & Consumable Fuels | 32.7 |
| Chemicals | 14.7 |
| Food Products | 9.1 |
| Paper & Forest Products | 4.1 |
| Containers & Packaging | 0.5 |
| Energy Equipment & Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 49.6 |
| Canada | 21.5 |
| Brazil | 7.3 |
| Australia | 4.8 |
| China | 3.5 |
| Chile | 3.1 |
| South Africa | 2.6 |
| Finland | 2.3 |
| United Kingdom | 2.3 |
| Others | 3.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 49.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 21.5&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;Brazil - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;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;Chile - 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;South Africa - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 8.2<br>|
| Corteva Inc | 7.6<br>|
| Chevron Corp | 5.6<br>|
| Nutrien Ltd | 4.9<br>|
| Archer-Daniels-Midland Co | 4.9<br>|
| Shell PLC | 4.6<br>|
| Bunge Global SA | 4.2<br>|
| Agnico Eagle Mines Ltd/CA | 3.9<br>|
| Imperial Oil Ltd | 3.1<br>|
| Glencore PLC | 2.7<br>|
|  | 49.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20251031_2.jpg)<br>| ![](img118555_3.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> 1.9913956.101 2121-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable Emerging Markets Equity Fund<br> **Fidelity® Sustainable Emerging Markets Equity Fund : FSYJX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable Emerging Markets Equity Fund  | $144  | 1.25% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection and an underweight in Emerging Asia and an underweight in Emerging Europe, Middle East & Africa contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks in materials also boosted relative performance. Also lifting the fund's relative result were stock picking and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was our stake in Xiaomi (+59%). The company was one of our biggest holdings this period. The second-largest relative contributor was an overweight in SK Hynix (+191%). The company was one of our largest holdings. A non-benchmark stake in Chroma ATE gained 134% and notably helped. This was a position we established this period.

• In contrast, from a regional standpoint, stock selection in Latin America, primarily in Mexico, and Emerging Europe, Middle East & Africa detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock picking in consumer staples and financials. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Bank Central Asia (-19%). The second-largest relative detractor was our non-benchmark stake in Bank Syariah Indonesia (-16%). This was a stake we established this period.

• Notable changes in positioning include decreased exposure to Brazil and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to information technology.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Sustainable Emerging Markets Equity Fund<br>| $10000 | $6570<br>| $7431<br>| $9351<br>|
| MSCI Emerging Markets (EM) ESG Leaders Index<br>| $10000 | $6534<br>| $7249<br>| $9315<br>|
| MSCI Emerging Markets Index<br>| $10000 | $6946<br>| $7699<br>| $9649<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118461_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Sustainable Emerging Markets Equity Fund | 31.73% | 5.76% |
| MSCI Emerging Markets (EM) ESG Leaders Index | 31.76%<br>| 5.66% |
| MSCI Emerging Markets Index | 27.88%<br>| 5.81% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13646324<br>|
| Number of Holdings | 142<br>|
| Total Advisory Fee | $72241<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.1 |
| Financials | 25.8 |
| Consumer Discretionary | 13.5 |
| Communication Services | 10.1 |
| Industrials | 6.2 |
| Health Care | 4.1 |
| Materials | 2.2 |
| Energy | 2.1 |
| Consumer Staples | 1.8 |
| Utilities | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6468_20251031_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>

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 20.4 |
| Korea (South) | 11.6 |
| India | 10.4 |
| Brazil | 4.4 |
| United States | 3.6 |
| South Africa | 3.5 |
| Indonesia | 2.9 |
| Mexico | 2.2 |
| Others | 11.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6468_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&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 - 20.4&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) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 10.4&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;Brazil - 4.4&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;United States - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 3.5&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;Mexico - 2.2&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;Others - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.5<br>|
| Tencent Holdings Ltd | 6.4<br>|
| Samsung Electronics Co Ltd | 4.8<br>|
| Alibaba Group Holding Ltd | 4.4<br>|
| SK Hynix Inc | 3.0<br>|
| China Construction Bank Corp H Shares | 2.2<br>|
| Reliance Industries Ltd | 1.8<br>|
| Delta Electronics Inc | 1.5<br>|
| Bharti Airtel Ltd | 1.3<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
|  | 40.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6468_20251031_2.jpg)<br>| ![](img118461_3.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> 1.9914024.101 6468-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable International Equity Fund<br> **Fidelity Advisor® Sustainable International Equity Fund Class Z : FSQZX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $100  | 0.90% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, stock picking was the primary detractor, especially within financials. Also hurting our result were investment choices in industrials, primarily among capital goods firms, in addition to health care, pharmaceuticals, biotechnology & life sciences stocks in particular.

• The biggest individual relative detractor was our stake in Novo Nordisk (-58%). Though we decreased exposure to the stock, it was one of the fund's biggest holdings this period. An overweight in Merck (-20%) hurt as well. Another notable relative detractor was Tokyo Electron (-16%).

• In contrast, from a regional standpoint, non-benchmark allocations to emerging markets and Japan contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was security selection in information technology. Stock picking and an underweight in energy also boosted relative performance. Outsized exposure to financials helped as well.

• The top individual relative contributor was our non-benchmark stake in SK Hynix (+191%). An out-of-benchmark position in Cameco also helped, gaining 149%. This was a holding we established this period. Another notable relative contributor was an overweight in UniCredit (+75%), one of our biggest positions.

• Notable changes in geographic positioning included lower allocations to Denmark and the United Kingdom. By sector, meaningful shifts included increased exposure to communication services and information technology stocks.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $7220<br>| $7932<br>| $10008<br>|
| MSCI EAFE ESG Leaders<br>| $10000 | $7669<br>| $8792<br>| $10737<br>|
| MSCI EAFE Index<br>| $10000 | $7820<br>| $8966<br>| $11050<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118456_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class Z | 21.88% | 5.48% |
| MSCI EAFE ESG Leaders | 18.01%<br>| 6.56% |
| MSCI EAFE Index | 23.38%<br>| 8.68% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17778945<br>|
| Number of Holdings | 90<br>|
| Total Advisory Fee | $100755<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 19.2 |
| Information Technology | 13.7 |
| Consumer Discretionary | 8.7 |
| Health Care | 7.4 |
| Materials | 4.8 |
| Consumer Staples | 4.6 |
| Communication Services | 3.5 |
| Utilities | 3.4 |
| Energy | 1.7 |
| Real Estate | 0.7 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20251031_AA.jpg) <br>|

---

Common Stocks - 95.0&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) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 10.8 |
| United States | 10.7 |
| Germany | 8.8 |
| France | 8.8 |
| Netherlands | 6.8 |
| Italy | 4.4 |
| Australia | 4.0 |
| Taiwan | 3.4 |
| Others | 20.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&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 Kingdom - 10.8&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;Germany - 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;France - 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;Netherlands - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&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;Australia - 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;Taiwan - 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;Others - 20.4&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 4.9<br>|
| Sony Group Corp | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.4<br>|
| ITOCHU Corp | 3.3<br>|
| UniCredit SpA | 2.6<br>|
| Schneider Electric SE | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| Koninklijke KPN NV | 2.1<br>|
| ING Groep NV | 2.1<br>|
| Danone SA | 2.1<br>|
|  | 29.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img6462_20251031_2.jpg)<br>| ![](img118456_3.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> 1.9914023.101 6467-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Series International Growth Fund<br> **Fidelity® Series International Growth Fund : FIGSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Series International Growth Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Growth Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, an underweight in Europe ex U.K., primarily Denmark, and a non-benchmark allocation to emerging markets, contributed to the fund's performance versus the MSCI EAFE Growth Index (Net MA) for the fiscal year.

• By sector, positioning was the primary contributor, especially an underweight in health care, where comparatively small exposure to pharmaceuticals, biotechnology & life sciences stocks helped most. Security selection in materials also boosted relative performance, as did an overweight in industrials, capital goods firms in particular.

• The fund's non-benchmark stake in GE Vernova gained 90% and was the top individual relative contributor. Outsized exposure to Safran (+59%), one of the fund's largest holdings, helped as well. A non-benchmark stake in Taiwan Semiconductor Manufacturing (+55%) was another plus. The stock was one of the fund's biggest positions this period.

• In contrast, from a regional standpoint, stock picks in the U.K., along with investment choices and an underweight in Japan, detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was security selection in industrials. Stock picking among financials and consumer discretionary firms hurt as well.

• The fund's non-benchmark stake in Linde returned -7% and was the biggest individual relative detractor. The company was one of our largest holdings. Outsized exposure to Recruit Holdings (-20%), another of the fund's biggest positions this period, also hurt. Avoiding Rolls-Royce Holdings, a benchmark component that gained approximately 126%, was detrimental to performance as well.

• Notable changes in geographic positioning includes decreased exposure to Denmark and a higher allocation to France. By sector, meaningful shifts included increased exposure to communication services and a lower allocation to health care stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series International Growth Fund<br>| $10000 | $9690<br>| $12056<br>| $11475<br>| $14066<br>| $15387<br>| $20481<br>| $14889<br>| $16572<br>| $20923<br>| $24693<br>|
| MSCI EAFE Growth Index<br>| $10000 | $9693<br>| $12003<br>| $11299<br>| $13201<br>| $13906<br>| $18102<br>| $12765<br>| $14163<br>| $17485<br>| $20438<br>|
| MSCI EAFE Index<br>| $10000 | $9697<br>| $11994<br>| $11197<br>| $12462<br>| $11629<br>| $15635<br>| $12063<br>| $13831<br>| $17046<br>| $21031<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118480_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series International Growth Fund | 18.02% | 9.92% | 9.46% |
| MSCI EAFE Growth Index | 16.88%<br>| 8.00%<br>| 7.41% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 7.72% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $16085540693<br>|
| Number of Holdings | 68<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 36%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 38.6 |
| Information Technology | 20.3 |
| Financials | 12.3 |
| Materials | 9.9 |
| Consumer Discretionary | 8.7 |
| Communication Services | 4.8 |
| Health Care | 3.6 |
| Energy | 0.4 |
| Consumer Staples | 0.3 |

---

Common Stocks 98.6 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2282_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| United States | 21.8 |
| France | 15.4 |
| Japan | 14.1 |
| United Kingdom | 13.0 |
| Sweden | 7.9 |
| Netherlands | 6.2 |
| Germany | 5.4 |
| Taiwan | 4.0 |
| Switzerland | 3.6 |
| Others | 8.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2282_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 21.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 15.4&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;Japan - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 13.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 7.9&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 - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;Taiwan - 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;Switzerland - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 5.1<br>|
| Safran SA | 5.0<br>|
| CRH PLC | 4.5<br>|
| SAP SE | 4.2<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 4.0<br>|
| Airbus SE | 3.5<br>|
| Schneider Electric SE | 3.3<br>|
| Compass Group PLC | 3.2<br>|
| Linde PLC | 2.8<br>|
| Atlas Copco AB A Shares | 2.8<br>|
|  | 38.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img2282_20251031_2.jpg)<br>| ![](img118480_3.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> 1.9913962.101 2282-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® SAI Sustainable Emerging Markets Equity Fund<br> **Fidelity® SAI Sustainable Emerging Markets Equity Fund : FSSGX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI Sustainable Emerging Markets Equity Fund for the period November 1, 2024 to October 31, 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 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable Emerging Markets Equity Fund  | $110  | 0.95% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, picks and an underweight in Emerging Asia and an underweight in the Middle East, primarily in Saudi Arabia, contributed to the fund's performance versus the MSCI Emerging Markets Net MA (29-Jun-2018) Linked Index for the fiscal year.

• By sector, the biggest contributor to performance versus the benchmark was stock selection in information technology. Picks in materials and communication services also boosted the fund's relative performance.

• The top individual relative contributor was our stake in Xiaomi (+59%). The company was among our biggest holdings this period. The second-largest relative contributor was an overweight in SK Hynix (+191%). The stock was one of our biggest holdings. Another notable relative contributor was our non-benchmark stake in Chroma ATE (+125%). This was a stake we established this period.

• In contrast, from a regional standpoint, stock picking in Latin America, primarily in Mexico, and Africa, primarily in South Africa, detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock selection in consumer staples and financials, primarily within the banks industry. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an overweight in Bank Central Asia (-19%). A non-benchmark stake in Bank Syariah Indonesia returned roughly -16% and was a second notable relative detractor. This was a position we established this period. Another notable relative detractor was our non-benchmark stake in Genomma Lab Internacional (-24%).

• Notable changes in positioning include decreased exposure to Brazil and South Africa. By sector, meaningful changes in positioning include decreased exposure to consumer discretionary and a higher allocation to information technology.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 14, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® SAI Sustainable Emerging Markets Equity Fund<br>| $10000 | $7600<br>| $8644<br>| $10815<br>|
| MSCI Emerging Markets (EM) ESG Leaders Index<br>| $10000 | $7416<br>| $8227<br>| $10572<br>|
| MSCI Emerging Markets Index<br>| $10000 | $7742<br>| $8581<br>| $10754<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118487_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® SAI Sustainable Emerging Markets Equity Fund | 31.42% | 10.41% |
| MSCI Emerging Markets (EM) ESG Leaders Index | 31.76%<br>| 9.78% |
| MSCI Emerging Markets Index | 27.88%<br>| 9.39% |

---

**A** From April 14, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $86559453<br>|
| Number of Holdings | 146<br>|
| Total Advisory Fee | $438775<br>|
| Portfolio Turnover | 95%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.2 |
| Financials | 25.4 |
| Consumer Discretionary | 13.3 |
| Communication Services | 10.1 |
| Industrials | 6.1 |
| Health Care | 4.0 |
| Energy | 2.2 |
| Materials | 2.2 |
| Consumer Staples | 1.9 |
| Utilities | 0.5 |
| Real Estate | 0.4 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6548_20251031_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>

---

| | |
|:---|:---|
| China | 29.2 |
| Taiwan | 20.3 |
| Korea (South) | 11.6 |
| India | 10.3 |
| Brazil | 4.3 |
| United States | 4.1 |
| South Africa | 3.5 |
| Indonesia | 2.9 |
| Mexico | 2.2 |
| Others | 11.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6548_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 29.2&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 - 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;Korea (South) - 11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 10.3&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;Brazil - 4.3&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 - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 3.5&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;Mexico - 2.2&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;Others - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 13.5<br>|
| Tencent Holdings Ltd | 6.4<br>|
| Samsung Electronics Co Ltd | 4.7<br>|
| Alibaba Group Holding Ltd | 4.3<br>|
| SK Hynix Inc | 3.1<br>|
| China Construction Bank Corp H Shares | 2.1<br>|
| Reliance Industries Ltd | 1.6<br>|
| Delta Electronics Inc | 1.5<br>|
| Bharti Airtel Ltd | 1.3<br>|
| Naspers Ltd Class N | 1.3<br>|
|  | 39.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6548_20251031_2.jpg)<br>| ![](img118487_3.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> 1.9914030.101 6548-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Select International Small Cap Fund<br> **Fidelity® Series Select International Small Cap Fund : FSSJX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Select International Small Cap Fund for the period November 1, 2024 to October 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Select International Small Cap Fund  | $1  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in the U.K. and positioning in Asia Pacific ex Japan detracted from the fund's performance versus the MSCI EAFE Small Cap Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within real estate and consumer discretionary. Also hurting our result were stock picks in materials. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Vistry Group (-30%). Another large relative detractor was our stake in John Wood Group (-78%). The stock was not held at period end. Another notable relative detractor was our stake in Gerresheimer (-46%). The stock was not held at period end.

• In contrast, by sector, the biggest contributor to performance versus the benchmark was security selection in industrials. An underweight in real estate also boosted relative performance.

• The top individual relative contributor was our non-benchmark stake in Zegona Communications (+270%). This was an investment we established this period. The stock was one of our largest holdings at period end. A second notable relative contributor was an overweight in Food & Life Companies (+146%). This period we increased our position in Food & Life Companies. The company was one of the fund's biggest holdings. Another notable relative contributor was an overweight in Hensoldt (+221%). This was a stake we established this period.

• By sector, meaningful changes in positioning include increased exposure to financials and a lower allocation to consumer staples.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 4, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Series Select International Small Cap Fund<br>| $10000 | $10803<br>| $12809<br>| $15667<br>|
| MSCI EAFE Small Cap Index<br>| $10000 | $10593<br>| $13051<br>| $16286<br>|
| MSCI EAFE Index<br>| $10000 | $11332<br>| $13967<br>| $17232<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118475_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Series Select International Small Cap Fund | 22.31% | 16.19% |
| MSCI EAFE Small Cap Index | 24.78%<br>| 17.70% |
| MSCI EAFE Index | 23.38%<br>| 19.95% |

---

**A** From November 4, 2022

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $245029808<br>|
| Number of Holdings | 192<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.4 |
| Financials | 13.9 |
| Consumer Discretionary | 11.8 |
| Materials | 11.2 |
| Information Technology | 8.7 |
| Real Estate | 8.3 |
| Health Care | 7.2 |
| Communication Services | 4.7 |
| Consumer Staples | 4.0 |
| Energy | 3.2 |
| Utilities | 1.9 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6955_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 38.2 |
| United Kingdom | 12.6 |
| Australia | 8.4 |
| Spain | 4.3 |
| France | 4.3 |
| Sweden | 4.2 |
| Germany | 3.4 |
| Finland | 2.9 |
| Italy | 2.9 |
| Others | 18.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6955_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 38.2&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;United Kingdom - 12.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 8.4&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 - 4.3&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;France - 4.3&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;Sweden - 4.2&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;Germany - 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;Finland - 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;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 - 18.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Nova Ltd (Israel) | 1.0<br>|
| Bankinter SA | 1.0<br>|
| Hokuhoku Financial Group Inc | 1.0<br>|
| Resonac Holdings Corp | 1.0<br>|
| Zegona Communications plc | 0.9<br>|
| Penta-Ocean Construction Co Ltd | 0.9<br>|
| Bezeq The Israeli Telecommunication Corp Ltd | 0.9<br>|
| JTC PLC | 0.9<br>|
| Food & Life Cos Ltd | 0.9<br>|
| Sandfire Resources Ltd | 0.8<br>|
|  | 9.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6955_20251031_2.jpg)<br>| ![](img118475_3.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> 1.9914032.101 6955-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Infrastructure Fund<br> **Fidelity® Infrastructure Fund : FNSTX** <br>|

---

This annual shareholder report contains information about Fidelity® Infrastructure Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Infrastructure Fund  | $108  | 0.94% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, picks in the United States and Canada contributed to the fund's performance versus the S&P Global Infrastructure Index for the fiscal year.

• By sector, security selection was the primary contributor, led by information technology, where our stock picks in semiconductors & semiconductor equipment helped most. Security selection and an underweight in energy also boosted the fund's relative performance. Also helping our relative result was an overweight in utilities.

• The top individual relative contributor was our stake in NVIDIA (+64%). This was a stake we established this period. The company was the fund's biggest holding at period end. A second notable relative contributor was our stake in Broadcom (+143%). This period we increased our investment in Broadcom. The stock was among the fund's biggest holdings at period end. A stake in Advanced Micro Devices gained roughly 109% and notably helped. This period we increased our investment in Advanced Micro Devices. The company was one of our largest holdings at period end. All these contributors were non-benchmark positions.

• In contrast, from a regional standpoint, an overweight in the United States and positioning in Europe ex U.K., primarily in Spain, detracted from the fund's relative result.

• By sector, the biggest detractor from performance versus the benchmark was stock picking in utilities. Also hurting our result was stock selection in real estate, primarily within the equity real estate investment trusts industry. Investment choices in communication services also hurt. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in PG&E (-20%). This period we increased our stake in PG&E. A non-benchmark stake in Cellnex Telecom returned about -15% and was a second notable relative detractor. Another notable relative detractor was our non-benchmark stake in AES (-2%). This was an investment we established this period.

• Notable changes in positioning include a lower allocation to Spain. By sector, meaningful changes in positioning include increased exposure to information technology and a lower allocation to real estate.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

November 5, 2019 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Infrastructure Fund<br>| $10000 | $10479<br>| $12780<br>| $11509<br>| $11229<br>| $14725<br>| $19102<br>|
| S&P® Global Infrastructure Index<br>| $10000 | $8403<br>| $10830<br>| $10324<br>| $10189<br>| $13577<br>| $16018<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10388<br>| $14305<br>| $11489<br>| $12742<br>| $16976<br>| $20885<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118547_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Infrastructure Fund | 29.73% | 12.76% | 11.41% |
| S&P® Global Infrastructure Index | 17.97%<br>| 13.77%<br>| 8.18% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 14.99%<br>| 13.08% |

---

**A** From November 5, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $116308398<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $569116<br>|
| Portfolio Turnover | 115%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Utilities | 48.4 |
| Industrials | 20.9 |
| Information Technology | 19.2 |
| Energy | 6.5 |
| Real Estate | 1.5 |
| Communication Services | 1.2 |

---

Common Stocks 97.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3488_20251031_AA.jpg) <br>|

---

Common Stocks - 97.7&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) - 2.3 <br>

---

| | |
|:---|:---|
| United States | 78.4 |
| United Kingdom | 5.2 |
| Mexico | 4.0 |
| Canada | 3.4 |
| Spain | 2.8 |
| Taiwan | 2.5 |
| Germany | 1.9 |
| Italy | 0.9 |
| Finland | 0.5 |
| China | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3488_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 78.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 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;Canada - 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;Spain - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 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;Germany - 1.9&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;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;China - 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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.5<br>|
| NextEra Energy Inc | 5.8<br>|
| Constellation Energy Corp | 5.4<br>|
| Sempra | 4.5<br>|
| Vistra Corp | 3.5<br>|
| Broadcom Inc | 3.1<br>|
| Advanced Micro Devices Inc | 3.1<br>|
| Duke Energy Corp | 3.1<br>|
| National Grid PLC | 3.0<br>|
| NRG Energy Inc | 2.7<br>|
|  | 42.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3488_20251031_2.jpg)<br>| ![](img118547_3.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> 1.9914011.101 3488-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable International Equity Fund<br> **Fidelity Advisor® Sustainable International Equity Fund Class I : FSQIX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $116  | 1.05% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, stock picking was the primary detractor, especially within financials. Also hurting our result were investment choices in industrials, primarily among capital goods firms, in addition to health care, pharmaceuticals, biotechnology & life sciences stocks in particular.

• The biggest individual relative detractor was our stake in Novo Nordisk (-58%). Though we decreased exposure to the stock, it was one of the fund's biggest holdings this period. An overweight in Merck (-20%) hurt as well. Another notable relative detractor was Tokyo Electron (-16%).

• In contrast, from a regional standpoint, non-benchmark allocations to emerging markets and Japan contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was security selection in information technology. Stock picking and an underweight in energy also boosted relative performance. Outsized exposure to financials helped as well.

• The top individual relative contributor was our non-benchmark stake in SK Hynix (+191%). An out-of-benchmark position in Cameco also helped, gaining 149%. This was a holding we established this period. Another notable relative contributor was an overweight in UniCredit (+75%), one of our biggest positions.

• Notable changes in geographic positioning included lower allocations to Denmark and the United Kingdom. By sector, meaningful shifts included increased exposure to communication services and information technology stocks.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $7210<br>| $7912<br>| $9968<br>|
| MSCI EAFE ESG Leaders<br>| $10000 | $7669<br>| $8792<br>| $10737<br>|
| MSCI EAFE Index<br>| $10000 | $7820<br>| $8966<br>| $11050<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118458_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 21.72% | 5.33% |
| MSCI EAFE ESG Leaders | 18.01%<br>| 6.56% |
| MSCI EAFE Index | 23.38%<br>| 8.68% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17778945<br>|
| Number of Holdings | 90<br>|
| Total Advisory Fee | $100755<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 19.2 |
| Information Technology | 13.7 |
| Consumer Discretionary | 8.7 |
| Health Care | 7.4 |
| Materials | 4.8 |
| Consumer Staples | 4.6 |
| Communication Services | 3.5 |
| Utilities | 3.4 |
| Energy | 1.7 |
| Real Estate | 0.7 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20251031_AA.jpg) <br>|

---

Common Stocks - 95.0&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) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 10.8 |
| United States | 10.7 |
| Germany | 8.8 |
| France | 8.8 |
| Netherlands | 6.8 |
| Italy | 4.4 |
| Australia | 4.0 |
| Taiwan | 3.4 |
| Others | 20.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&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 Kingdom - 10.8&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;Germany - 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;France - 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;Netherlands - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&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;Australia - 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;Taiwan - 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;Others - 20.4&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 4.9<br>|
| Sony Group Corp | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.4<br>|
| ITOCHU Corp | 3.3<br>|
| UniCredit SpA | 2.6<br>|
| Schneider Electric SE | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| Koninklijke KPN NV | 2.1<br>|
| ING Groep NV | 2.1<br>|
| Danone SA | 2.1<br>|
|  | 29.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img6462_20251031_2.jpg)<br>| ![](img118458_3.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> 1.9914022.101 6466-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Global Commodity Stock Fund<br> **Fidelity Advisor® Global Commodity Stock Fund Class M : FFGTX** <br>|

---

This annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $149  | 1.39% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, stock picks in Canada and Asia Pacific ex Japan, primarily in Australia, detracted from the fund's relative result versus the MSCI AC World Commodity Producers Sector Capped Index (Net) for the fiscal year.

• By industry, the biggest detractor from performance versus the benchmark was stock selection in coal & consumable fuels. Stock picks and an underweight in fertilizers & agricultural chemicals also hampered the fund's result. Also detracting from our result was security selection in steel.

• The biggest individual relative detractor was our non-benchmark stake in Core Natural Resources (-28%). The stock was not held at period end. A second notable relative detractor was our non-benchmark stake in Algoma Steel Group (-54%). The stock was not held at period end. Another notable relative detractor was our overweight stake in Teck Resources (-10%). This period we decreased our stake in Teck Resources. The company was one of our biggest holdings this period.

• In contrast, an overweight in Canada and stock selection in the United States contributed to the fund's performance versus the MSCI index for the fiscal year.

• In terms of sector and industry positioning, an overweight in precious metals & minerals notably contributed to the fund's relative result. Security selection in copper also boosted relative performance. Also helping our relative result were stock picking and an underweight in oil & gas exploration & production.

• The top individual relative contributor was an overweight in Wheaton Precious Metals (+46%). This period we decreased our position in Wheaton Precious Metals. The stock was one of the fund's largest holdings this period. In oil & gas exploration & production, a non-benchmark stake in Antero Resources gained about 19% and was a second notable relative contributor. This period we decreased our position in Antero Resources. Another notable relative contributor was an overweight in Northam Platinum Holdings (+123%). This period we decreased our position in Northam Platinum Holdings.

• Notable changes in positioning include increased exposure to the United Kingdom and a lower allocation to Finland. By sector, meaningful changes in positioning include higher allocations to fertilizers & agricultural chemicals and gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10526<br>| $12430<br>| $12393<br>| $12306<br>| $11234<br>| $17185<br>| $21125<br>| $19033<br>| $21287<br>| $24239<br>|
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index<br>| $10000 | $11142<br>| $13428<br>| $13646<br>| $13195<br>| $11260<br>| $17618<br>| $19812<br>| $19281<br>| $20411<br>| $23332<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10248<br>| $12676<br>| $12658<br>| $14311<br>| $15068<br>| $20749<br>| $16664<br>| $18482<br>| $24624<br>| $30294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118552_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 9.88% | 15.80%<br>| 9.26% |
| Class M (without 3.50% sales charge) | 13.87% | 16.63% | 9.65% |
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index | 14.31%<br>| 15.69%<br>| 8.84% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 14.99%<br>| 11.72% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $920798944<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $7303906<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining | 36.7 |
| Oil, Gas & Consumable Fuels | 32.7 |
| Chemicals | 14.7 |
| Food Products | 9.1 |
| Paper & Forest Products | 4.1 |
| Containers & Packaging | 0.5 |
| Energy Equipment & Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 49.6 |
| Canada | 21.5 |
| Brazil | 7.3 |
| Australia | 4.8 |
| China | 3.5 |
| Chile | 3.1 |
| South Africa | 2.6 |
| Finland | 2.3 |
| United Kingdom | 2.3 |
| Others | 3.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 49.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 21.5&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;Brazil - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;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;Chile - 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;South Africa - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 8.2<br>|
| Corteva Inc | 7.6<br>|
| Chevron Corp | 5.6<br>|
| Nutrien Ltd | 4.9<br>|
| Archer-Daniels-Midland Co | 4.9<br>|
| Shell PLC | 4.6<br>|
| Bunge Global SA | 4.2<br>|
| Agnico Eagle Mines Ltd/CA | 3.9<br>|
| Imperial Oil Ltd | 3.1<br>|
| Glencore PLC | 2.7<br>|
|  | 49.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20251031_2.jpg)<br>| ![](img118552_3.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> 1.9913958.101 2124-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Global Commodity Stock Fund<br> **Fidelity® Global Commodity Stock Fund : FFGCX** <br>|

---

This annual shareholder report contains information about Fidelity® Global Commodity Stock Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Global Commodity Stock Fund  | $91  | 0.85% |

---

**What affected the Fund's performance this period?**

• Global equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) Index, supported by resilient global economic growth, slowing inflation, global monetary easing and corporate earnings growth.

• Against this backdrop, stock picks in Canada and Asia Pacific ex Japan, primarily in Australia, detracted from the fund's relative result versus the MSCI AC World Commodity Producers Sector Capped Index (Net) for the fiscal year.

• By industry, the biggest detractor from performance versus the benchmark was stock selection in coal & consumable fuels. Stock picks and an underweight in fertilizers & agricultural chemicals also hampered the fund's result. Also detracting from our result was security selection in steel.

• The biggest individual relative detractor was our non-benchmark stake in Core Natural Resources (-28%). The stock was not held at period end. A second notable relative detractor was our non-benchmark stake in Algoma Steel Group (-54%). The stock was not held at period end. Another notable relative detractor was our overweight stake in Teck Resources (-10%). This period we decreased our stake in Teck Resources. The company was one of our biggest holdings this period.

• In contrast, an overweight in Canada and stock selection in the United States contributed to the fund's performance versus the MSCI index for the fiscal year.

• In terms of sector and industry positioning, an overweight in precious metals & minerals notably contributed to the fund's relative result. Security selection in copper also boosted relative performance. Also helping our relative result were stock picking and an underweight in oil & gas exploration & production.

• The top individual relative contributor was an overweight in Wheaton Precious Metals (+46%). This period we decreased our position in Wheaton Precious Metals. The stock was one of the fund's largest holdings this period. In oil & gas exploration & production, a non-benchmark stake in Antero Resources gained about 19% and was a second notable relative contributor. This period we decreased our position in Antero Resources. Another notable relative contributor was an overweight in Northam Platinum Holdings (+123%). This period we decreased our position in Northam Platinum Holdings.

• Notable changes in positioning include increased exposure to the United Kingdom and a lower allocation to Finland. By sector, meaningful changes in positioning include higher allocations to fertilizers & agricultural chemicals and gold.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Global Commodity Stock Fund<br>| $10000 | $10962<br>| $13007<br>| $13037<br>| $13006<br>| $11944<br>| $18388<br>| $22723<br>| $20572<br>| $23127<br>| $26479<br>|
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index<br>| $10000 | $11142<br>| $13428<br>| $13646<br>| $13195<br>| $11260<br>| $17618<br>| $19812<br>| $19281<br>| $20411<br>| $23332<br>|
| MSCI ACWI (All Country World Index) Index<br>| $10000 | $10248<br>| $12676<br>| $12658<br>| $14311<br>| $15068<br>| $20749<br>| $16664<br>| $18482<br>| $24624<br>| $30294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118550_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Global Commodity Stock Fund | 14.50% | 17.26% | 10.23% |
| MSCI ACWI (All Country World Index) Commodity Producers Sector Capped Index | 14.31%<br>| 15.69%<br>| 8.84% |
| MSCI ACWI (All Country World Index) Index | 23.03%<br>| 14.99%<br>| 11.72% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $920798944<br>|
| Number of Holdings | 54<br>|
| Total Advisory Fee | $7303906<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining | 36.7 |
| Oil, Gas & Consumable Fuels | 32.7 |
| Chemicals | 14.7 |
| Food Products | 9.1 |
| Paper & Forest Products | 4.1 |
| Containers & Packaging | 0.5 |
| Energy Equipment & Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2120_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 49.6 |
| Canada | 21.5 |
| Brazil | 7.3 |
| Australia | 4.8 |
| China | 3.5 |
| Chile | 3.1 |
| South Africa | 2.6 |
| Finland | 2.3 |
| United Kingdom | 2.3 |
| Others | 3.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2120_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 49.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 21.5&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;Brazil - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 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;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;Chile - 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;South Africa - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 8.2<br>|
| Corteva Inc | 7.6<br>|
| Chevron Corp | 5.6<br>|
| Nutrien Ltd | 4.9<br>|
| Archer-Daniels-Midland Co | 4.9<br>|
| Shell PLC | 4.6<br>|
| Bunge Global SA | 4.2<br>|
| Agnico Eagle Mines Ltd/CA | 3.9<br>|
| Imperial Oil Ltd | 3.1<br>|
| Glencore PLC | 2.7<br>|
|  | 49.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2120_20251031_2.jpg)<br>| ![](img118550_3.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> 1.9913955.101 2120-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Sustainable International Equity Fund<br> **Fidelity Advisor® Sustainable International Equity Fund Class M : FSYMX** <br>|

---

This annual shareholder report contains information about Fidelity® Sustainable International Equity Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $171  | 1.55% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, security selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, stock picking was the primary detractor, especially within financials. Also hurting our result were investment choices in industrials, primarily among capital goods firms, in addition to health care, pharmaceuticals, biotechnology & life sciences stocks in particular.

• The biggest individual relative detractor was our stake in Novo Nordisk (-58%). Though we decreased exposure to the stock, it was one of the fund's biggest holdings this period. An overweight in Merck (-20%) hurt as well. Another notable relative detractor was Tokyo Electron (-16%).

• In contrast, from a regional standpoint, non-benchmark allocations to emerging markets and Japan contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was security selection in information technology. Stock picking and an underweight in energy also boosted relative performance. Outsized exposure to financials helped as well.

• The top individual relative contributor was our non-benchmark stake in SK Hynix (+191%). An out-of-benchmark position in Cameco also helped, gaining 149%. This was a holding we established this period. Another notable relative contributor was an overweight in UniCredit (+75%), one of our biggest positions.

• Notable changes in geographic positioning included lower allocations to Denmark and the United Kingdom. By sector, meaningful shifts included increased exposure to communication services and information technology stocks.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 10, 2022 through October 31, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $6938<br>| $7568<br>| $9491<br>|
| MSCI EAFE ESG Leaders<br>| $10000 | $7669<br>| $8792<br>| $10737<br>|
| MSCI EAFE Index<br>| $10000 | $7820<br>| $8966<br>| $11050<br>|
|  | 2022 | 2023 | 2024 | 2025 |

---

![](img118457_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 16.91% | 3.82% |
| Class M (without 3.50% sales charge) | 21.15% | 4.82% |
| MSCI EAFE ESG Leaders | 18.01%<br>| 6.56% |
| MSCI EAFE Index | 23.38%<br>| 8.68% |

---

**A** From February 10, 2022

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17778945<br>|
| Number of Holdings | 90<br>|
| Total Advisory Fee | $100755<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.3 |
| Industrials | 19.2 |
| Information Technology | 13.7 |
| Consumer Discretionary | 8.7 |
| Health Care | 7.4 |
| Materials | 4.8 |
| Consumer Staples | 4.6 |
| Communication Services | 3.5 |
| Utilities | 3.4 |
| Energy | 1.7 |
| Real Estate | 0.7 |

---

Common Stocks 95.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 5.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6462_20251031_AA.jpg) <br>|

---

Common Stocks - 95.0&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) - 5.0 <br>

---

| | |
|:---|:---|
| Japan | 21.9 |
| United Kingdom | 10.8 |
| United States | 10.7 |
| Germany | 8.8 |
| France | 8.8 |
| Netherlands | 6.8 |
| Italy | 4.4 |
| Australia | 4.0 |
| Taiwan | 3.4 |
| Others | 20.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6462_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.9&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 Kingdom - 10.8&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;Germany - 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;France - 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;Netherlands - 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.4&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;Australia - 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;Taiwan - 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;Others - 20.4&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**<br>**(% of Fund's net assets)**  |  |
| Hitachi Ltd | 4.9<br>|
| Sony Group Corp | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 3.4<br>|
| ITOCHU Corp | 3.3<br>|
| UniCredit SpA | 2.6<br>|
| Schneider Electric SE | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| Koninklijke KPN NV | 2.1<br>|
| ING Groep NV | 2.1<br>|
| Danone SA | 2.1<br>|
|  | 29.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR 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. |
| ![](img6462_20251031_2.jpg)<br>| ![](img118457_3.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> 1.9914021.101 6465-TSRA-1225 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, October 31, 2025, Fidelity Investment Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity SAI International SMA Completion Fund, Fidelity SAI Sustainable Emerging Markets Equity Fund, Fidelity SAI Sustainable International Equity Fund, Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund, Fidelity Series Overseas Fund, Fidelity Series Select International Small Cap Fund, Fidelity Series Sustainable Emerging Markets Fund, Fidelity Series Sustainable Non-U.S. Developed Markets Fund, and Fidelity Sustainable International Equity Fund (the "Fund(s)"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>October 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity SAI International SMA Completion Fund | &nbsp;&nbsp;$47600  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity SAI Sustainable Emerging Markets Equity Fund | &nbsp;&nbsp;$41100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6900  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity SAI Sustainable International Equity Fund | &nbsp;&nbsp;$34700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6900  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Series Emerging Markets Fund | &nbsp;&nbsp;$44100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8000  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series Emerging Markets Opportunities Fund | &nbsp;&nbsp;$43800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8000  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series International Small Cap Fund | &nbsp;&nbsp;$42700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series International Value Fund | &nbsp;&nbsp;$56600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series Overseas Fund | &nbsp;&nbsp;$59400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series Select International Small Cap Fund | &nbsp;&nbsp;$43100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7000  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series Sustainable Emerging Markets Fund | &nbsp;&nbsp;$42200  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6900  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series Sustainable Non-U.S. Developed Markets Fund | &nbsp;&nbsp;$43400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6500  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Sustainable International Equity Fund | &nbsp;&nbsp;$48500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7600  | &nbsp;&nbsp;$600  |

---

**<u>October 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity SAI International SMA Completion Fund | &nbsp;&nbsp;$46100  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$12200  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity SAI Sustainable Emerging Markets Equity Fund | &nbsp;&nbsp;$41500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10600  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity SAI Sustainable International Equity Fund | &nbsp;&nbsp;$35800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10000  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Series Emerging Markets Fund | &nbsp;&nbsp;$42800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$12300  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Series Emerging Markets Opportunities Fund | &nbsp;&nbsp;$43000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$12300  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Series International Small Cap Fund | &nbsp;&nbsp;$41300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9400  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Series International Value Fund | &nbsp;&nbsp;$55500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9400  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Series Overseas Fund | &nbsp;&nbsp;$57200  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10300  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Series Select International Small Cap Fund | &nbsp;&nbsp;$41700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10100  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Series Sustainable Emerging Markets Fund | &nbsp;&nbsp;$40700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10300  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Series Sustainable Non-U.S. Developed Markets Fund | &nbsp;&nbsp;$40800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10300  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Sustainable International Equity Fund | &nbsp;&nbsp;$47100  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$12300  | &nbsp;&nbsp;$1100  |

---

<sup>A</sup> Amounts may reflect rounding

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Global Commodity Stock Fund, Fidelity Infrastructure Fund, Fidelity Series Canada Fund, Fidelity Series International Growth Fund, and Fidelity Sustainable Emerging Markets Equity Fund (the "Fund(s)"):

**<u>Services Billed by PwC</u>**

**<u>October 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Global Commodity Stock Fund | &nbsp;&nbsp;$38900  | &nbsp;&nbsp;$2100  | &nbsp;&nbsp;$2900  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity Infrastructure Fund | &nbsp;&nbsp;$39400  | &nbsp;&nbsp;$2200  | &nbsp;&nbsp;$2900  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity Series Canada Fund | &nbsp;&nbsp;$71500  | &nbsp;&nbsp;$2700  | &nbsp;&nbsp;$31900  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;Fidelity Series International Growth Fund | &nbsp;&nbsp;$68800  | &nbsp;&nbsp;$2500  | &nbsp;&nbsp;$31900  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Sustainable Emerging Markets Equity Fund | &nbsp;&nbsp;$52300  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$6300  | &nbsp;&nbsp;$1000  |

---

**<u>October 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Global Commodity Stock Fund | &nbsp;&nbsp;$37100  | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$6300  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Infrastructure Fund | &nbsp;&nbsp;$38200  | &nbsp;&nbsp;$3400  | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Series Canada Fund | &nbsp;&nbsp;$69600  | &nbsp;&nbsp;$4300  | &nbsp;&nbsp;$34600  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Series International Growth Fund | &nbsp;&nbsp;$65500  | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$33800  | &nbsp;&nbsp;$1300  |
| &nbsp;&nbsp;Fidelity Sustainable Emerging Markets Equity Fund | &nbsp;&nbsp;$50300  | &nbsp;&nbsp;$4600  | &nbsp;&nbsp;$12200  | &nbsp;&nbsp;$1600  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>October 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>October 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$125000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>October 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>October 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>October 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>October 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2524700  | &nbsp;&nbsp;$3490700  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13844100  | &nbsp;&nbsp;$15451800  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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® Series Sustainable Emerging Markets Fund**

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund**

**Annual Report**

**October 31, 2025**

![](img118422_1.jpg)

![](img118422_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SMKC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Sustainable Emerging Markets Fund](#Sub_Sec_Fund_7317_SMKC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Sustainable Non-U.S. Developed Markets Fund](#Sub_Sec_Fund_7318_SMKC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7317_SMKC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SMKC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SMKC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMKC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMKC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMKC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMKC-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 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 (Annual Report)**

**Fidelity® Series Sustainable Emerging Markets Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.8%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.3% |  |  |
| MercadoLibre Inc (a) | 18 | 41891 |
| Household Durables - 0.0% |  |  |
| Cury Construtora e Incorporadora SA  | 2243 | 14566 |
| Specialty Retail - 0.2% |  |  |
| Lojas Renner SA  | 10451 | 28828 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Azzas 2154 SA  | 4790 | 25562 |
| TOTAL CONSUMER DISCRETIONARY |  | 110847 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| PRIO SA/Brazil (a) | 6028 | 40370 |
| Financials - 1.7% |  |  |
| Banks - 0.9% |  |  |
| Itau Unibanco Holding SA  | 2100 | 15395 |
| Itau Unibanco Holding SA ADR  | 17464 | 128535 |
|  |  | 143930 |
| Capital Markets - 0.8% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 47286 | 111273 |
| XP Inc Class A  | 498 | 9073 |
|  |  | 120346 |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (a) | 155 | 2947 |
| TOTAL FINANCIALS |  | 267223 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Hapvida Participacoes e Investimentos S/A (a)(b)(c) | 2427 | 14111 |
| Pharmaceuticals - 0.1% |  |  |
| Hypera SA  | 2100 | 10086 |
| TOTAL HEALTH CARE |  | 24197 |
| Industrials - 0.6% |  |  |
| Ground Transportation - 0.6% |  |  |
| Localiza Rent a Car SA  | 4460 | 32696 |
| Rumo SA  | 21394 | 63308 |
|  |  | 96004 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.3% |  |  |
| Metalurgica Gerdau SA  | 23015 | 47442 |
| Paper & Forest Products - 0.2% |  |  |
| Dexco SA  | 30781 | 30667 |
| TOTAL MATERIALS |  | 78109 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LOG Commercial Properties e Participacoes SA  | 3400 | 14978 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.2% |  |  |
| Equatorial Energia SA  | 55 | 375 |
| Isa Energia Brasil sa  | 7700 | 35938 |
|  |  | 36313 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Engie Brasil Energia SA  | 10830 | 80521 |
| TOTAL UTILITIES |  | 116834 |
| TOTAL BRAZIL |  | 748562 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Antofagasta PLC  | 2580 | 94563 |
| CHINA - 28.9%  |  |  |
| Communication Services - 6.8% |  |  |
| Entertainment - 0.3% |  |  |
| NetEase Cloud Music Inc (a)(b)(c) | 50 | 1549 |
| Netease Inc ADR  | 355 | 49736 |
|  |  | 51285 |
| Interactive Media & Services - 6.5% |  |  |
| Bilibili Inc ADR (a) | 734 | 22204 |
| Kuaishou Technology B Shares (b)(c) | 3054 | 28435 |
| Tencent Holdings Ltd  | 11912 | 967585 |
| Tongdao Liepin Group (c) | 6600 | 2709 |
|  |  | 1020933 |
| TOTAL COMMUNICATION SERVICES |  | 1072218 |
| Consumer Discretionary - 8.1% |  |  |
| Automobile Components - 0.2% |  |  |
| Minth Group Ltd  | 2000 | 8864 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China)  | 4300 | 26359 |
|  |  | 35223 |
| Automobiles - 0.8% |  |  |
| BYD Co Ltd A Shares (China)  | 1800 | 25490 |
| BYD Co Ltd H Shares  | 7170 | 92825 |
|  |  | 118315 |
| Broadline Retail - 4.6% |  |  |
| Alibaba Group Holding Ltd  | 25700 | 546865 |
| Alibaba Group Holding Ltd ADR  | 467 | 79591 |
| JD.com Inc A Shares  | 3982 | 65743 |
| JD.com Inc ADR  | 987 | 32610 |
|  |  | 724809 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Meituan B Shares (a)(b)(c) | 7112 | 93614 |
| Trip.com Group Ltd  | 382 | 26881 |
| Trip.com Group Ltd ADR  | 1527 | 107883 |
|  |  | 228378 |
| Household Durables - 0.5% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 6900 | 25991 |
| Haier Smart Home Co Ltd H Shares  | 17327 | 56281 |
|  |  | 82272 |
| Specialty Retail - 0.2% |  |  |
| Pop Mart International Group Ltd (b)(c) | 1000 | 28518 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| ANTA Sports Products Ltd  | 4600 | 47950 |
| TOTAL CONSUMER DISCRETIONARY |  | 1265465 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 1.0% |  |  |
| China Resources Beer Holdings Co Ltd  | 7500 | 25674 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 800 | 31472 |
| Kweichow Moutai Co Ltd A Shares (China)  | 300 | 60276 |
| Tsingtao Brewery Co Ltd H Shares  | 6129 | 41409 |
|  |  | 158831 |
| Food Products - 0.1% |  |  |
| Uni-President China Holdings Ltd  | 10000 | 10822 |
| TOTAL CONSUMER STAPLES |  | 169653 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| China Petroleum & Chemical Corp H Shares  | 62000 | 32952 |
| Financials - 5.6% |  |  |
| Banks - 3.6% |  |  |
| China Construction Bank Corp H Shares  | 405548 | 401510 |
| China Merchants Bank Co Ltd H Shares  | 20006 | 125228 |
| Industrial & Commercial Bank of China Ltd H Shares  | 39864 | 30883 |
|  |  | 557621 |
| Insurance - 2.0% |  |  |
| China Life Insurance Co Ltd H Shares  | 25061 | 79080 |
| China Pacific Insurance Group Co Ltd H Shares  | 4400 | 17836 |
| PICC Property & Casualty Co Ltd H Shares  | 10000 | 23628 |
| Ping An Insurance Group Co of China Ltd H Shares  | 27556 | 199074 |
|  |  | 319618 |
| TOTAL FINANCIALS |  | 877239 |
| Health Care - 2.0% |  |  |
| Biotechnology - 0.6% |  |  |
| Innovent Biologics Inc (a)(b)(c) | 5485 | 61411 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (a) | 75 | 4324 |
| Zai Lab Ltd (a) | 7045 | 18383 |
| Zai Lab Ltd ADR (a) | 285 | 7447 |
|  |  | 91565 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 20800 | 14535 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Wuxi Apptec Co Ltd H Shares (b)(c) | 5900 | 82457 |
| WuXi XDC Cayman Inc (a) | 1000 | 9665 |
|  |  | 92122 |
| Pharmaceuticals - 0.7% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 17205 | 78912 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 2400 | 21631 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares  | 1400 | 13549 |
|  |  | 114092 |
| TOTAL HEALTH CARE |  | 312314 |
| Industrials - 1.7% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Sinopec Engineering Group Co Ltd H Shares  | 15116 | 14239 |
| Electrical Equipment - 0.4% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 1100 | 60085 |
| Ground Transportation - 0.3% |  |  |
| Full Truck Alliance Co Ltd ADR  | 4119 | 53547 |
| Machinery - 0.8% |  |  |
| Airtac International Group  | 1000 | 29599 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 3900 | 42198 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 17600 | 47597 |
|  |  | 119394 |
| Marine Transportation - 0.1% |  |  |
| SITC International Holdings Co Ltd  | 4000 | 14733 |
| TOTAL INDUSTRIALS |  | 261998 |
| Information Technology - 2.0% |  |  |
| Communications Equipment - 0.1% |  |  |
| Zhongji Innolight Co Ltd A Shares (China)  | 200 | 13292 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Foxconn Industrial Internet Co Ltd A Shares (China)  | 2900 | 29337 |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 1600 | 14162 |
| Shengyi Technology Co Ltd A Shares (China)  | 1900 | 17165 |
| Shennan Circuits Co Ltd A Shares (China)  | 600 | 18081 |
| Sunny Optical Technology Group Co Ltd  | 3500 | 33871 |
|  |  | 112616 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 1092 | 42861 |
| Montage Technology Co Ltd A Shares (China)  | 396 | 7584 |
| NAURA Technology Group Co Ltd A Shares (China)  | 35 | 2001 |
|  |  | 52446 |
| Software - 0.1% |  |  |
| Glodon Co Ltd A Shares (China)  | 8400 | 17361 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Xiaomi Corp B Shares (a)(b)(c) | 20793 | 115358 |
| TOTAL INFORMATION TECHNOLOGY |  | 311073 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.2% |  |  |
| China Jushi Co Ltd A Shares (China)  | 13100 | 30185 |
| Metals & Mining - 0.5% |  |  |
| MMG Ltd (a) | 84000 | 74698 |
| TOTAL MATERIALS |  | 104883 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| China Resources Land Ltd  | 2500 | 9027 |
| KE Holdings Inc A Shares  | 4400 | 24955 |
|  |  | 33982 |
| Utilities - 0.6% |  |  |
| Gas Utilities - 0.6% |  |  |
| ENN Energy Holdings Ltd  | 7340 | 63902 |
| Kunlun Energy Co Ltd  | 32867 | 30200 |
|  |  | 94102 |
| TOTAL CHINA |  | 4535879 |
| GREECE - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Alpha Bank SA  | 19462 | 76272 |
| Eurobank Ergasias Services and Holdings SA  | 2292 | 8622 |
| Piraeus Financial Holdings SA  | 9362 | 73077 |
| TOTAL GREECE |  | 157971 |
| HONG KONG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Huanxi Media Group Ltd (a) | 181876 | 7490 |
| INDIA - 13.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Wireless Telecommunication Services - 0.7% |  |  |
| Bharti Airtel Ltd  | 4744 | 109802 |
| Consumer Discretionary - 2.4% |  |  |
| Automobiles - 1.1% |  |  |
| Eicher Motors Ltd  | 535 | 42232 |
| Mahindra & Mahindra Ltd  | 3239 | 127247 |
|  |  | 169479 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Eternal Ltd (a) | 45231 | 161912 |
| MakeMyTrip Ltd (a) | 465 | 37200 |
|  |  | 199112 |
| Household Durables - 0.0% |  |  |
| Dixon Technologies India Ltd (c) | 51 | 8902 |
| TOTAL CONSUMER DISCRETIONARY |  | 377493 |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Reliance Industries Ltd  | 16851 | 282176 |
| Financials - 5.8% |  |  |
| Banks - 3.5% |  |  |
| Axis Bank Ltd  | 2296 | 31888 |
| HDFC Bank Ltd/Gandhinagar  | 29615 | 329397 |
| ICICI Bank Ltd  | 12324 | 186754 |
|  |  | 548039 |
| Capital Markets - 0.1% |  |  |
| HDFC Asset Management Co Ltd (b)(c) | 371 | 22482 |
| Consumer Finance - 1.5% |  |  |
| Bajaj Finance Ltd  | 13727 | 161263 |
| Shriram Finance Ltd  | 8506 | 71764 |
|  |  | 233027 |
| Insurance - 0.7% |  |  |
| HDFC Life Insurance Co Ltd (b)(c) | 13358 | 110134 |
| TOTAL FINANCIALS |  | 913682 |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Divi's Laboratories Ltd  | 350 | 26568 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bharat Electronics Ltd  | 3872 | 18587 |
| Construction & Engineering - 0.6% |  |  |
| Larsen & Toubro Ltd  | 1848 | 83919 |
| TOTAL INDUSTRIALS |  | 102506 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Infosys Ltd  | 5043 | 84033 |
| Real Estate - 0.4% |  |  |
| Office REITs - 0.2% |  |  |
| Embassy Office Parks REIT  | 5899 | 28506 |
| Real Estate Management & Development - 0.2% |  |  |
| Godrej Properties Ltd (a) | 565 | 14563 |
| Sunteck Realty Ltd  | 2671 | 13314 |
|  |  | 27877 |
| TOTAL REAL ESTATE |  | 56383 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.5% |  |  |
| Power Grid Corp of India Ltd  | 20810 | 67554 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| NHPC Ltd  | 16298 | 15577 |
| NTPC Ltd  | 1033 | 3921 |
|  |  | 19498 |
| TOTAL UTILITIES |  | 87052 |
| TOTAL INDIA |  | 2039695 |
| INDONESIA - 1.5%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| First Resources Ltd  | 14957 | 22523 |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Bank Central Asia Tbk PT  | 207147 | 106058 |
| Bank Rakyat Indonesia Persero Tbk PT  | 344278 | 82358 |
| Bank Syariah Indonesia Tbk PT  | 146200 | 22418 |
|  |  | 210834 |
| TOTAL INDONESIA |  | 233357 |
| ITALY - 0.3%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Coca-Cola HBC AG  | 996 | 45194 |
| KOREA (SOUTH) - 13.2%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| KT Corp  | 853 | 29289 |
| Interactive Media & Services - 0.8% |  |  |
| Kakao Corp  | 1526 | 69506 |
| NAVER Corp  | 329 | 61576 |
|  |  | 131082 |
| TOTAL COMMUNICATION SERVICES |  | 160371 |
| Consumer Discretionary - 0.5% |  |  |
| Automobiles - 0.2% |  |  |
| Kia Corp  | 352 | 29529 |
| Broadline Retail - 0.0% |  |  |
| Coupang Inc Class A (a) | 200 | 6394 |
| Household Durables - 0.3% |  |  |
| Coway Co Ltd  | 794 | 49554 |
| TOTAL CONSUMER DISCRETIONARY |  | 85477 |
| Financials - 2.6% |  |  |
| Banks - 2.2% |  |  |
| Hana Financial Group Inc  | 795 | 47558 |
| KB Financial Group Inc  | 1678 | 136549 |
| Shinhan Financial Group Co Ltd  | 725 | 37120 |
| Woori Financial Group Inc  | 7312 | 129945 |
|  |  | 351172 |
| Insurance - 0.4% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 37 | 11429 |
| Samsung Life Insurance Co Ltd  | 448 | 48365 |
|  |  | 59794 |
| TOTAL FINANCIALS |  | 410966 |
| Health Care - 0.3% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Samsung Biologics Co Ltd (a)(b)(c)(d) | 52 | 44423 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Korea Aerospace Industries Ltd  | 562 | 40658 |
| Electrical Equipment - 0.3% |  |  |
| Doosan Enerbility Co Ltd (a) | 81 | 5027 |
| LS Electric Co Ltd  | 140 | 42610 |
|  |  | 47637 |
| Industrial Conglomerates - 0.3% |  |  |
| LG Corp  | 360 | 20226 |
| SK Square Co Ltd (a) | 107 | 19464 |
|  |  | 39690 |
| Machinery - 0.0% |  |  |
| HD HYUNDAI MIPO  | 35 | 5914 |
| TOTAL INDUSTRIALS |  | 133899 |
| Information Technology - 7.9% |  |  |
| Semiconductors & Semiconductor Equipment - 3.2% |  |  |
| SK Hynix Inc  | 1297 | 507272 |
| Technology Hardware, Storage & Peripherals - 4.7% |  |  |
| Samsung Electronics Co Ltd  | 9699 | 729498 |
| TOTAL INFORMATION TECHNOLOGY |  | 1236770 |
| TOTAL KOREA (SOUTH) |  | 2071906 |
| MALAYSIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| CIMB Group Holdings Bhd  | 43900 | 76521 |
| MEXICO - 2.3%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 28410 | 93923 |
| Food Products - 0.0% |  |  |
| Gruma SAB de CV Series B  | 239 | 4056 |
| TOTAL CONSUMER STAPLES |  | 97979 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 17891 | 168380 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 600 | 7393 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 1243 | 25910 |
|  |  | 33303 |
| Real Estate - 0.4% |  |  |
| Diversified REITs - 0.1% |  |  |
| Fibra Uno Administracion SA de CV  | 11484 | 16665 |
| Real Estate Management & Development - 0.3% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 7900 | 23983 |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 871 | 26452 |
|  |  | 50435 |
| TOTAL REAL ESTATE |  | 67100 |
| TOTAL MEXICO |  | 366762 |
| PANAMA - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Passenger Airlines - 0.2% |  |  |
| Copa Holdings SA Class A  | 272 | 34057 |
| PHILIPPINES - 0.1%  |  |  |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 37123 | 12583 |
| POLAND - 0.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| CD Projekt SA  | 305 | 20961 |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| Allegro.eu SA (a)(b)(c) | 9368 | 87516 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 3 | 14565 |
| TOTAL CONSUMER DISCRETIONARY |  | 102081 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Dino Polska SA (a)(b)(c) | 690 | 8234 |
| TOTAL POLAND |  | 131276 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (a) | 1151 | 9104 |
| SAUDI ARABIA - 2.3%  |  |  |
| Financials - 2.3% |  |  |
| Banks - 2.1% |  |  |
| Al Rajhi Bank  | 8616 | 242837 |
| Saudi National Bank/The  | 7550 | 80285 |
|  |  | 323122 |
| Insurance - 0.2% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 715 | 31267 |
| TOTAL FINANCIALS |  | 354389 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| SABIC Agri-Nutrients Co  | 154 | 5034 |
| TOTAL SAUDI ARABIA |  | 359423 |
| SINGAPORE - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Sea Ltd Class A ADR (a) | 300 | 46875 |
| SOUTH AFRICA - 4.9%  |  |  |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 1.5% |  |  |
| Naspers Ltd Class N  | 3369 | 236626 |
| Specialty Retail - 0.2% |  |  |
| Pepkor Holdings Ltd (b)(c) | 23071 | 35130 |
| TOTAL CONSUMER DISCRETIONARY |  | 271756 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Pick n Pay Stores Ltd (a) | 18761 | 30623 |
| Shoprite Holdings Ltd  | 4417 | 73895 |
|  |  | 104518 |
| Financials - 1.3% |  |  |
| Banks - 0.6% |  |  |
| Capitec Bank Holdings Ltd  | 423 | 93507 |
| Financial Services - 0.7% |  |  |
| FirstRand Ltd  | 22763 | 107963 |
| TOTAL FINANCIALS |  | 201470 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Bidvest Group Ltd  | 3226 | 41862 |
| Materials - 1.0% |  |  |
| Chemicals - 0.2% |  |  |
| Sasol Ltd (a) | 3837 | 24007 |
| Metals & Mining - 0.8% |  |  |
| Gold Fields Ltd ADR  | 1326 | 50932 |
| Impala Platinum Holdings Ltd  | 4714 | 50520 |
| Valterra Platinum Ltd  | 473 | 29254 |
|  |  | 130706 |
| TOTAL MATERIALS |  | 154713 |
| TOTAL SOUTH AFRICA |  | 774319 |
| TAIWAN - 19.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Uni-President Enterprises Corp  | 2215 | 5663 |
| Financials - 1.4% |  |  |
| Banks - 0.5% |  |  |
| CTBC Financial Holding Co Ltd  | 62555 | 85058 |
| Insurance - 0.9% |  |  |
| Cathay Financial Holding Co Ltd  | 68422 | 142278 |
| TOTAL FINANCIALS |  | 227336 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Bizlink Holding Inc  | 1148 | 52033 |
| Information Technology - 17.5% |  |  |
| Communications Equipment - 0.2% |  |  |
| Accton Technology Corp  | 942 | 33055 |
| Electronic Equipment, Instruments & Components - 1.9% |  |  |
| Chroma ATE Inc  | 2000 | 53220 |
| Delta Electronics Inc  | 5823 | 188248 |
| Elite Material Co Ltd  | 1000 | 44187 |
| Unimicron Technology Corp  | 2000 | 10624 |
|  |  | 296279 |
| Semiconductors & Semiconductor Equipment - 15.3% |  |  |
| ASE Technology Holding Co Ltd  | 1789 | 14296 |
| MediaTek Inc  | 2912 | 123943 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 46651 | 2253316 |
|  |  | 2391555 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Quanta Computer Inc  | 2000 | 19527 |
| TOTAL INFORMATION TECHNOLOGY |  | 2740416 |
| TOTAL TAIWAN |  | 3025448 |
| TURKEY - 0.4%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| BIM Birlesik Magazalar AS  | 2395 | 30697 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Akbank TAS  | 10924 | 15793 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Oyak Cimento Fabrikalari AS  | 26480 | 13387 |
| TOTAL TURKEY |  | 59877 |
| UNITED ARAB EMIRATES - 1.7%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| ADNOC Drilling Co PJSC  | 39995 | 60761 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 23715 | 93105 |
| Abu Dhabi Islamic Bank PJSC  | 11648 | 66978 |
|  |  | 160083 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Aldar Properties PJSC  | 3484 | 8536 |
| Emaar Properties PJSC  | 5514 | 21318 |
| RAK Properties PJSC (a) | 30548 | 11727 |
|  |  | 41581 |
| TOTAL UNITED ARAB EMIRATES |  | 262425 |
| UNITED KINGDOM - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Anglogold Ashanti Plc  | 457 | 31076 |
| Anglogold Ashanti Plc (South Africa)  | 1224 | 84792 |
| TOTAL UNITED KINGDOM |  | 115868 |
| UNITED STATES - 0.8%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Tenaris SA ADR  | 494 | 19661 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BeOne Medicines Ltd ADR (a) | 91 | 28254 |
| BeOne Medicines Ltd H Shares (a) | 1100 | 26302 |
|  |  | 54556 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Titan SA  | 1109 | 49278 |
| TOTAL UNITED STATES |  | 123495 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $11,490,876) |  | <br> **15332650** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co Series 2 <br>(Cost $19,965)<br>| 218 | **33555** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (e)<br>(Cost $888,169)<br>| 4.18 | 887991 | **888169** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.4%**<br> (Cost $12,399,010)<br>| <br>**16254374** |
| **NET OTHER ASSETS (LIABILITIES) - (3.4)%**  | **(535176)** |
| **NET ASSETS - 100.0%** | **15719198** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 2 | 12/19/2025 | 140760 | 4451 | 4451 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |

---

**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 $812,284 or 5.2% of net assets.

(c) Security 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 $823,895 or 5.2% of net assets.

(d) Level 3 security.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 575973 | 6525127 | 6212923 | 16547 | (8) | - | 888169 | 887991 | 0.0% |
| Total | 575973 | 6525127 | 6212923 | 16547 | (8) | - | 888169 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 1379946 | 383072 | 996874 | - |
| Consumer Discretionary | 2259994 | 1290265 | 969729 | - |
| Consumer Staples | 484461 | 484461 | - | - |
| Energy | 435920 | 435920 | - | - |
| Financials | 4041887 | 2883842 | 1158045 | - |
| Health Care | 462058 | 399252 | 18383 | 44423 |
| Industrials | 755662 | 755662 | - | - |
| Information Technology | 4372292 | 1905289 | 2467003 | - |
| Materials | 615835 | 512054 | 103781 | - |
| Real Estate | 226607 | 201652 | 24955 | - |
| Utilities | 297988 | 297988 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 33555 | 33555 | - | - |
|  **Money Market Funds** | 888169 | 888169 | - | - |
| **Total Investments in Securities:** | 16254374 | 10471181 | 5738770 | 44423 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 4451 | 4451 | - | - |
| Total Assets | 4451 | 4451 | - | - |
| **Total Derivative Instruments:** | 4451 | 4451 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 4451 | - |
| **Total Equity Risk**  | 4451 | - |
| **Total Value of Derivatives** | 4451 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Series Sustainable Emerging Markets Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $11,510,841) | $15366205 |  |
| Fidelity Central Funds (cost $888,169) | 888169 |  |
| Total Investment in Securities (cost $12,399,010) |  | $16254374 |
| Segregated cash with brokers for derivative instruments |  | 21188 |
| Cash |  | 18122 |
| Foreign currency held at value (cost $496) |  | 498 |
| Receivable for fund shares sold |  | 182497 |
| Dividends receivable |  | 9679 |
| Distributions receivable from Fidelity Central Funds |  | 1172 |
| Receivable from investment adviser for expense reductions |  | 3644 |
| **Total assets** |  | 16491174 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5271 |  |
| Payable for fund shares redeemed | 747394 |  |
| Payable for daily variation margin on futures contracts | 1824 |  |
| Other payables and accrued expenses | 17487 |  |
| **Total liabilities** |  | 771976 |
| **Net Assets**  |  | $15719198 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11728351 |
| Total accumulated earnings (loss) |  | 3990847 |
| **Net Assets** |  | $15719198 |
| **Net Asset Value**, offering price and redemption price per share ($15,719,198 ÷ 1,075,540 shares) |  | $14.62 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $293884 |
| Interest  |  | 542 |
| Income from Fidelity Central Funds  |  | 16547 |
| Income before foreign taxes withheld |  | $310973 |
| Less foreign taxes withheld |  | (31279) |
| **Total income** |  | 279694 |
| **Expenses** |  |  |
| Custodian fees and expenses | $29854 |  |
| Independent trustees' fees and expenses | 43 |  |
| Total expenses before reductions | 29897 |  |
| Expense reductions | (28723) |  |
| Total expenses after reductions |  | 1174 |
| **Net Investment income (loss)** |  | 278520 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 59824 |  |
| Fidelity Central Funds | (8) |  |
| Foreign currency transactions | (21158) |  |
| Futures contracts | 48059 |  |
| Total net realized gain (loss) |  | 86717 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,482)  | 2870734 |  |
| Assets and liabilities in foreign currencies | 337 |  |
| Futures contracts | 2681 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2873752 |
| **Net gain (loss)** |  | 2960469 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3238989 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $278520 | $179929 |
| &nbsp;&nbsp;Net realized gain (loss) | 86717<br>| (106601)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2873752 | 1207296<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3238989<br>| 1280624<br>|
| Distributions to shareholders | (206982)<br>| (97501)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6642847 | 4545822 |
| Reinvestment of distributions | 206982<br>| 97501<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3920316) | (409939) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2929513<br>| 4233384<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5961520<br>| 5416507<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 9757678 | 4341171<br>|
| &nbsp;&nbsp;End of period | $15719198 | $9757678 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 536632 | 415045 |
| Issued in reinvestment of distributions | 18285<br>| 9663<br>|
| &nbsp;&nbsp;Redeemed | (318293) | (36950) |
| &nbsp;&nbsp;Net increase (decrease) | 236624 | 387758 |

---

**Financial Highlights** 

**Fidelity® Series Sustainable Emerging Markets Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $11.63 | $9.62 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .29  | .28  | .16  |
| Net realized and unrealized gain (loss)  | 2.94  | 1.95  | (.54)  |
| Total from investment operations  | 3.23  | 2.23  | (.38)  |
| Distributions from net investment income  | (.24)  | (.22)  | -  |
| Total distributions  | (.24)  | (.22)  | -  |
| Net asset value, end of period  | $14.62 | $11.63 | $9.62 |
| **Total Return** D,E | 28.42% <br>| 23.47%  | (3.80)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .25%  | .32%  | .31% H |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01% H |
| Expenses net of all reductions, if any  | .01%  | -% I | .01% H |
| Net investment income (loss)  | 2.36%  | 2.56%  | 3.40% H |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $15719 | $9758 | $4341 |
| Portfolio turnover rate J | 87% <br>| 47%  | 36% K |

---

A*For the period May 11, 2023 (commencement of operations) through October 31, 2023.*

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*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 represents less than $.005 per share.*

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*Amount not annualized.*

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 511 | 11936 |
| REA Group Ltd  | 51 | 7111 |
|  |  | 19047 |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Aristocrat Leisure Ltd  | 1186 | 49160 |
| Lottery Corp/The  | 5960 | 21448 |
|  |  | 70608 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Woodside Energy Group Ltd  | 3504 | 56784 |
| Financials - 0.6% |  |  |
| Banks - 0.1% |  |  |
| Commonwealth Bank of Australia  | 179 | 20102 |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 518 | 19132 |
| Macquarie Group Ltd  | 470 | 67212 |
|  |  | 86344 |
| Insurance - 0.2% |  |  |
| QBE Insurance Group Ltd  | 1474 | 19134 |
| Suncorp Group Ltd  | 2944 | 37794 |
|  |  | 56928 |
| TOTAL FINANCIALS |  | 163374 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Cochlear Ltd  | 114 | 21419 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 3015 | 49042 |
| Professional Services - 0.0% |  |  |
| Computershare Ltd  | 296 | 7083 |
| Transportation Infrastructure - 0.2% |  |  |
| Transurban Group unit  | 6959 | 65931 |
| TOTAL INDUSTRIALS |  | 122056 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| BlueScope Steel Ltd  | 884 | 13245 |
| TOTAL AUSTRALIA |  | 466533 |
| AUSTRIA - 0.4%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| OMV AG  | 351 | 19201 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Erste Group Bank AG  | 511 | 52863 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Mondi PLC  | 2441 | 27264 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 118 | 9106 |
| TOTAL AUSTRIA |  | 108434 |
| BELGIUM - 1.5%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Anheuser-Busch InBev SA/NV  | 192 | 11708 |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| KBC Ancora  | 568 | 44651 |
| KBC Group NV  | 2889 | 347153 |
|  |  | 391804 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Fagron  | 383 | 9094 |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 103 | 26416 |
| TOTAL HEALTH CARE |  | 35510 |
| TOTAL BELGIUM |  | 439022 |
| BRAZIL - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Wheaton Precious Metals Corp  | 2096 | 202419 |
| CANADA - 12.5%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Broadline Retail - 0.5% |  |  |
| Dollarama Inc  | 890 | 115687 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 625 | 41050 |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 367 | 25635 |
| Pet Valu Holdings Ltd  | 1538 | 38161 |
|  |  | 63796 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (a) | 435 | 6057 |
| TOTAL CONSUMER DISCRETIONARY |  | 226590 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Alimentation Couche-Tard Inc  | 3401 | 172845 |
| Metro Inc/CN  | 692 | 46127 |
| North West Co Inc/The  | 413 | 13398 |
|  |  | 232370 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Pason Systems Inc  | 3554 | 30280 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Cameco Corp  | 1362 | 139197 |
| Canadian Natural Resources Ltd  | 2861 | 91528 |
| Imperial Oil Ltd  | 1290 | 114095 |
| PrairieSky Royalty Ltd  | 1766 | 31705 |
|  |  | 376525 |
| TOTAL ENERGY |  | 406805 |
| Financials - 5.7% |  |  |
| Banks - 3.1% |  |  |
| Bank of Montreal  | 1530 | 190062 |
| Canadian Imperial Bank of Commerce  | 1178 | 97604 |
| National Bank of Canada  | 1500 | 167588 |
| Royal Bank of Canada  | 1366 | 200116 |
| Toronto Dominion Bank  | 2650 | 217585 |
|  |  | 872955 |
| Capital Markets - 1.1% |  |  |
| Brookfield Asset Management Ltd Class A  | 1061 | 57394 |
| Brookfield Corp Class A  | 3834 | 176563 |
| TMX Group Ltd  | 2556 | 94272 |
|  |  | 328229 |
| Insurance - 1.5% |  |  |
| Definity Financial Corp  | 1707 | 79414 |
| Intact Financial Corp  | 723 | 134868 |
| Sun Life Financial Inc  | 3213 | 195430 |
|  |  | 409712 |
| TOTAL FINANCIALS |  | 1610896 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Andlauer Healthcare Group Inc Subordinate Voting Shares  | 918 | 35606 |
| Industrials - 1.2% |  |  |
| Ground Transportation - 1.0% |  |  |
| Canadian National Railway Co  | 940 | 90136 |
| Canadian Pacific Kansas City Ltd  | 2569 | 184870 |
|  |  | 275006 |
| Professional Services - 0.2% |  |  |
| Thomson Reuters Corp  | 523 | 80112 |
| TOTAL INDUSTRIALS |  | 355118 |
| Information Technology - 1.5% |  |  |
| IT Services - 0.9% |  |  |
| Shopify Inc Class A (a) | 1543 | 268280 |
| Software - 0.6% |  |  |
| Constellation Software Inc/Canada  | 64 | 168428 |
| TOTAL INFORMATION TECHNOLOGY |  | 436708 |
| Materials - 1.0% |  |  |
| Chemicals - 0.3% |  |  |
| Nutrien Ltd  | 1711 | 93190 |
| Metals & Mining - 0.7% |  |  |
| Franco-Nevada Corp  | 1019 | 190345 |
| Triple Flag Precious Metals Corp  | 203 | 5637 |
|  |  | 195982 |
| TOTAL MATERIALS |  | 289172 |
| TOTAL CANADA |  | 3593265 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 362 | 13268 |
| Lundin Mining Corp  | 4116 | 66206 |
| TOTAL CHILE |  | 79474 |
| CHINA - 1.0%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Tencent Holdings Ltd  | 2726 | 221427 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Prosus NV Class N  | 444 | 30671 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BOC Hong Kong Holdings Ltd  | 5239 | 25741 |
| TOTAL CHINA |  | 277839 |
| DENMARK - 0.8%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Pandora A/S  | 190 | 25443 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Carlsberg AS Series B  | 180 | 21159 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 463 | 11413 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.1% |  |  |
| Genmab A/S (a) | 67 | 19110 |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Series B  | 1454 | 71583 |
| TOTAL HEALTH CARE |  | 90693 |
| Industrials - 0.1% |  |  |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 171 | 5857 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 972 | 19879 |
| TOTAL INDUSTRIALS |  | 25736 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Novonesis Novozymes B Series B  | 914 | 54623 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (a)(b)(c) | 545 | 9741 |
| TOTAL DENMARK |  | 238808 |
| FINLAND - 1.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Elisa Oyj A Shares  | 358 | 15780 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Kesko Oyj B Shares  | 702 | 14808 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Neste Oyj  | 1786 | 36963 |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Sampo Oyj A Shares  | 11216 | 124989 |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Kone Oyj B Shares  | 498 | 33247 |
| Metso Oyj  | 1674 | 27419 |
| Wartsila OYJ Abp  | 1308 | 42772 |
|  |  | 103438 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 5142 | 35075 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 1965 | 22876 |
| UPM-Kymmene Oyj  | 738 | 19803 |
|  |  | 42679 |
| TOTAL FINLAND |  | 373732 |
| FRANCE - 8.6%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Hermes International SCA  | 35 | 86697 |
| Kering SA  | 19 | 6746 |
| LVMH Moet Hennessy Louis Vuitton SE  | 228 | 161156 |
|  |  | 254599 |
| Consumer Staples - 1.0% |  |  |
| Food Products - 0.9% |  |  |
| Danone SA  | 2923 | 258150 |
| Personal Care Products - 0.1% |  |  |
| L'Oreal SA  | 48 | 20031 |
| TOTAL CONSUMER STAPLES |  | 278181 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| TotalEnergies SE  | 3331 | 207971 |
| Financials - 1.3% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 1180 | 91401 |
| Credit Agricole SA  | 741 | 13376 |
| Societe Generale SA Series A  | 662 | 41984 |
|  |  | 146761 |
| Capital Markets - 0.0% |  |  |
| Amundi SA (b)(c) | 78 | 5781 |
| Insurance - 0.8% |  |  |
| AXA SA  | 4994 | 216682 |
| TOTAL FINANCIALS |  | 369224 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| EssilorLuxottica SA  | 678 | 247969 |
| Industrials - 2.8% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Airbus SE  | 1152 | 284051 |
| Thales SA  | 479 | 136588 |
|  |  | 420639 |
| Building Products - 0.2% |  |  |
| Cie de Saint-Gobain SA  | 466 | 45231 |
| Electrical Equipment - 0.6% |  |  |
| Legrand SA  | 1060 | 183049 |
| Ground Transportation - 0.0% |  |  |
| Stef SA  | 96 | 13389 |
| Machinery - 0.0% |  |  |
| Alstom SA (a) | 707 | 17680 |
| Trading Companies & Distributors - 0.3% |  |  |
| Rexel SA  | 2053 | 70992 |
| Thermador Groupe  | 146 | 12857 |
|  |  | 83849 |
| Transportation Infrastructure - 0.2% |  |  |
| Getlink SE Series A  | 2513 | 45853 |
| TOTAL INDUSTRIALS |  | 809690 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.1% |  |  |
| Alten SA  | 541 | 44555 |
| Software - 0.2% |  |  |
| Dassault Systemes SE  | 1590 | 45248 |
| TOTAL INFORMATION TECHNOLOGY |  | 89803 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Air Liquide SA  | 593 | 114769 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.1% |  |  |
| Covivio SA/France  | 640 | 41016 |
| Industrial REITs - 0.0% |  |  |
| ARGAN SA  | 23 | 1788 |
| Retail REITs - 0.2% |  |  |
| Unibail-Rodamco-Westfield unit  | 399 | 41226 |
| TOTAL REAL ESTATE |  | 84030 |
| TOTAL FRANCE |  | 2456236 |
| GERMANY - 7.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Deutsche Telekom AG  | 1628 | 50428 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (b)(c) | 42 | 4850 |
| TOTAL COMMUNICATION SERVICES |  | 55278 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 459 | 42707 |
| Mercedes-Benz Group AG  | 5 | 324 |
|  |  | 43031 |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (a) | 281 | 9859 |
| Fielmann Group AG  | 204 | 11134 |
|  |  | 20993 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| adidas AG  | 88 | 16639 |
| TOTAL CONSUMER DISCRETIONARY |  | 80663 |
| Consumer Staples - 0.4% |  |  |
| Household Products - 0.3% |  |  |
| Henkel AG & Co KGaA  | 1307 | 97547 |
| Personal Care Products - 0.1% |  |  |
| Beiersdorf AG  | 194 | 20566 |
| TOTAL CONSUMER STAPLES |  | 118113 |
| Financials - 2.5% |  |  |
| Banks - 0.2% |  |  |
| Commerzbank AG  | 1310 | 47579 |
| Capital Markets - 1.0% |  |  |
| Deutsche Boerse AG  | 1115 | 282363 |
| Insurance - 1.3% |  |  |
| Allianz SE  | 447 | 179624 |
| Hannover Rueck SE  | 194 | 55322 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 229 | 141681 |
|  |  | 376627 |
| TOTAL FINANCIALS |  | 706569 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Fresenius SE & Co KGaA  | 275 | 15855 |
| Pharmaceuticals - 0.2% |  |  |
| Merck KGaA  | 444 | 58161 |
| TOTAL HEALTH CARE |  | 74016 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Hensoldt AG  | 167 | 17748 |
| Rheinmetall AG  | 96 | 188278 |
|  |  | 206026 |
| Air Freight & Logistics - 0.0% |  |  |
| Deutsche Post AG  | 348 | 15989 |
| Industrial Conglomerates - 0.8% |  |  |
| Siemens AG  | 766 | 217083 |
| Machinery - 0.2% |  |  |
| Gea Group Ag  | 696 | 49739 |
| Norma Group SE  | 440 | 7131 |
|  |  | 56870 |
| TOTAL INDUSTRIALS |  | 495968 |
| Information Technology - 2.2% |  |  |
| IT Services - 0.0% |  |  |
| Bechtle AG  | 131 | 5533 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Infineon Technologies AG  | 1091 | 43305 |
| Software - 2.0% |  |  |
| Nemetschek SE  | 1 | 115 |
| SAP SE  | 2193 | 570339 |
|  |  | 570454 |
| TOTAL INFORMATION TECHNOLOGY |  | 619292 |
| Materials - 0.4% |  |  |
| Chemicals - 0.1% |  |  |
| BASF SE  | 38 | 1875 |
| Covestro AG  | 153 | 10687 |
| Evonik Industries AG  | 632 | 10585 |
|  |  | 23147 |
| Construction Materials - 0.3% |  |  |
| Heidelberg Materials AG  | 407 | 95484 |
| TOTAL MATERIALS |  | 118631 |
| TOTAL GERMANY |  | 2268530 |
| HONG KONG - 0.7%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.1% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 317 | 17281 |
| Insurance - 0.3% |  |  |
| Prudential PLC  | 6060 | 84283 |
| TOTAL FINANCIALS |  | 101564 |
| Industrials - 0.3% |  |  |
| Ground Transportation - 0.3% |  |  |
| MTR Corp Ltd  | 26350 | 96644 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Sino Land Co Ltd  | 10000 | 12418 |
| TOTAL HONG KONG |  | 210626 |
| INDIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd GDR (b) | 507 | 33614 |
| INDONESIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank Central Asia Tbk PT  | 31729 | 16245 |
| IRELAND - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| Cairn Homes PLC  | 3030 | 6750 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| AIB Group PLC  | 3195 | 29407 |
| Industrials - 0.2% |  |  |
| Building Products - 0.2% |  |  |
| Kingspan Group PLC  | 623 | 46605 |
| TOTAL IRELAND |  | 82762 |
| ISRAEL - 0.4%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Mizrahi Tefahot Bank Ltd  | 234 | 15239 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd  | 27 | 12926 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ituran Location and Control Ltd  | 323 | 12439 |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (a) | 186 | 27070 |
| Software - 0.2% |  |  |
| Check Point Software Technologies Ltd (a) | 74 | 14480 |
| Nice Ltd (a) | 175 | 23717 |
|  |  | 38197 |
| TOTAL INFORMATION TECHNOLOGY |  | 77706 |
| TOTAL ISRAEL |  | 105871 |
| ITALY - 2.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Moncler SpA  | 354 | 21218 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Eni SpA  | 5062 | 93341 |
| Financials - 1.7% |  |  |
| Banks - 1.4% |  |  |
| BPER Banca SPA  | 969 | 11566 |
| FinecoBank Banca Fineco SpA  | 2189 | 49984 |
| Intesa Sanpaolo SpA  | 9670 | 62326 |
| Mediobanca Banca di Credito Finanziario SpA  | 902 | 17191 |
| UniCredit SpA  | 3470 | 256942 |
|  |  | 398009 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 367 | 7365 |
| Insurance - 0.3% |  |  |
| Generali  | 2035 | 78227 |
| TOTAL FINANCIALS |  | 483601 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 324 | 19233 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Leonardo SpA  | 836 | 49186 |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 439 | 45450 |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 997 | 51369 |
| TOTAL INDUSTRIALS |  | 146005 |
| TOTAL ITALY |  | 763398 |
| JAPAN - 16.8%  |  |  |
| Communication Services - 1.7% |  |  |
| Entertainment - 1.1% |  |  |
| Capcom Co Ltd  | 966 | 25225 |
| Konami Group Corp  | 12 | 2004 |
| Nintendo Co Ltd  | 3446 | 293910 |
|  |  | 321139 |
| Interactive Media & Services - 0.0% |  |  |
| LY Corp  | 4388 | 12893 |
| Wireless Telecommunication Services - 0.6% |  |  |
| KDDI Corp  | 3085 | 49176 |
| SoftBank Group Corp  | 665 | 116687 |
|  |  | 165863 |
| TOTAL COMMUNICATION SERVICES |  | 499895 |
| Consumer Discretionary - 1.2% |  |  |
| Automobiles - 0.2% |  |  |
| Isuzu Motors Ltd  | 1275 | 15678 |
| Yamaha Motor Co Ltd  | 7079 | 51217 |
|  |  | 66895 |
| Broadline Retail - 0.1% |  |  |
| Rakuten Group Inc (a) | 2207 | 14457 |
| Household Durables - 0.7% |  |  |
| Sekisui House Ltd  | 1537 | 33022 |
| Sony Group Corp  | 4866 | 135517 |
| Sumitomo Forestry Co Ltd  | 2077 | 21665 |
|  |  | 190204 |
| Specialty Retail - 0.2% |  |  |
| Sanrio Co Ltd  | 300 | 13932 |
| USS Co Ltd  | 3161 | 34910 |
| ZOZO Inc  | 1695 | 14667 |
|  |  | 63509 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 245 | 6268 |
| TOTAL CONSUMER DISCRETIONARY |  | 341333 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| YAKUODO Holdings Co Ltd  | 200 | 2640 |
| Food Products - 0.6% |  |  |
| Ajinomoto Co Inc  | 5494 | 155897 |
| TOTAL CONSUMER STAPLES |  | 158537 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| ENEOS Holdings Inc  | 6545 | 41314 |
| San-Ai Obbli Co Ltd  | 1262 | 16722 |
|  |  | 58036 |
| Financials - 2.9% |  |  |
| Banks - 1.7% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 11400 | 172200 |
| Mizuho Financial Group Inc  | 1100 | 36845 |
| Resona Holdings Inc  | 800 | 7753 |
| Sumitomo Mitsui Financial Group Inc  | 8235 | 222953 |
| Sumitomo Mitsui Trust Group Inc  | 224 | 6153 |
| Yokohama Financial Group Inc  | 4048 | 29445 |
|  |  | 475349 |
| Capital Markets - 0.3% |  |  |
| Daiwa Securities Group Inc  | 7614 | 58769 |
| Nomura Holdings Inc  | 2508 | 17897 |
|  |  | 76666 |
| Financial Services - 0.1% |  |  |
| ORIX Corp  | 1970 | 48190 |
| Sony Financial Group Inc (a) | 4266 | 4302 |
|  |  | 52492 |
| Insurance - 0.8% |  |  |
| Tokio Marine Holdings Inc  | 6194 | 230994 |
| TOTAL FINANCIALS |  | 835501 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Hoya Corp  | 1608 | 261740 |
| Sysmex Corp  | 602 | 6710 |
|  |  | 268450 |
| Health Care Technology - 0.0% |  |  |
| Software Service Inc  | 112 | 9957 |
| Pharmaceuticals - 0.1% |  |  |
| Chugai Pharmaceutical Co Ltd  | 112 | 5126 |
| Daiichi Sankyo Co Ltd  | 297 | 7095 |
| Eisai Co Ltd  | 300 | 8910 |
|  |  | 21131 |
| TOTAL HEALTH CARE |  | 299538 |
| Industrials - 5.4% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SG Holdings Co Ltd  | 1228 | 11287 |
| Commercial Services & Supplies - 0.0% |  |  |
| CTS Co Ltd  | 925 | 5336 |
| Pronexus Inc  | 910 | 6460 |
|  |  | 11796 |
| Electrical Equipment - 0.1% |  |  |
| Mitsubishi Electric Corp  | 668 | 18712 |
| Ground Transportation - 0.2% |  |  |
| Hankyu Hanshin Holdings Inc  | 1636 | 43907 |
| Tokyu Corp  | 2156 | 24007 |
|  |  | 67914 |
| Industrial Conglomerates - 1.6% |  |  |
| Hitachi Ltd  | 12430 | 428932 |
| Machinery - 2.0% |  |  |
| Ebara Corp  | 1627 | 43613 |
| FANUC Corp  | 1551 | 51759 |
| IHI Corp  | 577 | 12037 |
| Komatsu Ltd  | 1337 | 44724 |
| Mitsubishi Heavy Industries Ltd  | 12675 | 382654 |
|  |  | 534787 |
| Marine Transportation - 0.0% |  |  |
| Nippon Yusen KK  | 109 | 3771 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 1025 | 46990 |
| Recruit Holdings Co Ltd  | 3826 | 189724 |
|  |  | 236714 |
| Trading Companies & Distributors - 0.7% |  |  |
| ITOCHU Corp  | 2714 | 157282 |
| Marubeni Corp  | 1626 | 40093 |
|  |  | 197375 |
| TOTAL INDUSTRIALS |  | 1511288 |
| Information Technology - 3.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Azbil Corp  | 11400 | 112624 |
| Ibiden Co Ltd  | 600 | 56901 |
| Keyence Corp  | 125 | 46533 |
| Yokogawa Electric Corp  | 1206 | 36178 |
|  |  | 252236 |
| IT Services - 0.8% |  |  |
| Fujitsu Ltd  | 4120 | 107369 |
| NEC Corp  | 843 | 30731 |
| Nomura Research Institute Ltd  | 606 | 23400 |
| Softcreate Holdings Corp  | 225 | 3114 |
| TIS Inc  | 1473 | 50801 |
|  |  | 215415 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Advantest Corp  | 1900 | 284518 |
| Renesas Electronics Corp  | 3232 | 39914 |
| Tokyo Electron Ltd  | 224 | 49385 |
|  |  | 373817 |
| Software - 0.0% |  |  |
| Broadleaf Co Ltd  | 1889 | 9095 |
| m-up Holdings Inc  | 600 | 7522 |
| Miroku Jyoho Service Co Ltd  | 344 | 3937 |
| WingArc1st Inc  | 300 | 6541 |
|  |  | 27095 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| FUJIFILM Holdings Corp  | 4584 | 106242 |
| TOTAL INFORMATION TECHNOLOGY |  | 974805 |
| Materials - 0.4% |  |  |
| Chemicals - 0.3% |  |  |
| Mitsubishi Chemical Group Corp  | 2171 | 11356 |
| Nitto Denko Corp  | 114 | 2851 |
| Shin-Etsu Chemical Co Ltd  | 918 | 27594 |
| Toray Industries Inc  | 2909 | 17859 |
|  |  | 59660 |
| Metals & Mining - 0.1% |  |  |
| Sumitomo Metal Mining Co Ltd  | 1262 | 41283 |
| TOTAL MATERIALS |  | 100943 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Tokyo Gas Co Ltd  | 225 | 7887 |
| TOTAL JAPAN |  | 4787763 |
| LUXEMBOURG - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Eurofins Scientific SE  | 216 | 15222 |
| NETHERLANDS - 3.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Koninklijke KPN NV  | 14516 | 67172 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| JDE Peet's NV  | 559 | 20348 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Van Lanschot Kempen NV depository receipt  | 314 | 18350 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Argenx SE (a) | 10 | 8185 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Koninklijke Heijmans N.V depository receipt  | 165 | 11696 |
| Professional Services - 0.2% |  |  |
| Wolters Kluwer NV  | 262 | 32087 |
| TOTAL INDUSTRIALS |  | 43783 |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| ASM International NV  | 64 | 41458 |
| ASML Holding NV  | 579 | 612726 |
| BE Semiconductor Industries NV  | 540 | 91871 |
|  |  | 746055 |
| Software - 0.0% |  |  |
| Topicus.com Inc (a) | 92 | 9052 |
| TOTAL INFORMATION TECHNOLOGY |  | 755107 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 195 | 12911 |
| TOTAL NETHERLANDS |  | 925856 |
| NEW ZEALAND - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Meridian Energy Ltd  | 6145 | 20818 |
| NORWAY - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 527 | 7835 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Mowi ASA  | 1596 | 35074 |
| Orkla ASA  | 3551 | 36003 |
|  |  | 71077 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 878 | 22788 |
| Equinor ASA  | 190 | 4551 |
|  |  | 27339 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| DNB Bank ASA  | 1102 | 28101 |
| Insurance - 0.1% |  |  |
| Gjensidige Forsikring ASA  | 859 | 23118 |
| TOTAL FINANCIALS |  | 51219 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 1585 | 40536 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 1212 | 8201 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Selvaag Bolig ASA  | 1189 | 3868 |
| TOTAL NORWAY |  | 210075 |
| PORTUGAL - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Galp Energia SGPS SA  | 3356 | 67289 |
| SINGAPORE - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Singapore Telecommunications Ltd  | 1464 | 4778 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| United Overseas Bank Ltd  | 2453 | 65339 |
| Capital Markets - 0.1% |  |  |
| Singapore Exchange Ltd  | 1500 | 19511 |
| TOTAL FINANCIALS |  | 84850 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Singapore Technologies Engineering Ltd  | 3822 | 24930 |
| Industrial Conglomerates - 0.4% |  |  |
| Keppel Ltd  | 14186 | 111060 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd  | 2650 | 13498 |
| TOTAL INDUSTRIALS |  | 149488 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV  | 880 | 21646 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| CapitaLand Investment Ltd/Singapore  | 13761 | 27911 |
| TOTAL SINGAPORE |  | 288673 |
| SPAIN - 3.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Amadeus IT Group SA Class A  | 1002 | 76597 |
| Specialty Retail - 0.0% |  |  |
| Industria de Diseno Textil SA  | 91 | 5024 |
| TOTAL CONSUMER DISCRETIONARY |  | 81621 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 1778 | 32625 |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 765 | 15412 |
| Banco de Sabadell SA  | 1820 | 6803 |
| Banco Santander SA  | 43451 | 442040 |
| Bankinter SA  | 2536 | 38205 |
| CaixaBank SA  | 12616 | 133348 |
|  |  | 635808 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Clinica Baviera SA  | 104 | 5047 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 159 | 13049 |
| Machinery - 0.0% |  |  |
| Fluidra SA  | 255 | 7383 |
| TOTAL INDUSTRIALS |  | 20432 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Acciona SA  | 56 | 12393 |
| Endesa SA  | 412 | 14764 |
| Iberdrola SA  | 8768 | 177695 |
|  |  | 204852 |
| TOTAL SPAIN |  | 980385 |
| SWEDEN - 3.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 9972 | 39131 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 209 | 3310 |
| TOTAL COMMUNICATION SERVICES |  | 42441 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoliv Inc  | 69 | 8059 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Betsson AB B Shares  | 334 | 5228 |
| Evolution AB (b) | 228 | 15244 |
|  |  | 20472 |
| TOTAL CONSUMER DISCRETIONARY |  | 28531 |
| Financials - 0.3% |  |  |
| Banks - 0.0% |  |  |
| Svenska Handelsbanken AB A Shares  | 707 | 9226 |
| Capital Markets - 0.2% |  |  |
| EQT AB  | 1062 | 36845 |
| Financial Services - 0.1% |  |  |
| Investor AB B Shares  | 792 | 26139 |
| TOTAL FINANCIALS |  | 72210 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| AddLife AB B Shares  | 239 | 5167 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| INVISIO AB  | 772 | 24581 |
| Building Products - 0.4% |  |  |
| Assa Abloy AB B Shares  | 2753 | 103746 |
| Machinery - 1.1% |  |  |
| Atlas Copco AB A Shares  | 8949 | 149950 |
| Epiroc AB A Shares  | 3682 | 77979 |
| Epiroc AB B Shares  | 393 | 7363 |
| Indutrade AB  | 1112 | 29731 |
| Sandvik AB  | 1710 | 51929 |
|  |  | 316952 |
| Trading Companies & Distributors - 0.3% |  |  |
| AddTech AB B Shares  | 2058 | 69754 |
| Bergman & Beving AB B Shares  | 720 | 25502 |
|  |  | 95256 |
| TOTAL INDUSTRIALS |  | 540535 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Lagercrantz Group AB B Shares  | 3167 | 77806 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.4% |  |  |
| Boliden AB (a) | 2481 | 112034 |
| Paper & Forest Products - 0.1% |  |  |
| Svenska Cellulosa AB SCA B Shares  | 2621 | 34969 |
| TOTAL MATERIALS |  | 147003 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| John Mattson Fastighetsforetagen AB (a) | 770 | 5398 |
| TOTAL SWEDEN |  | 919091 |
| SWITZERLAND - 3.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.0% |  |  |
| Avolta AG  | 97 | 5112 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Cie Financiere Richemont SA Series A  | 53 | 10484 |
| TOTAL CONSUMER DISCRETIONARY |  | 15596 |
| Financials - 1.8% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise  | 118 | 13680 |
| Capital Markets - 0.1% |  |  |
| Partners Group Holding AG  | 29 | 35402 |
| Insurance - 1.7% |  |  |
| Helvetia Holding AG  | 138 | 33851 |
| Swiss Life Holding AG  | 69 | 74800 |
| Zurich Insurance Group AG  | 524 | 364427 |
|  |  | 473078 |
| TOTAL FINANCIALS |  | 522160 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 131 | 35584 |
| Straumann Holding AG  | 114 | 14330 |
|  |  | 49914 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Lonza Group AG  | 90 | 61980 |
| Tecan Group AG  | 60 | 10938 |
|  |  | 72918 |
| TOTAL HEALTH CARE |  | 122832 |
| Industrials - 1.0% |  |  |
| Building Products - 0.1% |  |  |
| Belimo Holding AG  | 29 | 31207 |
| Geberit AG  | 9 | 6565 |
|  |  | 37772 |
| Electrical Equipment - 0.6% |  |  |
| ABB Ltd  | 1988 | 147803 |
| Machinery - 0.3% |  |  |
| Schindler Holding AG  | 81 | 28787 |
| Schindler Holding AG  | 21 | 7084 |
| VAT Group AG (b)(c) | 95 | 41353 |
|  |  | 77224 |
| Professional Services - 0.0% |  |  |
| SGS SA  | 126 | 14188 |
| TOTAL INDUSTRIALS |  | 276987 |
| Information Technology - 0.2% |  |  |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Logitech International SA  | 428 | 51419 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Givaudan SA  | 8 | 32786 |
| Sika AG  | 67 | 13131 |
|  |  | 45917 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG  | 1917 | 21379 |
| TOTAL MATERIALS |  | 67296 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Swiss Prime Site AG  | 472 | 67039 |
| TOTAL SWITZERLAND |  | 1123329 |
| TAIWAN - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 8446 | 407955 |
| UNITED KINGDOM - 13.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Zegona Communications plc (a) | 1373 | 22186 |
| Interactive Media & Services - 0.2% |  |  |
| Auto Trader Group PLC (b)(c) | 2477 | 25412 |
| Rightmove PLC  | 3517 | 30863 |
|  |  | 56275 |
| Media - 0.3% |  |  |
| Informa PLC  | 7593 | 96537 |
| TOTAL COMMUNICATION SERVICES |  | 174998 |
| Consumer Discretionary - 2.5% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| Pearson PLC  | 1954 | 27196 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Compass Group PLC  | 10020 | 331661 |
| InterContinental Hotels Group PLC  | 699 | 84318 |
| InterContinental Hotels Group PLC ADR  | 1089 | 132270 |
| On the Beach Group PLC (b)(c) | 2352 | 6566 |
| Whitbread PLC  | 178 | 6774 |
|  |  | 561589 |
| Household Durables - 0.2% |  |  |
| Barratt Redrow PLC  | 11373 | 56222 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 288 | 60270 |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 2160 | 2644 |
| Kingfisher PLC  | 5377 | 21807 |
|  |  | 24451 |
| TOTAL CONSUMER DISCRETIONARY |  | 729728 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.1% |  |  |
| Diageo PLC  | 1648 | 37907 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| J Sainsbury PLC  | 8846 | 39697 |
| Marks & Spencer Group PLC  | 1843 | 9631 |
| Tesco PLC  | 11069 | 66799 |
|  |  | 116127 |
| Food Products - 0.0% |  |  |
| Premier Foods PLC  | 1215 | 2911 |
| Personal Care Products - 0.1% |  |  |
| Unilever PLC  | 321 | 19261 |
| TOTAL CONSUMER STAPLES |  | 176206 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Subsea 7 SA  | 495 | 9041 |
| Financials - 4.3% |  |  |
| Banks - 2.1% |  |  |
| HSBC Holdings PLC  | 11182 | 156542 |
| Lloyds Banking Group PLC  | 142071 | 166577 |
| NatWest Group PLC  | 20230 | 155741 |
| Standard Chartered PLC  | 5880 | 120700 |
|  |  | 599560 |
| Capital Markets - 1.6% |  |  |
| 3i Group PLC  | 4398 | 254515 |
| London Stock Exchange Group PLC  | 1325 | 165130 |
| Schroders PLC  | 5649 | 28156 |
| St James's Place PLC  | 620 | 10568 |
|  |  | 458369 |
| Insurance - 0.6% |  |  |
| Admiral Group PLC  | 499 | 21474 |
| Aviva PLC  | 6858 | 60237 |
| Beazley PLC  | 2813 | 34386 |
| Legal & General Group PLC  | 13289 | 41515 |
| Phoenix Group Holdings PLC  | 2825 | 25014 |
|  |  | 182626 |
| TOTAL FINANCIALS |  | 1240555 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Astrazeneca PLC  | 71 | 11711 |
| Industrials - 4.7% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Avon Technologies PLC  | 1361 | 34221 |
| BAE Systems PLC  | 19778 | 487201 |
| Melrose Industries PLC  | 795 | 6534 |
|  |  | 527956 |
| Industrial Conglomerates - 0.6% |  |  |
| DCC PLC  | 912 | 60025 |
| Smiths Group PLC  | 3433 | 113560 |
|  |  | 173585 |
| Machinery - 0.2% |  |  |
| Bodycote PLC  | 2479 | 20094 |
| IMI PLC  | 437 | 13709 |
| Rotork PLC  | 3887 | 17474 |
|  |  | 51277 |
| Marine Transportation - 0.0% |  |  |
| Clarkson PLC  | 206 | 9810 |
| Professional Services - 1.4% |  |  |
| Intertek Group PLC  | 1136 | 75588 |
| RELX PLC  | 6818 | 301331 |
|  |  | 376919 |
| Trading Companies & Distributors - 0.6% |  |  |
| Ashtead Group PLC  | 237 | 15798 |
| Diploma PLC  | 1287 | 94850 |
| Howden Joinery Group PLC  | 5422 | 61506 |
| RS GROUP PLC  | 565 | 4130 |
|  |  | 176284 |
| TOTAL INDUSTRIALS |  | 1315831 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Halma PLC  | 1523 | 70947 |
| Software - 0.3% |  |  |
| Pinewood Technologies Group PLC (a) | 1396 | 6758 |
| Sage Group PLC/The  | 4995 | 75430 |
|  |  | 82188 |
| TOTAL INFORMATION TECHNOLOGY |  | 153135 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Synthomer PLC (a) | 1919 | 1354 |
| Metals & Mining - 0.1% |  |  |
| Hill & Smith PLC  | 551 | 15599 |
| TOTAL MATERIALS |  | 16953 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Land Securities Group PLC  | 1017 | 8303 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 1882 | 17243 |
| Real Estate Management & Development - 0.0% |  |  |
| Savills PLC  | 387 | 5125 |
| TOTAL REAL ESTATE |  | 30671 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 467 | 11765 |
| Multi-Utilities - 0.0% |  |  |
| National Grid PLC  | 446 | 6687 |
| TOTAL UTILITIES |  | 18452 |
| TOTAL UNITED KINGDOM |  | 3877281 |
| UNITED STATES - 10.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Spotify Technology SA (a) | 53 | 34732 |
| Consumer Discretionary - 0.1% |  |  |
| Leisure Products - 0.1% |  |  |
| BRP Inc Subordinate Voting Shares  | 316 | 19822 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| BP PLC  | 3039 | 17805 |
| Shell PLC  | 648 | 24293 |
| Shell PLC ADR  | 877 | 65705 |
|  |  | 107803 |
| Financials - 2.0% |  |  |
| Capital Markets - 0.5% |  |  |
| Moody's Corp  | 151 | 72525 |
| S&P Global Inc  | 139 | 67722 |
|  |  | 140247 |
| Financial Services - 1.1% |  |  |
| Mastercard Inc Class A  | 201 | 110950 |
| Visa Inc Class A  | 575 | 195926 |
|  |  | 306876 |
| Insurance - 0.4% |  |  |
| Marsh & McLennan Cos Inc  | 480 | 85512 |
| Swiss Re AG  | 259 | 47182 |
|  |  | 132694 |
| TOTAL FINANCIALS |  | 579817 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Alcon AG  | 1016 | 75498 |
| Life Sciences Tools & Services - 0.0% |  |  |
| QIAGEN NV (Germany)  | 516 | 24243 |
| Pharmaceuticals - 1.0% |  |  |
| GSK PLC  | 4437 | 103885 |
| Novartis AG  | 1004 | 124257 |
| Roche Holding AG  | 172 | 58092 |
|  |  | 286234 |
| TOTAL HEALTH CARE |  | 385975 |
| Industrials - 2.9% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 621 | 27150 |
| Waste Connections Inc  | 238 | 39915 |
|  |  | 67065 |
| Electrical Equipment - 2.2% |  |  |
| GE Vernova Inc  | 236 | 138093 |
| Schneider Electric SE  | 1659 | 472699 |
|  |  | 610792 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 4 | 8248 |
| Professional Services - 0.5% |  |  |
| Experian PLC  | 2971 | 138583 |
| Trading Companies & Distributors - 0.0% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 24 | 5908 |
| TOTAL INDUSTRIALS |  | 830596 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| CyberArk Software Ltd (a) | 53 | 27601 |
| Materials - 3.2% |  |  |
| Chemicals - 1.1% |  |  |
| Linde PLC  | 706 | 295320 |
| Sherwin-Williams Co/The  | 99 | 34149 |
|  |  | 329469 |
| Construction Materials - 2.1% |  |  |
| CRH PLC  | 4764 | 567393 |
| James Hardie Industries PLC depository receipt (a) | 165 | 3477 |
|  |  | 570870 |
| TOTAL MATERIALS |  | 900339 |
| TOTAL UNITED STATES |  | 2886685 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $23,264,911) |  | <br> **28227230** |

---

---

| | | |
|:---|:---|:---|
| &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% |  |  |
| Bayerische Motoren Werke AG <br>(Cost $22,142)<br>| 240 | **20761** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $1,089,069)<br>| 4.18 | 1088851 | **1089069** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.4%**<br> (Cost $24,376,122)<br>| <br>**29337060** |
| **NET OTHER ASSETS (LIABILITIES) - (2.4)%**  | **(675760)** |
| **NET ASSETS - 100.0%** | **28661300** |

---

**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 $142,561 or 0.5% of net assets.

(c) Security 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 $93,703 or 0.3% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 690934 | 11585137 | 11186993 | 35550 | (9) | - | 1089069 | 1088851 | 0.0% |
| Total | 690934 | 11585137 | 11186993 | 35550 | (9) | - | 1089069 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 1143383 | 276275 | 867108 | - |
| Consumer Discretionary | 1933173 | 1132213 | 800960 | - |
| Consumer Staples | 1102507 | 658454 | 444053 | - |
| Energy | 1156812 | 719442 | 437370 | - |
| Financials | 8143399 | 4479642 | 3663757 | - |
| Health Care | 1378123 | 939060 | 439063 | - |
| Industrials | 6943662 | 3504752 | 3438910 | - |
| Information Technology | 3728058 | 2015308 | 1712750 | - |
| Materials | 2195922 | 1901786 | 294136 | - |
| Real Estate | 231335 | 231335 | - | - |
| Utilities | 270856 | 74709 | 196147 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 20761 | 20761 | - | - |
|  **Money Market Funds** | 1089069 | 1089069 | - | - |
| **Total Investments in Securities:** | 29337060 | 17042806 | 12294254 | - |

---

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $23,287,053) | $28247991 |  |
| Fidelity Central Funds (cost $1,089,069) | 1089069 |  |
| Total Investment in Securities (cost $24,376,122) |  | $29337060 |
| Segregated cash with brokers for derivative instruments |  | 25616 |
| Cash |  | 47502 |
| Foreign currency held at value (cost $2,597) |  | 2594 |
| Receivable for fund shares sold |  | 99987 |
| Dividends receivable |  | 51912 |
| Reclaims receivable |  | 18535 |
| Distributions receivable from Fidelity Central Funds |  | 2993 |
| Receivable from investment adviser for expense reductions |  | 970 |
| **Total assets** |  | 29587169 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $916051 |  |
| Payable for daily variation margin on futures contracts | 2286 |  |
| Other payables and accrued expenses | 7532 |  |
| **Total liabilities** |  | 925869 |
| **Net Assets**  |  | $28661300 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $23323777 |
| Total accumulated earnings (loss) |  | 5337523 |
| **Net Assets** |  | $28661300 |
| **Net Asset Value**, offering price and redemption price per share ($28,661,300 ÷ 2,060,966 shares) |  | $13.91 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $520433 |
| Interest  |  | 1525 |
| Income from Fidelity Central Funds  |  | 35550 |
| Income before foreign taxes withheld |  | $557508 |
| Less foreign taxes withheld |  | (49126) |
| **Total income** |  | 508382 |
| **Expenses** |  |  |
| Custodian fees and expenses | $21985 |  |
| Independent trustees' fees and expenses | 76 |  |
| Total expenses before reductions | 22061 |  |
| Expense reductions | (19361) |  |
| Total expenses after reductions |  | 2700 |
| **Net Investment income (loss)** |  | 505682 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (93777) |  |
| Fidelity Central Funds | (9) |  |
| Foreign currency transactions | (4361) |  |
| Futures contracts | 128753 |  |
| Total net realized gain (loss) |  | 30606 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3914136 |  |
| Assets and liabilities in foreign currencies | 601 |  |
| Futures contracts | (446) |  |
| Total change in net unrealized appreciation (depreciation) |  | 3914291 |
| **Net gain (loss)** |  | 3944897 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4450579 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $505682 | $264012 |
| &nbsp;&nbsp;Net realized gain (loss) | 30606<br>| 10617<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3914291 | 1573454<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4450579<br>| 1848083<br>|
| Distributions to shareholders | (330622)<br>| (94899)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 13280048 | 8041254 |
| Reinvestment of distributions | 330622<br>| 94899<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4800901) | (1002165) |
| **Net increase (decrease) in net assets resulting from share transactions** | 8809769<br>| 7133988<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12929726<br>| 8887172<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15731574 | 6844402<br>|
| &nbsp;&nbsp;End of period | $28661300 | $15731574 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1052663 | 707142 |
| Issued in reinvestment of distributions | 28650<br>| 9304<br>|
| &nbsp;&nbsp;Redeemed | (379943) | (89743) |
| &nbsp;&nbsp;Net increase (decrease) | 701370 | 626703 |

---

**Financial Highlights** 

**Fidelity® Series Sustainable Non-U.S. Developed Markets Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $11.57 | $9.34 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .30  | .26  | .11  |
| Net realized and unrealized gain (loss)  | 2.28  | 2.10  | (.77)  |
| Total from investment operations  | 2.58  | 2.36  | (.66)  |
| Distributions from net investment income  | (.24)  | (.13)  | -  |
| Total distributions  | (.24)  | (.13)  | -  |
| Net asset value, end of period  | $13.91 | $11.57 | $9.34 |
| **Total Return** D,E | 22.75% <br>| 25.41%  | (6.60)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .10%  | .17%  | .29% H |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01% H |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01% H |
| Net investment income (loss)  | 2.34%  | 2.32%  | 2.35% H |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $28661 | $15732 | $6844 |
| Portfolio turnover rate I | 39% <br>| 33%  | 8% J |

---

A*For the period May 11, 2023 (commencement of operations) through October 31, 2023.*

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*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*Amount not annualized.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each 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. Each 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 each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2025 is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable as applicable. Fidelity Series Sustainable Non-U.S. Developed Markets 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the applicable Fund's 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, future transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | 12497076 | 4013371 | (256073) | 3757298 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund**  | 24609171 | 5489272 | (761383) | 4727889 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | 241090 | (3128) | 3757367 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund**  | 610256 | - | 4727267 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | |
|:---|:---|:---|
|  | **Short-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | (3128) | (3128) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| **October 31, 2025** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | 206982 | 206982 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund**  | 330622 | 330622 |

---

---

| | | |
|:---|:---|:---|
| **October 31, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | 97501 | 97501 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund**  | 94899 | 94899 |

---

**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.** Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<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 Series Sustainable Emerging Markets Fund** | 13235286 | 9847293 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | 17691669 | 8001496 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | 17 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | 3 |

---

**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. During the period, there were no interfund trades.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | 517624 | 536803 | (1196) |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | 1302674 | 784461 | (60776) |

---

**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 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.

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2029. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund** | .013% | 28321 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | .013% | 19177 |

---

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Series Sustainable Emerging Markets Fund**  | 402 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund**  | 184 |

---

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the two years in the period then ended and for the period from May 11, 2023 (commencement of operations) through October 31, 2023, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from May 11, 2023 (commencement of operations) through October 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | $12732<br>|

---

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

---

| | |
|:---|:---|
| **Fidelity Series Sustainable Emerging Markets Fund** | 1.22% |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | 1.65% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Series Sustainable Emerging Markets Fund** |  |
| December 2024 | 0% |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** |  |
| December 2024 | 1% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Series Sustainable Emerging Markets Fund** |  |
| December 2024 | 51.23% |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** |  |
| December 2024 | 77.84% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **Fidelity Series Sustainable Emerging Markets Fund** |  |
| December 2024 | 0.04% |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** |  |
| December 2024 | 0% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Series Sustainable Emerging Markets Fund** | $14297 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | $24927 |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity Series Sustainable Emerging Markets Fund** | 12/16/2024 | $0.2459 | $0.0220 |
| **Fidelity Series Sustainable Non-U.S. Developed Markets Fund** | 12/16/2024 | $0.2384 | $0.0188 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Series Sustainable Emerging Markets Fund**

**Fidelity Series Sustainable Non-U.S. Developed Markets Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and the fact that no fee is payable under the management contracts was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance and noted that the funds are not publicly offered as a stand-alone investment product. In this regard, the Board noted that each fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio**. The Board considered that each fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in each fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of each fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that each fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2028.

Based on its review, the Board considered that each fund does not pay a management fee and concluded that the total expense ratio of each fund was reasonable in light of the services that each fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of the Advisory Contracts because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions.

**Economies of Scale.** The Board concluded that because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew each fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118422_4.jpg)<br>

1.9908948.102 SMKC-ANN-1225

**Fidelity® Series Emerging Markets Fund**

**Fidelity® Series Emerging Markets Opportunities Fund**

**Fidelity® Series International Growth Fund**

**Fidelity® Series International Small Cap Fund**

**Fidelity® Series International Value Fund**

**Annual Report**

**October 31, 2025**

![](img118375_1.jpg)

![](img118375_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_GSV-S-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Emerging Markets Fund](#Sub_Sec_Fund_3225_GSV-S-ANN)** |
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_GSV-S-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Emerging Markets Opportunities Fund](#Sub_Sec_Fund_2117_GSV-S-ANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_GSV-S-ANN_2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Growth Fund](#Sub_Sec_Fund_2282_GSV-S-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Small Cap Fund](#Sub_Sec_Fund_2284_GSV-S-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Value Fund](#Sub_Sec_Fund_2283_GSV-S-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3225_GSV-S-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GSV-S-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GSV-S-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GSV-S-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GSV-S-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GSV-S-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GSV-S-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GSV-S-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 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 (Annual Report)**

**Fidelity® Series Emerging Markets Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 5.3%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Petroleo Brasileiro SA - Petrobras ADR  | 1397937 | 16271987 |
| PRIO SA/Brazil (a) | 7751324 | 51911301 |
|  |  | 68183288 |
| Financials - 2.2% |  |  |
| Banks - 1.1% |  |  |
| Itau Unibanco Holding SA  | 5147093 | 37732944 |
| NU Holdings Ltd/Cayman Islands Class A (a) | 2033893 | 32766016 |
|  |  | 70498960 |
| Capital Markets - 0.7% |  |  |
| Banco BTG Pactual SA unit  | 4785492 | 43425630 |
| Financial Services - 0.4% |  |  |
| StoneCo Ltd Class A (a) | 1545804 | 29385734 |
| TOTAL FINANCIALS |  | 143310324 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Hapvida Participacoes e Investimentos S/A (a)(b)(c) | 1864701 | 10841708 |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Localiza Rent a Car SA  | 3256440 | 23872711 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Gerdau SA ADR  | 8489985 | 29630048 |
| Vale SA ADR  | 3179947 | 38445559 |
|  |  | 68075607 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Centrais Eletricas Brasileiras SA  | 3206660 | 33211293 |
| TOTAL BRAZIL |  | 347494931 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Antofagasta PLC  | 511700 | 18754946 |
| CHINA - 27.3%  |  |  |
| Communication Services - 7.2% |  |  |
| Entertainment - 0.8% |  |  |
| NetEase Cloud Music Inc (a)(b)(c) | 349019 | 10815679 |
| Netease Inc ADR  | 154227 | 21607203 |
| Tencent Music Entertainment Group Class A ADR  | 790526 | 17644540 |
|  |  | 50067422 |
| Interactive Media & Services - 6.4% |  |  |
| Kuaishou Technology B Shares (b)(c) | 3170594 | 29520752 |
| Tencent Holdings Ltd  | 4854577 | 394326428 |
|  |  | 423847180 |
| TOTAL COMMUNICATION SERVICES |  | 473914602 |
| Consumer Discretionary - 8.4% |  |  |
| Automobile Components - 0.7% |  |  |
| Hesai Group ADR (a) | 903110 | 21430800 |
| Minth Group Ltd  | 2433582 | 10785924 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China)  | 2476000 | 15177998 |
|  |  | 47394722 |
| Automobiles - 0.7% |  |  |
| BYD Co Ltd H Shares  | 3328730 | 43094792 |
| Broadline Retail - 5.7% |  |  |
| Alibaba Group Holding Ltd  | 10804540 | 229907097 |
| Alibaba Group Holding Ltd ADR  | 179800 | 30643314 |
| JD.com Inc ADR  | 767598 | 25361438 |
| PDD Holdings Inc Class A ADR (a) | 677609 | 91389126 |
|  |  | 377300975 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| H World Group Ltd ADR  | 609539 | 23528205 |
| Luckin Coffee Inc ADR (a) | 17500 | 701750 |
| Meituan B Shares (a)(b)(c) | 670425 | 8824640 |
| Trip.com Group Ltd ADR  | 556555 | 39320611 |
|  |  | 72375206 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Laopu Gold Co Ltd H Shares (d) | 120000 | 10570680 |
| TOTAL CONSUMER DISCRETIONARY |  | 550736375 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.6% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 419598 | 16507072 |
| Kweichow Moutai Co Ltd A Shares (China)  | 118625 | 23833835 |
|  |  | 40340907 |
| Financials - 4.5% |  |  |
| Banks - 2.0% |  |  |
| China Construction Bank Corp H Shares  | 88612869 | 87730436 |
| China Merchants Bank Co Ltd H Shares  | 2076500 | 12997916 |
| Industrial & Commercial Bank of China Ltd H Shares  | 37689137 | 29198526 |
|  |  | 129926878 |
| Insurance - 2.5% |  |  |
| China Life Insurance Co Ltd H Shares  | 11084335 | 34976661 |
| China Pacific Insurance Group Co Ltd H Shares  | 2939177 | 11914739 |
| PICC Property & Casualty Co Ltd H Shares  | 15927449 | 37632853 |
| Ping An Insurance Group Co of China Ltd H Shares  | 11245319 | 81239913 |
|  |  | 165764166 |
| TOTAL FINANCIALS |  | 295691044 |
| Health Care - 1.7% |  |  |
| Biotechnology - 0.2% |  |  |
| Innovent Biologics Inc (a)(b)(c) | 1002500 | 11224109 |
| Zai Lab Ltd ADR (a) | 68238 | 1783059 |
|  |  | 13007168 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Shanghai Conant Optical Co Ltd H Shares (d) | 447584 | 2593154 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Wuxi Apptec Co Ltd H Shares (b)(c) | 3590892 | 50185749 |
| Pharmaceuticals - 0.7% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 10549338 | 48385044 |
| TOTAL HEALTH CARE |  | 114171115 |
| Industrials - 1.9% |  |  |
| Electrical Equipment - 0.8% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 905886 | 49481735 |
| Ground Transportation - 0.1% |  |  |
| Full Truck Alliance Co Ltd ADR  | 937572 | 12188436 |
| Machinery - 1.0% |  |  |
| Huaming Power Equipment Co Ltd A Shares (China)  | 6482900 | 23773244 |
| UBTech Robotics Corp Ltd H Shares (a) | 1124000 | 19918127 |
| Zhejiang Sanhua Intelligent Controls Co Ltd H Shares (d) | 3755766 | 19758668 |
|  |  | 63450039 |
| TOTAL INDUSTRIALS |  | 125120210 |
| Information Technology - 2.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 2089600 | 18496193 |
| Shengyi Technology Co Ltd A Shares (China)  | 1041100 | 9405503 |
|  |  | 27901696 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Montage Technology Co Ltd A Shares (China)  | 1380900 | 26444582 |
| Software - 0.6% |  |  |
| Pony AI Inc ADR (a) | 2109517 | 39405778 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Xiaomi Corp B Shares (a)(b)(c) | 7418837 | 41159061 |
| TOTAL INFORMATION TECHNOLOGY |  | 134911117 |
| Materials - 1.0% |  |  |
| Construction Materials - 0.4% |  |  |
| Anhui Conch Cement Co Ltd H Shares  | 8654543 | 25772451 |
| Metals & Mining - 0.6% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 9352377 | 38802998 |
| TOTAL MATERIALS |  | 64575449 |
| TOTAL CHINA |  | 1799460819 |
| GREECE - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Alpha Bank SA  | 6543913 | 25645661 |
| Eurobank Ergasias Services and Holdings SA  | 9394514 | 35338441 |
| National Bank of Greece SA  | 1729300 | 25404324 |
| TOTAL GREECE |  | 86388426 |
| HONG KONG - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Futu Holdings Ltd Class A ADR  | 293400 | 58398336 |
| HUNGARY - 1.5%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| OTP Bank Nyrt  | 712678 | 67975541 |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Richter Gedeon Nyrt  | 1087333 | 33514359 |
| TOTAL HUNGARY |  | 101489900 |
| INDIA - 12.8%  |  |  |
| Communication Services - 1.3% |  |  |
| Wireless Telecommunication Services - 1.3% |  |  |
| Bharti Airtel Ltd  | 3837762 | 88826475 |
| Consumer Discretionary - 1.4% |  |  |
| Automobiles - 0.4% |  |  |
| Mahindra & Mahindra Ltd  | 687373 | 27003967 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Eternal Ltd (a) | 16610126 | 59458881 |
| MakeMyTrip Ltd (a)(d) | 72103 | 5768240 |
|  |  | 65227121 |
| TOTAL CONSUMER DISCRETIONARY |  | 92231088 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Reliance Industries Ltd  | 6093278 | 102034005 |
| Financials - 4.7% |  |  |
| Banks - 3.5% |  |  |
| Axis Bank Ltd  | 887936 | 12331972 |
| HDFC Bank Ltd/Gandhinagar  | 10568502 | 117549508 |
| ICICI Bank Ltd  | 6283154 | 95213045 |
|  |  | 225094525 |
| Capital Markets - 0.3% |  |  |
| HDFC Asset Management Co Ltd (b)(c) | 283853 | 17200983 |
| Consumer Finance - 0.5% |  |  |
| Bajaj Finance Ltd  | 3033817 | 35640899 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (b)(c) | 2120155 | 17480262 |
| SBI Life Insurance Co Ltd (b)(c) | 335980 | 7402423 |
|  |  | 24882685 |
| TOTAL FINANCIALS |  | 302819092 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.5% |  |  |
| Max Healthcare Institute Ltd  | 2342414 | 30289222 |
| Pharmaceuticals - 0.1% |  |  |
| Mankind Pharma Ltd  | 394431 | 10593404 |
| TOTAL HEALTH CARE |  | 40882626 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Hindustan Aeronautics Ltd (c) | 714657 | 37677596 |
| Construction & Engineering - 1.0% |  |  |
| Larsen & Toubro Ltd  | 1382829 | 62795533 |
| Passenger Airlines - 0.3% |  |  |
| InterGlobe Aviation Ltd (b)(c) | 329312 | 20868360 |
| TOTAL INDUSTRIALS |  | 121341489 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Infosys Ltd  | 874578 | 14573325 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Tata Steel Ltd  | 14301792 | 29459129 |
| Utilities - 0.8% |  |  |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| NTPC Ltd  | 13143519 | 49892511 |
| TOTAL INDIA |  | 842059740 |
| INDONESIA - 1.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telkom Indonesia Persero Tbk PT  | 32850000 | 6354328 |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| Bank Central Asia Tbk PT  | 130692539 | 66913537 |
| Bank Rakyat Indonesia Persero Tbk PT  | 180367353 | 43147525 |
|  |  | 110061062 |
| TOTAL INDONESIA |  | 116415390 |
| KOREA (SOUTH) - 13.9%  |  |  |
| Communication Services - 1.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| KT Corp  | 767240 | 26344643 |
| Interactive Media & Services - 1.0% |  |  |
| Kakao Corp  | 883605 | 40246481 |
| NAVER Corp  | 138650 | 25949705 |
|  |  | 66196186 |
| TOTAL COMMUNICATION SERVICES |  | 92540829 |
| Consumer Discretionary - 1.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Hyundai Mobis Co Ltd  | 37821 | 8361975 |
| Automobiles - 0.8% |  |  |
| Hyundai Motor Co  | 144875 | 29395456 |
| Kia Corp  | 242235 | 20320989 |
|  |  | 49716445 |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (a) | 447903 | 14319459 |
| TOTAL CONSUMER DISCRETIONARY |  | 72397879 |
| Consumer Staples - 0.5% |  |  |
| Tobacco - 0.5% |  |  |
| KT&G Corp  | 359490 | 33754221 |
| Financials - 1.0% |  |  |
| Banks - 0.9% |  |  |
| KB Financial Group Inc  | 319252 | 25979448 |
| Shinhan Financial Group Co Ltd  | 275999 | 14131276 |
| Woori Financial Group Inc  | 1188323 | 21118204 |
|  |  | 61228928 |
| Insurance - 0.1% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 21138 | 6529552 |
| TOTAL FINANCIALS |  | 67758480 |
| Health Care - 0.5% |  |  |
| Life Sciences Tools & Services - 0.5% |  |  |
| Samsung Biologics Co Ltd (a)(b)(c)(e) | 35059 | 29950491 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Hanwha Aerospace Co Ltd  | 41252 | 28256376 |
| Korea Aerospace Industries Ltd  | 199309 | 14419035 |
|  |  | 42675411 |
| Electrical Equipment - 0.8% |  |  |
| Doosan Enerbility Co Ltd (a) | 765590 | 47512582 |
| Machinery - 0.2% |  |  |
| Samsung Heavy Industries Co Ltd (a) | 708077 | 14639517 |
| TOTAL INDUSTRIALS |  | 104827510 |
| Information Technology - 7.8% |  |  |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| SK Hynix Inc  | 532867 | 208410403 |
| Technology Hardware, Storage & Peripherals - 4.7% |  |  |
| Samsung Electronics Co Ltd  | 4087771 | 307456574 |
| TOTAL INFORMATION TECHNOLOGY |  | 515866977 |
| TOTAL KOREA (SOUTH) |  | 917096387 |
| MALAYSIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| CIMB Group Holdings Bhd  | 14953362 | 26064838 |
| MEXICO - 3.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Wireless Telecommunication Services - 0.6% |  |  |
| America Movil SAB de CV Series B  | 33183915 | 37848436 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.3% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 179070 | 16897045 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 3864500 | 12775929 |
| Food Products - 0.6% |  |  |
| Gruma SAB de CV Series B  | 2141833 | 36348388 |
| TOTAL CONSUMER STAPLES |  | 66021362 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Grupo Financiero Banorte SAB de CV  | 8485814 | 79863529 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 839330 | 10342934 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Cemex SAB de CV ADR  | 2682486 | 27227233 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 541244 | 16437580 |
| TOTAL MEXICO |  | 237741074 |
| PERU - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Credicorp Ltd  | 199467 | 52060887 |
| PHILIPPINES - 0.6%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| International Container Terminal Services Inc  | 3669966 | 33130617 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 13997208 | 4744453 |
| TOTAL PHILIPPINES |  | 37875070 |
| POLAND - 0.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Allegro.eu SA (a)(b)(c) | 1641512 | 15335002 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 938232 | 19232105 |
| TOTAL POLAND |  | 34567107 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| LUKOIL PJSC (a)(e) | 568462 | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (a)(e) | 5098115 | 1 |
| TOTAL RUSSIA |  | 1 |
| SAUDI ARABIA - 1.8%  |  |  |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| Al Rajhi Bank  | 2630899 | 74150341 |
| Saudi National Bank/The  | 3911842 | 41597808 |
| TOTAL SAUDI ARABIA |  | 115748149 |
| SINGAPORE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Sea Ltd Class A ADR (a) | 52300 | 8171874 |
| SOUTH AFRICA - 3.5%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 0.8% |  |  |
| Naspers Ltd Class N  | 741154 | 52055736 |
| Specialty Retail - 0.3% |  |  |
| Pepkor Holdings Ltd (b)(c) | 14389241 | 21910654 |
| TOTAL CONSUMER DISCRETIONARY |  | 73966390 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Shoprite Holdings Ltd  | 1707790 | 28570699 |
| Financials - 1.1% |  |  |
| Banks - 0.7% |  |  |
| Capitec Bank Holdings Ltd (d) | 179233 | 39620650 |
| Standard Bank Group Ltd  | 618474 | 9080821 |
|  |  | 48701471 |
| Financial Services - 0.4% |  |  |
| FirstRand Ltd  | 5457423 | 25884003 |
| TOTAL FINANCIALS |  | 74585474 |
| Materials - 0.9% |  |  |
| Chemicals - 0.6% |  |  |
| Sasol Ltd (a) | 6089692 | 38100642 |
| Metals & Mining - 0.3% |  |  |
| Valterra Platinum Ltd  | 303164 | 18750466 |
| TOTAL MATERIALS |  | 56851108 |
| TOTAL SOUTH AFRICA |  | 233973671 |
| TAIWAN - 18.3%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Hiwin Technologies Corp  | 1911000 | 13877071 |
| Information Technology - 18.1% |  |  |
| Electronic Equipment, Instruments & Components - 4.0% |  |  |
| Chroma ATE Inc  | 1729275 | 46015863 |
| Delta Electronics Inc  | 2218599 | 71723504 |
| Elite Material Co Ltd  | 861958 | 38087689 |
| Hon Hai Precision Industry Co Ltd  | 8401357 | 70288824 |
| Unimicron Technology Corp  | 3277572 | 17411235 |
| Yageo Corp  | 2743000 | 22191403 |
|  |  | 265718518 |
| Semiconductors & Semiconductor Equipment - 13.5% |  |  |
| MediaTek Inc  | 1293029 | 55035025 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 17231144 | 832290961 |
|  |  | 887325986 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| AURAS Technology Co Ltd  | 790418 | 27093735 |
| Wiwynn Corp  | 73000 | 10353012 |
|  |  | 37446747 |
| TOTAL INFORMATION TECHNOLOGY |  | 1190491251 |
| TOTAL TAIWAN |  | 1204368322 |
| THAILAND - 1.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Kasikornbank PCL  | 3220000 | 18529158 |
| SCB X PCL  | 2675960 | 10816129 |
|  |  | 29345287 |
| Industrials - 0.8% |  |  |
| Transportation Infrastructure - 0.8% |  |  |
| Airports of Thailand PCL  | 34579350 | 44011052 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| PTT Global Chemical PCL  | 20246594 | 15773727 |
| TOTAL THAILAND |  | 89130066 |
| TURKEY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 5596127 | 13067477 |
| UNITED ARAB EMIRATES - 0.8%  |  |  |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| ADNOC Drilling Co PJSC  | 26956831 | 40953217 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 2505012 | 9834676 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Emaar Properties PJSC  | 626700 | 2422886 |
| TOTAL UNITED ARAB EMIRATES |  | 53210779 |
| UNITED KINGDOM - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Anglogold Ashanti Plc  | 492222 | 33471096 |
| UNITED STATES - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BeOne Medicines Ltd H Shares (a) | 1092039 | 26111517 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,248,649,632) |  | <br> **6453120803** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 153826260 | 153857026 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 53647345 | 53652710 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $207,509,736) |  |  | **207509736** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $4,456,159,368)<br>| <br>**6660630539** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(68222680)** |
| **NET ASSETS - 100.0%** | **6592407859** |

---

**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 $341,104,917 or 5.2% of net assets.

(c) Security 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 $378,782,513 or 5.7% of net assets.

(d) Security or a portion of the security is on loan at period end.

(e) Level 3 security.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | 345627746 | 2158433941 | 2350191300 | 9559434 | (13361) | - | 153857026 | 153826260 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 61570305 | 730424437 | 738342032 | 316509 | - | - | 53652710 | 53647345 | 0.2% |
| Total | 407198051 | 2888858378 | 3088533332 | 9875943 | (13361) | - | 207509736 |  |  |

---

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 October 31, 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 | 699484670 | 272459271 | 427025399 | - |
| Consumer Discretionary | 812838608 | 522051135 | 290787473 | - |
| Consumer Staples | 168687189 | 168687189 | - | - |
| Energy | 211170510 | 211170510 | - | - |
| Financials | 1539137251 | 1089443629 | 449693621 | 1 |
| Health Care | 255471816 | 225521325 | - | 29950491 |
| Industrials | 489591071 | 489591071 | - | - |
| Information Technology | 1855842670 | 967819323 | 888023347 | - |
| Materials | 314188295 | 257337187 | 56851108 | - |
| Real Estate | 23604919 | 23604919 | - | - |
| Utilities | 83103804 | 83103804 | - | - |
|  **Money Market Funds** | 207509736 | 207509736 | - | - |
| **Total Investments in Securities:** | 6660630539 | 4518299099 | 2112380948 | 29950492 |

---

**Fidelity® Series Emerging Markets Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $50,840,127) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,248,649,632) | $6453120803 |  |
| Fidelity Central Funds (cost $207,509,736) | 207509736 |  |
| Total Investment in Securities (cost $4,456,159,368) |  | $6660630539 |
| Foreign currency held at value (cost $360,346) |  | 338470 |
| Receivable for investments sold |  | 23113253 |
| Receivable for fund shares sold |  | 16061182 |
| Dividends receivable |  | 2036707 |
| Distributions receivable from Fidelity Central Funds |  | 701615 |
| Receivable from investment adviser for expense reductions |  | 146025 |
| Other receivables |  | 6930 |
| **Total assets** |  | 6703034721 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $29034301 |  |
| Payable for fund shares redeemed | 798580 |  |
| Deferred taxes | 26841445 |  |
| Other payables and accrued expenses | 299826 |  |
| Collateral on securities loaned | 53652710 |  |
| **Total liabilities** |  | 110626862 |
| **Net Assets**  |  | $6592407859 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4548416962 |
| Total accumulated earnings (loss) |  | 2043990897 |
| **Net Assets** |  | $6592407859 |
| **Net Asset Value**, offering price and redemption price per share ($6,592,407,859 ÷ 550,535,323 shares) |  | $11.97 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $130375736 |
| Interest  |  | 190496 |
| Income from Fidelity Central Funds (including $316,509 from security lending)  |  | 9875943 |
| Income before foreign taxes withheld |  | $140442175 |
| Less foreign taxes withheld |  | (15282247) |
| **Total income** |  | 125159928 |
| **Expenses** |  |  |
| Custodian fees and expenses | $1349622 |  |
| Independent trustees' fees and expenses | 22740 |  |
| Interest | 2100 |  |
| Total expenses before reductions | 1374462 |  |
| Expense reductions | (613439) |  |
| Total expenses after reductions |  | 761023 |
| **Net Investment income (loss)** |  | 124398905 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $9,316,181)  | 326726548 |  |
| Fidelity Central Funds | (13361) |  |
| Foreign currency transactions | (3064553) |  |
| Futures contracts | 4291174 |  |
| Total net realized gain (loss) |  | 327939808 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,878,665)  | 1158713994 |  |
| Assets and liabilities in foreign currencies | 103166 |  |
| Futures contracts | 2301276 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1161118436 |
| **Net gain (loss)** |  | 1489058244 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1613457149 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $124398905 | $145290562 |
| &nbsp;&nbsp;Net realized gain (loss) | 327939808<br>| 104194096<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1161118436 | 969916391<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1613457149<br>| 1219401049<br>|
| Distributions to shareholders | (147929266)<br>| (133767184)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 756721008 | 960571633 |
| Reinvestment of distributions | 147929266<br>| 133767184<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1722955111) | (1139645880) |
| **Net increase (decrease) in net assets resulting from share transactions** | (818304837)<br>| (45307063)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 647223046<br>| 1040326802<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5945184813 | 4904858011<br>|
| &nbsp;&nbsp;End of period | $6592407859 | $5945184813 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 78984751 | 108896488 |
| Issued in reinvestment of distributions | 16418342<br>| 16596425<br>|
| &nbsp;&nbsp;Redeemed | (178559102) | (127545724) |
| &nbsp;&nbsp;Net increase (decrease) | (83156009) | (2052811) |

---

**Financial Highlights** 

**Fidelity® Series Emerging Markets Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.38 | $7.72 | $6.94 | $11.31 | $9.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .22  | .24  | .23  | .20  |
| Net realized and unrealized gain (loss)  | 2.63  | 1.65  | .74  | (4.24)  | 1.62  |
| Total from investment operations  | 2.84  | 1.87  | .98  | (4.01)  | 1.82  |
| Distributions from net investment income  | (.25)  | (.21)  | (.20)  | (.30)  | (.16)  |
| Distributions from net realized gain  | -  | -  | -  | (.07)  | -  |
| Total distributions  | (.25)  | (.21)  | (.20)  | (.36) C | (.16)  |
| Net asset value, end of period  | $11.97 | $9.38 | $7.72 | $6.94 | $11.31 |
| **Total Return** D | 31.12% <br>| 24.61%  | 14.04%  | (36.53)%  | 18.88%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .02%  | .03%  | .03%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 2.15%  | 2.52%  | 2.96%  | 2.61%  | 1.70%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6592408 | $5945185 | $4904858 | $2436744 | $3239693 |
| Portfolio turnover rate G | 100% <br>| 91%  | 90%  | 65%  | 78%  |

---

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 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*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.* 

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

**Fidelity® Series Emerging Markets Opportunities Fund**

**Consolidated Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.9%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.1% |  |  |
| Cury Construtora e Incorporadora SA  | 1538300 | 9990465 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes  | 1621200 | 9181863 |
|  |  | 19172328 |
| Specialty Retail - 0.1% |  |  |
| Vibra Energia SA  | 6651600 | 29425567 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Azzas 2154 SA  | 6672049 | 35605262 |
| TOTAL CONSUMER DISCRETIONARY |  | 84203157 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Petroleo Brasileiro SA - Petrobras ADR  | 3507800 | 38761190 |
| Petroleo Brasileiro SA - Petrobras ADR  | 2942935 | 34255763 |
| PRIO SA/Brazil (b) | 11539200 | 77279041 |
|  |  | 150295994 |
| Financials - 1.4% |  |  |
| Banks - 0.8% |  |  |
| Itau Unibanco Holding SA ADR  | 28028428 | 206289231 |
| Capital Markets - 0.6% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 41412800 | 97451844 |
| XP Inc Class A  | 2941405 | 53592399 |
|  |  | 151044243 |
| TOTAL FINANCIALS |  | 357333474 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Hypera SA  | 4894055 | 23506237 |
| Industrials - 0.7% |  |  |
| Ground Transportation - 0.7% |  |  |
| Localiza Rent a Car SA  | 13618040 | 99832805 |
| Rumo SA  | 26565100 | 78609725 |
|  |  | 178442530 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.8% |  |  |
| Metalurgica Gerdau SA  | 29628522 | 61074974 |
| Vale SA ADR  | 13095370 | 158323024 |
|  |  | 219397998 |
| Paper & Forest Products - 0.1% |  |  |
| Dexco SA  | 25045111 | 24952238 |
| TOTAL MATERIALS |  | 244350236 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| LOG Commercial Properties e Participacoes SA  | 2789051 | 12286454 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.7% |  |  |
| Centrais Eletricas Brasileiras SA  | 6109800 | 63279037 |
| Equatorial Energia SA  | 9127595 | 62180198 |
| Isa Energia Brasil sa  | 5932600 | 27689400 |
| Transmissora Alianca de Energia Eletrica S/A unit  | 4460300 | 31587176 |
|  |  | 184735811 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Engie Brasil Energia SA  | 565000 | 4200783 |
| Water Utilities - 0.2% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 2272900 | 55695017 |
| TOTAL UTILITIES |  | 244631611 |
| TOTAL BRAZIL |  | 1295049693 |
| CHILE - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Antofagasta PLC  | 4086744 | 149788281 |
| CHINA - 28.7%  |  |  |
| Communication Services - 6.8% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| China Tower Corp Ltd H Shares (c)(d) | 5386278 | 7784250 |
| Entertainment - 0.2% |  |  |
| Netease Inc ADR  | 356926 | 50005333 |
| Tencent Music Entertainment Group Class A ADR  | 374852 | 8366696 |
|  |  | 58372029 |
| Interactive Media & Services - 6.6% |  |  |
| Baidu Inc A Shares (b) | 1577100 | 23871362 |
| Baidu Inc Class A ADR (b) | 281363 | 34008346 |
| Bilibili Inc ADR (b)(e) | 685612 | 20739763 |
| Kuaishou Technology B Shares (c)(d) | 2051370 | 19099886 |
| Tencent Holdings Ltd  | 20470114 | 1662741562 |
|  |  | 1760460919 |
| TOTAL COMMUNICATION SERVICES |  | 1826617198 |
| Consumer Discretionary - 9.4% |  |  |
| Automobile Components - 0.5% |  |  |
| Fuyao Glass Industry Group Co Ltd A Shares (China)  | 5374100 | 50966891 |
| Fuyao Glass Industry Group Co Ltd H Shares (c)(d) | 1897200 | 16931983 |
| Hesai Group ADR (b)(e) | 2202926 | 52275434 |
|  |  | 120174308 |
| Automobiles - 0.6% |  |  |
| BYD Co Ltd A Shares (China)  | 2661212 | 37685609 |
| BYD Co Ltd H Shares  | 9755409 | 126296613 |
|  |  | 163982222 |
| Broadline Retail - 5.7% |  |  |
| Alibaba Group Holding Ltd  | 48193750 | 1025502715 |
| JD.com Inc A Shares  | 2006547 | 33128069 |
| PDD Holdings Inc Class A ADR (b) | 3408734 | 459735955 |
|  |  | 1518366739 |
| Diversified Consumer Services - 0.4% |  |  |
| New Oriental Education & Technology Group Inc (b) | 13480000 | 80607099 |
| New Oriental Education & Technology Group Inc ADR (b) | 459377 | 27365088 |
|  |  | 107972187 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| H World Group Ltd ADR  | 657403 | 25375756 |
| Luckin Coffee Inc ADR (b) | 313033 | 12552623 |
| Meituan B Shares (b)(c)(d) | 9512853 | 125215354 |
| Trip.com Group Ltd  | 2603585 | 183217994 |
|  |  | 346361727 |
| Household Durables - 0.2% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 2300 | 8664 |
| Haier Smart Home Co Ltd H Shares  | 19821816 | 64384456 |
|  |  | 64393120 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Laopu Gold Co Ltd H Shares (e) | 1116800 | 98377799 |
| Shenzhou International Group Holdings Ltd  | 11337900 | 97904664 |
|  |  | 196282463 |
| TOTAL CONSUMER DISCRETIONARY |  | 2517532766 |
| Consumer Staples - 1.2% |  |  |
| Beverages - 1.0% |  |  |
| China Resources Beer Holdings Co Ltd  | 9787166 | 33503242 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 1515200 | 59608284 |
| Kweichow Moutai Co Ltd A Shares (China)  | 435326 | 87464599 |
| Tsingtao Brewery Co Ltd H Shares  | 11277084 | 76191120 |
|  |  | 256767245 |
| Food Products - 0.1% |  |  |
| Uni-President China Holdings Ltd  | 30057000 | 32530435 |
| Personal Care Products - 0.1% |  |  |
| Mao Geping Cosmetics Co LTD H Shares (e) | 2247000 | 25967350 |
| TOTAL CONSUMER STAPLES |  | 315265030 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| China Petroleum & Chemical Corp H Shares  | 158642000 | 84317257 |
| Financials - 4.6% |  |  |
| Banks - 2.9% |  |  |
| China Construction Bank Corp H Shares  | 569246135 | 563577413 |
| China Merchants Bank Co Ltd H Shares  | 34237750 | 214312264 |
|  |  | 777889677 |
| Insurance - 1.7% |  |  |
| China Life Insurance Co Ltd H Shares  | 53298713 | 168184291 |
| Ping An Insurance Group Co of China Ltd H Shares  | 37761477 | 272801429 |
|  |  | 440985720 |
| TOTAL FINANCIALS |  | 1218875397 |
| Health Care - 1.5% |  |  |
| Biotechnology - 0.6% |  |  |
| Akeso Inc (b)(c)(d) | 2777865 | 40538944 |
| Clover Biopharmaceuticals Ltd (b) | 3116000 | 882202 |
| Innovent Biologics Inc (b)(c)(d) | 5911781 | 66189002 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b)(e) | 342007 | 19717927 |
| Zai Lab Ltd (b) | 9750141 | 25441969 |
|  |  | 152770044 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 29804357 | 20827053 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 8026563 | 112177998 |
| WuXi XDC Cayman Inc (b) | 1440000 | 13917162 |
|  |  | 126095160 |
| Pharmaceuticals - 0.3% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 11634495 | 53362169 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 2036200 | 18352521 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares (e) | 1782060 | 17246000 |
|  |  | 88960690 |
| TOTAL HEALTH CARE |  | 388652947 |
| Industrials - 1.5% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Sinopec Engineering Group Co Ltd H Shares  | 49991887 | 47093270 |
| Ground Transportation - 0.3% |  |  |
| Full Truck Alliance Co Ltd ADR  | 5225100 | 67926300 |
| Machinery - 0.9% |  |  |
| Airtac International Group  | 2485000 | 73553674 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 6862400 | 74250910 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 37499800 | 101413104 |
|  |  | 249217688 |
| Marine Transportation - 0.1% |  |  |
| SITC International Holdings Co Ltd  | 11365600 | 41861062 |
| TOTAL INDUSTRIALS |  | 406098320 |
| Information Technology - 1.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| Zhongji Innolight Co Ltd A Shares (China)  | 525826 | 34945480 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Sunny Optical Technology Group Co Ltd  | 778600 | 7534951 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 2327911 | 91371178 |
| Montage Technology Co Ltd A Shares (China)  | 983100 | 18826612 |
| NAURA Technology Group Co Ltd A Shares (China)  | 436195 | 24946353 |
| Verisilicon Microelectronics Shanghai Co Ltd A Shares (China) (b) | 382700 | 8576257 |
|  |  | 143720400 |
| Software - 0.3% |  |  |
| Glodon Co Ltd A Shares (China)  | 3742300 | 7734458 |
| Pony AI Inc ADR (b)(e) | 3563119 | 66559063 |
|  |  | 74293521 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 16228105 | 90032112 |
| TOTAL INFORMATION TECHNOLOGY |  | 350526464 |
| Materials - 1.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Anhui Conch Cement Co Ltd H Shares  | 18787500 | 55947488 |
| China Jushi Co Ltd A Shares (China)  | 19497900 | 44927299 |
|  |  | 100874787 |
| Metals & Mining - 1.0% |  |  |
| MMG Ltd (b) | 153476000 | 136479292 |
| Zijin Mining Group Co Ltd A Shares (China)  | 33307900 | 142733435 |
|  |  | 279212727 |
| TOTAL MATERIALS |  | 380087514 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| China Overseas Land & Investment Ltd  | 2179400 | 3654513 |
| China Resources Land Ltd  | 11840720 | 42757669 |
| KE Holdings Inc A Shares  | 5616300 | 31853810 |
| Longfor Group Holdings Ltd (c)(d) | 4305500 | 5324701 |
|  |  | 83590693 |
| Utilities - 0.4% |  |  |
| Gas Utilities - 0.4% |  |  |
| ENN Energy Holdings Ltd  | 5273400 | 45909943 |
| Kunlun Energy Co Ltd  | 52784000 | 48500783 |
|  |  | 94410726 |
| TOTAL CHINA |  | 7665974312 |
| GREECE - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Alpha Bank SA  | 27567790 | 108038445 |
| Piraeus Financial Holdings SA  | 8374586 | 65369890 |
| TOTAL GREECE |  | 173408335 |
| HONG KONG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Huanxi Media Group Ltd (b) | 73501425 | 3026871 |
| HUNGARY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Richter Gedeon Nyrt  | 958200 | 29534153 |
| INDIA - 13.7%  |  |  |
| Communication Services - 1.0% |  |  |
| Wireless Telecommunication Services - 1.0% |  |  |
| Bharti Airtel Ltd  | 11964152 | 276914891 |
| Consumer Discretionary - 1.7% |  |  |
| Automobiles - 0.6% |  |  |
| Eicher Motors Ltd  | 124656 | 9840191 |
| Mahindra & Mahindra Ltd  | 4034889 | 158513659 |
|  |  | 168353850 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Eternal Ltd (b) | 59338451 | 212412469 |
| MakeMyTrip Ltd (b) | 613266 | 49061280 |
|  |  | 261473749 |
| Household Durables - 0.1% |  |  |
| Dixon Technologies India Ltd (d) | 99462 | 17361170 |
| TOTAL CONSUMER DISCRETIONARY |  | 447188769 |
| Consumer Staples - 0.3% |  |  |
| Tobacco - 0.3% |  |  |
| ITC Ltd  | 18466554 | 87449062 |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Coal India Ltd  | 16256800 | 71179016 |
| Reliance Industries Ltd  | 21415784 | 358614559 |
|  |  | 429793575 |
| Financials - 5.0% |  |  |
| Banks - 2.8% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 41541805 | 462054009 |
| ICICI Bank Ltd  | 18285183 | 277088219 |
|  |  | 739142228 |
| Capital Markets - 0.0% |  |  |
| National Securities Depository Ltd  | 288405 | 3764227 |
| Consumer Finance - 1.6% |  |  |
| Bajaj Finance Ltd  | 21084096 | 247693295 |
| Shriram Finance Ltd  | 21011840 | 177274455 |
|  |  | 424967750 |
| Insurance - 0.6% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 18443442 | 152062559 |
| TOTAL FINANCIALS |  | 1319936764 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Max Healthcare Institute Ltd  | 4166601 | 53877369 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Divi's Laboratories Ltd  | 539169 | 40927401 |
| Pharmaceuticals - 0.4% |  |  |
| Mankind Pharma Ltd  | 1227440 | 32965887 |
| Sun Pharmaceutical Industries Ltd  | 3186929 | 60701187 |
| Torrent Pharmaceuticals Ltd  | 637046 | 25550019 |
|  |  | 119217093 |
| TOTAL HEALTH CARE |  | 214021863 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Bharat Electronics Ltd  | 26573400 | 127560702 |
| Hindustan Aeronautics Ltd (d) | 1947700 | 102685140 |
|  |  | 230245842 |
| Construction & Engineering - 0.6% |  |  |
| Larsen & Toubro Ltd  | 3950016 | 179373847 |
| TOTAL INDUSTRIALS |  | 409619689 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pine Labs Ltd/India (f) | 8022102 | 19972787 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.3% |  |  |
| JK Cement Ltd  | 1099421 | 76965043 |
| Metals & Mining - 0.3% |  |  |
| Tata Steel Ltd  | 37684500 | 77623320 |
| TOTAL MATERIALS |  | 154588363 |
| Real Estate - 0.2% |  |  |
| Office REITs - 0.0% |  |  |
| Embassy Office Parks REIT  | 1657020 | 8007420 |
| Real Estate Management & Development - 0.2% |  |  |
| Godrej Properties Ltd (b) | 981378 | 25295926 |
| Sunteck Realty Ltd  | 2343600 | 11681697 |
|  |  | 36977623 |
| TOTAL REAL ESTATE |  | 44985043 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.4% |  |  |
| Power Grid Corp of India Ltd  | 29248072 | 94945440 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| NHPC Ltd  | 45640200 | 43622087 |
| NTPC Ltd  | 26488045 | 100548040 |
|  |  | 144170127 |
| TOTAL UTILITIES |  | 239115567 |
| TOTAL INDIA |  | 3643586373 |
| INDONESIA - 1.7%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 608406100 | 73535554 |
| Food Products - 0.2% |  |  |
| First Resources Ltd  | 43952346 | 66185155 |
| TOTAL CONSUMER STAPLES |  | 139720709 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Bank Central Asia Tbk PT  | 286928484 | 146905095 |
| Bank Rakyat Indonesia Persero Tbk PT  | 521169977 | 124674416 |
| Bank Syariah Indonesia Tbk PT  | 206984900 | 31738514 |
|  |  | 303318025 |
| TOTAL INDONESIA |  | 443038734 |
| ITALY - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola HBC AG  | 927600 | 42090034 |
| KOREA (SOUTH) - 12.1%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.0% |  |  |
| HYBE Co Ltd  | 49644 | 11844314 |
| Interactive Media & Services - 0.7% |  |  |
| Kakao Corp  | 2645602 | 120502001 |
| NAVER Corp  | 299065 | 55972942 |
|  |  | 176474943 |
| TOTAL COMMUNICATION SERVICES |  | 188319257 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 14586 | 2959531 |
| Household Durables - 0.2% |  |  |
| Coway Co Ltd  | 1059610 | 66130174 |
| TOTAL CONSUMER DISCRETIONARY |  | 69089705 |
| Financials - 1.4% |  |  |
| Banks - 1.1% |  |  |
| KB Financial Group Inc  | 2212386 | 180035106 |
| Woori Financial Group Inc  | 6524842 | 115955800 |
|  |  | 295990906 |
| Insurance - 0.3% |  |  |
| Samsung Life Insurance Co Ltd  | 667985 | 72114301 |
| TOTAL FINANCIALS |  | 368105207 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.0% |  |  |
| Alteogen Inc (b) | 36300 | 12406805 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(g) | 102375 | 87457758 |
| TOTAL HEALTH CARE |  | 99864563 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Korea Aerospace Industries Ltd  | 1437070 | 103965015 |
| Electrical Equipment - 0.4% |  |  |
| LS Electric Co Ltd  | 381360 | 116068176 |
| Industrial Conglomerates - 0.2% |  |  |
| LG Corp  | 1015458 | 57051395 |
| TOTAL INDUSTRIALS |  | 277084586 |
| Information Technology - 8.4% |  |  |
| Semiconductors & Semiconductor Equipment - 3.5% |  |  |
| SK Hynix Inc  | 2377336 | 929803412 |
| Technology Hardware, Storage & Peripherals - 4.9% |  |  |
| Samsung Electronics Co Ltd  | 17283539 | 1299959729 |
| TOTAL INFORMATION TECHNOLOGY |  | 2229763141 |
| TOTAL KOREA (SOUTH) |  | 3232226459 |
| KUWAIT - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Kuwait Finance House KSCP  | 57452210 | 150396494 |
| MAURITIUS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Jumo World Holding Limited (b)(f)(g) | 2024724 | 2976344 |
| MEXICO - 2.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| America Movil SAB de CV Series B  | 1354900 | 1545352 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 36215900 | 119728750 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Grupo Financiero Banorte SAB de CV  | 25613078 | 241055343 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV Series B (e) | 2400000 | 50028151 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Cemex SAB de CV ADR  | 10951000 | 111152650 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.1% |  |  |
| Fibra Uno Administracion SA de CV  | 15754900 | 22862562 |
| Real Estate Management & Development - 0.1% |  |  |
| Corp Inmobiliaria Vesta SAB de CV (e) | 6013084 | 18254323 |
| TOTAL REAL ESTATE |  | 41116885 |
| TOTAL MEXICO |  | 564627131 |
| NETHERLANDS - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CTP NV (c)(d) | 561077 | 11692795 |
| PANAMA - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Passenger Airlines - 0.3% |  |  |
| Copa Holdings SA Class A  | 696580 | 87218782 |
| PERU - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Credicorp Ltd  | 616632 | 160940952 |
| PHILIPPINES - 0.2%  |  |  |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| SM Investments Corp  | 2337000 | 29018694 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 49274924 | 16702084 |
| SM Prime Holdings Inc  | 34525200 | 13172731 |
|  |  | 29874815 |
| TOTAL PHILIPPINES |  | 58893509 |
| POLAND - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| CD Projekt SA  | 420864 | 28923716 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Dino Polska SA (b)(c)(d) | 3302800 | 39413592 |
| TOTAL POLAND |  | 68337308 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (b) | 1295664 | 10248702 |
| ROMANIA - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA  | 444900 | 12202026 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC ADR (b)(g) | 10986900 | 110 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(g) | 12899053 | 1 |
| Sberbank of Russia PJSC ADR (b)(g) | 19633994 | 196 |
|  |  | 197 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Severstal PAO GDR (b)(d)(g) | 6035400 | 60 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| LSR Group PJSC (b)(g) | 98230 | 0 |
| TOTAL RUSSIA |  | 367 |
| SAUDI ARABIA - 2.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Aldrees Petroleum and Transport Services Co  | 843807 | 34492071 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Saudi Arabian Oil Co (c)(d) | 23001200 | 158848913 |
| Financials - 2.0% |  |  |
| Banks - 1.9% |  |  |
| Al Rajhi Bank  | 9585676 | 270166641 |
| Saudi National Bank/The  | 21774481 | 231545824 |
|  |  | 501712465 |
| Insurance - 0.1% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 536325 | 23453404 |
| TOTAL FINANCIALS |  | 525165869 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| SABIC Agri-Nutrients Co  | 1663000 | 54364664 |
| TOTAL SAUDI ARABIA |  | 772871517 |
| SINGAPORE - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Sea Ltd Class A ADR (b) | 812933 | 127020781 |
| SOUTH AFRICA - 4.5%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| Naspers Ltd Class N  | 4601172 | 323168189 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Pick n Pay Stores Ltd (b) | 30248887 | 49375256 |
| Shoprite Holdings Ltd  | 6292376 | 105269137 |
|  |  | 154644393 |
| Financials - 1.6% |  |  |
| Banks - 0.8% |  |  |
| Capitec Bank Holdings Ltd (e) | 936106 | 206932474 |
| Financial Services - 0.8% |  |  |
| FirstRand Ltd  | 44602047 | 211542975 |
| TOTAL FINANCIALS |  | 418475449 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Bidvest Group Ltd  | 2876400 | 37325593 |
| Materials - 1.0% |  |  |
| Chemicals - 0.2% |  |  |
| Sasol Ltd (b) | 7909800 | 49488293 |
| Metals & Mining - 0.8% |  |  |
| Gold Fields Ltd ADR  | 1879200 | 72180072 |
| Impala Platinum Holdings Ltd  | 12323702 | 132072950 |
|  |  | 204253022 |
| TOTAL MATERIALS |  | 253741315 |
| TOTAL SOUTH AFRICA |  | 1187354939 |
| TAIWAN - 19.6%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Uni-President Enterprises Corp  | 23575000 | 60281776 |
| Financials - 0.9% |  |  |
| Banks - 0.5% |  |  |
| CTBC Financial Holding Co Ltd  | 93397677 | 126996321 |
| Insurance - 0.4% |  |  |
| Cathay Financial Holding Co Ltd  | 53004005 | 110216919 |
| TOTAL FINANCIALS |  | 237213240 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Bizlink Holding Inc  | 2405417 | 109024521 |
| Information Technology - 18.1% |  |  |
| Communications Equipment - 0.2% |  |  |
| Accton Technology Corp  | 1621000 | 56880889 |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Chroma ATE Inc  | 1458162 | 38801569 |
| Delta Electronics Inc  | 7601612 | 245747090 |
| Elite Material Co Ltd  | 1003000 | 44319969 |
| Hon Hai Precision Industry Co Ltd  | 31112472 | 260298315 |
|  |  | 589166943 |
| Semiconductors & Semiconductor Equipment - 15.3% |  |  |
| ASE Technology Holding Co Ltd  | 11504025 | 91930306 |
| eMemory Technology Inc  | 374272 | 24199145 |
| Hon Precision Inc  | 503529 | 41063675 |
| Jentech Precision Industrial Co Ltd  | 370000 | 25605952 |
| MediaTek Inc  | 4266698 | 181602911 |
| MPI Corp  | 240000 | 16375333 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 76421649 | 3691284086 |
|  |  | 4072061408 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Asia Vital Components Co Ltd  | 270000 | 12500812 |
| Quanta Computer Inc  | 99827 | 974658 |
| Wiwynn Corp  | 618062 | 87654839 |
|  |  | 101130309 |
| TOTAL INFORMATION TECHNOLOGY |  | 4819239549 |
| TOTAL TAIWAN |  | 5225759086 |
| THAILAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| PTT Global Chemical PCL  | 70682200 | 55067126 |
| TURKEY - 0.4%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| BIM Birlesik Magazalar AS  | 4985000 | 63892020 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Oyak Cimento Fabrikalari AS  | 80778000 | 40836550 |
| TOTAL TURKEY |  | 104728570 |
| UNITED ARAB EMIRATES - 1.4%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| ADNOC Drilling Co PJSC  | 36271453 | 55104128 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 20733142 | 81398306 |
| Abu Dhabi Islamic Bank PJSC  | 15735072 | 90478967 |
| Dubai Islamic Bank PJSC  | 22574000 | 58387127 |
|  |  | 230264400 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Aldar Properties PJSC  | 7876300 | 19299664 |
| Emaar Properties PJSC  | 19411935 | 75048524 |
| RAK Properties PJSC (b) | 17736300 | 6808746 |
|  |  | 101156934 |
| TOTAL UNITED ARAB EMIRATES |  | 386525462 |
| UNITED KINGDOM - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 1883600 | 130485813 |
| UNITED STATES - 0.9%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Tenaris SA ADR (e) | 1370100 | 54529980 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BeOne Medicines Ltd ADR (b) | 135238 | 41988694 |
| BeOne Medicines Ltd H Shares (b) | 1440491 | 34443280 |
|  |  | 76431974 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ACM Research Inc Class A (b) | 192693 | 7989052 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Titan SA  | 2375337 | 105547286 |
| TOTAL UNITED STATES |  | 244498292 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $15,112,436,373) |  | <br> **26039569241** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Creditas Financial Solutions Ltd 5% 7/28/2027 (f)(g)<br>(Cost $33,309,389)<br>| 33309389 | **39764748** |

---

---

| | | |
|:---|:---|:---|
| &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 - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Interactive Media & Services - 0.4% |  |  |
| Bytedance Ltd Series E1 (b)(f)(g) | 399541 | 103321303 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(f)(g) | 668281 | 5339565 |
| TOTAL CHINA |  | 108660868 |
| INDIA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Meesho Series D-2 (f)(g) | 8478780 | 13057321 |
| Meesho Series E (f)(g) | 1412280 | 2174911 |
| Meesho Series E-1 (f)(g) | 1917000 | 2952180 |
| Meesho Series F (f)(g) | 27660243 | 42596775 |
| TOTAL INDIA |  | 60781187 |
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Gupshup Inc (b)(f)(g) | 566129 | 2581548 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $111,526,838) |  | <br> **172023603** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobiles - 0.5% |  |  |
| Hyundai Motor Co Series 2 <br>(Cost $78,378,653)<br>| 922013 | **141921596** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/15/2026 (i) | 3.82 | 30000 | 29771 |
| US Treasury Bills 0% 1/2/2026 (i) | 3.89 | 110000 | 109296 |
| US Treasury Bills 0% 1/22/2026 (i) | 3.75 to 3.83 | 890000 | 882569 |
| US Treasury Bills 0% 1/29/2026 (i) | 3.78 to 3.83 | 670000 | 663961 |
| US Treasury Bills 0% 1/8/2026 (i) | 3.89 to 3.90 | 1940000 | 1926547 |
| US Treasury Bills 0% 12/26/2025 (i) | 3.93 | 970000 | 964416 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $4,575,170) |  |  | **4576560** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.18 | 399776335 | 399856291 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.18 | 296852861 | 296882546 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $696,735,970) |  |  | **696738837** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $16,036,962,393)<br>| <br>**27094594585** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(426733122)** |
| **NET ASSETS - 100.0%** | **26667861463** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 3141 | 12/19/2025 | 221063580 | 2720935 | 2720935 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.8% | The notional amount of futures purchased as a percentage of Net Assets is 0.8% | The notional amount of futures purchased as a percentage of Net Assets is 0.8% | The notional amount of futures purchased as a percentage of Net Assets is 0.8% | The notional amount of futures purchased as a percentage of Net Assets is 0.8% | The notional amount of futures purchased as a percentage of Net Assets is 0.8% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(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 $986,132,016 or 3.7% of net assets.

(d) Security 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 $1,106,178,386 or 4.1% 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 $234,737,482 or 0.9% of net assets.

(g) Level 3 security.

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,576,560.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(k) 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 | 11/18/2020 | 43779377 |
| Creditas Financial Solutions Ltd 5% 7/28/2027 | 1/28/2022 - 7/28/2023 | 33309389 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 9491694 |
| Gupshup Inc | 6/8/2021 | 12944653 |
| Jumo World Holding Limited | 9/6/2023 | 17214014 |
| Meesho Series D2 | 7/15/2024 | 7913528 |
| Meesho Series E | 7/15/2024 | 1318128 |
| Meesho Series E1 | 4/18/2024 | 1789200 |
| Meesho Series F | 9/21/2021 - 7/15/2024 | 34290258 |
| Pine Labs Pvt Ltd | 6/30/2021 | 3582120 |
| Pine Labs Pvt Ltd Series 1 | 6/30/2021 | 8560919 |
| Pine Labs Pvt Ltd Series A | 6/30/2021 | 2139524 |
| Pine Labs Pvt Ltd Series B | 6/30/2021 | 2327819 |
| Pine Labs Pvt Ltd Series B2 | 6/30/2021 | 1882997 |
| Pine Labs Pvt Ltd Series C | 6/30/2021 | 3501955 |
| Pine Labs Pvt Ltd Series C1 | 6/30/2021 | 737944 |
| Pine Labs Pvt Ltd Series D | 6/30/2021 | 789398 |

---

**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 | 418942894 | 8533693993 | 8552803698 | 14867729 | 23101 | 1 | 399856291 | 399776335 | 0.7% |
| Fidelity Securities Lending Cash Central Fund | 296832122 | 4282536269 | 4282485845 | 3656692 | - | - | 296882546 | 296852861 | 1.1% |
| Total | 715775016 | 12816230262 | 12835289543 | 18524421 | 23101 | 1 | 696738837 |  |  |

---

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 Consolidated 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  |
| Titan SA | 157508017 | - | 93235631 | 10540320 | 47793353 | (6518453) | - | - |
| Total | 157508017 | - | 93235631 | 10540320 | 47793353 | (6518453) | - |  |

---

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 October 31, 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 Consolidated 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 | 2335595987 | 648983063 | 1686612924 | - |
| Consumer Discretionary | 3602695438 | 1831856018 | 1770839420 | - |
| Consumer Staples | 1022485366 | 1022485366 | - | - |
| Energy | 932889957 | 932889847 | - | 110 |
| Financials | 5707465490 | 4139407271 | 1565081678 | 2976541 |
| Health Care | 832011737 | 719112010 | 25441969 | 87457758 |
| Industrials | 1583860866 | 1583860866 | - | - |
| Information Technology | 7427490993 | 3534271702 | 3893219291 | - |
| Materials | 1680009858 | 1498448555 | 181561243 | 60 |
| Real Estate | 324703619 | 292849809 | 31853810 | - |
| Utilities | 590359930 | 590359930 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 39764748 | - | - | 39764748 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 103321303 | - | - | 103321303 |
| Consumer Discretionary | 60781187 | - | - | 60781187 |
| Health Care | 5339565 | - | - | 5339565 |
| Information Technology | 2581548 | - | - | 2581548 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 141921596 | 141921596 | - | - |
|  **U.S. Treasury Obligations** | 4576560 | - | 4576560 | - |
|  **Money Market Funds** | 696738837 | 696738837 | - | - |
| **Total Investments in Securities:** | 27094594585 | 17633184870 | 9159186895 | 302222820 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2720935 | 2720935 | - | - |
| Total Assets | 2720935 | 2720935 | - | - |
| **Total Derivative Instruments:** | 2720935 | 2720935 | - | - |

---

The following is a reconciliation of consolidated 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 ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2025 ($)** |
| **Common Stocks** | 7422985 | 1348390 | 10698593 | 6802520 | (2913504) | - | 70651126 | (3575641) | 90434469 | (4490696) |
| **Convertible Preferred Stocks** | 165022154 | (238231) | 28345971 | 45311114 | (46513522) | - | - | (19903883) | 172023603 | 19564611 |
| **Convertible Corporate Bonds** | 31217559 | - | 8547189 | - | - | - | - | - | 39764748 | 8547189 |
| <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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated Statement of Operations. |  |  |  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Consolidated Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 2720935 | - |
| **Total Equity Risk**  | 2720935 | - |
| **Total Value of Derivatives** | 2720935 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Series Emerging Markets Opportunities Fund**

**Consolidated Financial Statements** 

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $281,870,140) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $15,340,226,423) | $26397855748 |  |
| Fidelity Central Funds (cost $696,735,970) | 696738837 |  |
| Total Investment in Securities (cost $16,036,962,393) |  | $27094594585 |
| Cash |  | 5223 |
| Foreign currency held at value (cost $12,337,672) |  | 12309497 |
| Receivable for investments sold |  | 96847596 |
| Receivable for fund shares sold |  | 46129157 |
| Dividends receivable |  | 15432272 |
| Interest receivable |  | 3790036 |
| Distributions receivable from Fidelity Central Funds |  | 1250116 |
| Receivable from investment adviser for expense reductions |  | 210371 |
| Other receivables |  | 4026670 |
| **Total assets** |  | 27274595523 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $72525804 |  |
| Payable for fund shares redeemed | 3436853 |  |
| Payable for daily variation margin on futures contracts | 353853 |  |
| Deferred taxes | 230516524 |  |
| Other payables and accrued expenses | 3018480 |  |
| Collateral on securities loaned | 296882546 |  |
| **Total liabilities** |  | 606734060 |
| **Net Assets**  |  | $26667861463 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $16900487599 |
| Total accumulated earnings (loss) |  | 9767373864 |
| **Net Assets** |  | $26667861463 |
| **Net Asset Value**, offering price and redemption price per share ($26,667,861,463 ÷ 1,071,325,319 shares) |  | $24.89 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends (including $10,540,320 earned from affiliated issuers) |  | $588448200 |
| Interest  |  | 2108014 |
| Income from Fidelity Central Funds (including $3,656,692 from security lending)  |  | 18524421 |
| Income before foreign taxes withheld |  | $609080635 |
| Less foreign taxes withheld |  | (65327303) |
| **Total income** |  | 543753332 |
| **Expenses** |  |  |
| Custodian fees and expenses | $4957487 |  |
| Independent trustees' fees and expenses | 91235 |  |
| Interest | 28106 |  |
| Miscellaneous | 45 |  |
| Total expenses before reductions | 5076873 |  |
| Expense reductions | (1946495) |  |
| Total expenses after reductions |  | 3130378 |
| **Net Investment income (loss)** |  | 540622954 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $46,881,376)  | 858072157 |  |
| Fidelity Central Funds | 23101 |  |
| Other affiliated issuers | 47793353 |  |
| Foreign currency transactions | (13771952) |  |
| Futures contracts | 12683638 |  |
| Total net realized gain (loss) |  | 904800297 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $9,213,993)  | 4981561213 |  |
| Fidelity Central Funds  | 1 |  |
| Other affiliated issuers  | (6518453) |  |
| Assets and liabilities in foreign currencies | 567666 |  |
| Futures contracts | 5240692 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4980851119 |
| **Net gain (loss)** |  | 5885651416 |
| **Net increase (decrease) in net assets resulting from operations** |  | $6426274370 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $540622954 | $539024949 |
| &nbsp;&nbsp;Net realized gain (loss) | 904800297<br>| (223415784)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4980851119 | 4873294424<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6426274370<br>| 5188903589<br>|
| Distributions to shareholders | (440747266)<br>| (625661951)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2869220136 | 3520958422 |
| Reinvestment of distributions | 440747266<br>| 625661951<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6436203328) | (5067004063) |
| **Net increase (decrease) in net assets resulting from share transactions** | (3126235926)<br>| (920383690)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2859291178<br>| 3642857948<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 23808570285 | 20165712337<br>|
| &nbsp;&nbsp;End of period | $26667861463 | $23808570285 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 143029372 | 194453520 |
| Issued in reinvestment of distributions | 23295310<br>| 37987975<br>|
| &nbsp;&nbsp;Redeemed | (323790729) | (276531924) |
| &nbsp;&nbsp;Net increase (decrease) | (157466047) | (44090429) |

---

**Consolidated Financial Highlights** 

**Fidelity® Series Emerging Markets Opportunities Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.38 | $15.84 | $14.17 | $24.69 | $21.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .48  | .42  | .46  | .48  | .47  |
| Net realized and unrealized gain (loss)  | 5.41  | 3.61  | 1.58  | (8.30)  | 3.48  |
| Total from investment operations  | 5.89  | 4.03  | 2.04  | (7.82)  | 3.95  |
| Distributions from net investment income  | (.38)  | (.49)  | (.37)  | (.68)  | (.33)  |
| Distributions from net realized gain  | -  | -  | -  | (2.01)  | (.41)  |
| Total distributions  | (.38)  | (.49)  | (.37)  | (2.70) C | (.75) C |
| Net asset value, end of period  | $24.89 | $19.38 | $15.84 | $14.17 | $24.69 |
| **Total Return** D | 31.02% <br>| 25.97%  | 14.40%  | (35.33)%  | 18.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .02%  | .03%  | .03%  | .03%  | .03%  |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 2.33%  | 2.32%  | 2.82%  | 2.64%  | 1.82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $26667861 | $23808570 | $20165712 | $22330277 | $29188538 |
| Portfolio turnover rate G | 45% <br>| 49%  | 41%  | 37%  | 69%  |

---

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 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Fidelity® Series International Growth Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** |
|  | Shares | Value ($)<br>|
| AUSTRIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Erste Group Bank AG  | 784900 | 81198170 |
| BELGIUM - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| KBC Group NV  | 1911100 | 229644967 |
| CANADA - 1.7%  |  |  |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| Canadian Pacific Kansas City Ltd  | 968140 | 69669081 |
| Materials - 1.3% |  |  |
| Metals & Mining - 1.3% |  |  |
| Franco-Nevada Corp  | 1105928 | 206582352 |
| TOTAL CANADA |  | 276251433 |
| CHINA - 1.8%  |  |  |
| Communication Services - 1.8% |  |  |
| Interactive Media & Services - 1.8% |  |  |
| Tencent Holdings Ltd  | 3659700 | 297269243 |
| DENMARK - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Novo Nordisk A/S Series B  | 1199500 | 59053442 |
| FINLAND - 1.2%  |  |  |
| Industrials - 1.2% |  |  |
| Machinery - 1.2% |  |  |
| Kone Oyj B Shares  | 2947689 | 196792105 |
| FRANCE - 15.4%  |  |  |
| Consumer Discretionary - 2.2% |  |  |
| Textiles, Apparel & Luxury Goods - 2.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 490523 | 346713032 |
| Health Care - 2.2% |  |  |
| Health Care Equipment & Supplies - 2.2% |  |  |
| EssilorLuxottica SA  | 949324 | 347201817 |
| Industrials - 10.9% |  |  |
| Aerospace & Defense - 8.5% |  |  |
| Airbus SE  | 2254000 | 555771407 |
| Safran SA  | 2285900 | 812222589 |
|  |  | 1367993996 |
| Electrical Equipment - 2.4% |  |  |
| Legrand SA  | 2202744 | 380386801 |
| TOTAL INDUSTRIALS |  | 1748380797 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Lectra  | 599942 | 15905032 |
| TOTAL FRANCE |  | 2458200678 |
| GERMANY - 5.4%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| CTS Eventim AG & Co KGaA  | 539347 | 48242238 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Deutsche Boerse AG  | 563445 | 142686911 |
| Information Technology - 4.2% |  |  |
| Software - 4.2% |  |  |
| SAP SE  | 2621800 | 681858146 |
| TOTAL GERMANY |  | 872787295 |
| INDIA - 0.8%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Reliance Industries Ltd  | 4083800 | 68384615 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 5604092 | 62332226 |
| TOTAL INDIA |  | 130716841 |
| ITALY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Interpump Group SpA  | 1602820 | 82582824 |
| JAPAN - 14.1%  |  |  |
| Communication Services - 2.2% |  |  |
| Entertainment - 2.2% |  |  |
| Nintendo Co Ltd  | 4093100 | 349100074 |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.6% |  |  |
| USS Co Ltd  | 8242111 | 91026364 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Hoya Corp  | 1024200 | 166712459 |
| Industrials - 5.5% |  |  |
| Construction & Engineering - 0.3% |  |  |
| SHO-BOND Holdings Co Ltd  | 1811000 | 57534592 |
| Machinery - 3.0% |  |  |
| Komatsu Ltd  | 3421900 | 114465890 |
| Mitsubishi Heavy Industries Ltd  | 12116534 | 365794346 |
|  |  | 480260236 |
| Professional Services - 2.2% |  |  |
| Recruit Holdings Co Ltd  | 7026705 | 348440060 |
| TOTAL INDUSTRIALS |  | 886234888 |
| Information Technology - 4.8% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Azbil Corp  | 17101020 | 168946226 |
| Keyence Corp  | 516043 | 192105554 |
|  |  | 361051780 |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Advantest Corp  | 2758000 | 412998985 |
| TOTAL INFORMATION TECHNOLOGY |  | 774050765 |
| TOTAL JAPAN |  | 2267124550 |
| NETHERLANDS - 6.2%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 726011 | 23079953 |
| Information Technology - 6.1% |  |  |
| Semiconductors & Semiconductor Equipment - 6.1% |  |  |
| ASML Holding NV  | 774559 | 819675489 |
| BE Semiconductor Industries NV  | 947351 | 161173906 |
|  |  | 980849395 |
| TOTAL NETHERLANDS |  | 1003929348 |
| SPAIN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Amadeus IT Group SA Class A  | 68287 | 5220114 |
| SWEDEN - 7.9%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Autoliv Inc (a) | 557134 | 65073251 |
| Industrials - 6.9% |  |  |
| Building Products - 2.0% |  |  |
| Assa Abloy AB B Shares  | 8395237 | 316370867 |
| Machinery - 4.3% |  |  |
| Atlas Copco AB A Shares  | 26028644 | 436137660 |
| Epiroc AB A Shares  | 11738917 | 248611363 |
|  |  | 684749023 |
| Trading Companies & Distributors - 0.6% |  |  |
| AddTech AB B Shares  | 3128600 | 106040283 |
| TOTAL INDUSTRIALS |  | 1107160173 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Lagercrantz Group AB B Shares  | 4278871 | 105122338 |
| TOTAL SWEDEN |  | 1277355762 |
| SWITZERLAND - 3.6%  |  |  |
| Financials - 2.3% |  |  |
| Capital Markets - 2.3% |  |  |
| UBS Group AG  | 9795465 | 374047393 |
| Industrials - 1.3% |  |  |
| Machinery - 1.3% |  |  |
| Schindler Holding AG  | 446948 | 158840793 |
| Schindler Holding AG  | 138742 | 46807646 |
|  |  | 205648439 |
| TOTAL SWITZERLAND |  | 579695832 |
| TAIWAN - 4.0%  |  |  |
| Information Technology - 4.0% |  |  |
| Semiconductors & Semiconductor Equipment - 4.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 13341885 | 644433723 |
| UNITED KINGDOM - 13.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Rightmove PLC  | 3979176 | 34919322 |
| Consumer Discretionary - 5.6% |  |  |
| Hotels, Restaurants & Leisure - 5.1% |  |  |
| Compass Group PLC  | 15553100 | 514805132 |
| InterContinental Hotels Group PLC ADR  | 2563416 | 311352507 |
|  |  | 826157639 |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 385300 | 80632659 |
| TOTAL CONSUMER DISCRETIONARY |  | 906790298 |
| Financials - 1.5% |  |  |
| Capital Markets - 1.5% |  |  |
| 3i Group PLC  | 1957200 | 113264377 |
| London Stock Exchange Group PLC  | 1001617 | 124827889 |
|  |  | 238092266 |
| Industrials - 5.3% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| BAE Systems PLC  | 17690650 | 435782406 |
| Professional Services - 2.1% |  |  |
| RELX PLC  | 7579200 | 334973327 |
| Trading Companies & Distributors - 0.5% |  |  |
| Howden Joinery Group PLC  | 6547400 | 74272393 |
| TOTAL INDUSTRIALS |  | 845028126 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Sage Group PLC/The  | 3921700 | 59221519 |
| TOTAL UNITED KINGDOM |  | 2084051531 |
| UNITED STATES - 20.7%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| PriceSmart Inc  | 484927 | 55737509 |
| Financials - 5.3% |  |  |
| Capital Markets - 1.6% |  |  |
| Moody's Corp  | 360130 | 172970439 |
| S&P Global Inc  | 162854 | 79344097 |
|  |  | 252314536 |
| Financial Services - 3.1% |  |  |
| Mastercard Inc Class A  | 448131 | 247363831 |
| Visa Inc Class A  | 738870 | 251762564 |
|  |  | 499126395 |
| Insurance - 0.6% |  |  |
| Marsh & McLennan Cos Inc  | 579115 | 103169337 |
| TOTAL FINANCIALS |  | 854610268 |
| Industrials - 6.5% |  |  |
| Electrical Equipment - 5.4% |  |  |
| GE Vernova Inc  | 576600 | 337391724 |
| Schneider Electric SE  | 1842900 | 525097385 |
|  |  | 862489109 |
| Professional Services - 1.1% |  |  |
| Experian PLC  | 3791577 | 176858865 |
| TOTAL INDUSTRIALS |  | 1039347974 |
| Materials - 8.6% |  |  |
| Chemicals - 3.7% |  |  |
| Linde PLC  | 1082801 | 452935658 |
| Sherwin-Williams Co/The  | 414981 | 143143546 |
|  |  | 596079204 |
| Construction Materials - 4.9% |  |  |
| CRH PLC  | 5965840 | 710531544 |
| Holcim AG  | 700000 | 62230865 |
|  |  | 772762409 |
| TOTAL MATERIALS |  | 1368841613 |
| TOTAL UNITED STATES |  | 3318537364 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,036,535,438) |  | <br> **15864845222** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d)<br>(Cost $18,859,141)<br>| 172113 | **44508422** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $309,869,261)<br>| 4.18 | 309807300 | **309869261** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $9,365,263,840)<br>| <br>**16219222905** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(133682212)** |
| **NET ASSETS - 100.0%** | **16085540693** |

---

**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 $44,508,422 or 0.3% of net assets.

(d) Level 3 security.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 11/18/2020 | 18859141 |

---

**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 | 224016378 | 3797453952 | 3711596219 | 11435984 | (4850) | - | 309869261 | 309807300 | 0.6% |
| Fidelity Securities Lending Cash Central Fund | 13132161 | 184731072 | 197863233 | 349445 | - | - | - | - | 0.0% |
| Total | 237148539 | 3982185024 | 3909459452 | 11785429 | (4850) | - | 309869261 |  |  |

---

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 October 31, 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 | 729530877 | 83161560 | 646369317 | - |
| Consumer Discretionary | 1414823059 | 553304895 | 861518164 | - |
| Consumer Staples | 55737509 | 55737509 | - | - |
| Energy | 68384615 | 68384615 | - | - |
| Financials | 1982612201 | 1601833024 | 380779177 | - |
| Health Care | 572967718 | 513914276 | 59053442 | - |
| Industrials | 6203924360 | 1401622757 | 4802301603 | - |
| Information Technology | 3261440918 | 1522150064 | 1739290854 | - |
| Materials | 1575423965 | 1513193100 | 62230865 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 44508422 | - | - | 44508422 |
|  **Money Market Funds** | 309869261 | 309869261 | - | - |
| **Total Investments in Securities:** | 16219222905 | 7623171061 | 8551543422 | 44508422 |

---

**Fidelity® Series International Growth Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,861,600) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,055,394,579) | $15909353644 |  |
| Fidelity Central Funds (cost $309,869,261) | 309869261 |  |
| Total Investment in Securities (cost $9,365,263,840) |  | $16219222905 |
| Cash |  | 55988 |
| Foreign currency held at value (cost $4,723,454) |  | 4711009 |
| Receivable for investments sold |  | 11625079 |
| Receivable for fund shares sold |  | 753239 |
| Dividends receivable |  | 15034616 |
| Reclaims receivable |  | 47407562 |
| Interest receivable |  | 1539 |
| Distributions receivable from Fidelity Central Funds |  | 1083106 |
| Other receivables |  | 128984 |
| **Total assets** |  | 16300024027 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $63651190 |  |
| Payable for fund shares redeemed | 144070306 |  |
| Other payables and accrued expenses | 6761838 |  |
| **Total liabilities** |  | 214483334 |
| **Net Assets**  |  | $16085540693 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8035713658 |
| Total accumulated earnings (loss) |  | 8049827035 |
| **Net Assets** |  | $16085540693 |
| **Net Asset Value**, offering price and redemption price per share ($16,085,540,693 ÷ 769,505,712 shares) |  | $20.90 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $211659051 |
| Foreign Tax Reclaims |  | 23887079 |
| Income from Fidelity Central Funds (including $349,445 from security lending)  |  | 11785429 |
| Income before foreign taxes withheld |  | $247331559 |
| Less foreign taxes withheld |  | (17359589) |
| **Total income** |  | 229971970 |
| **Expenses** |  |  |
| Custodian fees and expenses | $585932 |  |
| Independent trustees' fees and expenses | 59489 |  |
| Interest | 10869 |  |
| **Total expenses** |  | 656290 |
| **Net Investment income (loss)** |  | 229315680 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1146070544 |  |
| Redemptions in-kind | 280869364 |  |
| Fidelity Central Funds | (4850) |  |
| Foreign currency transactions | (4367225) |  |
| Total net realized gain (loss) |  | 1422567833 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $3,163,647)  | 901972296 |  |
| Assets and liabilities in foreign currencies | 2854621 |  |
| Total change in net unrealized appreciation (depreciation) |  | 904826917 |
| **Net gain (loss)** |  | 2327394750 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2556710430 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $229315680 | $217289494 |
| &nbsp;&nbsp;Net realized gain (loss) | 1422567833<br>| 997612291<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 904826917 | 2107097767<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2556710430<br>| 3321999552<br>|
| Distributions to shareholders | (578924668)<br>| (186414240)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2138905253 | 2548527172 |
| Reinvestment of distributions | 578924668<br>| 186414240<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3584020289) | (3744668063) |
| **Net increase (decrease) in net assets resulting from share transactions** | (866190368)<br>| (1009726651)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1111595394<br>| 2125858661<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14973945299 | 12848086638<br>|
| &nbsp;&nbsp;End of period | $16085540693 | $14973945299 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 114148794 | 141532404 |
| Issued in reinvestment of distributions | 31931863<br>| 11408460<br>|
| &nbsp;&nbsp;Redeemed | (188609753) | (208810528) |
| &nbsp;&nbsp;Net increase (decrease) | (42529096) | (55869664) |

---

**Financial Highlights** 

**Fidelity® Series International Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.44 | $14.80 | $13.75 | $20.51 | $18.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .26  | .22  | .21  | .20  |
| Net realized and unrealized gain (loss)  | 2.92  | 3.60  | 1.33  | (5.38)  | 5.19  |
| Total from investment operations  | 3.21  | 3.86  | 1.55  | (5.17)  | 5.39  |
| Distributions from net investment income  | (.28)  | (.22)  | (.20)  | (.28)  | (.24)  |
| Distributions from net realized gain  | (.47)  | -  | (.30)  | (1.31)  | (2.65)  |
| Total distributions  | (.75)  | (.22)  | (.50)  | (1.59)  | (2.89)  |
| Net asset value, end of period  | $20.90 | $18.44 | $14.80 | $13.75 | $20.51 |
| **Total Return** C | 18.02% <br>| 26.26%  | 11.31%  | (27.31)%  | 33.10%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | -% F<br>| .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | -% F | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 1.52%  | 1.44%  | 1.42%  | 1.32%  | 1.06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16085541 | $14973945 | $12848087 | $12392171 | $15467124 |
| Portfolio turnover rate G | 36% H<br>| 26% H | 19% H | 22% H | 24%  |

---

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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount represents less than .005%.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Series International Small Cap Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.7%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Treasury Wine Estates Ltd  | 850000 | 3331368 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Whitehaven Coal Ltd  | 2125000 | 10010790 |
| Financials - 1.4% |  |  |
| Financial Services - 0.1% |  |  |
| Cuscal Ltd  | 2050000 | 5593283 |
| Insurance - 1.3% |  |  |
| nib holdings Ltd/Australia  | 1204263 | 5941138 |
| Steadfast Group Ltd  | 10434645 | 38233374 |
|  |  | 44174512 |
| TOTAL FINANCIALS |  | 49767795 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| DroneShield Ltd (a)(b) | 724876 | 1816517 |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| Imdex Ltd  | 15781906 | 35521788 |
| TOTAL AUSTRALIA |  | 100448258 |
| AUSTRIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| AT&S Austria Technologie & Systemtechnik AG (a) | 128466 | 4775462 |
| BAILIWICK OF JERSEY - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| JTC PLC (b)(c) | 2395000 | 41027902 |
| BELGIUM - 2.1%  |  |  |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| KBC Ancora  | 886579 | 69694623 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ion Beam Applications (d) | 71326 | 897776 |
| Health Care Providers & Services - 0.2% |  |  |
| Fagron  | 257500 | 6114232 |
| TOTAL HEALTH CARE |  | 7012008 |
| Real Estate - 0.0% |  |  |
| Industrial REITs - 0.0% |  |  |
| Warehouses De Pauw CVA  | 138500 | 3515317 |
| TOTAL BELGIUM |  | 80221948 |
| CANADA - 3.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Mty Food Group Inc  | 117800 | 2842217 |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Pason Systems Inc  | 651500 | 5550907 |
| TerraVest Industries Inc  | 22000 | 2129806 |
|  |  | 7680713 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| South Bow Corp  | 500000 | 12969235 |
| TOTAL ENERGY |  | 20649948 |
| Industrials - 1.3% |  |  |
| Trading Companies & Distributors - 1.3% |  |  |
| Richelieu Hardware Ltd  | 1717620 | 47087440 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 685000 | 16361271 |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| OR Royalties Inc  | 1534700 | 49239956 |
| Triple Flag Precious Metals Corp  | 100000 | 2777084 |
|  |  | 52017040 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Real Matters Inc (a) | 950000 | 4985206 |
| TOTAL CANADA |  | 143943122 |
| CHINA - 0.4%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Chlitina Holding Ltd  | 2306670 | 7494542 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Consun Pharmaceutical Group Ltd  | 3000000 | 5802678 |
| TOTAL CHINA |  | 13297220 |
| DENMARK - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Royal Unibrew A/S  | 38600 | 2916916 |
| EGYPT - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Integrated Diagnostics Holdings PLC (b)(c) | 15331734 | 8585771 |
| FRANCE - 3.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Maisons du Monde SA (a)(b)(c) | 184072 | 433889 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Laurent-Perrier  | 97649 | 10535159 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA  | 244300 | 4546309 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Vetoquinol SA  | 261180 | 22458265 |
| Industrials - 2.1% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Exail Technologies SA (a)(d) | 99700 | 9549786 |
| LISI SA  | 582388 | 34101508 |
|  |  | 43651294 |
| Commercial Services & Supplies - 0.3% |  |  |
| Elis SA  | 420000 | 11696170 |
| Ground Transportation - 0.3% |  |  |
| Stef SA (d) | 75000 | 10460299 |
| Trading Companies & Distributors - 0.3% |  |  |
| Thermador Groupe  | 107619 | 9477194 |
| TOTAL INDUSTRIALS |  | 75284957 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Lectra  | 344159 | 9123982 |
| Real Estate - 0.2% |  |  |
| Industrial REITs - 0.1% |  |  |
| ARGAN SA  | 45000 | 3501174 |
| Retail REITs - 0.1% |  |  |
| Carmila SA  | 280000 | 5105779 |
| TOTAL REAL ESTATE |  | 8606953 |
| TOTAL FRANCE |  | 130989514 |
| GERMANY - 5.2%  |  |  |
| Communication Services - 2.3% |  |  |
| Entertainment - 1.6% |  |  |
| CTS Eventim AG & Co KGaA  | 676834 | 60539851 |
| Interactive Media & Services - 0.7% |  |  |
| Scout24 SE (b)(c) | 220500 | 25466764 |
| TOTAL COMMUNICATION SERVICES |  | 86006615 |
| Consumer Discretionary - 1.4% |  |  |
| Specialty Retail - 1.4% |  |  |
| Auto1 Group SE (a) | 1102100 | 38669015 |
| Fielmann Group AG  | 265300 | 14479537 |
|  |  | 53148552 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Montana Aerospace Ag (a)(b)(c) | 120000 | 4749301 |
| Rheinmetall AG  | 11800 | 23142561 |
|  |  | 27891862 |
| Machinery - 0.4% |  |  |
| Norma Group SE  | 86902 | 1408356 |
| Stabilus SE  | 486358 | 12193062 |
|  |  | 13601418 |
| TOTAL INDUSTRIALS |  | 41493280 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| Bechtle AG  | 118500 | 5004622 |
| Software - 0.1% |  |  |
| Atoss Software SE  | 20400 | 2732334 |
| TOTAL INFORMATION TECHNOLOGY |  | 7736956 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| TAG Immobilien AG  | 450000 | 7463985 |
| TOTAL GERMANY |  | 195849388 |
| GREECE - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Athens International Airport SA  | 947400 | 10942047 |
| HUNGARY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Richter Gedeon Nyrt  | 151700 | 4675779 |
| INDONESIA - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Selamat Sempurna Tbk PT  | 59800000 | 6904149 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 35000000 | 4230307 |
| TOTAL INDONESIA |  | 11134456 |
| IRELAND - 1.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Cairn Homes PLC  | 5041234 | 11232046 |
| Industrials - 0.9% |  |  |
| Machinery - 0.0% |  |  |
| Mincon Group Plc  | 3809284 | 1975847 |
| Trading Companies & Distributors - 0.9% |  |  |
| AerCap Holdings NV  | 246000 | 32039040 |
| TOTAL INDUSTRIALS |  | 34014887 |
| Real Estate - 0.3% |  |  |
| Residential REITs - 0.3% |  |  |
| Irish Residential Properties Reit PLC  | 10949300 | 11712020 |
| TOTAL IRELAND |  | 56958953 |
| ISRAEL - 2.0%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Max Stock Ltd  | 291100 | 2090485 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Energean PLC (d) | 391300 | 4955450 |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| Tel Aviv Stock Exchange Ltd  | 1594457 | 37189072 |
| Information Technology - 0.8% |  |  |
| Communications Equipment - 0.8% |  |  |
| Ituran Location and Control Ltd  | 778735 | 29989085 |
| TOTAL ISRAEL |  | 74224092 |
| ITALY - 3.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| De' Longhi SpA  | 115300 | 4202315 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV  | 437500 | 3042852 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.1% |  |  |
| Banca Generali SpA  | 72400 | 4089141 |
| Financial Services - 0.3% |  |  |
| BFF Bank SpA (a)(b)(c) | 529000 | 6378004 |
| Generalfinance Spa  | 245000 | 5436186 |
|  |  | 11814190 |
| TOTAL FINANCIALS |  | 15903331 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| GVS SpA (a)(b)(c) | 533200 | 2642750 |
| Industrials - 3.0% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| doValue SpA (a)(b)(c) | 3700000 | 11540562 |
| Machinery - 2.6% |  |  |
| Interpump Group SpA  | 1918137 | 98829046 |
| Passenger Airlines - 0.1% |  |  |
| Wizz Air Holdings Plc (a)(b)(c) | 170000 | 2338255 |
| TOTAL INDUSTRIALS |  | 112707863 |
| TOTAL ITALY |  | 138499111 |
| JAPAN - 30.9%  |  |  |
| Consumer Discretionary - 5.1% |  |  |
| Distributors - 0.2% |  |  |
| Central Automotive Products Ltd  | 692337 | 8072997 |
| Diversified Consumer Services - 0.5% |  |  |
| Aucnet Inc  | 1415620 | 18500154 |
| Hotels, Restaurants & Leisure - 2.9% |  |  |
| Curves Holdings Co Ltd (e) | 5524859 | 26063023 |
| Gift Holdings Inc (d) | 721900 | 15130342 |
| Koshidaka Holdings Co Ltd (d)(e) | 5242659 | 40142351 |
| Kyoritsu Maintenance Co Ltd  | 168300 | 3279507 |
| Metaplanet Inc (a) | 725000 | 2309876 |
| Monogatari Corp/The  | 925488 | 23150712 |
|  |  | 110075811 |
| Leisure Products - 0.2% |  |  |
| Roland Corp  | 13700 | 290694 |
| Yonex Co Ltd  | 235000 | 6053793 |
|  |  | 6344487 |
| Specialty Retail - 1.3% |  |  |
| Intermestic Inc  | 300000 | 4247615 |
| JINS Holdings Inc  | 44800 | 2261657 |
| USS Co Ltd  | 3870500 | 42746033 |
|  |  | 49255305 |
| TOTAL CONSUMER DISCRETIONARY |  | 192248754 |
| Consumer Staples - 2.5% |  |  |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| Belc Co Ltd  | 130000 | 6107326 |
| Daikokutenbussan Co Ltd  | 236400 | 9510609 |
| Kato Sangyo Co Ltd  | 100000 | 3841412 |
| Kusuri no Aoki Holdings Co Ltd (d) | 593574 | 15044450 |
| Qol Holdings Co Ltd  | 630000 | 7951139 |
| Tsuruha Holdings Inc  | 576100 | 10007266 |
| Welcia Holdings Co Ltd  | 250000 | 4986698 |
| YAKUODO Holdings Co Ltd  | 914600 | 12071224 |
|  |  | 69520124 |
| Food Products - 0.3% |  |  |
| Iwatsuka Confectionery Co Ltd  | 211600 | 4101286 |
| Kewpie Corp  | 103200 | 2860751 |
| Kotobuki Spirits Co Ltd  | 410200 | 4920218 |
|  |  | 11882255 |
| Household Products - 0.0% |  |  |
| Transaction Co Ltd  | 281800 | 1868792 |
| Personal Care Products - 0.2% |  |  |
| Artnature Inc  | 1124900 | 6160636 |
| Rohto Pharmaceutical Co Ltd  | 180000 | 2790344 |
|  |  | 8950980 |
| TOTAL CONSUMER STAPLES |  | 92222151 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Itochu Enex Co Ltd  | 220700 | 2607842 |
| Iwatani Corp  | 620000 | 6463111 |
| San-Ai Obbli Co Ltd  | 1268872 | 16812904 |
|  |  | 25883857 |
| Financials - 2.5% |  |  |
| Banks - 2.5% |  |  |
| Chiba Bank Ltd/The (d) | 1769000 | 17281354 |
| Hachijuni Bank Ltd/The  | 2335500 | 23542919 |
| Hokuhoku Financial Group Inc  | 1447600 | 35497246 |
| Kyoto Financial Group Inc  | 860212 | 17437559 |
|  |  | 93759078 |
| Health Care - 1.7% |  |  |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Asahi Intecc Co Ltd  | 257600 | 4090242 |
| Medikit Co Ltd  | 658800 | 11580619 |
| Nagaileben Co Ltd  | 1528000 | 17430563 |
| Techno Medica Co Ltd  | 283000 | 3448666 |
|  |  | 36550090 |
| Health Care Providers & Services - 0.3% |  |  |
| As One Corp  | 599500 | 9797163 |
| Health Care Technology - 0.4% |  |  |
| M3 Inc  | 200000 | 2802972 |
| Software Service Inc (d) | 154100 | 13699111 |
|  |  | 16502083 |
| TOTAL HEALTH CARE |  | 62849336 |
| Industrials - 7.2% |  |  |
| Building Products - 0.1% |  |  |
| Nichias Corp  | 116900 | 4372276 |
| Commercial Services & Supplies - 2.3% |  |  |
| CTS Co Ltd  | 500000 | 2884303 |
| Daiei Kankyo Co Ltd  | 1056100 | 23505438 |
| Japan Elevator Service Holdings Co Ltd  | 2989600 | 35257920 |
| Park24 Co Ltd (d) | 650000 | 7600415 |
| Prestige International Inc  | 1065000 | 4581760 |
| Pronexus Inc  | 1122177 | 7966139 |
|  |  | 81795975 |
| Construction & Engineering - 0.9% |  |  |
| SHO-BOND Holdings Co Ltd  | 1108800 | 35226039 |
| Electrical Equipment - 0.4% |  |  |
| Fuji Electric Co Ltd  | 155000 | 11123873 |
| SWCC Corp  | 117200 | 5718928 |
|  |  | 16842801 |
| Machinery - 2.0% |  |  |
| DMG Mori Co Ltd (d) | 174900 | 2723768 |
| Ebara Corp  | 240000 | 6433327 |
| Japan Steel Works Ltd/The  | 53600 | 3526728 |
| Kawasaki Heavy Industries Ltd  | 46600 | 3749530 |
| Mitsuboshi Belting Ltd  | 272952 | 6579824 |
| Moriya Transportation Engineering & Manufacturing Co Ltd  | 335500 | 10721806 |
| NS Tool Co Ltd (e) | 1444000 | 7177367 |
| Takeuchi Manufacturing Co Ltd  | 230400 | 9523379 |
| Tocalo Co Ltd  | 1473649 | 21658653 |
|  |  | 72094382 |
| Professional Services - 1.3% |  |  |
| BayCurrent Inc  | 109500 | 5019905 |
| Funai Soken Holdings Inc  | 455457 | 7178671 |
| MEITEC Group Holdings Inc  | 144000 | 2953630 |
| Timee Inc (a)(d) | 1727500 | 16747031 |
| Visional Inc (a) | 268100 | 18649225 |
|  |  | 50548462 |
| Trading Companies & Distributors - 0.2% |  |  |
| Inaba Denki Sangyo Co Ltd  | 147800 | 4356988 |
| Mitani Corp  | 296500 | 4463565 |
|  |  | 8820553 |
| TOTAL INDUSTRIALS |  | 269700488 |
| Information Technology - 8.7% |  |  |
| Electronic Equipment, Instruments & Components - 3.9% |  |  |
| Ai Holdings Corp  | 376292 | 6543784 |
| Azbil Corp  | 10348460 | 102235613 |
| Dexerials Corp  | 306900 | 4974604 |
| Ibiden Co Ltd  | 206200 | 19554948 |
| Maruwa Co Ltd/Aichi  | 14300 | 4070735 |
| Rigaku Holdings Corp (d) | 750000 | 4813121 |
|  |  | 142192805 |
| IT Services - 2.3% |  |  |
| NSD Co Ltd  | 2064580 | 44155836 |
| Obic Co Ltd  | 313000 | 9722477 |
| Softcreate Holdings Corp  | 200000 | 2768153 |
| System Support Holdings Inc  | 123100 | 2432285 |
| TIS Inc  | 829836 | 28619676 |
|  |  | 87698427 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Shibaura Mechatronics Corp  | 106400 | 12613899 |
| SUMCO Corp  | 569000 | 5824395 |
|  |  | 18438294 |
| Software - 1.8% |  |  |
| Broadleaf Co Ltd  | 3405173 | 16395032 |
| m-up Holdings Inc  | 1270939 | 15933127 |
| Miroku Jyoho Service Co Ltd  | 508891 | 5824954 |
| Money Forward Inc (a) | 120000 | 3503990 |
| Systena Corp  | 3400000 | 11715009 |
| WingArc1st Inc  | 655760 | 14297279 |
|  |  | 67669391 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| MCJ Co Ltd  | 866500 | 8186515 |
| TOTAL INFORMATION TECHNOLOGY |  | 324185432 |
| Materials - 1.6% |  |  |
| Chemicals - 1.4% |  |  |
| Kuraray Co Ltd  | 429900 | 4665549 |
| Nihon Parkerizing Co Ltd  | 1391518 | 12090342 |
| Osaka Soda Co Ltd (d) | 443900 | 4746916 |
| SK Kaken Co Ltd  | 496920 | 29245762 |
|  |  | 50748569 |
| Construction Materials - 0.2% |  |  |
| Maeda Kosen Co Ltd  | 640900 | 8018008 |
| TOTAL MATERIALS |  | 58766577 |
| Real Estate - 0.9% |  |  |
| Real Estate Management & Development - 0.9% |  |  |
| Arealink Co Ltd  | 747000 | 4929589 |
| Goldcrest Co Ltd  | 1023700 | 22186477 |
| Katitas Co Ltd  | 190000 | 3093310 |
| Relo Group Inc  | 340000 | 3657907 |
|  |  | 33867283 |
| TOTAL JAPAN |  | 1153482956 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| BGF retail Co Ltd  | 157318 | 11403205 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Soulbrain Co Ltd  | 18000 | 3564082 |
| TOTAL KOREA (SOUTH) |  | 14967287 |
| NETHERLANDS - 4.9%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Van Lanschot Kempen NV depository receipt  | 214930 | 12560371 |
| Industrials - 2.5% |  |  |
| Construction & Engineering - 0.4% |  |  |
| Koninklijke Heijmans N.V depository receipt  | 200000 | 14177595 |
| Electrical Equipment - 0.1% |  |  |
| TKH Group NV depository receipt  | 117600 | 5202472 |
| Machinery - 1.8% |  |  |
| Aalberts NV  | 2149335 | 68327547 |
| Professional Services - 0.1% |  |  |
| Arcadis NV  | 60600 | 2893211 |
| Trading Companies & Distributors - 0.1% |  |  |
| IMCD NV  | 35000 | 3630041 |
| TOTAL INDUSTRIALS |  | 94230866 |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| BE Semiconductor Industries NV  | 457870 | 77897945 |
| TOTAL NETHERLANDS |  | 184689182 |
| NORWAY - 1.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Europris ASA (b)(c) | 647300 | 5578823 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TGS ASA  | 720000 | 6226720 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| SpareBank 1 SMN  | 304700 | 5602924 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Medistim ASA  | 393375 | 10602105 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Kongsberg Gruppen ASA  | 1084540 | 27736515 |
| Construction & Engineering - 0.1% |  |  |
| Norconsult Norge AS  | 1127500 | 5214934 |
| TOTAL INDUSTRIALS |  | 32951449 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Selvaag Bolig ASA  | 840200 | 2733133 |
| TOTAL NORWAY |  | 63695154 |
| PHILIPPINES - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| International Container Terminal Services Inc  | 2200000 | 19860500 |
| POLAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Sygnity SA (a) | 65725 | 1761920 |
| SINGAPORE - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Construction & Engineering - 0.3% |  |  |
| Boustead Singapore Ltd  | 9400000 | 12927167 |
| SPAIN - 1.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.1% |  |  |
| CIE Automotive SA  | 120000 | 4025054 |
| Household Durables - 0.1% |  |  |
| Neinor Homes SA (b)(c) | 152500 | 3033948 |
| TOTAL CONSUMER DISCRETIONARY |  | 7059002 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Viscofan SA  | 70000 | 4348948 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Clinica Baviera SA  | 95000 | 4610024 |
| Industrials - 0.7% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Logista Integral SA  | 154600 | 5153535 |
| Commercial Services & Supplies - 0.1% |  |  |
| Befesa SA (b)(c) | 140000 | 4631348 |
| Machinery - 0.5% |  |  |
| Fluidra SA  | 574020 | 16620501 |
| TOTAL INDUSTRIALS |  | 26405384 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.1% |  |  |
| Vidrala SA  | 37700 | 3589375 |
| Vidrala SA rights 11/12/2025 (a) | 37700 | 178165 |
|  |  | 3767540 |
| TOTAL SPAIN |  | 46190898 |
| SWEDEN - 11.0%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Automobile Components - 0.6% |  |  |
| Autoliv Inc  | 160900 | 18793120 |
| Dometic Group AB (c) | 677800 | 3331834 |
|  |  | 22124954 |
| Broadline Retail - 0.2% |  |  |
| Rusta AB  | 1055549 | 6977551 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Betsson AB B Shares  | 435000 | 6808716 |
| Household Durables - 0.1% |  |  |
| JM AB  | 315300 | 4503693 |
| Specialty Retail - 0.2% |  |  |
| BHG Group AB (a) | 2241400 | 6799521 |
| TOTAL CONSUMER DISCRETIONARY |  | 47214435 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Apotea Sverige AB (a) | 750000 | 6544565 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Noba (a) | 256965 | 2588516 |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.6% |  |  |
| AddLife AB B Shares  | 1055523 | 22820918 |
| Industrials - 5.3% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| INVISIO AB  | 683872 | 21775351 |
| Machinery - 0.2% |  |  |
| Beijer Alma AB B Shares  | 263600 | 8074272 |
| Trading Companies & Distributors - 4.5% |  |  |
| AddTech AB B Shares  | 3057896 | 103643853 |
| Bergman & Beving AB B Shares  | 1823090 | 64574067 |
|  |  | 168217920 |
| TOTAL INDUSTRIALS |  | 198067543 |
| Information Technology - 3.0% |  |  |
| Electronic Equipment, Instruments & Components - 3.0% |  |  |
| Lagercrantz Group AB B Shares  | 4575199 | 112402457 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| Kb Components Ab  | 900000 | 4300940 |
| Metals & Mining - 0.1% |  |  |
| Alleima AB  | 360186 | 3120266 |
| TOTAL MATERIALS |  | 7421206 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| John Mattson Fastighetsforetagen AB (a) | 2434706 | 17068121 |
| TOTAL SWEDEN |  | 414127761 |
| SWITZERLAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| VZ Holding AG  | 25092 | 4895240 |
| TAIWAN - 1.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Interactive Media & Services - 0.6% |  |  |
| Addcn Technology Co Ltd (e) | 3559432 | 20238502 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Unimicron Technology Corp  | 635000 | 3373269 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| eMemory Technology Inc  | 258000 | 16681396 |
| TOTAL INFORMATION TECHNOLOGY |  | 20054665 |
| TOTAL TAIWAN |  | 40293167 |
| TURKEY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 3000000 | 7005279 |
| UNITED KINGDOM - 17.7%  |  |  |
| Communication Services - 2.9% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Zegona Communications plc (a) | 2620000 | 42335296 |
| Interactive Media & Services - 1.7% |  |  |
| Baltic Classifieds Group PLC  | 11927600 | 46224400 |
| Rightmove PLC  | 2199463 | 19301423 |
|  |  | 65525823 |
| Media - 0.1% |  |  |
| 4imprint Group PLC  | 55600 | 2432289 |
| TOTAL COMMUNICATION SERVICES |  | 110293408 |
| Consumer Discretionary - 4.6% |  |  |
| Automobile Components - 0.1% |  |  |
| AB Dynamics PLC  | 200000 | 3323661 |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 1600000 | 3776099 |
| Distributors - 0.2% |  |  |
| Inchcape PLC  | 610300 | 6125378 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Dp Poland PLC (a) | 42210188 | 4297493 |
| InterContinental Hotels Group PLC ADR  | 436900 | 53065874 |
| On the Beach Group PLC (b)(c) | 1556800 | 4345982 |
|  |  | 61709349 |
| Household Durables - 0.1% |  |  |
| Vistry Group PLC (a) | 409700 | 3467232 |
| Leisure Products - 2.3% |  |  |
| Games Workshop Group PLC  | 393242 | 82294702 |
| Specialty Retail - 0.1% |  |  |
| Pets at Home Group Plc  | 1335600 | 3758305 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Burberry Group PLC (a) | 246800 | 4012237 |
| TOTAL CONSUMER DISCRETIONARY |  | 168466963 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Cranswick PLC  | 44100 | 2859051 |
| Premier Foods PLC  | 1065400 | 2552900 |
|  |  | 5411951 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Subsea 7 SA  | 156900 | 2865612 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.3% |  |  |
| Allfunds Group Plc  | 650000 | 4944869 |
| St James's Place PLC  | 266700 | 4545970 |
|  |  | 9490839 |
| Financial Services - 0.2% |  |  |
| Enity Holding AB  | 580000 | 5788858 |
| Insurance - 0.2% |  |  |
| Lancashire Holdings Ltd  | 661924 | 5808725 |
| Sabre Insurance Group PLC (b)(c) | 1981347 | 3487880 |
|  |  | 9296605 |
| TOTAL FINANCIALS |  | 24576302 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Avon Technologies PLC  | 449600 | 11304840 |
| Air Freight & Logistics - 0.1% |  |  |
| Ferrari Group PLC  | 505000 | 4872079 |
| Industrial Conglomerates - 0.4% |  |  |
| DCC PLC  | 230000 | 15137765 |
| Machinery - 1.7% |  |  |
| Bodycote PLC  | 5454561 | 44212103 |
| IMI PLC  | 170800 | 5358193 |
| Rotork PLC  | 782600 | 3518164 |
| Spirax Group PLC  | 120897 | 11268448 |
|  |  | 64356908 |
| Marine Transportation - 0.4% |  |  |
| Clarkson PLC  | 290634 | 13840463 |
| Trading Companies & Distributors - 3.2% |  |  |
| Diploma PLC  | 543800 | 40077282 |
| Howden Joinery Group PLC  | 6037682 | 68490255 |
| RS GROUP PLC  | 1197500 | 8754612 |
|  |  | 117322149 |
| TOTAL INDUSTRIALS |  | 226834204 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Oxford Instruments PLC  | 525000 | 13048982 |
| IT Services - 0.1% |  |  |
| Kainos Group PLC  | 350000 | 4331269 |
| Software - 0.5% |  |  |
| Pinewood Technologies Group PLC (a) | 1600000 | 7745575 |
| Sage Group PLC/The  | 690000 | 10419677 |
|  |  | 18165252 |
| TOTAL INFORMATION TECHNOLOGY |  | 35545503 |
| Materials - 1.5% |  |  |
| Chemicals - 0.0% |  |  |
| Synthomer PLC (a)(d) | 803322 | 566709 |
| Construction Materials - 1.0% |  |  |
| SigmaRoc PLC (a) | 24175473 | 36650254 |
| Metals & Mining - 0.5% |  |  |
| Hill & Smith PLC  | 675514 | 19123960 |
| TOTAL MATERIALS |  | 56340923 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Grainger PLC  | 1156700 | 2847649 |
| LSL Property Services PLC  | 689000 | 2308105 |
| Savills PLC  | 369600 | 4894279 |
|  |  | 10050033 |
| Retail REITs - 0.2% |  |  |
| Shaftesbury Capital PLC  | 4250000 | 7838848 |
| Specialized REITs - 0.3% |  |  |
| Big Yellow Group PLC (The)  | 750000 | 10956258 |
| TOTAL REAL ESTATE |  | 28845139 |
| TOTAL UNITED KINGDOM |  | 659180005 |
| UNITED STATES - 1.0%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| PriceSmart Inc  | 209112 | 24035333 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Morningstar Inc  | 53246 | 11304126 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Legend Biotech Corp ADR (a) | 120000 | 3888000 |
| TOTAL UNITED STATES |  | 39227459 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,468,916,249) |  | <br> **3680793914** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Valsoft Corp Series A-1.2 (f)(g) | 283 | 3144362 |
| Valsoft Corp Series A-1.3 (f)(g) | 100 | 1111082 |
| Valsoft Corp Series A-1.4 (f)(g) | 130 | 1444407 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,018,659) |  | <br> **5699851** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.18 | 57874569 | 57886143 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 63933969 | 63940363 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $121,825,612) |  |  | **121826506** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $2,596,760,520)<br>| <br>**3808320271** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(57340534)** |
| **NET ASSETS - 100.0%** | **3750979737** |

---

**Legend**

(a) Non-income producing.

(b) Security 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 $142,418,967 or 3.8% of net assets.

(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 $127,573,013 or 3.4% of net assets.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company.

(f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,699,851 or 0.2% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(i) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Valsoft Corp Series A-1.2 | 3/14/2025 | 3314981 |
| Valsoft Corp Series A-1.3 | 3/17/2025 | 992687 |
| Valsoft Corp Series A-1.4 | 3/17/2025 | 1710991 |

---

**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 | 105739573 | 1545043291 | 1592898348 | 2825882 | 1627 | - | 57886143 | 57874569 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 28491024 | 918292299 | 882842960 | 824383 | - | - | 63940363 | 63933969 | 0.2% |
| Total | 134230597 | 2463335590 | 2475741308 | 3650265 | 1627 | - | 121826506 |  |  |

---

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  |
| Addcn Technology Co Ltd | 20624736 | - | - | 919291 | - | (386234) | 20238502 | 3559432 |
| Curves Holdings Co Ltd | 28078149 | 1026647 | - | 567757 | - | (3041773) | 26063023 | 5524859 |
| Koshidaka Holdings Co Ltd | 41006495 | 184262 | 96964 | 765094 | 17300 | (968742) | 40142351 | 5242659 |
| NS Tool Co Ltd | 6974922 | - | - | 261322 | - | 202445 | 7177367 | 1444000 |
| Total | 96684302 | 1210909 | 96964 | 2513464 | 17300 | (4194304) | 93621243 |  |

---

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 October 31, 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 | 216538525 | 216538525 | - | - |
| Consumer Discretionary | 501421630 | 501421630 | - | - |
| Consumer Staples | 175517297 | 175517297 | - | - |
| Energy | 75138686 | 75138686 | - | - |
| Financials | 368869280 | 368869280 | - | - |
| Health Care | 155947634 | 153144662 | 2802972 | - |
| Industrials | 1211329871 | 1211329871 | - | - |
| Information Technology | 639834678 | 639834678 | - | - |
| Materials | 217399156 | 217399156 | - | - |
| Real Estate | 118797157 | 118797157 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 5699851 | - | - | 5699851 |
|  **Money Market Funds** | 121826506 | 121826506 | - | - |
| **Total Investments in Securities:** | 3808320271 | 3799817448 | 2802972 | 5699851 |

---

**Fidelity® Series International Small Cap Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $63,819,261) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,385,448,874) | $3592872522 |  |
| Fidelity Central Funds (cost $121,825,612) | 121826506 |  |
| Other affiliated issuers (cost $89,486,034) | 93621243 |  |
| Total Investment in Securities (cost $2,596,760,520) |  | $3808320271 |
| Foreign currency held at value (cost $417,140) |  | 417139 |
| Receivable for investments sold |  | 47662563 |
| Receivable for fund shares sold |  | 15730782 |
| Dividends receivable |  | 10091990 |
| Reclaims receivable |  | 8922382 |
| Distributions receivable from Fidelity Central Funds |  | 294185 |
| Other receivables |  | 4297 |
| **Total assets** |  | 3891443609 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1534439 |  |
| Payable for investments purchased  | 8970035 |  |
| Payable for fund shares redeemed | 65977515 |  |
| Other payables and accrued expenses | 41520 |  |
| Collateral on securities loaned | 63940363 |  |
| **Total liabilities** |  | 140463872 |
| **Net Assets**  |  | $3750979737 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2123683870 |
| Total accumulated earnings (loss) |  | 1627295867 |
| **Net Assets** |  | $3750979737 |
| **Net Asset Value**, offering price and redemption price per share ($3,750,979,737 ÷ 187,498,807 shares) |  | $20.01 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends (including $2,513,464 earned from affiliated issuers) |  | $90215109 |
| Foreign Tax Reclaims |  | 5617395 |
| Income from Fidelity Central Funds (including $824,383 from security lending)  |  | 3650265 |
| Income before foreign taxes withheld |  | $99482769 |
| Less foreign taxes withheld |  | (9073769) |
| **Total income** |  | 90409000 |
| **Expenses** |  |  |
| Custodian fees and expenses | $274760 |  |
| Independent trustees' fees and expenses | 15358 |  |
| **Total expenses** |  | 290118 |
| **Net Investment income (loss)** |  | 90118882 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 449726238 |  |
| Fidelity Central Funds | 1627 |  |
| Other affiliated issuers | 17300 |  |
| Foreign currency transactions | (248043) |  |
| Total net realized gain (loss) |  | 449497122 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 254513366 |  |
| Affiliated issuers  | (4194304) |  |
| Assets and liabilities in foreign currencies | 684215 |  |
| Total change in net unrealized appreciation (depreciation) |  | 251003277 |
| **Net gain (loss)** |  | 700500399 |
| **Net increase (decrease) in net assets resulting from operations** |  | $790619281 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $90118882 | $91607229 |
| &nbsp;&nbsp;Net realized gain (loss) | 449497122<br>| 269024701<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 251003277 | 562271769<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 790619281<br>| 922903699<br>|
| Distributions to shareholders | (353063220)<br>| (133792393)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 307044878 | 459760468 |
| Reinvestment of distributions | 353063220<br>| 133792393<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1253730859) | (893921187) |
| **Net increase (decrease) in net assets resulting from share transactions** | (593622761)<br>| (300368326)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (156066700)<br>| 488742980<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3907046437 | 3418303457<br>|
| &nbsp;&nbsp;End of period | $3750979737 | $3907046437 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 17605350 | 26690757 |
| Issued in reinvestment of distributions | 21243274<br>| 8425214<br>|
| &nbsp;&nbsp;Redeemed | (70335883) | (51491124) |
| &nbsp;&nbsp;Net increase (decrease) | (31487259) | (16375153) |

---

**Financial Highlights** 

**Fidelity® Series International Small Cap Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.84 | $14.52 | $14.48 | $24.12 | $17.55 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .40  | .32  | .35  | .29  |
| Net realized and unrealized gain (loss)  | 3.40  | 3.49  | .67  | (7.16)  | 6.45  |
| Total from investment operations  | 3.83  | 3.89  | .99  | (6.81)  | 6.74  |
| Distributions from net investment income  | (.55)  | (.37)  | (.21)  | (.47)  | (.17)  |
| Distributions from net realized gain  | (1.11)  | (.20)  | (.73)  | (2.35)  | -  |
| Total distributions  | (1.66)  | (.57)  | (.95) C | (2.83) C | (.17)  |
| Net asset value, end of period  | $20.01 | $17.84 | $14.52 | $14.48 | $24.12 |
| **Total Return** D | 23.33% <br>| 27.24%  | 6.57%  | (31.82)%  | 38.60%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 2.35%  | 2.32%  | 2.02%  | 2.03%  | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3750980 | $3907046 | $3418303 | $3246258 | $4847936 |
| Portfolio turnover rate G | 37% <br>| 30%  | 26%  | 25%  | 32%  |

---

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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Fidelity® Series International Value Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 4.1%  |  |  |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| Macquarie Group Ltd  | 1088857 | 155710697 |
| Materials - 3.1% |  |  |
| Metals & Mining - 3.1% |  |  |
| BHP Group Ltd  | 1990930 | 56757877 |
| Glencore PLC  | 44765927 | 214454284 |
| Rio Tinto PLC  | 3151800 | 227213351 |
|  |  | 498425512 |
| TOTAL AUSTRALIA |  | 654136209 |
| BELGIUM - 2.0%  |  |  |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| KBC Group NV  | 2069987 | 248737427 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| UCB SA  | 269100 | 69014631 |
| TOTAL BELGIUM |  | 317752058 |
| CHINA - 0.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| Tencent Holdings Ltd  | 1465300 | 119023041 |
| DENMARK - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| DSV A/S  | 463340 | 98332677 |
| FINLAND - 2.0%  |  |  |
| Financials - 1.4% |  |  |
| Insurance - 1.4% |  |  |
| Mandatum Holding Oy  | 2547587 | 18270755 |
| Sampo Oyj A Shares  | 18670435 | 208059972 |
|  |  | 226330727 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Fortum Oyj  | 4108400 | 91585484 |
| TOTAL FINLAND |  | 317916211 |
| FRANCE - 9.2%  |  |  |
| Communication Services - 0.7% |  |  |
| Entertainment - 0.4% |  |  |
| Vivendi SE  | 17986155 | 64724497 |
| Media - 0.3% |  |  |
| Canal+ SA  | 10743355 | 33830168 |
| Louis Hachette Group  | 8110478 | 13934003 |
|  |  | 47764171 |
| TOTAL COMMUNICATION SERVICES |  | 112488668 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.2% |  |  |
| Danone SA  | 2273000 | 200743727 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| TotalEnergies SE  | 3242367 | 202437303 |
| Financials - 3.4% |  |  |
| Banks - 1.2% |  |  |
| BNP Paribas SA  | 2520470 | 195230596 |
| Insurance - 2.2% |  |  |
| AXA SA  | 8064679 | 349913613 |
| TOTAL FINANCIALS |  | 545144209 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| EssilorLuxottica SA  | 215034 | 78645642 |
| Industrials - 0.9% |  |  |
| Building Products - 0.9% |  |  |
| Cie de Saint-Gobain SA  | 1523800 | 147903176 |
| Materials - 1.2% |  |  |
| Chemicals - 1.2% |  |  |
| Air Liquide SA  | 979888 | 189646463 |
| TOTAL FRANCE |  | 1477009188 |
| GERMANY - 13.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.6% |  |  |
| Bayerische Motoren Werke AG  | 1006200 | 93618768 |
| Financials - 4.6% |  |  |
| Banks - 0.6% |  |  |
| Commerzbank AG  | 2797500 | 101605205 |
| Capital Markets - 1.4% |  |  |
| Deutsche Bank AG  | 4785800 | 170620779 |
| Deutsche Boerse AG  | 241700 | 61208151 |
|  |  | 231828930 |
| Insurance - 2.6% |  |  |
| Hannover Rueck SE  | 570163 | 162590880 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 380591 | 235469337 |
|  |  | 398060217 |
| TOTAL FINANCIALS |  | 731494352 |
| Health Care - 1.6% |  |  |
| Health Care Providers & Services - 1.3% |  |  |
| Fresenius SE & Co KGaA  | 3509400 | 202336399 |
| Pharmaceuticals - 0.3% |  |  |
| Bayer AG  | 1944382 | 60479010 |
| TOTAL HEALTH CARE |  | 262815409 |
| Industrials - 4.9% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Rheinmetall AG  | 158888 | 311616546 |
| Air Freight & Logistics - 0.9% |  |  |
| Deutsche Post AG  | 3205207 | 147267658 |
| Industrial Conglomerates - 1.7% |  |  |
| Siemens AG  | 954787 | 270584087 |
| Machinery - 0.3% |  |  |
| Daimler Truck Holding AG  | 1319400 | 52787191 |
| TOTAL INDUSTRIALS |  | 782255482 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| BASF SE  | 1917300 | 94603137 |
| Covestro AG  | 691400 | 48294698 |
|  |  | 142897835 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Vonovia SE  | 2768149 | 83198832 |
| Utilities - 0.5% |  |  |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| RWE AG  | 1776500 | 87458044 |
| TOTAL GERMANY |  | 2183738722 |
| HONG KONG - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Insurance - 1.3% |  |  |
| Prudential PLC  | 15218568 | 211661221 |
| INDIA - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Reliance Industries Ltd GDR (a) | 1316900 | 87310470 |
| INDONESIA - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank Central Asia Tbk PT  | 159356400 | 81589205 |
| ISRAEL - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 2144500 | 43919360 |
| ITALY - 4.3%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Eni SpA (c) | 7361400 | 135740415 |
| Financials - 2.2% |  |  |
| Banks - 2.2% |  |  |
| BPER Banca SPA  | 5837057 | 69669308 |
| UniCredit SpA  | 3726200 | 275912787 |
|  |  | 345582095 |
| Industrials - 1.3% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 813300 | 84201781 |
| Passenger Airlines - 0.8% |  |  |
| Ryanair Holdings PLC ADR  | 1943700 | 121442376 |
| TOTAL INDUSTRIALS |  | 205644157 |
| TOTAL ITALY |  | 686966667 |
| JAPAN - 21.6%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 0.3% |  |  |
| Nintendo Co Ltd  | 483937 | 41274936 |
| Interactive Media & Services - 0.3% |  |  |
| LY Corp  | 18924100 | 55608801 |
| Wireless Telecommunication Services - 0.8% |  |  |
| SoftBank Group Corp  | 747937 | 131239517 |
| TOTAL COMMUNICATION SERVICES |  | 228123254 |
| Consumer Discretionary - 3.0% |  |  |
| Automobiles - 1.7% |  |  |
| Toyota Motor Corp  | 13555000 | 276347637 |
| Household Durables - 1.3% |  |  |
| Sony Group Corp  | 4930725 | 137318659 |
| Sumitomo Forestry Co Ltd (c) | 6605300 | 68898966 |
|  |  | 206217625 |
| TOTAL CONSUMER DISCRETIONARY |  | 482565262 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Inpex Corp  | 4378100 | 80709766 |
| Financials - 7.0% |  |  |
| Banks - 4.7% |  |  |
| Mitsubishi UFJ Financial Group Inc  | 25734044 | 388719959 |
| Sumitomo Mitsui Financial Group Inc  | 13364649 | 361831953 |
|  |  | 750551912 |
| Financial Services - 1.1% |  |  |
| ORIX Corp  | 6857433 | 167746859 |
| Sony Financial Group Inc (b) | 4930625 | 4971898 |
|  |  | 172718757 |
| Insurance - 1.2% |  |  |
| Tokio Marine Holdings Inc  | 5299825 | 197647425 |
| TOTAL FINANCIALS |  | 1120918094 |
| Industrials - 5.9% |  |  |
| Industrial Conglomerates - 2.2% |  |  |
| Hitachi Ltd  | 10234500 | 353170274 |
| Machinery - 1.4% |  |  |
| MINEBEA MITSUMI Inc  | 3056151 | 60603448 |
| Mitsubishi Heavy Industries Ltd  | 5565000 | 168005598 |
|  |  | 228609046 |
| Trading Companies & Distributors - 2.3% |  |  |
| ITOCHU Corp  | 3736253 | 216523753 |
| Mitsui & Co Ltd  | 6352300 | 156715623 |
|  |  | 373239376 |
| TOTAL INDUSTRIALS |  | 955018696 |
| Information Technology - 3.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Ibiden Co Ltd  | 1094244 | 103772475 |
| IT Services - 1.4% |  |  |
| Fujitsu Ltd  | 4706800 | 122661353 |
| TIS Inc  | 2300456 | 79338937 |
|  |  | 202000290 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Renesas Electronics Corp  | 7143960 | 88224859 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| FUJIFILM Holdings Corp  | 4861247 | 112667622 |
| TOTAL INFORMATION TECHNOLOGY |  | 506665246 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Shin-Etsu Chemical Co Ltd  | 3394310 | 102029370 |
| TOTAL JAPAN |  | 3476029688 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 3 | 226 |
| SINGAPORE - 1.8%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Singapore Telecommunications Ltd  | 34213600 | 111674944 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| United Overseas Bank Ltd  | 6915689 | 184209387 |
| TOTAL SINGAPORE |  | 295884331 |
| SOUTH AFRICA - 1.4%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Thungela Resources Ltd (United Kingdom)  | 682174 | 3046985 |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| Anglo American PLC  | 4832015 | 182807994 |
| Valterra Platinum Ltd (United Kingdom)  | 510179 | 31165330 |
|  |  | 213973324 |
| TOTAL SOUTH AFRICA |  | 217020309 |
| SPAIN - 3.9%  |  |  |
| Financials - 3.9% |  |  |
| Banks - 3.9% |  |  |
| Banco Santander SA  | 47126972 | 479436303 |
| Bankinter SA  | 9576900 | 144277297 |
| TOTAL SPAIN |  | 623713600 |
| SWEDEN - 1.7%  |  |  |
| Financials - 1.7% |  |  |
| Financial Services - 1.7% |  |  |
| Investor AB B Shares  | 8322860 | 274690956 |
| SWITZERLAND - 3.6%  |  |  |
| Financials - 3.6% |  |  |
| Capital Markets - 0.6% |  |  |
| UBS Group AG (United States)  | 2794629 | 107201968 |
| Insurance - 3.0% |  |  |
| Swiss Life Holding AG  | 154580 | 167574516 |
| Zurich Insurance Group AG  | 441910 | 307335783 |
|  |  | 474910299 |
| TOTAL SWITZERLAND |  | 582112267 |
| UNITED KINGDOM - 14.1%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Household Durables - 1.2% |  |  |
| Barratt Redrow PLC  | 37307602 | 184428381 |
| Specialty Retail - 0.1% |  |  |
| JD Sports Fashion PLC  | 15859500 | 19413703 |
| TOTAL CONSUMER DISCRETIONARY |  | 203842084 |
| Consumer Staples - 3.1% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Tesco PLC  | 20028300 | 120864255 |
| Tobacco - 2.3% |  |  |
| British American Tobacco PLC  | 3278200 | 167894813 |
| Imperial Brands PLC  | 5137058 | 204117580 |
|  |  | 372012393 |
| TOTAL CONSUMER STAPLES |  | 492876648 |
| Financials - 6.6% |  |  |
| Banks - 5.3% |  |  |
| HSBC Holdings PLC  | 19755400 | 276564767 |
| Lloyds Banking Group PLC  | 306291538 | 359123626 |
| Standard Chartered PLC  | 10255722 | 210521780 |
|  |  | 846210173 |
| Capital Markets - 0.7% |  |  |
| London Stock Exchange Group PLC  | 487400 | 60742892 |
| St James's Place PLC  | 3136700 | 53465859 |
|  |  | 114208751 |
| Insurance - 0.6% |  |  |
| Beazley PLC  | 8821317 | 107831589 |
| TOTAL FINANCIALS |  | 1068250513 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Astrazeneca PLC  | 612459 | 101024288 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| BAE Systems PLC  | 11054464 | 272310002 |
| Rolls-Royce Holdings PLC  | 8235200 | 126729926 |
|  |  | 399039928 |
| TOTAL UNITED KINGDOM |  | 2265033461 |
| UNITED STATES - 11.2%  |  |  |
| Energy - 3.6% |  |  |
| Oil, Gas & Consumable Fuels - 3.6% |  |  |
| BP PLC  | 14191877 | 83147527 |
| Shell PLC ADR  | 6524807 | 488838540 |
|  |  | 571986067 |
| Health Care - 2.7% |  |  |
| Pharmaceuticals - 2.7% |  |  |
| GSK PLC  | 11033959 | 258343092 |
| Roche Holding AG  | 548220 | 177579658 |
|  |  | 435922750 |
| Industrials - 0.4% |  |  |
| Trading Companies & Distributors - 0.4% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 261795 | 64450625 |
| Materials - 4.5% |  |  |
| Chemicals - 0.9% |  |  |
| Linde PLC  | 355014 | 148502356 |
| Construction Materials - 3.6% |  |  |
| Amrize Ltd  | 1909870 | 98442259 |
| CRH PLC  | 2706328 | 322323665 |
| Holcim AG  | 1780600 | 158297539 |
|  |  | 579063463 |
| TOTAL MATERIALS |  | 727565819 |
| TOTAL UNITED STATES |  | 1799925261 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,615,166,796) |  | <br> **15813765128** |

---

---

| | | |
|:---|:---|:---|
| &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 $48,801,338)<br>| 771977 | **30673331** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d) | 4.18 | 188506387 | 188544089 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.18 | 19061414 | 19063320 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $207,607,409) |  |  | **207607409** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $9,871,575,543)<br>| <br>**16052045868** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **17643265** |
| **NET ASSETS - 100.0%** | **16069689133** |

---

**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 $87,310,470 or 0.5% of net assets.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(e) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | 315643209 | 3699823164 | 3826926824 | 10109340 | 4540 | - | 188544089 | 188506387 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 24880916 | 2039695053 | 2045512649 | 494581 | - | - | 19063320 | 19061414 | 0.1% |
| Total | 340524125 | 5739518217 | 5872439473 | 10603921 | 4540 | - | 207607409 |  |  |

---

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 October 31, 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 | 571309907 | 112488668 | 458821239 | - |
| Consumer Discretionary | 780026114 | 366359818 | 413666296 | - |
| Consumer Staples | 693620375 | - | 693620375 | - |
| Energy | 1081231006 | 659905761 | 421325245 | - |
| Financials | 6400144750 | 2658924796 | 3741219954 | - |
| Health Care | 991342080 | 393916032 | 597426048 | - |
| Industrials | 2652644741 | 1519844294 | 1132800447 | - |
| Information Technology | 506665472 | 183111638 | 323553834 | - |
| Materials | 1874538323 | 648728308 | 1225810015 | - |
| Real Estate | 83198832 | - | 83198832 | - |
| Utilities | 179043528 | 91585484 | 87458044 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 30673331 | - | 30673331 | - |
|  **Money Market Funds** | 207607409 | 207607409 | - | - |
| **Total Investments in Securities:** | 16052045868 | 6842472208 | 9209573660 | - |

---

**Fidelity® Series International Value Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $18,135,442) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,663,968,134) | $15844438459 |  |
| Fidelity Central Funds (cost $207,607,409) | 207607409 |  |
| Total Investment in Securities (cost $9,871,575,543) |  | $16052045868 |
| Foreign currency held at value (cost $1,697,940) |  | 1696596 |
| Receivable for investments sold |  | 43729351 |
| Receivable for fund shares sold |  | 5597517 |
| Dividends receivable |  | 47135483 |
| Reclaims receivable |  | 58182193 |
| Interest receivable |  | 727 |
| Distributions receivable from Fidelity Central Funds |  | 578837 |
| Other receivables |  | 141461 |
| **Total assets** |  | 16209108033 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $38098660 |  |
| Payable for fund shares redeemed | 81891450 |  |
| Other payables and accrued expenses | 365470 |  |
| Collateral on securities loaned | 19063320 |  |
| **Total liabilities** |  | 139418900 |
| **Net Assets**  |  | $16069689133 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8767362533 |
| Total accumulated earnings (loss) |  | 7302326600 |
| **Net Assets** |  | $16069689133 |
| **Net Asset Value**, offering price and redemption price per share ($16,069,689,133 ÷ 979,972,603 shares) |  | $16.40 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $434581261 |
| Non-Cash dividends |  | 101511131 |
| Interest  |  | 36799 |
| Income from Fidelity Central Funds (including $494,581 from security lending)  |  | 10603921 |
| Income before foreign taxes withheld |  | $546733112 |
| Less foreign taxes withheld |  | (26653713) |
| **Total income** |  | 520079399 |
| **Expenses** |  |  |
| Custodian fees and expenses | $725772 |  |
| Independent trustees' fees and expenses | 60626 |  |
| Interest | 22498 |  |
| **Total expenses** |  | 808896 |
| **Net Investment income (loss)** |  | 519270503 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1591049485 |  |
| Redemptions in-kind | 221078865 |  |
| Fidelity Central Funds | 4540 |  |
| Foreign currency transactions | (1149817) |  |
| Total net realized gain (loss) |  | 1810983073 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2055977931 |  |
| Assets and liabilities in foreign currencies | 4491940 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2060469871 |
| **Net gain (loss)** |  | 3871452944 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4390723447 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $519270503 | $489556908 |
| &nbsp;&nbsp;Net realized gain (loss) | 1810983073<br>| 874337714<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2060469871 | 1872943945<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4390723447<br>| 3236838567<br>|
| Distributions to shareholders | (633417316)<br>| (464306298)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1691978648 | 2566225333 |
| Reinvestment of distributions | 633417316<br>| 464306298<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (5028246214) | (3574593160) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2702850250)<br>| (544061529)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1054455881<br>| 2228470740<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15015233252 | 12786762512<br>|
| &nbsp;&nbsp;End of period | $16069689133 | $15015233252 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 123099338 | 209265440 |
| Issued in reinvestment of distributions | 51399480<br>| 41345609<br>|
| &nbsp;&nbsp;Redeemed | (360370894) | (286259687) |
| &nbsp;&nbsp;Net increase (decrease) | (185872076) | (35648638) |

---

**Financial Highlights** 

**Fidelity® Series International Value Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.88 | $10.64 | $9.24 | $11.62 | $8.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .48  | .40  | .37  | .42  | .43 C |
| Net realized and unrealized gain (loss)  | 3.60  | 2.22  | 1.36  | (2.24)  | 3.23  |
| Total from investment operations  | 4.08  | 2.62  | 1.73  | (1.82)  | 3.66  |
| Distributions from net investment income  | (.56)  | (.38)  | (.33)  | (.56)  | (.29)  |
| Total distributions  | (.56)  | (.38)  | (.33)  | (.56)  | (.29)  |
| Net asset value, end of period  | $16.40 | $12.88 | $10.64 | $9.24 | $11.62 |
| **Total Return** D | 33.10% <br>| 25.19%  | 18.99%  | (16.40)%  | 44.95%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 3.38%  | 3.25%  | 3.42%  | 4.09%  | 3.97% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16069689 | $15015233 | $12786763 | $12367978 | $15330482 |
| Portfolio turnover rate G | 29% H<br>| 33% H | 30% H | 31% H | 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 3.00%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. The financial statements for Fidelity Series Emerging Markets Opportunities Fund have been consolidated to include the SPV accounts (see Consolidated Special Purpose Vehicle note below).

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each 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. Each 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 each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by Fidelity Series Emerging Markets Opportunities 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 | $90434469  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 2.4 | Increase |
|  |  | Market approach  | Transaction price  | $854.28  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
| Convertible Corporate Bonds | $39764748  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 6.8 | Increase |
|  |  |  | Discount rate  | 23.2% | Decrease |
|  |  |  | Probability rate  | 0.0% - 75.0% / 33.3% | Increase |
|  |  | Black scholes | Volatility  | 65.0% | Increase |
|  |  |  | Discount rate  | 3.6% - 4.1% / 3.8% | Increase |
|  |  |  | Term  | 0.1 - 1.3 / 0.7 | Increase |
| Convertible Preferred Stocks | $172023603  | Market comparable | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 6.0 / 3.4 | Increase |
|  |  | Market approach  | Transaction price | $15.40 | Increase |
|  |  |  | Discount rate | 10.0% | Decrease |
|  |  | Black scholes  | Volatility | 60.0% - 80.0% / 66.5% | Increase |
|  |  |  | Discount rate | 3.5% | Increase |
|  |  |  | Term | 3.0 | 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 October 31, 2025, as well as a roll forward of Level 3 investments for Fidelity Series Emerging Markets Opportunities Fund, is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex- dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld or foreign tax reclaims, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Series International Growth Fund, Fidelity Series International Value Fund and Fidelity Series International Small Cap Fund have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld or foreign tax reclaims, as applicable. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Fidelity Series Emerging Markets Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**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 Series Emerging Markets Opportunities Fund** | 1,222,615 |
| **Fidelity Series International Growth Fund** | 103,170 |
| **Fidelity Series International Value Fund** | 121,642 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund and Fidelity Series International Growth Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses or Deferred taxes on each applicable Fund's Statement of Assets 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Series Emerging Markets Fund** | 4499877517 | 2274073302 | (113320280) | 2160753022 |
| **Fidelity Series Emerging Markets Opportunities Fund**  | 16277902118 | 11796475863 | (979783396) | 10816692467 |
| **Fidelity Series International Growth Fund**  | 9428972921 | 6931325818 | (141075834) | 6790249984 |
| **Fidelity Series International Small Cap Fund**  | 2681425319 | 1332584283 | (205689331) | 1126894952 |
| **Fidelity Series International Value Fund** | 10362205919 | 6032812204 | (342972255) | 5689839949 |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Series Emerging Markets Fund** | 118950894 | - | (208885852) | 2160767299 |
| **Fidelity Series Emerging Markets Opportunities Fund**  | 530075951 | - | (1347638797) | 10815693823 |
| **Fidelity Series International Growth Fund**  | 234188287 | 1028280235 | - | 6793762109 |
| **Fidelity Series International Small Cap Fund**  | 123845664 | 376528642 | - | 1126921563 |
| **Fidelity Series International Value Fund** | 638621704 | 971764467 | - | 5691940430 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Series Emerging Markets Fund** | (208885852) | (-) | (208885852) |
| **Fidelity Series Emerging Markets Opportunities Fund**  | (1233615480) | (114023317) | (1347638797) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **October 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Series Emerging Markets Fund** | 147929266 | - | 147929266 |
| **Fidelity Series Emerging Markets Opportunities Fund**  | 440747266 | - | 440747266 |
| **Fidelity Series International Growth Fund**  | 215161842 | 363762826 | 578924668 |
| **Fidelity Series International Small Cap Fund**  | 117118858 | 235944362 | 353063220 |
| **Fidelity Series International Value Fund** | 633417316 | - | 633417316 |

---

---

| | | | |
|:---|:---|:---|:---|
| **October 31, 2024** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Series Emerging Markets Fund** | 133767184 | - | 133767184 |
| **Fidelity Series Emerging Markets Opportunities Fund**  | 625661951 | - | 625661951 |
| **Fidelity Series International Growth Fund**  | 186414240 | - | 186414240 |
| **Fidelity Series International Small Cap Fund**  | 87461459 | 46330934 | 133792393 |
| **Fidelity Series International Value Fund** | 464306298 | - | 464306298 |

---

**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.

**Consolidated Special Purpose Vehicle**. The Fund included in the table below holds private equity of Indian issuers through a wholly owned special purpose vehicle (SPV). As of period end, the investment in the SPV was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SPV Name** | **Net Assets of SPV** | **% of Fund's Net Assets** |
| **Fidelity Series Emerging Markets Opportunities Fund** | Fid FDI 2117, LLC | 89768312 | .34 |

---

The financial statements have been consolidated to include the SPV accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

**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.** Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Emerging Markets Fund** | 5524833260 | 6193356107 |
| **Fidelity Series Emerging Markets Opportunities Fund** | 10306784945 | 13398375556 |
| **Fidelity Series International Growth Fund** | 5373609817 | 5951906126 |
| **Fidelity Series International Small Cap Fund** | 1390155419 | 2194897967 |
| **Fidelity Series International Value Fund** | 4400398621 | 6380627600 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Series International Growth Fund** | 35969890 | 338431291 | 643426122 |
| **Fidelity Series International Value Fund** | 52080465 | 252285154 | 642076082 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Emerging Markets Fund** | 826 |
| **Fidelity Series Emerging Markets Opportunities Fund** | 30822 |
| **Fidelity Series International Growth Fund** | 5512 |
| **Fidelity Series International Small Cap Fund** | 3092 |
| **Fidelity Series International Value Fund** | 3582 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at 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 Series Emerging Markets Fund** | Borrower | 16456000 | 4.60% | 2100 |
| **Fidelity Series Emerging Markets Opportunities Fund**  | Borrower | 28283000 | 4.47% | 28106 |
| **Fidelity Series International Growth Fund**  | Borrower | 16751000 | 4.67% | 10869 |
| **Fidelity Series International Value Fund** | Borrower | 25228857 | 4.59% | 22498 |

---

**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 Series Emerging Markets Fund** | 60865317 | 86848203 | 3194022 |
| **Fidelity Series Emerging Markets Opportunities Fund** | 89979239 | 287796253 | 61366844 |
| **Fidelity Series International Growth Fund** | 370086422 | 245746103 | 50764694 |
| **Fidelity Series International Small Cap Fund** | 58429341 | 160236344 | 69050098 |
| **Fidelity Series International Value Fund** | 65034294 | 498680149 | 127961117 |

---

**Affiliated Redemptions In-Kind.** Affiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Series International Growth Fund** | 28749009 | - | 280869364 | 280869364 | 536840984 |
| **Fidelity Series International Value Fund** | 40412290 | - | 221078865 | 221078865 | 541309379 |

---

**Other.** During the period, the investment adviser reimbursed certain Funds for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Emerging Markets Fund** | 4681 |
| **Fidelity Series International Small Cap Fund** | 2062 |

---

**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 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.

**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 Series Emerging Markets Fund** | 33947 | - | - |
| **Fidelity Series Emerging Markets Opportunities Fund** | 390226 | 16530 | - |
| **Fidelity Series International Growth Fund** | 32049 | - | - |
| **Fidelity Series International Small Cap Fund** | 88272 | - | - |
| **Fidelity Series International Value Fund** | 40978 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series International Growth Fund** | 2907588 |
| **Fidelity Series International Small Cap Fund** | 2980331 |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2029. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Fidelity Series Emerging Markets Fund** | .013% | 598665 |
| **Fidelity Series Emerging Markets Opportunities Fund** | .013% | 1946495 |

---

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Series Emerging Markets Fund**  | 14774 |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). The financial statements and financial highlights for Fidelity Series Emerging Markets Opportunities Fund have been consolidated. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 16, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series International Growth Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 16, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the funds are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **Fidelity Series International Growth Fund**<br>| $1138981593 |
| **Fidelity Series International Small Cap Fund**  | $431117419<br>|
| **Fidelity Series International Value Fund** | $1129976720 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Series International Growth Fund** |  |
| December 13, 2024 | 10% |
| **Fidelity Series International Small Cap Fund** |  |
| December 13, 2024 | 2% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Series Emerging Markets Fund** |  |
| December 13, 2024 | 44.40% |
| **Fidelity Series Emerging Markets Opportunities Fund** |  |
| December 13, 2024 | 55.54% |
| **Fidelity Series International Growth Fund** |  |
| December 13, 2024 | 81.06% |
| **Fidelity Series International Small Cap Fund** |  |
| December 13, 2024 | 65.26% |
| **Fidelity Series International Value Fund** |  |
| December 13, 2024 | 77.55% |
| December 27, 2024 | 90.70% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Series Emerging Markets Fund** | $14950339 |
| **Fidelity Series Emerging Markets Opportunities Fund** | $25257617 |
| **Fidelity Series International Growth Fund** | $15049419 |
| **Fidelity Series International Small Cap Fund** | $3505952 |
| **Fidelity Series International Value Fund** | $15329437 |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity Series Emerging Markets Fund** | 12/16/24 | $0.2842 | $0.0684 |
| **Fidelity Series Emerging Markets Opportunities Fund** | 12/16/24 | $0.4836 | $0.1296 |
| **Fidelity Series International Growth Fund** | 12/16/24 | $0.2486 | $0.0205 |
| **Fidelity Series International Small Cap Fund** | 12/16/24 | $0.5277 | $0.0219 |
| **Fidelity Series International Value Fund** | 12/16/24 | $0.5028 | $0.0236 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated 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 Contracts and Management Fees**

**Fidelity Series Emerging Markets Fund**

**Fidelity Series Emerging Markets Opportunities Fund**

**Fidelity Series International Growth Fund**

**Fidelity Series International Small Cap Fund**

**Fidelity Series International Value Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and the fact that no fee is payable under the management contracts was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance and noted that the funds are not publicly offered as a stand-alone investment product. In this regard, the Board noted that each fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. Fidelity Series Emerging Markets Fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio**. The Board considered that each fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in each fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of each fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that each fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2028.

Based on its review, the Board considered that each fund does not pay a management fee and concluded that the total expense ratio of each fund was reasonable in light of the services that each fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of the Advisory Contracts because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions.

**Economies of Scale.** The Board concluded that because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew each fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118375_4.jpg)<br>

1.907943.115 GSV-S-ANN-1225

**Fidelity® Global Commodity Stock Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118394_1.jpg)

![](img118394_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_GCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Global Commodity Stock Fund](#Sub_Sec_Fund_2120_GCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2120_GCS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GCS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GCS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GCS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GCS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GCS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GCS-ANN)** |

---

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 (Annual Report)**

**Fidelity® Global Commodity Stock Fund**

**Schedule of Investments October 31, 2025**

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>|
| AUSTRALIA - 4.8%  |  |  |
| Materials - 4.8% |  |  |
| Metals & Mining - 4.8% |  |  |
| BHP Group Ltd  | 691174 | 19704143 |
| Glencore PLC  | 5032000 | 24106146 |
| TOTAL AUSTRALIA |  | 43810289 |
| AUSTRIA - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Paper & Forest Products - 0.9% |  |  |
| Mondi PLC  | 705596 | 7880856 |
| BRAZIL - 7.3%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| PRIO SA/Brazil (a) | 954300 | 6391031 |
| Materials - 6.6% |  |  |
| Chemicals - 1.3% |  |  |
| Yara International ASA  | 320800 | 11692806 |
| Metals & Mining - 5.3% |  |  |
| Gerdau SA  | 2406600 | 8472384 |
| Vale SA  | 1767000 | 21434107 |
| Wheaton Precious Metals Corp  | 197700 | 19092699 |
|  |  | 48999190 |
| TOTAL MATERIALS |  | 60691996 |
| TOTAL BRAZIL |  | 67083027 |
| CANADA - 21.5%  |  |  |
| Energy - 6.3% |  |  |
| Oil, Gas & Consumable Fuels - 6.3% |  |  |
| Cameco Corp  | 115800 | 11834710 |
| Canadian Natural Resources Ltd  | 551000 | 17627443 |
| Imperial Oil Ltd  | 323800 | 28638829 |
| PrairieSky Royalty Ltd  | 20900 | 375218 |
|  |  | 58476200 |
| Materials - 15.2% |  |  |
| Chemicals - 4.9% |  |  |
| Nutrien Ltd  | 834383 | 45444738 |
| Metals & Mining - 9.4% |  |  |
| Agnico Eagle Mines Ltd/CA  | 216700 | 34853080 |
| Alamos Gold Inc Class A  | 405200 | 12492138 |
| Barrick Mining Corp  | 402600 | 13215717 |
| Franco-Nevada Corp  | 116271 | 21718897 |
| Hudbay Minerals Inc  | 75000 | 1202096 |
| Teck Resources Ltd Class B  | 44500 | 1909069 |
|  |  | 85390997 |
| Paper & Forest Products - 0.9% |  |  |
| West Fraser Timber Co Ltd (b) | 142600 | 8703119 |
| TOTAL MATERIALS |  | 139538854 |
| TOTAL CANADA |  | 198015054 |
| CHILE - 3.1%  |  |  |
| Materials - 3.1% |  |  |
| Metals & Mining - 3.1% |  |  |
| Antofagasta PLC  | 378200 | 13861873 |
| Lundin Mining Corp  | 931200 | 14978341 |
| TOTAL CHILE |  | 28840214 |
| CHINA - 3.5%  |  |  |
| Materials - 3.5% |  |  |
| Metals & Mining - 3.5% |  |  |
| MMG Ltd (a) | 11892000 | 10575020 |
| Zijin Mining Group Co Ltd H Shares  | 5160000 | 21408832 |
| TOTAL CHINA |  | 31983852 |
| FINLAND - 2.3%  |  |  |
| Materials - 2.3% |  |  |
| Paper & Forest Products - 2.3% |  |  |
| UPM-Kymmene Oyj  | 803700 | 21566238 |
| HONG KONG - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Zijin Gold International Co Ltd  | 76452 | 1292803 |
| NORWAY - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Norsk Hydro ASA  | 853500 | 5775244 |
| SOUTH AFRICA - 2.6%  |  |  |
| Materials - 2.6% |  |  |
| Metals & Mining - 2.6% |  |  |
| Anglo American PLC  | 282031 | 10669984 |
| Impala Platinum Holdings Ltd  | 446600 | 4786206 |
| Northam Platinum Holdings Ltd  | 192000 | 3210982 |
| Valterra Platinum Ltd  | 88600 | 5479843 |
| TOTAL SOUTH AFRICA |  | 24147015 |
| UNITED KINGDOM - 2.3%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Subsea 7 SA  | 180800 | 3302120 |
| Materials - 1.9% |  |  |
| Metals & Mining - 1.9% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 253800 | 17581917 |
| TOTAL UNITED KINGDOM |  | 20884037 |
| UNITED STATES - 47.8%  |  |  |
| Consumer Staples - 9.1% |  |  |
| Food Products - 9.1% |  |  |
| Archer-Daniels-Midland Co  | 742400 | 44937472 |
| Bunge Global SA  | 415400 | 39296840 |
|  |  | 84234312 |
| Energy - 25.7% |  |  |
| Oil, Gas & Consumable Fuels - 25.7% |  |  |
| Antero Resources Corp (a) | 264912 | 8188430 |
| BP PLC  | 2974400 | 17426448 |
| Chevron Corp  | 326630 | 51516084 |
| Diamondback Energy Inc  | 85600 | 12257064 |
| Exxon Mobil Corp  | 654400 | 74837184 |
| Kinder Morgan Inc  | 346200 | 9066978 |
| Navigator Holdings Ltd  | 368800 | 6063072 |
| Occidental Petroleum Corp  | 143700 | 5920440 |
| Ovintiv Inc  | 223700 | 8390987 |
| Shell PLC  | 1121173 | 42032132 |
|  |  | 235698819 |
| Materials - 13.0% |  |  |
| Chemicals - 8.5% |  |  |
| CF Industries Holdings Inc  | 102400 | 8528896 |
| Corteva Inc  | 1142500 | 70195200 |
|  |  | 78724096 |
| Containers & Packaging - 0.5% |  |  |
| International Paper Co  | 117900 | 4555656 |
| Metals & Mining - 4.0% |  |  |
| Ivanhoe Electric Inc / US (a) | 425900 | 6299061 |
| Nucor Corp  | 95900 | 14389795 |
| Steel Dynamics Inc  | 100700 | 15789760 |
|  |  | 36478616 |
| TOTAL MATERIALS |  | 119758368 |
| TOTAL UNITED STATES |  | 439691499 |
| ZAMBIA - 1.4%  |  |  |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| First Quantum Minerals Ltd (a) | 617271 | 12815894 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $726,123,942) |  | <br> **903786022** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.18 | 20355061 | 20359132 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.18 | 9214264 | 9215185 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,574,317) |  |  | **29574317** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $755,698,259)<br>| <br>**933360339** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(12561395)** |
| **NET ASSETS - 100.0%** | **920798944** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 6117624 | 294450785 | 280208991 | 384491 | (286) | - | 20359132 | 20355061 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18321269 | 539921273 | 549027357 | 472426 | - | - | 9215185 | 9214264 | 0.0% |
| Total | 24438893 | 834372058 | 829236348 | 856917 | (286) | - | 29574317 |  |  |

---

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 October 31, 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** |  |  |  |  |
| Consumer Staples | 84234312 | 84234312 | - | - |
| Energy | 303868170 | 244409590 | 59458580 | - |
| Materials | 515683540 | 450937218 | 64746322 | - |
|  **Money Market Funds** | 29574317 | 29574317 | - | - |
| **Total Investments in Securities:** | 933360339 | 809155437 | 124204902 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,681,269) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $726,123,942) | $903786022 |  |
| Fidelity Central Funds (cost $29,574,317) | 29574317 |  |
| Total Investment in Securities (cost $755,698,259) |  | $933360339 |
| Cash |  | 5485 |
| Foreign currency held at value (cost $2,117) |  | 2108 |
| Receivable for fund shares sold |  | 1018669 |
| Dividends receivable |  | 1073584 |
| Distributions receivable from Fidelity Central Funds |  | 50547 |
| Prepaid expenses |  | 973 |
| Other receivables |  | 4727 |
| **Total assets** |  | 935516432 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4443822 |  |
| Payable for fund shares redeemed | 335361 |  |
| Accrued management fee | 628925 |  |
| Distribution and service plan fees payable | 37974 |  |
| Other payables and accrued expenses | 56221 |  |
| Collateral on securities loaned | 9215185 |  |
| **Total liabilities** |  | 14717488 |
| **Net Assets**  |  | $920798944 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $862226339 |
| Total accumulated earnings (loss) |  | 58572605 |
| **Net Assets** |  | $920798944 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($92,450,992 ÷ 4,342,510 shares)(a) |  | $21.29 |
| Maximum offering price per share (100/94.25 of $21.29) |  | $22.59 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($15,070,884 ÷ 708,519 shares)(a) |  | $21.27 |
| Maximum offering price per share (100/96.50 of $21.27) |  | $22.04 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($14,869,717 ÷ 704,145 shares)(a) |  | $21.12 |
| **Global Commodity Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($380,663,788 ÷ 17,818,083 shares) |  | $21.36 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($248,641,602 ÷ 11,657,388 shares) |  | $21.33 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($169,101,961 ÷ 7,933,953 shares) |  | $21.31 |
| *(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** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $26673142 |
| Non-Cash dividends |  | 2037057 |
| Income from Fidelity Central Funds (including $472,426 from security lending)  |  | 856917 |
| Income before foreign taxes withheld |  | $29567116 |
| Less foreign taxes withheld |  | (1402800) |
| **Total income** |  | 28164316 |
| **Expenses** |  |  |
| Management fee | $7303906 |  |
| Distribution and service plan fees | 434233 |  |
| Custodian fees and expenses | 40280 |  |
| Independent trustees' fees and expenses | 3589 |  |
| Registration fees | 159550 |  |
| Audit fees | 57820 |  |
| Legal | 2770 |  |
| Interest | 7793 |  |
| Miscellaneous | 7449 |  |
| **Total expenses** |  | 8017390 |
| **Net Investment income (loss)** |  | 20146926 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $128,918)  | 46309477 |  |
| Fidelity Central Funds | (286) |  |
| Foreign currency transactions | (236288) |  |
| Total net realized gain (loss) |  | 46072903 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $206,382)  | 52437449 |  |
| Assets and liabilities in foreign currencies | 6703 |  |
| Total change in net unrealized appreciation (depreciation) |  | 52444152 |
| **Net gain (loss)** |  | 98517055 |
| **Net increase (decrease) in net assets resulting from operations** |  | $118663981 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20146926 | $20074909 |
| &nbsp;&nbsp;Net realized gain (loss) | 46072903<br>| 38290972<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 52444152 | 56248977<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 118663981<br>| 114614858<br>|
| Distributions to shareholders | (22299940)<br>| (21790381)<br>|
| Share transactions - net increase (decrease) | (105157403)<br>| (268013410)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (8793362)<br>| (175188933)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 929592306 | 1104781239<br>|
| &nbsp;&nbsp;End of period | $920798944 | $929592306 |

---

**Financial Highlights** 

**Fidelity Advisor® Global Commodity Stock Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.07 | $17.33 | $19.50 | $16.35 | $10.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .33  | .35  | .47  | .48  |
| Net realized and unrealized gain (loss)  | 2.25  | 1.73  | (2.20)  | 3.19  | 5.24  |
| Total from investment operations  | 2.64  | 2.06  | (1.85)  | 3.66  | 5.72  |
| Distributions from net investment income  | (.42)  | (.32)  | (.32)  | (.51)  | (.17)  |
| Total distributions  | (.42)  | (.32)  | (.32)  | (.51)  | (.17)  |
| Net asset value, end of period  | $21.29 | $19.07 | $17.33 | $19.50 | $16.35 |
| **Total Return** C,D | 14.15% <br>| 12.13%  | (9.64)%  | 23.27%  | 53.37%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.14%  | 1.16%  | 1.19%  | 1.19%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.14% <br>| 1.16%  | 1.18%  | 1.19%  | 1.22%  |
| Expenses net of all reductions, if any  | 1.14%  | 1.16%  | 1.18%  | 1.19%  | 1.22%  |
| Net investment income (loss)  | 2.02%  | 1.76%  | 1.88%  | 2.53%  | 3.18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $92451 | $87347 | $95290 | $128363 | $45343 |
| Portfolio turnover rate G | 78% <br>| 49%  | 113%  | 42%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Total returns do not include the effect of the sales charges.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.03 | $17.28 | $19.46 | $16.32 | $10.78 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .28  | .30  | .42  | .44  |
| Net realized and unrealized gain (loss)  | 2.25  | 1.73  | (2.20)  | 3.19  | 5.24  |
| Total from investment operations  | 2.59  | 2.01  | (1.90)  | 3.61  | 5.68  |
| Distributions from net investment income  | (.35)  | (.26)  | (.28)  | (.47)  | (.14)  |
| Total distributions  | (.35)  | (.26)  | (.28)  | (.47)  | (.14)  |
| Net asset value, end of period  | $21.27 | $19.03 | $17.28 | $19.46 | $16.32 |
| **Total Return** C,D | 13.87% <br>| 11.85%  | (9.90)%  | 22.93%  | 52.97%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.39%  | 1.42%  | 1.47%  | 1.46%  | 1.52%  |
| Expenses net of fee waivers, if any  | 1.39% <br>| 1.41%  | 1.45%  | 1.46%  | 1.52%  |
| Expenses net of all reductions, if any  | 1.39%  | 1.41%  | 1.45%  | 1.46%  | 1.52%  |
| Net investment income (loss)  | 1.77%  | 1.51%  | 1.62%  | 2.26%  | 2.88%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15071 | $14821 | $17928 | $24513 | $8888 |
| Portfolio turnover rate G | 78% <br>| 49%  | 113%  | 42%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Total returns do not include the effect of the sales charges.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.89 | $17.11 | $19.29 | $16.17 | $10.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .18  | .21  | .33  | .37  |
| Net realized and unrealized gain (loss)  | 2.24  | 1.74  | (2.18)  | 3.18  | 5.20  |
| Total from investment operations  | 2.48  | 1.92  | (1.97)  | 3.51  | 5.57  |
| Distributions from net investment income  | (.25)  | (.14)  | (.21)  | (.39)  | (.08)  |
| Total distributions  | (.25)  | (.14)  | (.21)  | (.39)  | (.08)  |
| Net asset value, end of period  | $21.12 | $18.89 | $17.11 | $19.29 | $16.17 |
| **Total Return** C,D | 13.30% <br>| 11.34%  | (10.34)%  | 22.34%  | 52.30%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | 1.90%  | 1.91%  | 1.94%  | 1.94%  | 1.97%  |
| Expenses net of fee waivers, if any  | 1.90% <br>| 1.91%  | 1.93%  | 1.93%  | 1.96%  |
| Expenses net of all reductions, if any  | 1.90%  | 1.91%  | 1.93%  | 1.93%  | 1.96%  |
| Net investment income (loss)  | 1.26%  | 1.01%  | 1.13%  | 1.78%  | 2.44%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14870 | $18118 | $23853 | $34984 | $11020 |
| Portfolio turnover rate G | 78% <br>| 49%  | 113%  | 42%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Total returns do not include the effect of the contingent deferred sales charge.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Global Commodity Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.13 | $17.38 | $19.55 | $16.39 | $10.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .38  | .40  | .52  | .53  |
| Net realized and unrealized gain (loss)  | 2.25  | 1.73  | (2.21)  | 3.19  | 5.26  |
| Total from investment operations  | 2.70  | 2.11  | (1.81)  | 3.71  | 5.79  |
| Distributions from net investment income  | (.47)  | (.36)  | (.36)  | (.55)  | (.22)  |
| Total distributions  | (.47)  | (.36)  | (.36)  | (.55)  | (.22)  |
| Net asset value, end of period  | $21.36 | $19.13 | $17.38 | $19.55 | $16.39 |
| **Total Return** C | 14.50% <br>| 12.42%  | (9.47)%  | 23.57%  | 53.95%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .85%  | .89%  | .97%  | .94%  | .94%  |
| Expenses net of fee waivers, if any  | .85% <br>| .89%  | .95%  | .94%  | .94%  |
| Expenses net of all reductions, if any  | .85%  | .89%  | .95%  | .94%  | .94%  |
| Net investment income (loss)  | 2.31%  | 2.03%  | 2.12%  | 2.78%  | 3.46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $380664 | $356627 | $428912 | $893636 | $546863 |
| Portfolio turnover rate F | 78% <br>| 49%  | 113%  | 42%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.11 | $17.37 | $19.54 | $16.39 | $10.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .44  | .37  | .40  | .52  | .53  |
| Net realized and unrealized gain (loss)  | 2.25  | 1.74  | (2.20)  | 3.19  | 5.25  |
| Total from investment operations  | 2.69  | 2.11  | (1.80)  | 3.71  | 5.78  |
| Distributions from net investment income  | (.47)  | (.37)  | (.37)  | (.56)  | (.20)  |
| Total distributions  | (.47)  | (.37)  | (.37)  | (.56)  | (.20)  |
| Net asset value, end of period  | $21.33 | $19.11 | $17.37 | $19.54 | $16.39 |
| **Total Return** C | 14.45% <br>| 12.45%  | (9.42)%  | 23.56%  | 53.97%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .89%  | .90%  | .92%  | .92%  | .93%  |
| Expenses net of fee waivers, if any  | .89% <br>| .90%  | .91%  | .92%  | .93%  |
| Expenses net of all reductions, if any  | .89%  | .90%  | .91%  | .92%  | .93%  |
| Net investment income (loss)  | 2.27%  | 2.02%  | 2.15%  | 2.80%  | 3.48%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $248642 | $260235 | $351709 | $499191 | $85252 |
| Portfolio turnover rate F | 78% <br>| 49%  | 113%  | 42%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Global Commodity Stock Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.10 | $17.37 | $19.53 | $16.38 | $10.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .40  | .43  | .54  | .56  |
| Net realized and unrealized gain (loss)  | 2.24  | 1.74  | (2.21)  | 3.19  | 5.23  |
| Total from investment operations  | 2.70  | 2.14  | (1.78)  | 3.73  | 5.79  |
| Distributions from net investment income  | (.49)  | (.41)  | (.38)  | (.58)  | (.22)  |
| Total distributions  | (.49)  | (.41)  | (.38)  | (.58)  | (.22)  |
| Net asset value, end of period  | $21.31 | $19.10 | $17.37 | $19.53 | $16.38 |
| **Total Return** C | 14.54% <br>| 12.62%  | (9.30)%  | 23.72%  | 54.07%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .76%  | .77%  | .79%  | .79%  | .80%  |
| Expenses net of fee waivers, if any  | .76% <br>| .76%  | .78%  | .79%  | .80%  |
| Expenses net of all reductions, if any  | .76%  | .76%  | .78%  | .79%  | .80%  |
| Net investment income (loss)  | 2.40%  | 2.16%  | 2.29%  | 2.93%  | 3.60%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $169102 | $192445 | $187090 | $234430 | $60837 |
| Portfolio turnover rate F | 78% <br>| 49%  | 113%  | 42%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Commodity Stock Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. 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 October 31, 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 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $200213170 |
| **Gross unrealized depreciation**  | <u>(22901020)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$177312150</u> |
| **Tax Cost**  | <u>$756048189</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$19400647</u> |
| **Capital loss carryforward**  | <u>$(138145579)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$177317538</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(138145579) |
| **Total capital loss carryforward** | <u>$(138145579)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $22299940 | $21790381 |

---

**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 Commodity Stock Fund** | 691333158 | 802777169 |

---

**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** | .89 |
| **Class C** | .88 |
| **Global Commodity Stock** | .89 |
| **Class I** | .86 |
| **Class Z** | .73 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .86 |
| **Class C** | .86 |
| **Global Commodity Stock** | .82 |
| **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% | 210363 | 4735 |
| **Class M** | .25% | .25% | 70737 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>153133</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>8603</u> |
|  |  |  | <u>434233</u> | <u>13338</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** | 18980 |
| **Class M** | 761 |
| **Class C**A | &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>32</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>19773</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 Commodity Stock Fund** | 18931 |

---

**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 Global Commodity Stock Fund** | Borrower | 12243000 | 4.58% | 7793 |

---

**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 Commodity Stock Fund** | 76425863 | 60272354 | 8357677 |

---

**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 Commodity Stock Fund** | 1226 |

---

**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 Commodity Stock Fund** | 50641 | 1 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Global Commodity Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1857948 | $1698169 |
| Class M | 269585 | 265430 |
| Class C | 226107 | 186222 |
| Global Commodity Stock | 8595843 | 8378578 |
| Class I | 6380702 | 6995782 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4969755</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4266200</u> |
| Total  | <u>$22299940</u> | <u>$21790381</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** |
|  | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Global Commodity Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 574389 | 523157 | $11373867 | $9660014 |
| Reinvestment of distributions | 97364 | 100271 | 1799280 | 1689564 |
| Shares redeemed | <u>(909558)</u> | <u>(1542491)</u> | <u>(17320864)</u> | <u>(27969357)</u> |
| Net increase (decrease) | <u>(237805)</u> | <u>(919063)</u> | <u>$(4147717)</u> | <u>$(16619779)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 105136 | 100713 | $2041492 | $1821540 |
| Reinvestment of distributions | 14411 | 15582 | 266612 | 262558 |
| Shares redeemed | <u>(189847)</u> | <u>(375083)</u> | <u>(3592233)</u> | <u>(6871873)</u> |
| Net increase (decrease) | <u>(70300)</u> | <u>(258788)</u> | <u>$(1284129)</u> | <u>$(4787775)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 53497 | 58180 | $1006614 | $1066004 |
| Reinvestment of distributions | 12154 | 11025 | 224242 | 185217 |
| Shares redeemed | <u>(320736)</u> | <u>(503897)</u> | <u>(5980576)</u> | <u>(8965890)</u> |
| Net increase (decrease) | <u>(255085)</u> | <u>(434692)</u> | <u>$(4749720)</u> | <u>$(7714669)</u> |
| **Global Commodity Stock** |  |  |  |  |
| Shares sold | 5005044 | 3386920 | $94796551 | $62722588 |
| Reinvestment of distributions | 359913 | 386388 | 6654781 | 6514507 |
| Shares redeemed | <u>(6184876)</u> | <u>(9815498)</u> | <u>(117429519)</u> | <u>(177639908)</u> |
| Net increase (decrease) | <u>(819919)</u> | <u>(6042190)</u> | <u>$(15978187)</u> | <u>$(108402813)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3483992 | 4918020 | $66204537 | $90248750 |
| Reinvestment of distributions | 341157 | 410245 | 6301165 | 6908516 |
| Shares redeemed | <u>(5785839)</u> | <u>(11957742)</u> | <u>(111461873)</u> | <u>(213017775)</u> |
| Net increase (decrease) | <u>(1960690)</u> | <u>(6629477)</u> | <u>$(38956171)</u> | <u>$(115860509)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 2624865 | 4848464 | $50294009 | $87565055 |
| Reinvestment of distributions | 214240 | 198997 | 3950577 | 3345144 |
| Shares redeemed | <u>(4983426)</u> | <u>(5740185)</u> | <u>(94286065)</u> | <u>(105538064)</u> |
| Net increase (decrease) | <u>(2144321)</u> | <u>(692724)</u> | <u>$(40041479)</u> | <u>$(14627865)</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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Global Commodity Stock Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Global Commodity Stock Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 10, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund designates $191,352 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Class A designates 30%; Class M designates 36%; Class C designates 49%; Global Commodity Stock designates 27%; Class I designates 27% and Class Z designates 26% of the dividend distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 100%; Class M designates 100%; Class C designates 100%; Global Commodity Stock designates 97.36%; Class I designates 97.76% and Class Z designates 93.32% of dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Fidelity Global Commodity**<br> **Stock Fund** |  |  |  |
| Class A | 12/16/2024 | $0.2692 | $0.0146 |
| Class M | 12/16/2024 | $0.2261 | $0.0146 |
| Class C | 12/16/2024 | $0.1636 | $0.0146 |
| Global Commodity Stock | 12/16/2024 | $0.3030 | $0.0146 |
| Class I | 12/16/2024 | $0.3017 | $0.0146 |
| Class Z | 12/16/2024 | $0.3161 | $0.0146 |

---

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Global Commodity Stock Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). 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. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

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 (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118394_4.jpg)<br>

1.879380.116 GCS-ANN-1225

**Fidelity® Sustainable Emerging Markets Equity Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118418_1.jpg)

![](img118418_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MAR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable Emerging Markets Equity Fund](#Sub_Sec_Fund_6468_MAR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6468_MAR-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MAR-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MAR-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MAR-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MAR-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MAR-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MAR-ANN)** |

---

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 (Annual Report)**

**Fidelity® Sustainable Emerging Markets Equity Fund**

**Schedule of Investments October 31, 2025**

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>|
| BRAZIL - 4.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Cury Construtora e Incorporadora SA  | 7150 | 46436 |
| Financials - 2.8% |  |  |
| Banks - 1.6% |  |  |
| Itau Unibanco Holding SA  | 18789 | 137741 |
| NU Holdings Ltd/Cayman Islands Class A (a) | 4230 | 68145 |
|  |  | 205886 |
| Capital Markets - 0.6% |  |  |
| Banco BTG Pactual SA unit  | 8489 | 77033 |
| Financial Services - 0.6% |  |  |
| StoneCo Ltd Class A (a) | 4189 | 79633 |
| TOTAL FINANCIALS |  | 362552 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Hapvida Participacoes e Investimentos S/A (a)(b)(c) | 3426 | 19919 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.2% |  |  |
| Localiza Rent a Car SA  | 4092 | 29998 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Gerdau SA ADR  | 19786 | 69053 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Centrais Eletricas Brasileiras SA  | 6684 | 69226 |
| TOTAL BRAZIL |  | 597184 |
| CHILE - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Antofagasta PLC  | 1402 | 51386 |
| CHINA - 29.2%  |  |  |
| Communication Services - 7.4% |  |  |
| Entertainment - 0.6% |  |  |
| NetEase Cloud Music Inc (a)(b)(c) | 647 | 20049 |
| Netease Inc ADR  | 265 | 37127 |
| Tencent Music Entertainment Group Class A ADR  | 1152 | 25713 |
|  |  | 82889 |
| Interactive Media & Services - 6.8% |  |  |
| Kuaishou Technology B Shares (b)(c) | 5997 | 55837 |
| Tencent Holdings Ltd  | 10739 | 872305 |
|  |  | 928142 |
| TOTAL COMMUNICATION SERVICES |  | 1011031 |
| Consumer Discretionary - 8.6% |  |  |
| Automobile Components - 0.8% |  |  |
| Hesai Group ADR (a) | 2468 | 58566 |
| Minth Group Ltd  | 5159 | 22865 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China)  | 4563 | 27971 |
|  |  | 109402 |
| Automobiles - 0.8% |  |  |
| BYD Co Ltd H Shares  | 8567 | 110911 |
| Broadline Retail - 5.7% |  |  |
| Alibaba Group Holding Ltd  | 28238 | 600870 |
| Alibaba Group Holding Ltd ADR  | 193 | 32893 |
| JD.com Inc ADR  | 732 | 24185 |
| PDD Holdings Inc Class A ADR (a) | 882 | 118955 |
|  |  | 776903 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| H World Group Ltd ADR  | 1752 | 67627 |
| Luckin Coffee Inc ADR (a) | 431 | 17283 |
| Trip.com Group Ltd ADR  | 1047 | 73971 |
|  |  | 158881 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Laopu Gold Co Ltd H Shares  | 257 | 22639 |
| TOTAL CONSUMER DISCRETIONARY |  | 1178736 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.5% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 954 | 37531 |
| Kweichow Moutai Co Ltd A Shares (China)  | 183 | 36767 |
|  |  | 74298 |
| Financials - 5.4% |  |  |
| Banks - 2.8% |  |  |
| China Construction Bank Corp H Shares  | 295718 | 292773 |
| China Merchants Bank Co Ltd H Shares  | 4242 | 26553 |
| Industrial & Commercial Bank of China Ltd H Shares  | 72108 | 55864 |
|  |  | 375190 |
| Insurance - 2.6% |  |  |
| China Life Insurance Co Ltd H Shares  | 20615 | 65051 |
| China Pacific Insurance Group Co Ltd H Shares  | 6334 | 25676 |
| PICC Property & Casualty Co Ltd H Shares  | 43406 | 102558 |
| Ping An Insurance Group Co of China Ltd H Shares  | 22828 | 164917 |
|  |  | 358202 |
| TOTAL FINANCIALS |  | 733392 |
| Health Care - 2.1% |  |  |
| Biotechnology - 0.2% |  |  |
| Innovent Biologics Inc (a)(b)(c) | 2087 | 23366 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Shanghai Conant Optical Co Ltd H Shares  | 1944 | 11262 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Wuxi Apptec Co Ltd H Shares (b)(c) | 8093 | 113107 |
| Pharmaceuticals - 1.0% |  |  |
| Consun Pharmaceutical Group Ltd  | 20978 | 40576 |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 20952 | 96098 |
|  |  | 136674 |
| TOTAL HEALTH CARE |  | 284409 |
| Industrials - 2.4% |  |  |
| Electrical Equipment - 0.9% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 1738 | 94934 |
| Sieyuan Electric Co Ltd A Shares (China)  | 1400 | 25837 |
|  |  | 120771 |
| Ground Transportation - 0.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 2174 | 28262 |
| Machinery - 1.3% |  |  |
| Huaming Power Equipment Co Ltd A Shares (China)  | 18145 | 66539 |
| UBTech Robotics Corp Ltd H Shares (a) | 3077 | 54527 |
| Zhejiang Sanhua Intelligent Controls Co Ltd H Shares  | 9891 | 52035 |
|  |  | 173101 |
| TOTAL INDUSTRIALS |  | 322134 |
| Information Technology - 2.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 3985 | 35273 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Daqo New Energy Corp ADR (a) | 2225 | 72670 |
| Montage Technology Co Ltd A Shares (China)  | 2105 | 40311 |
|  |  | 112981 |
| Software - 0.7% |  |  |
| Pony AI Inc ADR (a) | 5269 | 98425 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Xiaomi Corp B Shares (a)(b)(c) | 14618 | 81099 |
| TOTAL INFORMATION TECHNOLOGY |  | 327778 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 12120 | 50286 |
| TOTAL CHINA |  | 3982064 |
| GREECE - 1.8%  |  |  |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| Alpha Bank SA  | 17153 | 67223 |
| Eurobank Ergasias Services and Holdings SA  | 17413 | 65501 |
| National Bank of Greece SA  | 7492 | 110061 |
| TOTAL GREECE |  | 242785 |
| HONG KONG - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Futu Holdings Ltd Class A ADR  | 735 | 146294 |
| HUNGARY - 1.4%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| OTP Bank Nyrt  | 1495 | 142594 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Richter Gedeon Nyrt  | 1698 | 52336 |
| TOTAL HUNGARY |  | 194930 |
| INDIA - 10.4%  |  |  |
| Communication Services - 1.3% |  |  |
| Wireless Telecommunication Services - 1.3% |  |  |
| Bharti Airtel Ltd  | 7944 | 183867 |
| Consumer Discretionary - 1.3% |  |  |
| Automobiles - 0.4% |  |  |
| Mahindra & Mahindra Ltd  | 1401 | 55039 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Eternal Ltd (a) | 33749 | 120811 |
| TOTAL CONSUMER DISCRETIONARY |  | 175850 |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Reliance Industries Ltd  | 14487 | 242590 |
| Financials - 4.1% |  |  |
| Banks - 2.7% |  |  |
| Axis Bank Ltd  | 2240 | 31110 |
| HDFC Bank Ltd/Gandhinagar  | 15951 | 177417 |
| HDFC Bank Ltd/Gandhinagar ADR  | 1250 | 45275 |
| ICICI Bank Ltd  | 7926 | 120108 |
|  |  | 373910 |
| Capital Markets - 0.3% |  |  |
| HDFC Asset Management Co Ltd (b)(c) | 653 | 39571 |
| Consumer Finance - 0.6% |  |  |
| Bajaj Finance Ltd  | 6715 | 78887 |
| Insurance - 0.5% |  |  |
| HDFC Life Insurance Co Ltd (b)(c) | 4492 | 37036 |
| SBI Life Insurance Co Ltd (b)(c) | 1277 | 28135 |
|  |  | 65171 |
| TOTAL FINANCIALS |  | 557539 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Max Healthcare Institute Ltd  | 1591 | 20573 |
| Pharmaceuticals - 0.0% |  |  |
| Mankind Pharma Ltd  | 583 | 15657 |
| TOTAL HEALTH CARE |  | 36230 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Hindustan Aeronautics Ltd (c) | 655 | 34532 |
| Construction & Engineering - 1.0% |  |  |
| Larsen & Toubro Ltd  | 2856 | 129694 |
| Passenger Airlines - 0.5% |  |  |
| InterGlobe Aviation Ltd (b)(c) | 1006 | 63750 |
| TOTAL INDUSTRIALS |  | 227976 |
| TOTAL INDIA |  | 1424052 |
| INDONESIA - 2.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telkom Indonesia Persero Tbk PT  | 64560 | 12487 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 484591 | 58571 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Bank Central Asia Tbk PT  | 305066 | 156192 |
| Bank Rakyat Indonesia Persero Tbk PT  | 365347 | 87398 |
| Bank Syariah Indonesia Tbk PT  | 555897 | 85240 |
|  |  | 328830 |
| TOTAL INDONESIA |  | 399888 |
| KOREA (SOUTH) - 11.6%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| KT Corp  | 1126 | 38663 |
| Interactive Media & Services - 1.0% |  |  |
| Kakao Corp  | 1853 | 84401 |
| NAVER Corp  | 277 | 51843 |
|  |  | 136244 |
| TOTAL COMMUNICATION SERVICES |  | 174907 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 0.1% |  |  |
| Hyundai Mobis Co Ltd  | 74 | 16361 |
| Automobiles - 0.7% |  |  |
| Hyundai Motor Co  | 236 | 47885 |
| Kia Corp  | 543 | 45552 |
|  |  | 93437 |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (a) | 930 | 29732 |
| TOTAL CONSUMER DISCRETIONARY |  | 139530 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| KB Financial Group Inc  | 589 | 47930 |
| Shinhan Financial Group Co Ltd  | 570 | 29184 |
| Woori Financial Group Inc  | 3297 | 58593 |
|  |  | 135707 |
| Insurance - 0.0% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 10 | 3089 |
| TOTAL FINANCIALS |  | 138796 |
| Health Care - 0.5% |  |  |
| Life Sciences Tools & Services - 0.5% |  |  |
| Samsung Biologics Co Ltd (a)(b)(c)(d) | 86 | 73469 |
| Information Technology - 7.8% |  |  |
| Semiconductors & Semiconductor Equipment - 3.0% |  |  |
| SK Hynix Inc  | 1049 | 410276 |
| Technology Hardware, Storage & Peripherals - 4.8% |  |  |
| Samsung Electronics Co Ltd  | 8543 | 642551 |
| TOTAL INFORMATION TECHNOLOGY |  | 1052827 |
| TOTAL KOREA (SOUTH) |  | 1579529 |
| MALAYSIA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| CIMB Group Holdings Bhd  | 25606 | 44632 |
| MEXICO - 2.2%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.1% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 176 | 16607 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 7918 | 26177 |
| TOTAL CONSUMER STAPLES |  | 42784 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 12481 | 117465 |
| Regional SAB de CV  | 2810 | 20919 |
|  |  | 138384 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Genomma Lab Internacional SAB de CV  | 47066 | 46056 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 2713 | 33432 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 1471 | 44674 |
| TOTAL MEXICO |  | 305330 |
| PERU - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Credicorp Ltd  | 467 | 121887 |
| PHILIPPINES - 0.6%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| International Container Terminal Services Inc  | 7892 | 71245 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 35526 | 12042 |
| TOTAL PHILIPPINES |  | 83287 |
| POLAND - 0.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Allegro.eu SA (a)(b)(c) | 2521 | 23551 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 2243 | 45978 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Benefit Systems SA (a) | 33 | 28014 |
| TOTAL POLAND |  | 97543 |
| SAUDI ARABIA - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Al Rajhi Bank  | 4372 | 123222 |
| Saudi National Bank/The  | 6877 | 73129 |
| TOTAL SAUDI ARABIA |  | 196351 |
| SINGAPORE - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Sea Ltd Class A ADR (a) | 394 | 61563 |
| SOUTH AFRICA - 3.5%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.3% |  |  |
| Naspers Ltd Class N  | 2479 | 174115 |
| Specialty Retail - 0.3% |  |  |
| Pepkor Holdings Ltd (b)(c) | 31882 | 48547 |
| TOTAL CONSUMER DISCRETIONARY |  | 222662 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Shoprite Holdings Ltd  | 4754 | 79533 |
| Financials - 1.0% |  |  |
| Banks - 0.6% |  |  |
| Capitec Bank Holdings Ltd  | 284 | 62780 |
| Standard Bank Group Ltd  | 1645 | 24153 |
|  |  | 86933 |
| Financial Services - 0.4% |  |  |
| FirstRand Ltd  | 11411 | 54121 |
| TOTAL FINANCIALS |  | 141054 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Valterra Platinum Ltd  | 582 | 35996 |
| TOTAL SOUTH AFRICA |  | 479245 |
| TAIWAN - 20.4%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| E.Sun Financial Holding Co Ltd  | 25340 | 24494 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Hiwin Technologies Corp  | 4851 | 35226 |
| Information Technology - 19.9% |  |  |
| Electronic Equipment, Instruments & Components - 4.8% |  |  |
| Chroma ATE Inc  | 4325 | 115088 |
| Delta Electronics Inc  | 6277 | 202925 |
| Elite Material Co Ltd  | 1824 | 80598 |
| Hon Hai Precision Industry Co Ltd  | 17327 | 144964 |
| Unimicron Technology Corp  | 10093 | 53616 |
| Yageo Corp  | 6716 | 54334 |
|  |  | 651525 |
| Semiconductors & Semiconductor Equipment - 14.7% |  |  |
| MediaTek Inc  | 3748 | 159526 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 38180 | 1844153 |
|  |  | 2003679 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| AURAS Technology Co Ltd  | 1217 | 41716 |
| Wiwynn Corp  | 155 | 21982 |
|  |  | 63698 |
| TOTAL INFORMATION TECHNOLOGY |  | 2718902 |
| TOTAL TAIWAN |  | 2778622 |
| THAILAND - 1.3%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Kasikornbank PCL  | 6665 | 38353 |
| SCB X PCL  | 7946 | 32117 |
|  |  | 70470 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Bumrungrad Hospital Pcl  | 3640 | 19317 |
| Industrials - 0.7% |  |  |
| Transportation Infrastructure - 0.7% |  |  |
| Airports of Thailand PCL  | 71180 | 90596 |
| TOTAL THAILAND |  | 180383 |
| UNITED ARAB EMIRATES - 0.8%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| ADNOC Drilling Co PJSC  | 31398 | 47700 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 4557 | 17891 |
| First Abu Dhabi Bank PJSC  | 7208 | 34226 |
|  |  | 52117 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Emaar Properties PJSC  | 1230 | 4755 |
| TOTAL UNITED ARAB EMIRATES |  | 104572 |
| UNITED KINGDOM - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglogold Ashanti Plc  | 1285 | 87380 |
| UNITED STATES - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BeOne Medicines Ltd H Shares (a) | 2335 | 55832 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,405,111) |  | <br> **13214739** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $814,548)<br>| 4.18 | 814385 | **814548** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.8%**<br> (Cost $11,219,659)<br>| <br>**14029287** |
| **NET OTHER ASSETS (LIABILITIES) - (2.8)%**  | **(382963)** |
| **NET ASSETS - 100.0%** | **13646324** |

---

**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 $723,534 or 5.3% of net assets.

(c) Security 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 $758,066 or 5.6% of net assets.

(d) Level 3 security.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 323002 | 4613950 | 4122405 | 18138 | 1 | - | 814548 | 814385 | 0.0% |
| Total | 323002 | 4613950 | 4122405 | 18138 | 1 | - | 814548 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 1382292 | 458837 | 923455 | - |
| Consumer Discretionary | 1848328 | 1073343 | 774985 | - |
| Consumer Staples | 255186 | 255186 | - | - |
| Energy | 290290 | 290290 | - | - |
| Financials | 3488149 | 2524146 | 964003 | - |
| Health Care | 587568 | 514099 | - | 73469 |
| Industrials | 838621 | 838621 | - | - |
| Information Technology | 4099507 | 2174255 | 1925252 | - |
| Materials | 294101 | 258105 | 35996 | - |
| Real Estate | 61471 | 61471 | - | - |
| Utilities | 69226 | 69226 | - | - |
|  **Money Market Funds** | 814548 | 814548 | - | - |
| **Total Investments in Securities:** | 14029287 | 9332127 | 4623691 | 73469 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,405,111) | $13214739 |  |
| Fidelity Central Funds (cost $814,548) | 814548 |  |
| Total Investment in Securities (cost $11,219,659) |  | $14029287 |
| Foreign currency held at value (cost $110,528) |  | 110528 |
| Receivable for investments sold |  | 5976 |
| Receivable for fund shares sold |  | 85449 |
| Dividends receivable |  | 1833 |
| Distributions receivable from Fidelity Central Funds |  | 3494 |
| Prepaid expenses |  | 9 |
| Receivable from investment adviser for expense reductions |  | 11640 |
| Other receivables |  | 920 |
| **Total assets** |  | 14249136 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $446841 |  |
| Payable for fund shares redeemed | 34883 |  |
| Accrued management fee | 9949 |  |
| Distribution and service plan fees payable | 543 |  |
| Deferred taxes | 30559 |  |
| Audit fee payable | 58390 |  |
| Other payables and accrued expenses | 21647 |  |
| **Total liabilities** |  | 602812 |
| **Net Assets**  |  | $13646324 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11165334 |
| Total accumulated earnings (loss) |  | 2480990 |
| **Net Assets** |  | $13646324 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($727,061 ÷ 61,414 shares)(a) |  | $11.84 |
| Maximum offering price per share (100/94.25 of $11.84) |  | $12.56 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($360,670 ÷ 30,544 shares)(a) |  | $11.81 |
| Maximum offering price per share (100/96.50 of $11.81) |  | $12.24 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($311,212 ÷ 26,518 shares)(a) |  | $11.74 |
| **Fidelity Sustainable Emerging Markets Equity Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($11,180,116 ÷ 942,814 shares) |  | $11.86 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($344,819 ÷ 29,065 shares) |  | $11.86 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($722,446 ÷ 60,670 shares) |  | $11.91 |
| *(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** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $176680 |
| Income from Fidelity Central Funds  |  | 18138 |
| Income before foreign taxes withheld |  | $194818 |
| Less foreign taxes withheld |  | (20344) |
| **Total income** |  | 174474 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $70985 |  |
| Performance adjustment | 1256 |  |
| Distribution and service plan fees | 4750 |  |
| Custodian fees and expenses | 40110 |  |
| Independent trustees' fees and expenses | 28 |  |
| Registration fees | 77720 |  |
| Audit fees | 95601 |  |
| Legal | 822 |  |
| Miscellaneous | 243 |  |
| Total expenses before reductions | 291515 |  |
| Expense reductions | (190114) |  |
| Total expenses after reductions |  | 101401 |
| **Net Investment income (loss)** |  | 73073 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $2,131)  | 167312 |  |
| Fidelity Central Funds | 1 |  |
| Foreign currency transactions | (8862) |  |
| Futures contracts | 18709 |  |
| Total net realized gain (loss) |  | 177160 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $10,214)  | 2184703 |  |
| Assets and liabilities in foreign currencies | 51 |  |
| Futures contracts | 2487 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2187241 |
| **Net gain (loss)** |  | 2364401 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2437474 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $73073 | $65526 |
| &nbsp;&nbsp;Net realized gain (loss) | 177160<br>| 325105<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2187241 | 716674<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2437474<br>| 1107305<br>|
| Distributions to shareholders | (76282)<br>| (77705)<br>|
| Share transactions - net increase (decrease) | 4868913<br>| 1255113<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7230105<br>| 2284713<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6416219 | 4131506<br>|
| &nbsp;&nbsp;End of period | $13646324 | $6416219 |

---

**Financial Highlights** 

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.10 | $7.36 | $6.55 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .07  | .09  | .08  | .03  |
| Net realized and unrealized gain (loss)  | 2.76  | 1.77  | .77  | (3.48)  |
| Total from investment operations  | 2.83  | 1.86  | .85  | (3.45)  |
| Distributions from net investment income  | (.09)  | (.12)  | (.04)  | -  |
| Total distributions  | (.09)  | (.12)  | (.04)  | -  |
| Net asset value, end of period  | $11.84 | $9.10 | $7.36 | $6.55 |
| **Total Return** D,E,F | 31.37% <br>| 25.58%  | 12.93%  | (34.50)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 3.94%  | 4.98%  | 6.44%  | 8.77% I,J |
| Expenses net of fee waivers, if any  | 1.50% <br>| 1.50%  | 1.49%  | 1.57% I |
| Expenses net of all reductions, if any  | 1.49%  | 1.49%  | 1.48%  | 1.56% I |
| Net investment income (loss)  | .73%  | 1.01%  | 1.06%  | .51% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $727 | $308 | $224 | $164 |
| Portfolio turnover rate K | 94% <br>| 108%  | 119%  | 84% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees are not 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® Sustainable Emerging Markets Equity Fund Class M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.08 | $7.35 | $6.54 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .06  | .06  | .01  |
| Net realized and unrealized gain (loss)  | 2.75  | 1.77  | .77  | (3.47)  |
| Total from investment operations  | 2.80  | 1.83  | .83  | (3.46)  |
| Distributions from net investment income  | (.07)  | (.10)  | (.02)  | -  |
| Total distributions  | (.07)  | (.10)  | (.02)  | -  |
| Net asset value, end of period  | $11.81 | $9.08 | $7.35 | $6.54 |
| **Total Return** D,E,F | 31.12% <br>| 25.18%  | 12.65%  | (34.60)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 4.27%  | 5.14%  | 6.57%  | 9.01% I,J |
| Expenses net of fee waivers, if any  | 1.75% <br>| 1.75%  | 1.74%  | 1.82% J |
| Expenses net of all reductions, if any  | 1.74%  | 1.74%  | 1.73%  | 1.82% J |
| Net investment income (loss)  | .48%  | .76%  | .81%  | .26% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $361 | $245 | $184 | $164 |
| Portfolio turnover rate K | 94% <br>| 108%  | 119%  | 84% J |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees are not annualized.*

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® Sustainable Emerging Markets Equity Fund Class C**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.03 | $7.30 | $6.52 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | - D | .02  | .02  | (.01)  |
| Net realized and unrealized gain (loss)  | 2.74  | 1.77  | .76  | (3.47)  |
| Total from investment operations  | 2.74  | 1.79  | .78  | (3.48)  |
| Distributions from net investment income  | (.03)  | (.06)  | -  | -  |
| Total distributions  | (.03)  | (.06)  | -  | -  |
| Net asset value, end of period  | $11.74 | $9.03 | $7.30 | $6.52 |
| **Total Return** E,F,G | 30.41% <br>| 24.71%  | 11.96%  | (34.80)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |
| Expenses before reductions  | 4.81%  | 5.70%  | 7.07%  | 9.51% J,K |
| Expenses net of fee waivers, if any  | 2.25% <br>| 2.25%  | 2.25%  | 2.32% J |
| Expenses net of all reductions, if any  | 2.24%  | 2.24%  | 2.24%  | 2.32% J |
| Net investment income (loss)  | (.02)%  | .26%  | .31%  | (.24)% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $311 | $231 | $185 | $163 |
| Portfolio turnover rate L | 94% <br>| 108%  | 119%  | 84% J |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*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.*

**Fidelity® Sustainable Emerging Markets Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.12 | $7.38 | $6.57 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .10  | .11  | .10  | .05  |
| Net realized and unrealized gain (loss)  | 2.76  | 1.77  | .76  | (3.48)  |
| Total from investment operations  | 2.86  | 1.88  | .86  | (3.43)  |
| Distributions from net investment income  | (.12)  | (.14)  | (.05)  | -  |
| Total distributions  | (.12)  | (.14)  | (.05)  | -  |
| Net asset value, end of period  | $11.86 | $9.12 | $7.38 | $6.57 |
| **Total Return** D,E | 31.73% <br>| 25.84%  | 13.11%  | (34.30)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |
| Expenses before reductions  | 3.60%  | 4.63%  | 6.16%  | 8.07% H,I |
| Expenses net of fee waivers, if any  | 1.25% <br>| 1.25%  | 1.25%  | 1.25% I |
| Expenses net of all reductions, if any  | 1.24%  | 1.24%  | 1.24%  | 1.25% I |
| Net investment income (loss)  | .98%  | 1.26%  | 1.31%  | .83% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $11180 | $4724 | $2947 | $2082 |
| Portfolio turnover rate J | 94% <br>| 108%  | 119%  | 84% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*Calculated based on average shares outstanding during the period.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Total returns for periods of less than one year are not annualized.*

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*Audit fees 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.*

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class I**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.12 | $7.38 | $6.57 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .09  | .11  | .10  | .04  |
| Net realized and unrealized gain (loss)  | 2.76  | 1.77  | .76  | (3.47)  |
| Total from investment operations  | 2.85  | 1.88  | .86  | (3.43)  |
| Distributions from net investment income  | (.11)  | (.14)  | (.05)  | -  |
| Total distributions  | (.11)  | (.14)  | (.05)  | -  |
| Net asset value, end of period  | $11.86 | $9.12 | $7.38 | $6.57 |
| **Total Return** D,E | 31.68% <br>| 25.84%  | 13.11%  | (34.30)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 3.78%  | 4.70%  | 6.00%  | 8.50% H,I |
| Expenses net of fee waivers, if any  | 1.25% <br>| 1.25%  | 1.24%  | 1.31% I |
| Expenses net of all reductions, if any  | 1.24%  | 1.24%  | 1.23%  | 1.31% I |
| Net investment income (loss)  | .97%  | 1.26%  | 1.31%  | .76% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $345 | $256 | $201 | $164 |
| Portfolio turnover rate J | 94% <br>| 108%  | 119%  | 84% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees 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.*

**Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class Z**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.16 | $7.40 | $6.57 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .11  | .12  | .11  | .05  |
| Net realized and unrealized gain (loss)  | 2.77  | 1.78  | .77  | (3.48)  |
| Total from investment operations  | 2.88  | 1.90  | .88  | (3.43)  |
| Distributions from net investment income  | (.13)  | (.14)  | (.05)  | -  |
| Total distributions  | (.13)  | (.14)  | (.05)  | -  |
| Net asset value, end of period  | $11.91 | $9.16 | $7.40 | $6.57 |
| **Total Return** D,E | 31.88% <br>| 26.04%  | 13.42%  | (34.30)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 3.86%  | 4.45%  | 5.87%  | 8.23% H,I |
| Expenses net of fee waivers, if any  | 1.10% <br>| 1.10%  | 1.09%  | 1.15% H |
| Expenses net of all reductions, if any  | 1.09%  | 1.09%  | 1.09%  | 1.15% H |
| Net investment income (loss)  | 1.12%  | 1.41%  | 1.46%  | .93% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $722 | $653 | $390 | $276 |
| Portfolio turnover rate J | 94% <br>| 108%  | 119%  | 84% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees are not 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**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable Emerging Markets Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 October 31, 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2849650 |
| **Gross unrealized depreciation**  | <u>(159197)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2690453</u> |
| **Tax Cost**  | <u>$11338834</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$110639</u> |
| **Capital loss carryforward**  | <u>$(289467)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2690378</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(289467) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(289467)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | <u>$76282</u> | <u>$77705</u> |
| **Total**  | <u>$76282</u> | <u>$77705</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 futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<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.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 11800541 | 7113305 |

---

**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** | .98 |
| **Class M** | .90 |
| **Class C** | .90 |
| **Fidelity Sustainable Emerging Markets Equity Fund** | .98 |
| **Class I** | .90 |
| **Class Z** | .83 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .95 |
| **Class M** | .90 |
| **Class C** | .90 |
| **Fidelity Sustainable Emerging Markets Equity Fund** | .91 |
| **Class I** | .90 |
| **Class Z** | .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 Sustainable Emerging Markets Equity Fund** | MSCI Emerging Markets Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable Emerging Markets Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual 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% | 923 | 625 |
| **Class M** | .25% | .25% | 1350 | 1238 |
| **Class C** | .75% | .25% | <u>2477</u> | <u>2442</u> |
|  |  |  | <u>4750</u> | <u>4305</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** | 296 |
| **Class M** | <u>52</u> |
|  | <u>348</u> |

---

**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 Sustainable Emerging Markets Equity Fund** | 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Sustainable Emerging Markets Equity Fund** | 357641 | 161536 | 18742 |

---

**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 Sustainable Emerging Markets Equity Fund** | 10 |

---

**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, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.50% | 9124 |
| **Class M** | 1.75% | 6841 |
| **Class C** | 2.25% | 6364 |
| **Fidelity Sustainable Emerging Markets Equity Fund** | 1.25% | 142639 |
| **Class I** | 1.25% | 6848 |
| **Class Z** | 1.10% | <u>17733</u> |
|  |  | <u>189549</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 $565.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable Emerging Markets Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $2849 | $3751 |
| Class M | 1942 | 2609 |
| Class C | 691 | 1624 |
| Fidelity Sustainable Emerging Markets Equity Fund | 58746 | 59025 |
| Class I | 3004 | 3903 |
| Class Z | <u>9050</u> | <u>6793</u> |
| Total  | <u>$76282</u> | <u>$77705</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** |
|  | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable Emerging Markets Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 28341 | 3670 | $315160 | $31365 |
| Reinvestment of distributions | 320 | 479 | 2849 | 3751 |
| Shares redeemed | <u>(1047)</u> | <u>(769)</u> | <u>(9952)</u> | <u>(7013)</u> |
| Net increase (decrease) | <u>27614</u> | <u>3380</u> | <u>$308057</u> | <u>$28103</u> |
| **Class M** |  |  |  |  |
| Shares sold | 3405 | 1527 | $36856 | $12598 |
| Reinvestment of distributions | 218 | 333 | 1942 | 2609 |
| Shares redeemed | <u>(9)</u> | <u>-</u> | <u>(79)</u> | <u>-</u> |
| Net increase (decrease) | <u>3614</u> | <u>1860</u> | <u>$38719</u> | <u>$15207</u> |
| **Class C** |  |  |  |  |
| Shares sold | 865 | 52 | $10033 | $409 |
| Reinvestment of distributions | 78 | 207 | 691 | 1624 |
| Net increase (decrease) | <u>943</u> | <u>259</u> | <u>$10724</u> | <u>$2033</u> |
| **Fidelity Sustainable Emerging Markets Equity Fund** |  |  |  |  |
| Shares sold | 649081 | 264312 | $6850413 | $2290939 |
| Reinvestment of distributions | 6287 | 6946 | 55888 | 54391 |
| Shares redeemed | <u>(230484)</u> | <u>(152780)</u> | <u>(2307527)</u> | <u>(1305836)</u> |
| Net increase (decrease) | <u>424884</u> | <u>118478</u> | <u>$4598774</u> | <u>$1039494</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1908 | 1183 | $20055 | $10008 |
| Reinvestment of distributions | 338 | 498 | 3004 | 3903 |
| Shares redeemed | <u>(1262)</u> | <u>(876)</u> | <u>(11192)</u> | <u>(7101)</u> |
| Net increase (decrease) | <u>984</u> | <u>805</u> | <u>$11867</u> | <u>$6810</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1112 | 31252 | $9698 | $268600 |
| Reinvestment of distributions | 565 | 462 | 5032 | 3624 |
| Shares redeemed | <u>(12263)</u> | <u>(13226)</u> | <u>(113958)</u> | <u>(108758)</u> |
| Net increase (decrease) | <u>(10586)</u> | <u>18488</u> | <u>$(99228)</u> | <u>$163466</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 investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Sustainable Emerging Markets Equity Fund  | 13% |

---

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Fidelity Sustainable Multi-Asset Fund** |
| Fidelity Sustainable Emerging Markets Equity Fund | 26% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Sustainable Emerging Markets Equity Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Sustainable Emerging Markets Equity Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period February 10, 2022 (commencement of operations) through October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period February 10, 2022 (commencement of operations) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 10, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund designates $9,119 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A, Class M, Class C, Fidelity Sustainable Emerging Markets Equity Fund, Class I, and Class Z designate 1% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Sustainable Emerging Markets Equity Fund designates 83.22%; Class I designates 74.83%; and Class Z designates 77.36%; of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Insert Fund Name** |  |  |  |
| Class A | 12/16/24 | $0.1124 | $0.0434 |
| Class M | 12/16/24 | $0.1003 | $0.0434 |
| Class C | 12/16/24 | $0.0612 | $0.0434 |
| Fidelity Sustainable Emerging Markets Equity Fund | 12/16/24 | $0.1376 | $0.0434 |
| Class I | 12/16/24 | $0.1350 | $0.0434 |
| Calss Z | 12/16/24 | $0.1481 | $0.0434 |

---

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Sustainable Emerging Markets Equity Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). 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. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board noted that, although total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board 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.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.50%, 1.75%, 2.25%, 1.25%, 1.10%, and 1.25% through February 28, 2026.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

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 (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118418_4.jpg)<br>

1.9905243.103 MAR-ANN-1225

**Fidelity® Series Select International Small Cap Fund**

**Annual Report**

**October 31, 2025**

![](img118421_1.jpg)

![](img118421_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SSI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Select International Small Cap Fund](#Sub_Sec_Fund_6955_SSI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6955_SSI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SSI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SSI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SSI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SSI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SSI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SSI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 (Annual Report)**

**Fidelity® Series Select International Small Cap Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 8.4%  |  |  |
| Communication Services - 0.3% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| CAR Group Ltd  | 31134 | 727243 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Amotiv Ltd  | 176313 | 1030179 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Beach Energy Ltd  | 740394 | 600705 |
| Whitehaven Coal Ltd  | 273110 | 1286611 |
|  |  | 1887316 |
| Financials - 1.3% |  |  |
| Insurance - 1.3% |  |  |
| nib holdings Ltd/Australia  | 331806 | 1636939 |
| Steadfast Group Ltd  | 433321 | 1587723 |
|  |  | 3224662 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Ansell Ltd  | 45767 | 1093305 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| DroneShield Ltd (a)(b) | 343914 | 861838 |
| Construction & Engineering - 0.6% |  |  |
| Ventia Services Group Pty Ltd  | 418146 | 1567687 |
| Professional Services - 0.8% |  |  |
| ALS Ltd  | 139630 | 1984338 |
| TOTAL INDUSTRIALS |  | 4413863 |
| Materials - 2.8% |  |  |
| Chemicals - 0.7% |  |  |
| Dyno Nobel Ltd  | 777056 | 1637137 |
| Metals & Mining - 2.1% |  |  |
| Evolution Mining Ltd  | 250693 | 1781349 |
| Imdex Ltd  | 603158 | 1357583 |
| Sandfire Resources Ltd (b) | 191984 | 2039990 |
|  |  | 5178922 |
| TOTAL MATERIALS |  | 6816059 |
| Real Estate - 0.6% |  |  |
| Specialized REITs - 0.6% |  |  |
| National Storage REIT unit  | 985750 | 1483445 |
| TOTAL AUSTRALIA |  | 20676072 |
| AUSTRIA - 1.0%  |  |  |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| AT&S Austria Technologie & Systemtechnik AG (b) | 43727 | 1625463 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Wienerberger AG  | 30562 | 906750 |
| TOTAL AUSTRIA |  | 2532213 |
| BAILIWICK OF JERSEY - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| JTC PLC (a)(c) | 122082 | 2091344 |
| BELGIUM - 2.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Kinepolis Group NV  | 16986 | 582473 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| KBC Ancora  | 22429 | 1763160 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fagron  | 61065 | 1449963 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Barco NV  | 59961 | 855632 |
| Real Estate - 0.6% |  |  |
| Industrial REITs - 0.6% |  |  |
| Warehouses De Pauw CVA  | 59998 | 1522830 |
| TOTAL BELGIUM |  | 6174058 |
| DENMARK - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| FLSmidth & Co A/S  | 7500 | 584585 |
| FINLAND - 2.9%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Puuilo Oyj  | 79571 | 1302388 |
| Industrials - 0.8% |  |  |
| Machinery - 0.8% |  |  |
| Konecranes Oyj A Shares  | 18837 | 1858587 |
| Materials - 0.8% |  |  |
| Chemicals - 0.4% |  |  |
| Kemira Oyj  | 47711 | 1050387 |
| Containers & Packaging - 0.4% |  |  |
| Huhtamaki Oyj  | 28278 | 950460 |
| TOTAL MATERIALS |  | 2000847 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| Fortum Oyj  | 90175 | 2010204 |
| TOTAL FINLAND |  | 7172026 |
| FRANCE - 4.3%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.6% |  |  |
| Vivendi SE  | 357378 | 1286051 |
| Media - 0.3% |  |  |
| IPSOS SA  | 22052 | 844902 |
| TOTAL COMMUNICATION SERVICES |  | 2130953 |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| SEB SA  | 6630 | 366667 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Vallourec SACA  | 88611 | 1649009 |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| Euroapi SA (b) | 101810 | 376463 |
| Virbac SACA  | 3569 | 1458345 |
|  |  | 1834808 |
| Industrials - 1.4% |  |  |
| Commercial Services & Supplies - 0.7% |  |  |
| Elis SA  | 56155 | 1563806 |
| Trading Companies & Distributors - 0.7% |  |  |
| Rexel SA  | 45793 | 1583499 |
| TOTAL INDUSTRIALS |  | 3147305 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Vicat SACA  | 17224 | 1290461 |
| TOTAL FRANCE |  | 10419203 |
| GERMANY - 3.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.5% |  |  |
| SAF-Holland SE  | 77789 | 1264255 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Hensoldt AG  | 12528 | 1331405 |
| Machinery - 0.1% |  |  |
| Stabilus SE  | 13105 | 328544 |
| TOTAL INDUSTRIALS |  | 1659949 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.5% |  |  |
| Bechtle AG  | 27300 | 1152964 |
| Software - 0.4% |  |  |
| Mensch und Maschine Software SE  | 19918 | 956221 |
| TOTAL INFORMATION TECHNOLOGY |  | 2109185 |
| Materials - 0.5% |  |  |
| Chemicals - 0.2% |  |  |
| LANXESS AG  | 23618 | 561888 |
| Metals & Mining - 0.3% |  |  |
| Aurubis AG  | 5900 | 767792 |
| TOTAL MATERIALS |  | 1329680 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Patrizia SE  | 104325 | 871814 |
| TOTAL GERMANY |  | 7234883 |
| HONG KONG - 1.8%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.6% |  |  |
| Luk Fook Holdings International Ltd  | 471635 | 1510096 |
| Industrials - 0.3% |  |  |
| Marine Transportation - 0.3% |  |  |
| Pacific Basin Shipping Ltd  | 2272235 | 751510 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ASMPT Ltd  | 120925 | 1276081 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Hysan Development Co Ltd  | 421383 | 873074 |
| TOTAL HONG KONG |  | 4410761 |
| IRELAND - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Bank of Ireland Group PLC  | 98296 | 1607173 |
| ISRAEL - 2.6%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 1042759 | 2134833 |
| Consumer Staples - 0.7% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd  | 18173 | 1708293 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Nova Ltd (Israel) (b) | 7162 | 2479978 |
| TOTAL ISRAEL |  | 6323104 |
| ITALY - 2.9%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| RAI Way SpA (a)(c) | 180932 | 1238795 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| Brembo NV  | 127054 | 1368564 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| Banca Generali SpA  | 31641 | 1787079 |
| Health Care - 1.0% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| GVS SpA (a)(b)(c) | 184676 | 915327 |
| Pharmaceuticals - 0.6% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 24267 | 1440525 |
| TOTAL HEALTH CARE |  | 2355852 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Avio SpA (a) | 9305 | 402739 |
| TOTAL ITALY |  | 7153029 |
| JAPAN - 38.2%  |  |  |
| Communication Services - 1.0% |  |  |
| Entertainment - 0.4% |  |  |
| Daiichikosho Co Ltd  | 104631 | 1070344 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Okinawa Cellular Telephone Co  | 85456 | 1426762 |
| TOTAL COMMUNICATION SERVICES |  | 2497106 |
| Consumer Discretionary - 5.3% |  |  |
| Automobile Components - 0.9% |  |  |
| Shoei Co Ltd  | 94692 | 1007074 |
| Stanley Electric Co Ltd  | 58474 | 1151571 |
|  |  | 2158645 |
| Distributors - 0.5% |  |  |
| PALTAC Corp  | 42752 | 1261671 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Food & Life Cos Ltd  | 41911 | 2043743 |
| Kyoritsu Maintenance Co Ltd  | 52758 | 1028046 |
|  |  | 3071789 |
| Household Durables - 1.6% |  |  |
| Haseko Corp  | 105448 | 1703754 |
| Nikon Corp  | 108543 | 1269188 |
| Rinnai Corp  | 43209 | 981041 |
|  |  | 3953983 |
| Leisure Products - 0.4% |  |  |
| Sega Sammy Holdings Inc  | 58883 | 1090850 |
| Specialty Retail - 0.6% |  |  |
| Nextage Co Ltd  | 98401 | 1483262 |
| TOTAL CONSUMER DISCRETIONARY |  | 13020200 |
| Consumer Staples - 2.4% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Cosmos Pharmaceutical Corp  | 18047 | 807905 |
| Tsuruha Holdings Inc  | 35600 | 618397 |
|  |  | 1426302 |
| Food Products - 1.5% |  |  |
| Kotobuki Spirits Co Ltd  | 81109 | 972876 |
| Morinaga & Co Ltd/Japan  | 68616 | 1182336 |
| Toyo Suisan Kaisha Ltd  | 22224 | 1614417 |
|  |  | 3769629 |
| Personal Care Products - 0.3% |  |  |
| Milbon Co Ltd  | 50654 | 761240 |
| TOTAL CONSUMER STAPLES |  | 5957171 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Itochu Enex Co Ltd  | 90500 | 1069369 |
| San-Ai Obbli Co Ltd  | 91400 | 1211075 |
|  |  | 2280444 |
| Financials - 3.5% |  |  |
| Banks - 2.4% |  |  |
| Hokuhoku Financial Group Inc  | 96687 | 2370905 |
| Kyoto Financial Group Inc  | 80288 | 1627537 |
| Suruga Bank Ltd  | 193096 | 1930835 |
|  |  | 5929277 |
| Financial Services - 1.1% |  |  |
| Fuyo General Lease Co Ltd  | 41859 | 1095977 |
| Zenkoku Hosho Co Ltd  | 74372 | 1529329 |
|  |  | 2625306 |
| TOTAL FINANCIALS |  | 8554583 |
| Health Care - 2.8% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Nagaileben Co Ltd  | 55779 | 636295 |
| Health Care Providers & Services - 1.2% |  |  |
| As One Corp  | 84004 | 1372812 |
| H.U. Group Holdings Inc  | 69016 | 1683863 |
|  |  | 3056675 |
| Pharmaceuticals - 1.3% |  |  |
| Kissei Pharmaceutical Co Ltd  | 34988 | 913806 |
| Santen Pharmaceutical Co Ltd  | 99300 | 972317 |
| Sawai Group Holdings Co Ltd  | 98677 | 1177837 |
|  |  | 3063960 |
| TOTAL HEALTH CARE |  | 6756930 |
| Industrials - 10.2% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| AZ-COM MARUWA Holdings Inc  | 70800 | 472275 |
| Building Products - 1.1% |  |  |
| Nichias Corp  | 28500 | 1065953 |
| Sanwa Holdings Corp  | 52570 | 1436115 |
|  |  | 2502068 |
| Commercial Services & Supplies - 0.9% |  |  |
| Daiei Kankyo Co Ltd  | 59207 | 1317760 |
| Park24 Co Ltd (d) | 73075 | 854462 |
|  |  | 2172222 |
| Construction & Engineering - 0.9% |  |  |
| Penta-Ocean Construction Co Ltd  | 239101 | 2194591 |
| Electrical Equipment - 0.6% |  |  |
| SWCC Corp  | 31761 | 1549820 |
| Ground Transportation - 0.5% |  |  |
| Kyushu Railway Co  | 51112 | 1295792 |
| Machinery - 3.9% |  |  |
| Daihatsu Diesel Manufacturing Co Ltd  | 80445 | 1605142 |
| Galilei Co Ltd  | 55309 | 1288426 |
| Hosokawa Micron Corp  | 38394 | 1420062 |
| IHI Corp  | 69132 | 1442213 |
| Japan Steel Works Ltd/The  | 13500 | 888261 |
| Meidensha Corp  | 37561 | 1494056 |
| Takeuchi Manufacturing Co Ltd  | 26773 | 1106638 |
|  |  | 9244798 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 30760 | 1410158 |
| Timee Inc (b)(d) | 69300 | 671820 |
|  |  | 2081978 |
| Trading Companies & Distributors - 0.6% |  |  |
| Inaba Denki Sangyo Co Ltd  | 52734 | 1554543 |
| Transportation Infrastructure - 0.7% |  |  |
| Kamigumi Co Ltd  | 53510 | 1606585 |
| TOTAL INDUSTRIALS |  | 24674672 |
| Information Technology - 4.7% |  |  |
| Electronic Equipment, Instruments & Components - 2.8% |  |  |
| Anritsu Corp  | 92697 | 1375327 |
| Daiwabo Holdings Co Ltd  | 74473 | 1394165 |
| Dexerials Corp  | 67891 | 1100459 |
| Hamamatsu Photonics KK  | 73500 | 825331 |
| Maruwa Co Ltd/Aichi  | 4535 | 1290964 |
| Riken Keiki Co Ltd  | 42059 | 960662 |
|  |  | 6946908 |
| IT Services - 0.9% |  |  |
| NSD Co Ltd  | 54947 | 1175169 |
| Zuken Inc  | 30363 | 939793 |
|  |  | 2114962 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| SUMCO Corp  | 129324 | 1323786 |
| Towa Corp  | 75200 | 1158912 |
|  |  | 2482698 |
| TOTAL INFORMATION TECHNOLOGY |  | 11544568 |
| Materials - 4.3% |  |  |
| Chemicals - 1.9% |  |  |
| Kaneka Corp  | 44418 | 1227253 |
| Kuraray Co Ltd  | 90333 | 980351 |
| Resonac Holdings Corp (d) | 58012 | 2273276 |
|  |  | 4480880 |
| Construction Materials - 0.4% |  |  |
| Maeda Kosen Co Ltd  | 82030 | 1026240 |
| Containers & Packaging - 0.4% |  |  |
| FP Corp  | 59709 | 970547 |
| Metals & Mining - 1.6% |  |  |
| Dowa Holdings Co Ltd  | 29729 | 1080283 |
| Toho Titanium Co Ltd  | 125200 | 1286852 |
| UACJ Corp  | 129316 | 1674034 |
|  |  | 4041169 |
| TOTAL MATERIALS |  | 10518836 |
| Real Estate - 2.6% |  |  |
| Diversified REITs - 0.5% |  |  |
| Daiwa House REIT Investment Corp  | 1498 | 1290860 |
| Industrial REITs - 0.5% |  |  |
| SOSiLA Logistics REIT Inc  | 1671 | 1338014 |
| Real Estate Management & Development - 1.1% |  |  |
| Relo Group Inc  | 83237 | 895509 |
| Tokyo Tatemono Co Ltd  | 85007 | 1587228 |
|  |  | 2482737 |
| Residential REITs - 0.5% |  |  |
| Daiwa Securities Living Investment Corporation  | 1760 | 1260814 |
| TOTAL REAL ESTATE |  | 6372425 |
| Utilities - 0.5% |  |  |
| Gas Utilities - 0.5% |  |  |
| Nippon Gas Co Ltd  | 62779 | 1201115 |
| TOTAL JAPAN |  | 93378050 |
| NETHERLANDS - 0.8%  |  |  |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| TKH Group NV depository receipt  | 15278 | 675879 |
| Real Estate - 0.6% |  |  |
| Retail REITs - 0.6% |  |  |
| Eurocommercial Properties NV  | 46666 | 1393150 |
| TOTAL NETHERLANDS |  | 2069029 |
| NEW ZEALAND - 1.2%  |  |  |
| Industrials - 0.6% |  |  |
| Building Products - 0.6% |  |  |
| Fletcher Building Ltd (b) | 739180 | 1378966 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.6% |  |  |
| Contact Energy Ltd  | 289575 | 1544411 |
| TOTAL NEW ZEALAND |  | 2923377 |
| NORWAY - 1.5%  |  |  |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| DOF Group ASA A Shares  | 141121 | 1266421 |
| TGS ASA  | 82482 | 713323 |
|  |  | 1979744 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| SpareBank 1 SMN  | 97528 | 1793377 |
| TOTAL NORWAY |  | 3773121 |
| SINGAPORE - 1.0%  |  |  |
| Real Estate - 1.0% |  |  |
| Hotel & Resort REITs - 0.3% |  |  |
| CDL Hospitality Trusts unit  | 1385839 | 878394 |
| Industrial REITs - 0.7% |  |  |
| Mapletree Industrial Trust  | 996807 | 1631222 |
| TOTAL SINGAPORE |  | 2509616 |
| SPAIN - 4.3%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.6% |  |  |
| CIE Automotive SA  | 41362 | 1387369 |
| Financials - 1.5% |  |  |
| Banks - 1.0% |  |  |
| Bankinter SA  | 160335 | 2415469 |
| Insurance - 0.5% |  |  |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros  | 1012250 | 1341785 |
| TOTAL FINANCIALS |  | 3757254 |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Grifols SA Class A  | 86400 | 1118882 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 0.6% |  |  |
| Logista Integral SA  | 46927 | 1564295 |
| Construction & Engineering - 0.2% |  |  |
| Sacyr SA  | 136100 | 598637 |
| Machinery - 0.9% |  |  |
| Construcciones y Auxiliar de Ferrocarriles SA  | 20500 | 1294887 |
| Fluidra SA  | 24595 | 712138 |
|  |  | 2007025 |
| TOTAL INDUSTRIALS |  | 4169957 |
| TOTAL SPAIN |  | 10433462 |
| SWEDEN - 4.2%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| AAK AB  | 41315 | 1154179 |
| Financials - 0.9% |  |  |
| Banks - 0.2% |  |  |
| Noba (b) | 47200 | 475465 |
| Capital Markets - 0.7% |  |  |
| Avanza Bank Holding AB  | 44486 | 1720393 |
| TOTAL FINANCIALS |  | 2195858 |
| Health Care - 0.7% |  |  |
| Life Sciences Tools & Services - 0.7% |  |  |
| AddLife AB B Shares  | 79090 | 1709964 |
| Industrials - 1.0% |  |  |
| Commercial Services & Supplies - 0.5% |  |  |
| Loomis AB  | 30771 | 1243763 |
| Trading Companies & Distributors - 0.5% |  |  |
| AddTech AB B Shares  | 35951 | 1218518 |
| TOTAL INDUSTRIALS |  | 2462281 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Atea ASA  | 93363 | 1423131 |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Alleima AB  | 156500 | 1355749 |
| TOTAL SWEDEN |  | 10301162 |
| SWITZERLAND - 2.5%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Food Products - 0.5% |  |  |
| Barry Callebaut AG (d) | 923 | 1199699 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| VZ Holding AG  | 8837 | 1724025 |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Bucher Industries AG  | 2880 | 1275825 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| International Workplace Group PLC  | 117600 | 349768 |
| PSP Swiss Property AG  | 8789 | 1519167 |
|  |  | 1868935 |
| TOTAL SWITZERLAND |  | 6068484 |
| UNITED KINGDOM - 12.6%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Zegona Communications plc (b) | 140939 | 2277364 |
| Consumer Discretionary - 3.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| B&M European Value Retail SA  | 290936 | 686627 |
| Distributors - 0.6% |  |  |
| Inchcape PLC  | 136522 | 1370226 |
| Diversified Consumer Services - 0.4% |  |  |
| ME Group International PLC  | 429266 | 1062438 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Playtech Plc  | 227100 | 786129 |
| Household Durables - 0.6% |  |  |
| Vistry Group PLC (b) | 162330 | 1373775 |
| Leisure Products - 0.6% |  |  |
| Games Workshop Group PLC  | 6901 | 1444190 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Burberry Group PLC (b) | 71707 | 1165743 |
| TOTAL CONSUMER DISCRETIONARY |  | 7889128 |
| Financials - 2.2% |  |  |
| Banks - 0.5% |  |  |
| Close Brothers Group PLC (b) | 209400 | 1152072 |
| Capital Markets - 0.3% |  |  |
| ICG PLC  | 31444 | 797657 |
| Insurance - 1.4% |  |  |
| Lancashire Holdings Ltd  | 212651 | 1866122 |
| Sabre Insurance Group PLC (a)(c) | 842257 | 1482674 |
|  |  | 3348796 |
| TOTAL FINANCIALS |  | 5298525 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Convatec Group PLC (a)(c) | 348200 | 1117045 |
| Industrials - 3.5% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Senior PLC  | 586534 | 1468630 |
| Commercial Services & Supplies - 0.9% |  |  |
| Mitie Group PLC  | 941325 | 2037948 |
| Construction & Engineering - 0.5% |  |  |
| Balfour Beatty PLC  | 126600 | 1117632 |
| Industrial Conglomerates - 0.5% |  |  |
| DCC PLC  | 20370 | 1340679 |
| Machinery - 0.5% |  |  |
| IMI PLC  | 38503 | 1207884 |
| Passenger Airlines - 0.5% |  |  |
| JET2 PLC  | 72705 | 1269362 |
| TOTAL INDUSTRIALS |  | 8442135 |
| Materials - 1.0% |  |  |
| Chemicals - 0.4% |  |  |
| Elementis PLC  | 490526 | 1059400 |
| Metals & Mining - 0.6% |  |  |
| Hill & Smith PLC  | 52744 | 1493195 |
| TOTAL MATERIALS |  | 2552595 |
| Real Estate - 1.3% |  |  |
| Real Estate Management & Development - 0.9% |  |  |
| Grainger PLC  | 331921 | 817147 |
| Savills PLC  | 112710 | 1492517 |
|  |  | 2309664 |
| Residential REITs - 0.4% |  |  |
| UNITE Group PLC/The  | 131142 | 976835 |
| TOTAL REAL ESTATE |  | 3286499 |
| TOTAL UNITED KINGDOM |  | 30863291 |
| UNITED STATES - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Acerinox SA  | 79732 | 1027477 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $208,842,998) |  | <br> **239725520** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Jungheinrich AG <br>(Cost $934,739)<br>| 27339 | **976251** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.18 | 2885100 | 2885677 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.18 | 4298338 | 4298768 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $7,184,445) |  |  | **7184445** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $216,962,182)<br>| <br>**247886216** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(2856408)** |
| **NET ASSETS - 100.0%** | **245029808** |

---

**Legend**

(a) Security 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 $8,109,762 or 3.3% 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 $6,845,185 or 2.8% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | - | 211957444 | 209071689 | 197011 | (78) | - | 2885677 | 2885100 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 4766638 | 467870 | 6063 | - | - | 4298768 | 4298338 | 0.0% |
| Total | - | 216724082 | 209539559 | 203074 | (78) | - | 7184445 |  |  |

---

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 October 31, 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 | 11588767 | 11588767 | - | - |
| Consumer Discretionary | 29138846 | 29138846 | - | - |
| Consumer Staples | 10019342 | 10019342 | - | - |
| Energy | 7796513 | 7796513 | - | - |
| Financials | 33797040 | 33797040 | - | - |
| Health Care | 17436749 | 17436749 | - | - |
| Industrials | 55898253 | 55898253 | - | - |
| Information Technology | 21314038 | 21314038 | - | - |
| Materials | 27798454 | 27798454 | - | - |
| Real Estate | 20181788 | 20181788 | - | - |
| Utilities | 4755730 | 4755730 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 976251 | 976251 | - | - |
|  **Money Market Funds** | 7184445 | 7184445 | - | - |
| **Total Investments in Securities:** | 247886216 | 247886216 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,060,525) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $209,777,737) | $240701771 |  |
| Fidelity Central Funds (cost $7,184,445) | 7184445 |  |
| Total Investment in Securities (cost $216,962,182) |  | $247886216 |
| Foreign currency held at value (cost $19,500) |  | 19499 |
| Receivable for investments sold |  | 763808 |
| Receivable for fund shares sold |  | 404618 |
| Dividends receivable |  | 897356 |
| Reclaims receivable |  | 155906 |
| Distributions receivable from Fidelity Central Funds |  | 18547 |
| Receivable from investment adviser for expense reductions |  | 557 |
| **Total assets** |  | 250146507 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $410286 |  |
| Payable for fund shares redeemed | 404620 |  |
| Other payables and accrued expenses | 3025 |  |
| Collateral on securities loaned | 4298768 |  |
| **Total liabilities** |  | 5116699 |
| **Net Assets**  |  | $245029808 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $208795407 |
| Total accumulated earnings (loss) |  | 36234401 |
| **Net Assets** |  | $245029808 |
| **Net Asset Value**, offering price and redemption price per share ($245,029,808 ÷ 17,878,754 shares) |  | $13.71 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $4829722 |
| Income from Fidelity Central Funds (including $6,063 from security lending)  |  | 203074 |
| Income before foreign taxes withheld |  | $5032796 |
| Less foreign taxes withheld |  | (398496) |
| **Total income** |  | 4634300 |
| **Expenses** |  |  |
| Custodian fees and expenses | $14981 |  |
| Independent trustees' fees and expenses | 343 |  |
| **Total expenses** |  | 15324 |
| **Net Investment income (loss)** |  | 4618976 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 865848 |  |
| Fidelity Central Funds | (78) |  |
| Foreign currency transactions | (90097) |  |
| Total net realized gain (loss) |  | 775673 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 30784428 |  |
| Assets and liabilities in foreign currencies | (27921) |  |
| Total change in net unrealized appreciation (depreciation) |  | 30756507 |
| **Net gain (loss)** |  | 31532180 |
| **Net increase (decrease) in net assets resulting from operations** |  | $36151156 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4618976 | $40016 |
| &nbsp;&nbsp;Net realized gain (loss) | 775673<br>| 40650<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 30756507 | 119572<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 36151156<br>| 200238<br>|
| Distributions to shareholders | (88511)<br>| (68011)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 218680080 | - |
| Reinvestment of distributions | 88511<br>| 68011<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (11082063) | - |
| **Net increase (decrease) in net assets resulting from share transactions** | 207686528<br>| 68011<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 243749173<br>| 200238<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1280635 | 1080397<br>|
| &nbsp;&nbsp;End of period | $245029808 | $1280635 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 18599173 | - |
| Issued in reinvestment of distributions | 7889<br>| 6072<br>|
| &nbsp;&nbsp;Redeemed | (834691) | - |
| &nbsp;&nbsp;Net increase (decrease) | 17772371 | 6072 |

---

**Financial Highlights** 

**Fidelity® Series Select International Small Cap Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $12.04 | $10.77 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .45  | .38  | .31  |
| Net realized and unrealized gain (loss)  | 2.05  | 1.57  | .49  |
| Total from investment operations  | 2.50  | 1.95  | .80  |
| Distributions from net investment income  | (.46)  | (.43)  | (.03)  |
| Distributions from net realized gain  | (.37)  | (.25)  | -  |
| Total distributions  | (.83)  | (.68)  | (.03)  |
| Net asset value, end of period  | $13.71 | $12.04 | $10.77 |
| **Total Return** D,E | 22.31% <br>| 18.56%  | 8.03%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .01%  | .22%  | .23% H |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01% H |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01% H |
| Net investment income (loss)  | 3.45%  | 3.14%  | 2.69% H |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $245030 | $1281 | $1080 |
| Portfolio turnover rate I | 13% <br>| 18%  | 23% H |

---

A*For the period November 4, 2022 (commencement of operations) through October 31, 2023.*

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*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**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Select International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. 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 October 31, 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 reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $36434274 |
| **Gross unrealized depreciation**  | <u>(6464838)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$29969436</u> |
| **Tax Cost**  | <u>$217916780</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$6282560</u> |
| **Undistributed long-term capital gain**  | <u>$10582</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$29941260</u> |

---

Due to large subscriptions in the current period, 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 capital losses are realized and the limitation prevents the Fund from using any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $49468 | $68011 |
| **Long-term Capital Gains**  | <u>39043</u> | <u>-</u> |
| **Total**  | <u>$88511</u> | <u>$68011</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 Series Select International Small Cap Fund** | 225106005 | 17270668 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund 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 Series Select International Small Cap Fund** | 2577542 | 15556 | (674) |

---

**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 Series Select International Small Cap Fund** | 681 | - | - |

---

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Select International Small Cap Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Series Select International Small Cap Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from November 4, 2022 (commencement of operations) through October 31, 2023, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from November 4, 2022 (commencement of operations) through October 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 10, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $10,669, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 72.39% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.91% of the dividends distributed during the fiscal year as a section 199A dividend.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4959 and $0.0351 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Series Select International Small Cap Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118421_4.jpg)<br>

1.9906198.102 SSI-ANN-1225

**Fidelity® Sustainable International Equity Fund**

**Annual Report**

**October 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img118417_1.jpg)

![](img118417_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable International Equity Fund](#Sub_Sec_Fund_6462_SIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6462_SIC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SIC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SIC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SIC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SIC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SIC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SIC-ANN)** |

---

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 (Annual Report)**

**Fidelity® Sustainable International Equity Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.0%** | &nbsp;&nbsp;**Common Stocks - 95.0%** | &nbsp;&nbsp;**Common Stocks - 95.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 4.0%  |  |  |
| Financials - 2.0% |  |  |
| Capital Markets - 1.1% |  |  |
| Macquarie Group Ltd  | 1413 | 202064 |
| Insurance - 0.9% |  |  |
| QBE Insurance Group Ltd  | 12102 | 157100 |
| TOTAL FINANCIALS |  | 359164 |
| Industrials - 0.9% |  |  |
| Commercial Services & Supplies - 0.9% |  |  |
| Brambles Ltd  | 10450 | 169979 |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| IperionX Ltd (a) | 42494 | 189066 |
| TOTAL AUSTRALIA |  | 718209 |
| AUSTRIA - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Construction Materials - 0.6% |  |  |
| Wienerberger AG  | 3868 | 114761 |
| BELGIUM - 2.8%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KBC Group NV  | 1329 | 159698 |
| Health Care - 1.9% |  |  |
| Pharmaceuticals - 1.9% |  |  |
| UCB SA  | 1320 | 338533 |
| TOTAL BELGIUM |  | 498231 |
| CANADA - 2.9%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Cameco Corp  | 3004 | 307008 |
| Information Technology - 1.2% |  |  |
| IT Services - 1.2% |  |  |
| Shopify Inc Class A (a) | 1195 | 207773 |
| TOTAL CANADA |  | 514781 |
| DENMARK - 0.6%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 1852 | 45650 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Novo Nordisk A/S Series B  | 1293 | 63657 |
| TOTAL DENMARK |  | 109307 |
| FINLAND - 0.5%  |  |  |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Fortum Oyj  | 3841 | 85625 |
| FRANCE - 8.8%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| Hermes International SCA  | 86 | 213026 |
| Consumer Staples - 2.8% |  |  |
| Food Products - 2.1% |  |  |
| Danone SA  | 4111 | 363070 |
| Personal Care Products - 0.7% |  |  |
| L'Oreal SA  | 305 | 127280 |
| TOTAL CONSUMER STAPLES |  | 490350 |
| Financials - 2.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Amundi SA (b)(c) | 2269 | 168167 |
| Insurance - 2.0% |  |  |
| AXA SA  | 7975 | 346023 |
| TOTAL FINANCIALS |  | 514190 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| EssilorLuxottica SA  | 585 | 213955 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Air Liquide SA  | 705 | 136445 |
| TOTAL FRANCE |  | 1567966 |
| GERMANY - 8.8%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Specialty Retail - 1.0% |  |  |
| Auto1 Group SE (a) | 5041 | 176872 |
| Financials - 2.1% |  |  |
| Capital Markets - 0.8% |  |  |
| Deutsche Boerse AG  | 541 | 137003 |
| Insurance - 1.3% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 369 | 228298 |
| TOTAL FINANCIALS |  | 365301 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Merck KGaA  | 1461 | 191382 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 0.7% |  |  |
| Deutsche Post AG  | 2762 | 126904 |
| Industrial Conglomerates - 1.0% |  |  |
| Siemens AG  | 609 | 172589 |
| TOTAL INDUSTRIALS |  | 299493 |
| Information Technology - 1.1% |  |  |
| Software - 1.1% |  |  |
| SAP SE  | 770 | 200256 |
| Materials - 1.3% |  |  |
| Construction Materials - 1.3% |  |  |
| Heidelberg Materials AG  | 1009 | 236715 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Instone Real Estate Group SE (b)(c) | 10338 | 98784 |
| TOTAL GERMANY |  | 1568803 |
| HONG KONG - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| AIA Group Ltd  | 29083 | 282999 |
| INDIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 2206 | 79900 |
| IRELAND - 1.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Dalata Hotel Group PLC  | 4543 | 33723 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Kerry Group PLC Class A  | 671 | 61178 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| AIB Group PLC  | 9787 | 90079 |
| Industrials - 0.6% |  |  |
| Building Products - 0.6% |  |  |
| Kingspan Group PLC  | 1378 | 103084 |
| TOTAL IRELAND |  | 288064 |
| ITALY - 4.4%  |  |  |
| Financials - 3.8% |  |  |
| Banks - 3.8% |  |  |
| Intesa Sanpaolo SpA  | 32402 | 208842 |
| UniCredit SpA  | 6280 | 465014 |
|  |  | 673856 |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.6% |  |  |
| Prysmian SpA  | 1025 | 106119 |
| TOTAL ITALY |  | 779975 |
| JAPAN - 21.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Wireless Telecommunication Services - 0.9% |  |  |
| SoftBank Group Corp  | 928 | 162835 |
| Consumer Discretionary - 4.9% |  |  |
| Broadline Retail - 0.5% |  |  |
| Pan Pacific International Holdings Corp  | 15299 | 91008 |
| Household Durables - 3.4% |  |  |
| Sony Group Corp  | 21785 | 606704 |
| Specialty Retail - 1.0% |  |  |
| Fast Retailing Co Ltd  | 479 | 175850 |
| TOTAL CONSUMER DISCRETIONARY |  | 873562 |
| Financials - 4.3% |  |  |
| Banks - 2.2% |  |  |
| Mizuho Financial Group Inc  | 2636 | 88294 |
| Sumitomo Mitsui Financial Group Inc  | 11368 | 307775 |
|  |  | 396069 |
| Financial Services - 1.5% |  |  |
| ORIX Corp  | 10950 | 267859 |
| Insurance - 0.6% |  |  |
| Tokio Marine Holdings Inc  | 2860 | 106659 |
| TOTAL FINANCIALS |  | 770587 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Chugai Pharmaceutical Co Ltd  | 200 | 9154 |
| Industrials - 8.2% |  |  |
| Industrial Conglomerates - 4.9% |  |  |
| Hitachi Ltd  | 24719 | 852999 |
| Trading Companies & Distributors - 3.3% |  |  |
| ITOCHU Corp  | 10061 | 583056 |
| TOTAL INDUSTRIALS |  | 1436055 |
| Information Technology - 3.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Ibiden Co Ltd  | 2876 | 272745 |
| IT Services - 0.6% |  |  |
| NEC Corp  | 2916 | 106301 |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Advantest Corp  | 1128 | 168913 |
| Disco Corp  | 215 | 71398 |
|  |  | 240311 |
| TOTAL INFORMATION TECHNOLOGY |  | 619357 |
| TOTAL JAPAN |  | 3871550 |
| KOREA (SOUTH) - 1.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Interactive Media & Services - 0.4% |  |  |
| Webtoon Entertainment Inc (a) | 4384 | 76852 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| SK Hynix Inc  | 503 | 196729 |
| TOTAL KOREA (SOUTH) |  | 273581 |
| NETHERLANDS - 6.8%  |  |  |
| Communication Services - 2.2% |  |  |
| Diversified Telecommunication Services - 2.1% |  |  |
| Koninklijke KPN NV  | 79901 | 369739 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 777 | 20841 |
| TOTAL COMMUNICATION SERVICES |  | 390580 |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| ING Groep NV  | 14763 | 368627 |
| Information Technology - 2.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| ASML Holding NV  | 420 | 444464 |
| TOTAL NETHERLANDS |  | 1203671 |
| NEW ZEALAND - 0.3%  |  |  |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Contact Energy Ltd  | 10852 | 57877 |
| PORTUGAL - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Banco Comercial Portugues SA  | 97276 | 85798 |
| SPAIN - 2.9%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Puig Brands SA Class B  | 400 | 6865 |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Banco Santander SA  | 8386 | 85313 |
| CaixaBank SA  | 13447 | 142132 |
|  |  | 227445 |
| Utilities - 1.6% |  |  |
| Electric Utilities - 1.6% |  |  |
| Iberdrola SA  | 13786 | 279390 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 269 | 3932 |
| TOTAL UTILITIES |  | 283322 |
| TOTAL SPAIN |  | 517632 |
| SWEDEN - 2.4%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 5846 | 192944 |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Indutrade AB  | 2816 | 75289 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Lagercrantz Group AB B Shares  | 6181 | 151853 |
| TOTAL SWEDEN |  | 420086 |
| SWITZERLAND - 1.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Cie Financiere Richemont SA Series A  | 388 | 76748 |
| Industrials - 1.4% |  |  |
| Electrical Equipment - 1.4% |  |  |
| ABB Ltd  | 3331 | 247652 |
| TOTAL SWITZERLAND |  | 324400 |
| TAIWAN - 3.4%  |  |  |
| Information Technology - 3.4% |  |  |
| Semiconductors & Semiconductor Equipment - 3.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 12430 | 600388 |
| UNITED KINGDOM - 10.8%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Compass Group PLC  | 4361 | 144348 |
| Household Durables - 0.2% |  |  |
| Bellway PLC  | 1031 | 35540 |
| TOTAL CONSUMER DISCRETIONARY |  | 179888 |
| Consumer Staples - 1.5% |  |  |
| Food Products - 0.4% |  |  |
| Cranswick PLC  | 1068 | 69240 |
| Personal Care Products - 1.1% |  |  |
| Unilever PLC  | 3214 | 192854 |
| TOTAL CONSUMER STAPLES |  | 262094 |
| Financials - 3.6% |  |  |
| Banks - 0.6% |  |  |
| NatWest Group PLC  | 13094 | 100804 |
| Capital Markets - 2.1% |  |  |
| 3i Group PLC  | 4070 | 235534 |
| London Stock Exchange Group PLC  | 1148 | 143071 |
|  |  | 378605 |
| Insurance - 0.9% |  |  |
| Aviva PLC  | 17530 | 153973 |
| TOTAL FINANCIALS |  | 633382 |
| Health Care - 1.8% |  |  |
| Pharmaceuticals - 1.8% |  |  |
| Astrazeneca PLC  | 1943 | 320495 |
| Industrials - 1.7% |  |  |
| Commercial Services & Supplies - 0.5% |  |  |
| Johnson Service Group PLC  | 46412 | 82677 |
| Professional Services - 0.3% |  |  |
| RELX PLC  | 1172 | 51798 |
| Trading Companies & Distributors - 0.9% |  |  |
| Diploma PLC  | 2255 | 166191 |
| TOTAL INDUSTRIALS |  | 300666 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Grainger PLC  | 17381 | 42789 |
| Utilities - 1.0% |  |  |
| Multi-Utilities - 1.0% |  |  |
| National Grid PLC  | 12300 | 184428 |
| TOTAL UNITED KINGDOM |  | 1923742 |
| UNITED STATES - 5.7%  |  |  |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Alcon AG  | 2205 | 163851 |
| Industrials - 3.7% |  |  |
| Electrical Equipment - 2.6% |  |  |
| Schneider Electric SE  | 1590 | 453039 |
| Trading Companies & Distributors - 1.1% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 806 | 198427 |
| TOTAL INDUSTRIALS |  | 651466 |
| Materials - 1.1% |  |  |
| Construction Materials - 1.1% |  |  |
| Holcim AG  | 2142 | 190426 |
| TOTAL UNITED STATES |  | 1005743 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,754,048) |  | <br> **16893089** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d)<br>(Cost $816,403)<br>| 4.18 | 816239 | **816403** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $13,570,451)<br>| <br>**17709492** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **69453** |
| **NET ASSETS - 100.0%** | **17778945** |

---

**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 $266,951 or 1.5% of net assets.

(c) Security 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 $266,951 or 1.5% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 245315 | 6598737 | 6027661 | 18195 | 12 | - | 816403 | 816239 | 0.0% |
| Total | 245315 | 6598737 | 6027661 | 18195 | 12 | - | 816403 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 630267 | 76852 | 553415 | - |
| Consumer Discretionary | 1553819 | 459161 | 1094658 | - |
| Consumer Staples | 820487 | 137283 | 683204 | - |
| Energy | 307008 | 307008 | - | - |
| Financials | 4849620 | 1420686 | 3428934 | - |
| Health Care | 1301027 | 716339 | 584688 | - |
| Industrials | 3389803 | 2337821 | 1051982 | - |
| Information Technology | 2420820 | 1379865 | 1040955 | - |
| Materials | 867413 | 303827 | 563586 | - |
| Real Estate | 141573 | 141573 | - | - |
| Utilities | 611252 | 147434 | 463818 | - |
|  **Money Market Funds** | 816403 | 816403 | - | - |
| **Total Investments in Securities:** | 17709492 | 8244252 | 9465240 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $12,754,048) | $16893089 |  |
| Fidelity Central Funds (cost $816,403) | 816403 |  |
| Total Investment in Securities (cost $13,570,451) |  | $17709492 |
| Cash |  | 1770 |
| Receivable for investments sold |  | 176375 |
| Receivable for fund shares sold |  | 160314 |
| Dividends receivable |  | 26640 |
| Reclaims receivable |  | 24415 |
| Distributions receivable from Fidelity Central Funds |  | 2135 |
| Prepaid expenses |  | 16 |
| Receivable from investment adviser for expense reductions |  | 2492 |
| **Total assets** |  | 18103649 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $257582 |  |
| Accrued management fee | 10891 |  |
| Distribution and service plan fees payable | 527 |  |
| Audit fee payable | 49348 |  |
| Other payables and accrued expenses | 6356 |  |
| **Total liabilities** |  | 324704 |
| **Net Assets**  |  | $17778945 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14056165 |
| Total accumulated earnings (loss) |  | 3722780 |
| **Net Assets** |  | $17778945 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($381,529 ÷ 32,805 shares)(a) |  | $11.63 |
| Maximum offering price per share (100/94.25 of $11.63) |  | $12.34 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($442,626 ÷ 38,171 shares)(a) |  | $11.60 |
| Maximum offering price per share (100/96.50 of $11.60) |  | $12.02 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($333,372 ÷ 28,914 shares)(a) |  | $11.53 |
| **Fidelity Sustainable International Equity Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,780,937 ÷ 1,354,296 shares) |  | $11.65 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($323,340 ÷ 27,746 shares) |  | $11.65 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($517,141 ÷ 44,257 shares) |  | $11.68 |
| *(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** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $331778 |
| Non-Cash dividends |  | 32353 |
| Income from Fidelity Central Funds  |  | 18195 |
| Income before foreign taxes withheld |  | $382326 |
| Less foreign taxes withheld |  | (33534) |
| **Total income** |  | 348792 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $108356 |  |
| Performance adjustment | (7601) |  |
| Distribution and service plan fees | 5375 |  |
| Custodian fees and expenses | 20289 |  |
| Independent trustees' fees and expenses | 49 |  |
| Registration fees | 84711 |  |
| Audit fees | 69718 |  |
| Legal | 9 |  |
| Miscellaneous | 392 |  |
| Total expenses before reductions | 281298 |  |
| Expense reductions | (136888) |  |
| Total expenses after reductions |  | 144410 |
| **Net Investment income (loss)** |  | 204382 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 209063 |  |
| Fidelity Central Funds | 12 |  |
| Foreign currency transactions | (216) |  |
| Total net realized gain (loss) |  | 208859 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2362802 |  |
| Assets and liabilities in foreign currencies | 999 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2363801 |
| **Net gain (loss)** |  | 2572660 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2777042 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $204382 | $134016 |
| &nbsp;&nbsp;Net realized gain (loss) | 208859<br>| (145407)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2363801 | 1874730<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2777042<br>| 1863339<br>|
| Distributions to shareholders | (205446)<br>| (119018)<br>|
| Share transactions - net increase (decrease) | 4460319<br>| 2209473<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7031915<br>| 3953794<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10747030 | 6793236<br>|
| &nbsp;&nbsp;End of period | $17778945 | $10747030 |

---

**Financial Highlights** 

**Fidelity Advisor® Sustainable International Equity Fund Class A**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.73 | $7.85 | $7.20 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .13  | .11  | .10  | .07  |
| Net realized and unrealized gain (loss)  | 1.92  | 1.89  | .58  | (2.87)  |
| Total from investment operations  | 2.05  | 2.00  | .68  | (2.80)  |
| Distributions from net investment income  | (.15)  | (.12)  | (.03)  | -  |
| Total distributions  | (.15)  | (.12)  | (.03)  | -  |
| Net asset value, end of period  | $11.63 | $9.73 | $7.85 | $7.20 |
| **Total Return** D,E,F | 21.41% <br>| 25.71%  | 9.43%  | (28.00)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 2.36%  | 3.09%  | 3.91%  | 7.77% I,J |
| Expenses net of fee waivers, if any  | 1.30% <br>| 1.30%  | 1.29%  | 1.30% I |
| Expenses net of all reductions, if any  | 1.29%  | 1.29%  | 1.29%  | 1.28% I |
| Net investment income (loss)  | 1.31%  | 1.20%  | 1.23%  | 1.18% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $382 | $304 | $353 | $185 |
| Portfolio turnover rate K | 49% <br>| 50%  | 36%  | 43% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees are not 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® Sustainable International Equity Fund Class M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.71 | $7.83 | $7.19 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .11  | .09  | .08  | .05  |
| Net realized and unrealized gain (loss)  | 1.92  | 1.89  | .57  | (2.86)  |
| Total from investment operations  | 2.03  | 1.98  | .65  | (2.81)  |
| Distributions from net investment income  | (.14)  | (.10)  | (.01)  | -  |
| Total distributions  | (.14)  | (.10)  | (.01)  | -  |
| Net asset value, end of period  | $11.60 | $9.71 | $7.83 | $7.19 |
| **Total Return** D,E,F | 21.15% <br>| 25.40%  | 9.08%  | (28.10)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 2.51%  | 3.06%  | 4.24%  | 8.02% I,J |
| Expenses net of fee waivers, if any  | 1.55% <br>| 1.55%  | 1.55%  | 1.55% J |
| Expenses net of all reductions, if any  | 1.54%  | 1.54%  | 1.54%  | 1.55% J |
| Net investment income (loss)  | 1.06%  | .95%  | .98%  | .91% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $443 | $270 | $196 | $180 |
| Portfolio turnover rate K | 49% <br>| 50%  | 36%  | 43% J |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees are not annualized.*

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® Sustainable International Equity Fund Class C**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.64 | $7.78 | $7.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .06  | .04  | .04  | .02  |
| Net realized and unrealized gain (loss)  | 1.91  | 1.87  | .58  | (2.86)  |
| Total from investment operations  | 1.97  | 1.91  | .62  | (2.84)  |
| Distributions from net investment income  | (.08)  | (.05)  | -  | -  |
| Total distributions  | (.08)  | (.05)  | -  | -  |
| Net asset value, end of period  | $11.53 | $9.64 | $7.78 | $7.16 |
| **Total Return** D,E,F | 20.61% <br>| 24.60%  | 8.66%  | (28.40)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 3.08%  | 3.53%  | 4.73%  | 8.51% I,J |
| Expenses net of fee waivers, if any  | 2.05% <br>| 2.05%  | 2.04%  | 2.05% J |
| Expenses net of all reductions, if any  | 2.04%  | 2.04%  | 2.04%  | 2.05% J |
| Net investment income (loss)  | .56%  | .45%  | .48%  | .41% J |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $333 | $260 | $194 | $179 |
| Portfolio turnover rate K | 49% <br>| 50%  | 36%  | 43% J |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*Total returns do not include the effect of the contingent deferred sales charge.*

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*Audit fees are not annualized.*

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® Sustainable International Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.75 | $7.87 | $7.21 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .16  | .14  | .12  | .08  |
| Net realized and unrealized gain (loss)  | 1.92  | 1.88  | .58  | (2.87)  |
| Total from investment operations  | 2.08  | 2.02  | .70  | (2.79)  |
| Distributions from net investment income  | (.18)  | (.14)  | (.04)  | -  |
| Total distributions  | (.18)  | (.14)  | (.04)  | -  |
| Net asset value, end of period  | $11.65 | $9.75 | $7.87 | $7.21 |
| **Total Return** D,E | 21.74% <br>| 25.98%  | 9.73%  | (27.90)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 2.06%  | 2.55%  | 3.72%  | 7.64% H,I |
| Expenses net of fee waivers, if any  | 1.05% <br>| 1.05%  | 1.04%  | 1.05% I |
| Expenses net of all reductions, if any  | 1.04%  | 1.04%  | 1.04%  | 1.01% I |
| Net investment income (loss)  | 1.56%  | 1.45%  | 1.48%  | 1.45% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $15781 | $9326 | $5563 | $3908 |
| Portfolio turnover rate J | 49% <br>| 50%  | 36%  | 43% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees 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.*

**Fidelity Advisor® Sustainable International Equity Fund Class I**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.75 | $7.87 | $7.21 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .16  | .14  | .12  | .08  |
| Net realized and unrealized gain (loss)  | 1.92  | 1.88  | .58  | (2.87)  |
| Total from investment operations  | 2.08  | 2.02  | .70  | (2.79)  |
| Distributions from net investment income  | (.18)  | (.14)  | (.04)  | -  |
| Total distributions  | (.18)  | (.14)  | (.04)  | -  |
| Net asset value, end of period  | $11.65 | $9.75 | $7.87 | $7.21 |
| **Total Return** D,E | 21.72% <br>| 25.98%  | 9.73%  | (27.90)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 2.10%  | 2.60%  | 3.74%  | 7.52% H,I |
| Expenses net of fee waivers, if any  | 1.05% <br>| 1.05%  | 1.04%  | 1.05% H |
| Expenses net of all reductions, if any  | 1.05%  | 1.04%  | 1.04%  | 1.03% H |
| Net investment income (loss)  | 1.56%  | 1.45%  | 1.48%  | 1.43% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $323 | $249 | $199 | $180 |
| Portfolio turnover rate J | 49% <br>| 50%  | 36%  | 43% H |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees are not 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® Sustainable International Equity Fund Class Z**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.79 | $7.89 | $7.22 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .18  | .15  | .14  | .09  |
| Net realized and unrealized gain (loss)  | 1.92  | 1.89  | .57  | (2.87)  |
| Total from investment operations  | 2.10  | 2.04  | .71  | (2.78)  |
| Distributions from net investment income  | (.21)  | (.14)  | (.04)  | -  |
| Total distributions  | (.21)  | (.14)  | (.04)  | -  |
| Net asset value, end of period  | $11.68 | $9.79 | $7.89 | $7.22 |
| **Total Return** D,E | 21.88% <br>| 26.18%  | 9.86%  | (27.80)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 2.12%  | 2.48%  | 3.56%  | 7.46% H,I |
| Expenses net of fee waivers, if any  | .90% <br>| .90%  | .89%  | .90% I |
| Expenses net of all reductions, if any  | .90%  | .89%  | .89%  | .90% I |
| Net investment income (loss)  | 1.71%  | 1.60%  | 1.63%  | 1.56% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $517 | $338 | $287 | $181 |
| Portfolio turnover rate J | 49% <br>| 50%  | 36%  | 43% I |

---

A*For the period February 10, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees 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.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable International Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 October 31, 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 reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4072052 |
| **Gross unrealized depreciation**  | <u>(311897)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3760155</u> |
| **Tax Cost**  | <u>$13949337</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$408349</u> |
| **Capital loss carryforward**  | <u>$(445647)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3760077</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(440940) |
| Long-term | <u>(4707)</u> |
| **Total capital loss carryforward** | <u>$(445647)</u> |

---

Due to large subscriptions in a prior period, approximately $166,045 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $74,614 of those capital losses per year to offset capital gains. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | <u>$205446</u> | <u>$119018</u> |
| **Total**  | <u>$205446</u> | <u>$119018</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 Sustainable International Equity Fund** | 10165155 | 6326475 |

---

**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** | .82 |
| **Class M** | .79 |
| **Class C** | .78 |
| **Fidelity Sustainable International Equity Fund** | .88 |
| **Class I** | .79 |
| **Class Z** | .73 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .82 |
| **Class M** | .79 |
| **Class C** | .78 |
| **Fidelity Sustainable International Equity Fund** | .81 |
| **Class I** | .79 |
| **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 Sustainable International Equity Fund** | MSCI EAFE Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable International Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.06)%.

**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% | 828 | 661 |
| **Class M** | .25% | .25% | 1724 | 1307 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2823</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2669</u> |
|  |  |  | <u>5375</u> | <u>4637</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** | 25 |
| **Class M** | <u>11</u> |
|  | &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>36</u> |

---

**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 Sustainable International Equity Fund** | 4 |

---

**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 Sustainable International Equity Fund** | 518523 | 605326 | (5461) |

---

**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 Sustainable International Equity Fund** | 17 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.30% | 3538 |
| **Class M** | 1.55% | 3321 |
| **Class C** | 2.05% | 2907 |
| **Fidelity Sustainable International Equity Fund** | 1.05% | 116456 |
| **Class I** | 1.05% | 2802 |
| **Class Z** | .90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7284</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>136308</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 $580.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable International Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $4752 | $5401 |
| Class M | 3796 | 2380 |
| Class C | 2180 | 1175 |
| Fidelity Sustainable International Equity Fund | 176943 | 101474 |
| Class I | 4626 | 3624 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13149</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4964</u> |
| Total  | <u>$205446</u> | <u>$119018</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** |
|  | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** | **Year ended** <br> **October 31, 2025**  | **Year ended**<br> **October 31, 2024** |
| **Fidelity Sustainable International Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1137 | 1441 | $10618 | $13785 |
| Reinvestment of distributions | 491 | 639 | 4752 | 5401 |
| Shares redeemed | <u>(81)</u> | <u>(15789)</u> | <u>(766)</u> | <u>(146263)</u> |
| Net increase (decrease) | <u>1547</u> | <u>(13709)</u> | <u>$14604</u> | <u>$(127077)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 9943 | 2507 | $92805 | $22745 |
| Reinvestment of distributions | 393 | 282 | 3796 | 2380 |
| Shares redeemed | <u>(3)</u> | <u>-</u> | <u>(38)</u> | <u>-</u> |
| Net increase (decrease) | <u>10333</u> | <u>2789</u> | <u>$96563</u> | <u>$25125</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1895 | 3893 | $19476 | $35587 |
| Reinvestment of distributions | 226 | 139 | 2180 | 1175 |
| Shares redeemed | <u>(121)</u> | <u>(2118)</u> | <u>(1201)</u> | <u>(21010)</u> |
| Net increase (decrease) | <u>2000</u> | <u>1914</u> | <u>$20455</u> | <u>$15752</u> |
| **Fidelity Sustainable International Equity Fund** |  |  |  |  |
| Shares sold | 706434 | 418526 | $7436128 | $3910879 |
| Reinvestment of distributions | 16573 | 10727 | 160261 | 90641 |
| Shares redeemed | <u>(325272)</u> | <u>(179394)</u> | <u>(3369841)</u> | <u>(1694395)</u> |
| Net increase (decrease) | <u>397735</u> | <u>249859</u> | <u>$4226548</u> | <u>$2307125</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1710 | - | $20006 | $- |
| Reinvestment of distributions | 478 | 429 | 4626 | 3624 |
| Shares redeemed | <u>(1)</u> | <u>(210)</u> | <u>(6)</u> | <u>(1824)</u> |
| Net increase (decrease) | <u>2187</u> | <u>219</u> | <u>$24626</u> | <u>$1800</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 29923 | 3678 | $296820 | $34253 |
| Reinvestment of distributions | 1158 | 424 | 11208 | 3594 |
| Shares redeemed | <u>(21380)</u> | <u>(5981)</u> | <u>(230505)</u> | <u>(51099)</u> |
| Net increase (decrease) | <u>9701</u> | <u>(1879)</u> | <u>$77523</u> | <u>$(13252)</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.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Fidelity Sustainable Multi-Asset Fund** |
| Fidelity Sustainable International Equity Fund | 43% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Sustainable International Equity Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Sustainable International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the three years in the period then ended and for the period from February 10, 2022 (commencement of operations) through October 31, 2022, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from February 10, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund designates $11,794 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 100%; Class M designates 100%; Class C designates 100%; Fidelity Sustainable International Equity Fund designates 97.67%; Class I designates 98.16%; Class Z designates 86.03% of the, dividends distributed in December respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Insert Fund Name** |  |  |  |
| Class A | 12/16/2024 | $0.1608 | $0.0176 |
| Class M | 12/16/2024 | $0.1457 | $0.0176 |
| Class C | 12/16/2024 | $0.0935 | $0.0176 |
| Fidelity Sustainable International Equity Fund | 12/16/2024 | $0.1893 | $0.0176 |
| Class I | 12/16/2024 | $0.1883 | $0.0176 |
| Class Z | 12/16/2024 | $0.2149 | $0.0176 |

---

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Sustainable International Equity Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). 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. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its total peer group median. The Board noted that, although total expenses ranked above the asset-sized peer group median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board 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.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.30%, 1.55%, 2.05%, 1.05%, 0.90%, and 1.05% through February 28, 2026.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

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 (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118417_4.jpg)<br>

1.9904429.103 SIC-ANN-1225

**Fidelity® SAI Sustainable Emerging Markets Equity Fund**

**Annual Report**

**October 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img118419_1.jpg)

![](img118419_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ESP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable Emerging Markets Equity Fund](#Sub_Sec_Fund_6548_ESP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6548_ESP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ESP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ESP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ESP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ESP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ESP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ESP-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 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 (Annual Report)**

**Fidelity® SAI Sustainable Emerging Markets Equity Fund**

**Schedule of Investments October 31, 2025**

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>|
| BRAZIL - 4.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Household Durables - 0.3% |  |  |
| Cury Construtora e Incorporadora SA  | 45110 | 292966 |
| Financials - 2.7% |  |  |
| Banks - 1.5% |  |  |
| Itau Unibanco Holding SA  | 118542 | 869023 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 26686 | 429911 |
|  |  | 1298934 |
| Capital Markets - 0.6% |  |  |
| Banco BTG Pactual SA unit  | 53558 | 486009 |
| Financial Services - 0.6% |  |  |
| StoneCo Ltd Class A (b) | 26427 | 502377 |
| TOTAL FINANCIALS |  | 2287320 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(c)(d) | 20966 | 121899 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.2% |  |  |
| Localiza Rent a Car SA  | 25642 | 187980 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Gerdau SA ADR  | 124834 | 435671 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Centrais Eletricas Brasileiras SA  | 42169 | 436743 |
| TOTAL BRAZIL |  | 3762579 |
| CHILE - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Antofagasta PLC  | 8905 | 326388 |
| CHINA - 29.2%  |  |  |
| Communication Services - 7.4% |  |  |
| Entertainment - 0.6% |  |  |
| NetEase Cloud Music Inc (b)(c)(d) | 3962 | 122777 |
| Netease Inc ADR  | 1669 | 233827 |
| Tencent Music Entertainment Group Class A ADR  | 7161 | 159834 |
|  |  | 516438 |
| Interactive Media & Services - 6.8% |  |  |
| Kuaishou Technology B Shares (c)(d) | 37834 | 352265 |
| Tencent Holdings Ltd  | 67756 | 5503668 |
|  |  | 5855933 |
| TOTAL COMMUNICATION SERVICES |  | 6372371 |
| Consumer Discretionary - 8.5% |  |  |
| Automobile Components - 0.8% |  |  |
| Hesai Group ADR (b) | 15572 | 369524 |
| Minth Group Ltd  | 32551 | 144269 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China)  | 29648 | 181744 |
|  |  | 695537 |
| Automobiles - 0.8% |  |  |
| BYD Co Ltd H Shares  | 54050 | 699748 |
| Broadline Retail - 5.6% |  |  |
| Alibaba Group Holding Ltd  | 173957 | 3701588 |
| Alibaba Group Holding Ltd ADR  | 1734 | 295526 |
| JD.com Inc ADR  | 3378 | 111609 |
| PDD Holdings Inc Class A ADR (b) | 5567 | 750821 |
|  |  | 4859544 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| H World Group Ltd ADR  | 11054 | 426684 |
| Luckin Coffee Inc ADR (b) | 1800 | 72180 |
| Trip.com Group Ltd ADR  | 6603 | 466503 |
|  |  | 965367 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Laopu Gold Co Ltd H Shares  | 1598 | 140766 |
| TOTAL CONSUMER DISCRETIONARY |  | 7360962 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.6% |  |  |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 6039 | 237575 |
| Kweichow Moutai Co Ltd A Shares (China)  | 1432 | 287714 |
|  |  | 525289 |
| Financials - 5.3% |  |  |
| Banks - 2.7% |  |  |
| China Construction Bank Corp H Shares  | 1865767 | 1847188 |
| China Merchants Bank Co Ltd H Shares  | 26761 | 167511 |
| Industrial & Commercial Bank of China Ltd H Shares  | 454948 | 352457 |
|  |  | 2367156 |
| Insurance - 2.6% |  |  |
| China Life Insurance Co Ltd H Shares  | 130065 | 410421 |
| China Pacific Insurance Group Co Ltd H Shares  | 39392 | 159686 |
| PICC Property & Casualty Co Ltd H Shares  | 273860 | 647067 |
| Ping An Insurance Group Co of China Ltd H Shares  | 144027 | 1040499 |
|  |  | 2257673 |
| TOTAL FINANCIALS |  | 4624829 |
| Health Care - 2.1% |  |  |
| Biotechnology - 0.2% |  |  |
| Innovent Biologics Inc (b)(c)(d) | 12840 | 143758 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Shanghai Conant Optical Co Ltd H Shares  | 12665 | 73377 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 51063 | 713649 |
| Pharmaceuticals - 1.0% |  |  |
| Consun Pharmaceutical Group Ltd  | 132353 | 256001 |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 132191 | 606300 |
|  |  | 862301 |
| TOTAL HEALTH CARE |  | 1793085 |
| Industrials - 2.4% |  |  |
| Electrical Equipment - 0.9% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 11007 | 601230 |
| Sieyuan Electric Co Ltd A Shares (China)  | 9500 | 175320 |
|  |  | 776550 |
| Ground Transportation - 0.2% |  |  |
| Full Truck Alliance Co Ltd ADR  | 13561 | 176292 |
| Machinery - 1.3% |  |  |
| Huaming Power Equipment Co Ltd A Shares (China)  | 114255 | 418981 |
| UBTech Robotics Corp Ltd H Shares (b) | 19410 | 343960 |
| Zhejiang Sanhua Intelligent Controls Co Ltd H Shares  | 62401 | 328285 |
|  |  | 1091226 |
| TOTAL INDUSTRIALS |  | 2044068 |
| Information Technology - 2.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 24467 | 216571 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Daqo New Energy Corp ADR (b) | 14159 | 462433 |
| Montage Technology Co Ltd A Shares (China)  | 16416 | 314370 |
|  |  | 776803 |
| Software - 0.7% |  |  |
| Pony AI Inc ADR (b) | 33245 | 621017 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 92229 | 511678 |
| TOTAL INFORMATION TECHNOLOGY |  | 2126069 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 76465 | 317253 |
| TOTAL CHINA |  | 25163926 |
| GREECE - 1.9%  |  |  |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| Alpha Bank SA  | 108221 | 424119 |
| Eurobank Ergasias Services and Holdings SA  | 135672 | 510344 |
| National Bank of Greece SA  | 47267 | 694378 |
| TOTAL GREECE |  | 1628841 |
| HONG KONG - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Futu Holdings Ltd Class A ADR  | 4639 | 923347 |
| HUNGARY - 1.2%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| OTP Bank Nyrt  | 9433 | 899724 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Richter Gedeon Nyrt  | 5848 | 180250 |
| TOTAL HUNGARY |  | 1079974 |
| INDIA - 10.3%  |  |  |
| Communication Services - 1.3% |  |  |
| Wireless Telecommunication Services - 1.3% |  |  |
| Bharti Airtel Ltd  | 50122 | 1160093 |
| Consumer Discretionary - 1.3% |  |  |
| Automobiles - 0.4% |  |  |
| Mahindra & Mahindra Ltd  | 8841 | 347325 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Eternal Ltd (b) | 212930 | 762221 |
| TOTAL CONSUMER DISCRETIONARY |  | 1109546 |
| Energy - 1.8% |  |  |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Reliance Industries Ltd  | 78434 | 1313404 |
| Reliance Industries Ltd GDR (c) | 3258 | 216005 |
|  |  | 1529409 |
| Financials - 4.0% |  |  |
| Banks - 2.7% |  |  |
| Axis Bank Ltd  | 14063 | 195312 |
| HDFC Bank Ltd/Gandhinagar  | 96782 | 1076471 |
| HDFC Bank Ltd/Gandhinagar ADR  | 9074 | 328660 |
| ICICI Bank Ltd  | 50006 | 757776 |
|  |  | 2358219 |
| Capital Markets - 0.3% |  |  |
| HDFC Asset Management Co Ltd (c)(d) | 4122 | 249786 |
| Consumer Finance - 0.6% |  |  |
| Bajaj Finance Ltd  | 42367 | 497722 |
| Insurance - 0.4% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 28339 | 233650 |
| SBI Life Insurance Co Ltd (c)(d) | 4742 | 104477 |
|  |  | 338127 |
| TOTAL FINANCIALS |  | 3443854 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Max Healthcare Institute Ltd  | 9768 | 126308 |
| Pharmaceuticals - 0.1% |  |  |
| Mankind Pharma Ltd  | 3825 | 102729 |
| TOTAL HEALTH CARE |  | 229037 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Hindustan Aeronautics Ltd (d) | 4653 | 245312 |
| Construction & Engineering - 0.9% |  |  |
| Larsen & Toubro Ltd  | 18021 | 818350 |
| Passenger Airlines - 0.5% |  |  |
| InterGlobe Aviation Ltd (c)(d) | 6349 | 402333 |
| TOTAL INDUSTRIALS |  | 1465995 |
| TOTAL INDIA |  | 8937934 |
| INDONESIA - 2.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telkom Indonesia Persero Tbk PT  | 426308 | 82463 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 3057414 | 369537 |
| Financials - 2.4% |  |  |
| Banks - 2.4% |  |  |
| Bank Central Asia Tbk PT  | 1924742 | 985453 |
| Bank Rakyat Indonesia Persero Tbk PT  | 2305069 | 551419 |
| Bank Syariah Indonesia Tbk PT  | 3507304 | 537800 |
|  |  | 2074672 |
| TOTAL INDONESIA |  | 2526672 |
| KOREA (SOUTH) - 11.6%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| KT Corp  | 7339 | 251998 |
| Interactive Media & Services - 1.0% |  |  |
| Kakao Corp  | 11693 | 532594 |
| NAVER Corp  | 1749 | 327342 |
|  |  | 859936 |
| TOTAL COMMUNICATION SERVICES |  | 1111934 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 0.1% |  |  |
| Hyundai Mobis Co Ltd  | 486 | 107451 |
| Automobiles - 0.7% |  |  |
| Hyundai Motor Co  | 1488 | 301919 |
| Kia Corp  | 3427 | 287490 |
|  |  | 589409 |
| Broadline Retail - 0.2% |  |  |
| Coupang Inc Class A (b) | 5825 | 186225 |
| TOTAL CONSUMER DISCRETIONARY |  | 883085 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KB Financial Group Inc  | 3715 | 302312 |
| Shinhan Financial Group Co Ltd  | 3562 | 182376 |
| Woori Financial Group Inc  | 14859 | 264066 |
|  |  | 748754 |
| Insurance - 0.0% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 51 | 15754 |
| TOTAL FINANCIALS |  | 764508 |
| Health Care - 0.6% |  |  |
| Life Sciences Tools & Services - 0.6% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(e) | 566 | 483526 |
| Information Technology - 7.8% |  |  |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| SK Hynix Inc  | 6896 | 2697105 |
| Technology Hardware, Storage & Peripherals - 4.7% |  |  |
| Samsung Electronics Co Ltd  | 53900 | 4054021 |
| TOTAL INFORMATION TECHNOLOGY |  | 6751126 |
| TOTAL KOREA (SOUTH) |  | 9994179 |
| MALAYSIA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| CIMB Group Holdings Bhd  | 161553 | 281599 |
| MEXICO - 2.2%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.1% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 1342 | 126631 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 49954 | 165147 |
| TOTAL CONSUMER STAPLES |  | 291778 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 77324 | 727729 |
| Regional SAB de CV  | 17238 | 128330 |
|  |  | 856059 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Genomma Lab Internacional SAB de CV  | 296951 | 290582 |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 17111 | 210856 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 9277 | 281742 |
| TOTAL MEXICO |  | 1931017 |
| PERU - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Credicorp Ltd  | 2948 | 769428 |
| PHILIPPINES - 0.6%  |  |  |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| International Container Terminal Services Inc  | 49794 | 449515 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 230028 | 77970 |
| TOTAL PHILIPPINES |  | 527485 |
| POLAND - 0.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Allegro.eu SA (b)(c)(d) | 15589 | 145632 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 14151 | 290071 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Benefit Systems SA (b) | 205 | 174025 |
| TOTAL POLAND |  | 609728 |
| SAUDI ARABIA - 1.4%  |  |  |
| Financials - 1.4% |  |  |
| Banks - 1.4% |  |  |
| Al Rajhi Bank  | 27582 | 777383 |
| Saudi National Bank/The  | 43387 | 461369 |
| TOTAL SAUDI ARABIA |  | 1238752 |
| SINGAPORE - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Sea Ltd Class A ADR (b) | 2486 | 388438 |
| SOUTH AFRICA - 3.5%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.3% |  |  |
| Naspers Ltd Class N  | 15643 | 1098703 |
| Specialty Retail - 0.3% |  |  |
| Pepkor Holdings Ltd (c)(d) | 201151 | 306294 |
| TOTAL CONSUMER DISCRETIONARY |  | 1404997 |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Shoprite Holdings Ltd  | 29994 | 501789 |
| Financials - 1.0% |  |  |
| Banks - 0.6% |  |  |
| Capitec Bank Holdings Ltd  | 1791 | 395913 |
| Standard Bank Group Ltd  | 10190 | 149616 |
|  |  | 545529 |
| Financial Services - 0.4% |  |  |
| FirstRand Ltd  | 71993 | 341455 |
| TOTAL FINANCIALS |  | 886984 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Valterra Platinum Ltd  | 3654 | 225997 |
| TOTAL SOUTH AFRICA |  | 3019767 |
| TAIWAN - 20.3%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| E.Sun Financial Holding Co Ltd  | 157199 | 151948 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Hiwin Technologies Corp  | 24324 | 176633 |
| Information Technology - 19.9% |  |  |
| Electronic Equipment, Instruments & Components - 4.7% |  |  |
| Chroma ATE Inc  | 27286 | 726078 |
| Delta Electronics Inc  | 39605 | 1280362 |
| Elite Material Co Ltd  | 11509 | 508553 |
| Hon Hai Precision Industry Co Ltd  | 109322 | 914628 |
| Unimicron Technology Corp  | 63680 | 338283 |
| Yageo Corp  | 42369 | 342773 |
|  |  | 4110677 |
| Semiconductors & Semiconductor Equipment - 14.7% |  |  |
| MediaTek Inc  | 23647 | 1006484 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 240889 | 11635313 |
|  |  | 12641797 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| AURAS Technology Co Ltd  | 7637 | 261779 |
| Wiwynn Corp  | 948 | 134447 |
|  |  | 396226 |
| TOTAL INFORMATION TECHNOLOGY |  | 17148700 |
| TOTAL TAIWAN |  | 17477281 |
| THAILAND - 1.3%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Kasikornbank PCL  | 41917 | 241207 |
| SCB X PCL  | 52745 | 213193 |
|  |  | 454400 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Bumrungrad Hospital Pcl  | 22106 | 117317 |
| Industrials - 0.7% |  |  |
| Transportation Infrastructure - 0.7% |  |  |
| Airports of Thailand PCL  | 449094 | 571587 |
| TOTAL THAILAND |  | 1143304 |
| UNITED ARAB EMIRATES - 0.8%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| ADNOC Drilling Co PJSC  | 229950 | 349344 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 27708 | 108781 |
| First Abu Dhabi Bank PJSC  | 44962 | 213490 |
|  |  | 322271 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Emaar Properties PJSC  | 8303 | 32100 |
| TOTAL UNITED ARAB EMIRATES |  | 703715 |
| UNITED KINGDOM - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglogold Ashanti Plc  | 8105 | 551140 |
| UNITED STATES - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BeOne Medicines Ltd H Shares (b) | 14729 | 352182 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $63,387,383) |  | <br> **83337676** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/29/2026 (g) | 3.83 | 20000 | 19820 |
| US Treasury Bills 0% 11/20/2025 (g) | 4.14 | 20000 | 19963 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $39,769) |  |  | **39783** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h)<br>(Cost $3,549,496)<br>| 4.18 | 3548786 | **3549496** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $66,976,648)<br>| <br>**86926955** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(367502)** |
| **NET ASSETS - 100.0%** | **86559453** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 12 | 12/19/2025 | 844560 | 31371 | 31371 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(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 $4,714,029 or 5.4% of net assets.

(d) Security 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 $4,743,336 or 5.5% of net assets.

(e) Level 3 security.

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $39,783.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 1716024 | 34517566 | 32684063 | 161184 | (31) | - | 3549496 | 3548786 | 0.0% |
| Total | 1716024 | 34517566 | 32684063 | 161184 | (31) | - | 3549496 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 8726861 | 2888732 | 5838129 | - |
| Consumer Discretionary | 11585626 | 6785335 | 4800291 | - |
| Consumer Staples | 1688393 | 1688393 | - | - |
| Energy | 1878753 | 1878753 | - | - |
| Financials | 21898607 | 15721240 | 6177367 | - |
| Health Care | 3567878 | 3084352 | - | 483526 |
| Industrials | 5280659 | 5280659 | - | - |
| Information Technology | 26025895 | 13878904 | 12146991 | - |
| Materials | 1856449 | 1630452 | 225997 | - |
| Real Estate | 391812 | 391812 | - | - |
| Utilities | 436743 | 436743 | - | - |
|  **U.S. Treasury Obligations** | 39783 | - | 39783 | - |
|  **Money Market Funds** | 3549496 | 3549496 | - | - |
| **Total Investments in Securities:** | 86926955 | 57214871 | 29228558 | 483526 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 31371 | 31371 | - | - |
| Total Assets | 31371 | 31371 | - | - |
| **Total Derivative Instruments:** | 31371 | 31371 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 31371 | - |
| **Total Equity Risk**  | 31371 | - |
| **Total Value of Derivatives** | 31371 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $63,427,152) | $83377459 |  |
| Fidelity Central Funds (cost $3,549,496) | 3549496 |  |
| Total Investment in Securities (cost $66,976,648) |  | $86926955 |
| Foreign currency held at value (cost $2,644) |  | 2642 |
| Receivable for investments sold |  | 227703 |
| Receivable for fund shares sold |  | 170226 |
| Dividends receivable |  | 15293 |
| Distributions receivable from Fidelity Central Funds |  | 14496 |
| Prepaid expenses |  | 73 |
| Receivable from investment adviser for expense reductions |  | 5570 |
| Other receivables |  | 22719 |
| **Total assets** |  | 87385677 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $505250 |  |
| Payable for fund shares redeemed | 10232 |  |
| Accrued management fee | 52092 |  |
| Payable for daily variation margin on futures contracts | 1980 |  |
| Deferred taxes | 186746 |  |
| Audit fee payable | 42546 |  |
| Other payables and accrued expenses | 27378 |  |
| **Total liabilities** |  | 826224 |
| **Net Assets**  |  | $86559453 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $65253077 |
| Total accumulated earnings (loss) |  | 21306376 |
| **Net Assets** |  | $86559453 |
| **Net Asset Value**, offering price and redemption price per share ($86,559,453 ÷ 6,324,496 shares) |  | $13.69 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1310075 |
| Interest  |  | 4381 |
| Income from Fidelity Central Funds  |  | 161184 |
| Income before foreign taxes withheld |  | $1475640 |
| Less foreign taxes withheld |  | (149914) |
| **Total income** |  | 1325726 |
| **Expenses** |  |  |
| Management fee | $438775 |  |
| Custodian fees and expenses | 71897 |  |
| Independent trustees' fees and expenses | 205 |  |
| Registration fees | 24332 |  |
| Audit fees | 84605 |  |
| Legal | 852 |  |
| Miscellaneous | 239 |  |
| Total expenses before reductions | 620905 |  |
| Expense reductions | (60541) |  |
| Total expenses after reductions |  | 560364 |
| **Net Investment income (loss)** |  | 765362 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 984066 |  |
| Fidelity Central Funds | (31) |  |
| Foreign currency transactions | (72900) |  |
| Futures contracts | 383581 |  |
| Total net realized gain (loss) |  | 1294716 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $111,630)  | 17010731 |  |
| Assets and liabilities in foreign currencies | (347) |  |
| Futures contracts | 31336 |  |
| Total change in net unrealized appreciation (depreciation) |  | 17041720 |
| **Net gain (loss)** |  | 18336436 |
| **Net increase (decrease) in net assets resulting from operations** |  | $19101798 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $765362 | $401399 |
| &nbsp;&nbsp;Net realized gain (loss) | 1294716<br>| 407845<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 17041720 | 2918247<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 19101798<br>| 3727491<br>|
| Distributions to shareholders | (796210)<br>| (102380)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 51105507 | 37001595 |
| Reinvestment of distributions | 681926<br>| 89859<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (22324169) | (8183308) |
| **Net increase (decrease) in net assets resulting from share transactions** | 29463264<br>| 28908146<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 47768852<br>| 32533257<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 38790601 | 6257344<br>|
| &nbsp;&nbsp;End of period | $86559453 | $38790601 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4631437 | 3702863 |
| Issued in reinvestment of distributions | 66400<br>| 9810<br>|
| &nbsp;&nbsp;Redeemed | (2029443) | (787099) |
| &nbsp;&nbsp;Net increase (decrease) | 2668394 | 2925574 |

---

**Financial Highlights** 

**Fidelity® SAI Sustainable Emerging Markets Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.61 | $8.57 | $7.60 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .15  | .17  | .15  | .06  |
| Net realized and unrealized gain (loss)  | 3.12  | 1.97  | .90  | (2.46)  |
| Total from investment operations  | 3.27  | 2.14  | 1.05  | (2.40)  |
| Distributions from net investment income  | (.11)  | (.10)  | (.08)  | -  |
| Distributions from net realized gain  | (.08)  | -  | -  | -  |
| Total distributions  | (.19)  | (.10)  | (.08)  | -  |
| Net asset value, end of period  | $13.69 | $10.61 | $8.57 | $7.60 |
| **Total Return** D,E | 31.42% <br>| 25.12%  | 13.74%  | (24.00)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 1.05%  | 1.58%  | 4.99%  | 6.38% H,I |
| Expenses net of fee waivers, if any  | .95% <br>| .95%  | .94%  | .96% H |
| Expenses net of all reductions, if any  | .95%  | .95%  | .93%  | .96% H |
| Net investment income (loss)  | 1.30%  | 1.67%  | 1.65%  | 1.27% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $86559 | $38791 | $6257 | $1772 |
| Portfolio turnover rate J | 95% <br>| 103%  | 87%  | 74% H |

---

A*For the period April 14, 2022 (commencement of operations) through October 31, 2022.*

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*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*Audit fees are not 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**

For the period ended October 31, 2025

**1. Organization.**

Fidelity SAI Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to future contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $20322817 |
| **Gross unrealized depreciation**  | <u>(985868)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$19336949</u> |
| **Tax Cost**  | <u>$67590006</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1671486</u> |
| **Undistributed long-term capital gain**  | <u>$485904</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$19335731</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $578300 | $102380 |
| **Long-term Capital Gains**  | <u>217910</u> | <u>-</u> |
| **Total**  | <u>$796210</u> | <u>$102380</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 futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Sustainable Emerging Markets Equity Fund** | 80318135 | 52153765 |

---

**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 that is based on an annual rate of .748% of the Fund's average net assets.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable Emerging Markets Equity Fund** | 60 |

---

**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 SAI Sustainable Emerging Markets Equity Fund** | 1693985 | 874231 | 40962 |

---

**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 SAI Sustainable Emerging Markets Equity Fund** | 73 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $60,370.

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 $171.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI Sustainable Emerging Markets Equity Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI Sustainable Emerging Markets Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the three years in the period then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $487,533, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $66,705 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 1% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 63.08% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1197 and $0.0291 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity SAI Sustainable Emerging Markets Equity Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a flat management fee. In its review of the fund's management fee and total expense ratio, the Board considered the fund's effective fee rate from March 2024 to September 2024, as well as other fund expenses. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the period ended September 30, 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.95% through February 28, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118419_4.jpg)<br>

1.9905647.103 ESP-ANN-1225

**Fidelity® SAI International SMA Completion Fund**

**Annual Report**

**October 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img118380_1.jpg)

![](img118380_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ISM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International SMA Completion Fund](#Sub_Sec_Fund_3358_ISM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3358_ISM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ISM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ISM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ISM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ISM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ISM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ISM-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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 (Annual Report)**

**Fidelity® SAI International SMA Completion Fund**

**Schedule of Investments October 31, 2025**

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 - 2.6%  |  |  |
| Consumer Discretionary - 2.6% |  |  |
| Hotels, Restaurants & Leisure - 2.6% |  |  |
| Aristocrat Leisure Ltd  | 880102 | 36480144 |
| BELGIUM - 2.6%  |  |  |
| Health Care - 2.6% |  |  |
| Pharmaceuticals - 2.6% |  |  |
| UCB SA  | 141681 | 36336165 |
| CANADA - 4.9%  |  |  |
| Consumer Discretionary - 2.1% |  |  |
| Broadline Retail - 2.1% |  |  |
| Dollarama Inc  | 225700 | 29337540 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| MEG Energy Corp  | 466000 | 9861238 |
| Information Technology - 2.1% |  |  |
| Software - 2.1% |  |  |
| Constellation Software Inc/Canada  | 11359 | 29893393 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 10836 | 1 |
|  |  | 29893394 |
| TOTAL CANADA |  | 69092172 |
| CHILE - 2.8%  |  |  |
| Materials - 2.8% |  |  |
| Metals & Mining - 2.8% |  |  |
| Antofagasta PLC  | 1082726 | 39684322 |
| FRANCE - 3.7%  |  |  |
| Financials - 1.2% |  |  |
| Capital Markets - 1.2% |  |  |
| Amundi SA (c)(d) | 222597 | 16497864 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Thales SA  | 123439 | 35198991 |
| TOTAL FRANCE |  | 51696855 |
| GERMANY - 13.6%  |  |  |
| Financials - 4.8% |  |  |
| Banks - 2.0% |  |  |
| Commerzbank AG  | 795349 | 28887077 |
| Insurance - 2.8% |  |  |
| Hannover Rueck SE  | 136463 | 38914555 |
| TOTAL FINANCIALS |  | 67801632 |
| Health Care - 4.8% |  |  |
| Health Care Providers & Services - 4.8% |  |  |
| Fresenius SE & Co KGaA  | 1156083 | 66654605 |
| Materials - 4.0% |  |  |
| Construction Materials - 4.0% |  |  |
| Heidelberg Materials AG  | 242096 | 56796613 |
| TOTAL GERMANY |  | 191252850 |
| IRELAND - 2.4%  |  |  |
| Industrials - 2.4% |  |  |
| Building Products - 2.4% |  |  |
| Kingspan Group PLC  | 443175 | 33152586 |
| ITALY - 4.4%  |  |  |
| Consumer Staples - 1.1% |  |  |
| Beverages - 1.1% |  |  |
| Coca-Cola HBC AG  | 347500 | 15767881 |
| Financials - 1.5% |  |  |
| Banks - 1.5% |  |  |
| FinecoBank Banca Fineco SpA  | 945802 | 21596440 |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 211713 | 12567596 |
| Industrials - 0.9% |  |  |
| Machinery - 0.9% |  |  |
| Interpump Group SpA  | 238800 | 12303801 |
| TOTAL ITALY |  | 62235718 |
| JAPAN - 31.2%  |  |  |
| Communication Services - 1.8% |  |  |
| Entertainment - 1.1% |  |  |
| Capcom Co Ltd  | 601472 | 15706309 |
| Media - 0.7% |  |  |
| CyberAgent Inc  | 1012500 | 10098063 |
| TOTAL COMMUNICATION SERVICES |  | 25804372 |
| Consumer Discretionary - 2.0% |  |  |
| Specialty Retail - 2.0% |  |  |
| Fast Retailing Co Ltd  | 76083 | 27931591 |
| Consumer Staples - 1.0% |  |  |
| Food Products - 1.0% |  |  |
| Ajinomoto Co Inc  | 514764 | 14606859 |
| Industrials - 20.7% |  |  |
| Machinery - 13.7% |  |  |
| Ebara Corp  | 1385636 | 37142705 |
| Japan Steel Works Ltd/The  | 366686 | 24126897 |
| Kawasaki Heavy Industries Ltd  | 309967 | 24940567 |
| Mitsubishi Heavy Industries Ltd  | 3511970 | 106025269 |
|  |  | 192235438 |
| Professional Services - 1.4% |  |  |
| BayCurrent Inc  | 423855 | 19431156 |
| Trading Companies & Distributors - 5.6% |  |  |
| ITOCHU Corp  | 1345789 | 77991315 |
| TOTAL INDUSTRIALS |  | 289657909 |
| Information Technology - 4.0% |  |  |
| IT Services - 0.0% |  |  |
| SCSK Corp  | 15022 | 552785 |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| Renesas Electronics Corp  | 4127930 | 50978176 |
| Software - 0.3% |  |  |
| Money Forward Inc (b) | 116000 | 3387191 |
| TOTAL INFORMATION TECHNOLOGY |  | 54918152 |
| Materials - 1.7% |  |  |
| Chemicals - 1.7% |  |  |
| Nippon Paint Holdings Co Ltd  | 2062115 | 13146635 |
| Nissan Chemical Corp  | 321288 | 10876384 |
|  |  | 24023019 |
| TOTAL JAPAN |  | 436941902 |
| KOREA (SOUTH) - 7.9%  |  |  |
| Information Technology - 7.9% |  |  |
| Semiconductors & Semiconductor Equipment - 5.1% |  |  |
| SK Hynix Inc  | 183050 | 71592957 |
| Technology Hardware, Storage & Peripherals - 2.8% |  |  |
| Samsung Electronics Co Ltd  | 518190 | 38975012 |
| TOTAL KOREA (SOUTH) |  | 110567969 |
| LUXEMBOURG - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| CVC Capital Partners PLC (c)(d) | 584161 | 9756598 |
| NETHERLANDS - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| BE Semiconductor Industries NV  | 110579 | 18812931 |
| PORTUGAL - 0.4%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Jeronimo Martins SGPS SA  | 223700 | 5760320 |
| SPAIN - 6.4%  |  |  |
| Financials - 6.4% |  |  |
| Banks - 6.4% |  |  |
| CaixaBank SA  | 8539797 | 90263503 |
| SWEDEN - 5.5%  |  |  |
| Financials - 4.5% |  |  |
| Financial Services - 4.5% |  |  |
| Investor AB B Shares  | 1915378 | 63215891 |
| Industrials - 1.0% |  |  |
| Machinery - 1.0% |  |  |
| Indutrade AB  | 501479 | 13407612 |
| TOTAL SWEDEN |  | 76623503 |
| SWITZERLAND - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| Partners Group Holding AG  | 11022 | 13455126 |
| UNITED KINGDOM - 5.8%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Leisure Products - 1.0% |  |  |
| Games Workshop Group PLC  | 65582 | 13724503 |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| Admiral Group PLC  | 263800 | 11353111 |
| Health Care - 2.2% |  |  |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Convatec Group PLC (c)(d) | 9606124 | 30816978 |
| Industrials - 1.8% |  |  |
| Professional Services - 1.0% |  |  |
| Intertek Group PLC  | 208688 | 13885871 |
| Trading Companies & Distributors - 0.8% |  |  |
| RS GROUP PLC  | 1569846 | 11476737 |
| TOTAL INDUSTRIALS |  | 25362608 |
| TOTAL UNITED KINGDOM |  | 81257200 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,023,211,002) |  | <br> **1363369864** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $39,427,463)<br>| 4.18 | 39419579 | **39427463** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,062,638,465)<br>| <br>**1402797327** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **279477** |
| **NET ASSETS - 100.0%** | **1403076804** |

---

**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 $57,071,440 or 4.1% of net assets.

(d) Security 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 $57,071,440 or 4.1% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 34225309 | 473315683 | 468112910 | 1662804 | (619) | - | 39427463 | 39419579 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 16668160 | 17744878 | 34413038 | 8977 | - | - | - | - | 0.0% |
| Total | 50893469 | 491060561 | 502525948 | 1671781 | (619) | - | 39427463 |  |  |

---

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 October 31, 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 | 25804372 | 10098063 | 15706309 | - |
| Consumer Discretionary | 107473778 | 79542187 | 27931591 | - |
| Consumer Staples | 36135060 | 36135060 | - | - |
| Energy | 9861238 | 9861238 | - | - |
| Financials | 293940165 | 203676662 | 90263503 | - |
| Health Care | 146375344 | 146375344 | - | - |
| Industrials | 409083507 | 267859247 | 141224260 | - |
| Information Technology | 214192446 | 163214269 | 50978176 | 1 |
| Materials | 120503954 | 63707341 | 56796613 | - |
|  **Money Market Funds** | 39427463 | 39427463 | - | - |
| **Total Investments in Securities:** | 1402797327 | 1019896874 | 382900452 | 1 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,023,211,002) | $1363369864 |  |
| Fidelity Central Funds (cost $39,427,463) | 39427463 |  |
| Total Investment in Securities (cost $1,062,638,465) |  | $1402797327 |
| Foreign currency held at value (cost $90,648) |  | 89388 |
| Receivable for investments sold |  | 39837337 |
| Receivable for fund shares sold |  | 1885356 |
| Dividends receivable |  | 2078684 |
| Reclaims receivable |  | 1397385 |
| Distributions receivable from Fidelity Central Funds |  | 85683 |
| Other receivables |  | 108042 |
| **Total assets** |  | 1448279202 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $44954159 |  |
| Payable for fund shares redeemed | 248239 |  |
| **Total liabilities** |  | 45202398 |
| **Net Assets**  |  | $1403076804 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1149539160 |
| Total accumulated earnings (loss) |  | 253537644 |
| **Net Assets** |  | $1403076804 |
| **Net Asset Value**, offering price and redemption price per share ($1,403,076,804 ÷ 94,680,007 shares) |  | $14.82 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $20091393 |
| Interest  |  | 9129 |
| Income from Fidelity Central Funds (including $8,977 from security lending)  |  | 1671781 |
| Income before foreign taxes withheld |  | $21772303 |
| Less foreign taxes withheld |  | (1426198) |
| **Total income** |  | 20346105 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $3832 |  |
| Total expenses before reductions | 3832 |  |
| Expense reductions | (143) |  |
| Total expenses after reductions |  | 3689 |
| **Net Investment income (loss)** |  | 20342416 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $2,228,263)  | 2804024 |  |
| Fidelity Central Funds | (619) |  |
| Foreign currency transactions | (93655) |  |
| Total net realized gain (loss) |  | 2709750 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,513,832)  | 220961062 |  |
| Assets and liabilities in foreign currencies | 43553 |  |
| Total change in net unrealized appreciation (depreciation) |  | 221004615 |
| **Net gain (loss)** |  | 223714365 |
| **Net increase (decrease) in net assets resulting from operations** |  | $244056781 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20342416 | $13256842 |
| &nbsp;&nbsp;Net realized gain (loss) | 2709750<br>| (22596088)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 221004615 | 133303625<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 244056781<br>| 123964379<br>|
| Distributions to shareholders | (20520649)<br>| (11534142)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 501932149 | 256386701 |
| Reinvestment of distributions | 5528019<br>| 3673934<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (136120783) | (92749910) |
| **Net increase (decrease) in net assets resulting from share transactions** | 371339385<br>| 167310725<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 594875517<br>| 279740962<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 808201287 | 528460325<br>|
| &nbsp;&nbsp;End of period | $1403076804 | $808201287 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 38714330 | 21593533 |
| Issued in reinvestment of distributions | 460669<br>| 332182<br>|
| &nbsp;&nbsp;Redeemed | (10789376) | (7904001) |
| &nbsp;&nbsp;Net increase (decrease) | 28385623 | 14021714 |

---

**Financial Highlights** 

**Fidelity® SAI International SMA Completion Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.11 | $9.61 | $15.46 | $12.38 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .23  | .25  | .18  | .19  |
| Net realized and unrealized gain (loss)  | 2.68  | 2.07  | .39  | (5.16)  | 3.01  |
| Total from investment operations  | 2.93  | 2.30  | .64  | (4.98)  | 3.20  |
| Distributions from net investment income  | (.30)  | (.22)  | (.14)  | (.16)  | (.12)  |
| Distributions from net realized gain  | -  | -  | -  | (.71)  | -  |
| Total distributions  | (.30)  | (.22)  | (.14)  | (.87)  | (.12)  |
| Net asset value, end of period  | $14.82 | $12.19 | $10.11 | $9.61 | $15.46 |
| **Total Return** C | 24.58% <br>| 22.95%  | 6.61%  | (34.09)%  | 26.03%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions F | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.93%  | 1.90%  | 2.36%  | 1.56%  | 1.30%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1403077 | $808201 | $528460 | $438707 | $583710 |
| Portfolio turnover rate G | 52% <br>| 33%  | 31%  | 40%  | 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*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount represents less than .005%.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity SAI International SMA Completion Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 October 31, 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. 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $359770488 |
| **Gross unrealized depreciation**  | <u>(37345300)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$322425188</u> |
| **Tax Cost**  | <u>$1080372139</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$23990075</u> |
| **Capital loss carryforward**  | <u>$(92846420)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$322393989</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(30150539) |
| Long-term | <u>(62695881)</u> |
| **Total capital loss carryforward** | <u>$(92846420)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $20520649 | $11534142 |

---

**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 SAI International SMA Completion Fund** | 892493616 | 527173392 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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 SAI International SMA Completion Fund** | 30012527 | 27293955 | 2602621 |

---

**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 SAI International SMA Completion Fund** | 956 | - | - |

---

**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 $143.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI International SMA Completion Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI International SMA Completion Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $1,457,255 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 59.95% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2928 and $0.239 for the dividend paid December 16, 2025.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity SAI International SMA Completion Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew that Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and considered the fund's underperformance for different time periods ended February 28, 2025. The Board noted that the fund is not publicly offered as a stand-alone investment product.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also considered that the fund is available through fee-based programs and products offered by Fidelity and that FMR is compensated for its services out of such fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with limited exceptions.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118380_4.jpg)<br>

1.9893098.106 ISM-ANN-1225

**Fidelity® SAI Sustainable International Equity Fund**

**Annual Report**

**October 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img118420_1.jpg)

![](img118420_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IEE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable International Equity Fund](#Sub_Sec_Fund_6549_IEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6549_IEE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IEE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IEE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IEE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IEE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IEE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IEE-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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 (Annual Report)**

**Fidelity® SAI Sustainable International Equity Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.1%** | &nbsp;&nbsp;**Common Stocks - 95.1%** | &nbsp;&nbsp;**Common Stocks - 95.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 4.1%  |  |  |
| Financials - 2.0% |  |  |
| Capital Markets - 1.1% |  |  |
| Macquarie Group Ltd  | 9411 | 1345809 |
| Insurance - 0.9% |  |  |
| QBE Insurance Group Ltd  | 80286 | 1042218 |
| TOTAL FINANCIALS |  | 2388027 |
| Industrials - 1.0% |  |  |
| Commercial Services & Supplies - 1.0% |  |  |
| Brambles Ltd  | 69330 | 1127715 |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| IperionX Ltd (a) | 283137 | 1259744 |
| TOTAL AUSTRALIA |  | 4775486 |
| AUSTRIA - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Construction Materials - 0.6% |  |  |
| Wienerberger AG  | 23668 | 702211 |
| BELGIUM - 2.8%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| KBC Group NV  | 8818 | 1059604 |
| Health Care - 1.9% |  |  |
| Pharmaceuticals - 1.9% |  |  |
| UCB SA  | 8768 | 2248682 |
| TOTAL BELGIUM |  | 3308286 |
| CANADA - 2.9%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Cameco Corp  | 19813 | 2024880 |
| Information Technology - 1.2% |  |  |
| IT Services - 1.2% |  |  |
| Shopify Inc Class A (a) | 7881 | 1370262 |
| TOTAL CANADA |  | 3395142 |
| DENMARK - 0.6%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Tryg A/S  | 12288 | 302887 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Novo Nordisk A/S Series B  | 8579 | 422359 |
| TOTAL DENMARK |  | 725246 |
| FINLAND - 0.5%  |  |  |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Fortum Oyj  | 25422 | 566714 |
| FRANCE - 8.9%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| Hermes International SCA  | 569 | 1409439 |
| Consumer Staples - 2.8% |  |  |
| Food Products - 2.1% |  |  |
| Danone SA  | 27282 | 2409455 |
| Personal Care Products - 0.7% |  |  |
| L'Oreal SA  | 2024 | 844638 |
| TOTAL CONSUMER STAPLES |  | 3254093 |
| Financials - 2.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Amundi SA (b)(c) | 15051 | 1115511 |
| Insurance - 2.0% |  |  |
| AXA SA  | 53275 | 2311518 |
| TOTAL FINANCIALS |  | 3427029 |
| Health Care - 1.2% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| EssilorLuxottica SA  | 3894 | 1424175 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Air Liquide SA  | 4697 | 909052 |
| TOTAL FRANCE |  | 10423788 |
| GERMANY - 8.9%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Specialty Retail - 1.0% |  |  |
| Auto1 Group SE (a) | 33276 | 1167544 |
| Financials - 2.1% |  |  |
| Capital Markets - 0.8% |  |  |
| Deutsche Boerse AG  | 3587 | 908373 |
| Insurance - 1.3% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 2454 | 1518275 |
| TOTAL FINANCIALS |  | 2426648 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Merck KGaA  | 9652 | 1264350 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 0.7% |  |  |
| Deutsche Post AG  | 18335 | 842427 |
| Industrial Conglomerates - 1.0% |  |  |
| Siemens AG  | 4035 | 1143508 |
| TOTAL INDUSTRIALS |  | 1985935 |
| Information Technology - 1.1% |  |  |
| Software - 1.1% |  |  |
| SAP SE  | 5126 | 1333132 |
| Materials - 1.3% |  |  |
| Construction Materials - 1.3% |  |  |
| Heidelberg Materials AG  | 6714 | 1575129 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Instone Real Estate Group SE (b)(c) | 68629 | 655782 |
| TOTAL GERMANY |  | 10408520 |
| HONG KONG - 1.6%  |  |  |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| AIA Group Ltd  | 193322 | 1881165 |
| INDIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 14549 | 526965 |
| IRELAND - 1.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Dalata Hotel Group PLC  | 30332 | 225156 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| Kerry Group PLC Class A  | 4452 | 405909 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| AIB Group PLC  | 65368 | 601641 |
| Industrials - 0.6% |  |  |
| Building Products - 0.6% |  |  |
| Kingspan Group PLC  | 9145 | 684111 |
| TOTAL IRELAND |  | 1916817 |
| ITALY - 4.4%  |  |  |
| Financials - 3.8% |  |  |
| Banks - 3.8% |  |  |
| Intesa Sanpaolo SpA  | 215790 | 1390841 |
| UniCredit SpA  | 41640 | 3083304 |
|  |  | 4474145 |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.6% |  |  |
| Prysmian SpA  | 6804 | 704425 |
| TOTAL ITALY |  | 5178570 |
| JAPAN - 21.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Wireless Telecommunication Services - 0.9% |  |  |
| SoftBank Group Corp  | 6158 | 1080536 |
| Consumer Discretionary - 4.9% |  |  |
| Broadline Retail - 0.5% |  |  |
| Pan Pacific International Holdings Corp  | 101562 | 604153 |
| Household Durables - 3.4% |  |  |
| Sony Group Corp  | 144620 | 4027607 |
| Specialty Retail - 1.0% |  |  |
| Fast Retailing Co Ltd  | 3177 | 1166340 |
| TOTAL CONSUMER DISCRETIONARY |  | 5798100 |
| Financials - 4.4% |  |  |
| Banks - 2.3% |  |  |
| Mizuho Financial Group Inc  | 17490 | 585836 |
| Sumitomo Mitsui Financial Group Inc  | 75510 | 2044343 |
|  |  | 2630179 |
| Financial Services - 1.5% |  |  |
| ORIX Corp  | 72783 | 1780421 |
| Insurance - 0.6% |  |  |
| Tokio Marine Holdings Inc  | 18986 | 708049 |
| TOTAL FINANCIALS |  | 5118649 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Chugai Pharmaceutical Co Ltd  | 1346 | 61603 |
| Industrials - 8.1% |  |  |
| Industrial Conglomerates - 4.8% |  |  |
| Hitachi Ltd  | 164097 | 5662630 |
| Trading Companies & Distributors - 3.3% |  |  |
| ITOCHU Corp  | 66790 | 3870622 |
| TOTAL INDUSTRIALS |  | 9533252 |
| Information Technology - 3.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Ibiden Co Ltd  | 19161 | 1817131 |
| IT Services - 0.6% |  |  |
| NEC Corp  | 19387 | 706743 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Advantest Corp  | 7397 | 1107670 |
| Disco Corp  | 1431 | 475211 |
|  |  | 1582881 |
| TOTAL INFORMATION TECHNOLOGY |  | 4106755 |
| TOTAL JAPAN |  | 25698895 |
| KOREA (SOUTH) - 1.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Webtoon Entertainment Inc (a) | 12100 | 212113 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| SK Hynix Inc  | 3371 | 1318437 |
| TOTAL KOREA (SOUTH) |  | 1530550 |
| NETHERLANDS - 6.8%  |  |  |
| Communication Services - 2.2% |  |  |
| Diversified Telecommunication Services - 2.1% |  |  |
| Koninklijke KPN NV  | 530424 | 2454518 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 5111 | 137087 |
| TOTAL COMMUNICATION SERVICES |  | 2591605 |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| ING Groep NV  | 98004 | 2447128 |
| Information Technology - 2.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| ASML Holding NV  | 2794 | 2956745 |
| TOTAL NETHERLANDS |  | 7995478 |
| NEW ZEALAND - 0.2%  |  |  |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Contact Energy Ltd  | 72126 | 384674 |
| PORTUGAL - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Banco Comercial Portugues SA  | 649718 | 573056 |
| SPAIN - 2.9%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Puig Brands SA Class B  | 2597 | 44572 |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Banco Santander SA  | 55642 | 566062 |
| CaixaBank SA  | 89285 | 943720 |
|  |  | 1509782 |
| Utilities - 1.6% |  |  |
| Electric Utilities - 1.6% |  |  |
| Iberdrola SA  | 91633 | 1857057 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 1657 | 24218 |
| TOTAL UTILITIES |  | 1881275 |
| TOTAL SPAIN |  | 3435629 |
| SWEDEN - 2.4%  |  |  |
| Financials - 1.1% |  |  |
| Financial Services - 1.1% |  |  |
| Investor AB B Shares  | 38949 | 1285489 |
| Industrials - 0.4% |  |  |
| Machinery - 0.4% |  |  |
| Indutrade AB  | 18684 | 499538 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Lagercrantz Group AB B Shares  | 41938 | 1030323 |
| TOTAL SWEDEN |  | 2815350 |
| SWITZERLAND - 1.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Cie Financiere Richemont SA Series A  | 2632 | 520625 |
| Industrials - 1.4% |  |  |
| Electrical Equipment - 1.4% |  |  |
| ABB Ltd  | 22170 | 1648285 |
| TOTAL SWITZERLAND |  | 2168910 |
| TAIWAN - 3.4%  |  |  |
| Information Technology - 3.4% |  |  |
| Semiconductors & Semiconductor Equipment - 3.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 82516 | 3985651 |
| UNITED KINGDOM - 10.9%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Compass Group PLC  | 28926 | 957446 |
| Household Durables - 0.2% |  |  |
| Bellway PLC  | 6888 | 237440 |
| TOTAL CONSUMER DISCRETIONARY |  | 1194886 |
| Consumer Staples - 1.5% |  |  |
| Food Products - 0.4% |  |  |
| Cranswick PLC  | 7086 | 459393 |
| Personal Care Products - 1.1% |  |  |
| Unilever PLC  | 21413 | 1284874 |
| TOTAL CONSUMER STAPLES |  | 1744267 |
| Financials - 3.7% |  |  |
| Banks - 0.6% |  |  |
| NatWest Group PLC  | 86924 | 669186 |
| Capital Markets - 2.2% |  |  |
| 3i Group PLC  | 27074 | 1566789 |
| London Stock Exchange Group PLC  | 7621 | 949778 |
|  |  | 2516567 |
| Insurance - 0.9% |  |  |
| Aviva PLC  | 116389 | 1022291 |
| TOTAL FINANCIALS |  | 4208044 |
| Health Care - 1.8% |  |  |
| Pharmaceuticals - 1.8% |  |  |
| Astrazeneca PLC  | 12903 | 2128332 |
| Industrials - 1.7% |  |  |
| Commercial Services & Supplies - 0.5% |  |  |
| Johnson Service Group PLC  | 308029 | 548716 |
| Professional Services - 0.3% |  |  |
| RELX PLC  | 7776 | 343671 |
| Trading Companies & Distributors - 0.9% |  |  |
| Diploma PLC  | 14959 | 1102457 |
| TOTAL INDUSTRIALS |  | 1994844 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Grainger PLC  | 116200 | 286069 |
| Utilities - 1.0% |  |  |
| Multi-Utilities - 1.0% |  |  |
| National Grid PLC  | 81231 | 1217987 |
| TOTAL UNITED KINGDOM |  | 12774429 |
| UNITED STATES - 5.7%  |  |  |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Alcon AG  | 14621 | 1086468 |
| Industrials - 3.7% |  |  |
| Electrical Equipment - 2.6% |  |  |
| Schneider Electric SE  | 10554 | 3007151 |
| Trading Companies & Distributors - 1.1% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 5370 | 1322026 |
| TOTAL INDUSTRIALS |  | 4329177 |
| Materials - 1.1% |  |  |
| Construction Materials - 1.1% |  |  |
| Holcim AG  | 14147 | 1257686 |
| TOTAL UNITED STATES |  | 6673331 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $89,967,610) |  | <br> **111844863** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d)<br>(Cost $5,752,407)<br>| 4.18 | 5751257 | **5752407** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $95,720,017)<br>| <br>**117597270** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **3884** |
| **NET ASSETS - 100.0%** | **117601154** |

---

**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 $1,771,293 or 1.5% of net assets.

(c) Security 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 $1,771,293 or 1.5% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 2884419 | 39026318 | 36158433 | 124470 | 103 | - | 5752407 | 5751257 | 0.0% |
| Total | 2884419 | 39026318 | 36158433 | 124470 | 103 | - | 5752407 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 3884254 | 212113 | 3672141 | - |
| Consumer Discretionary | 10315750 | 3039579 | 7276171 | - |
| Consumer Staples | 5448841 | 909874 | 4538967 | - |
| Energy | 2024880 | 2024880 | - | - |
| Financials | 32230259 | 9441533 | 22788726 | - |
| Health Care | 8635969 | 4759325 | 3876644 | - |
| Industrials | 22507282 | 15522240 | 6985042 | - |
| Information Technology | 16101305 | 9199641 | 6901664 | - |
| Materials | 5703822 | 1961955 | 3741867 | - |
| Real Estate | 941851 | 941851 | - | - |
| Utilities | 4050650 | 975606 | 3075044 | - |
|  **Money Market Funds** | 5752407 | 5752407 | - | - |
| **Total Investments in Securities:** | 117597270 | 54741004 | 62856266 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $89,967,610) | $111844863 |  |
| Fidelity Central Funds (cost $5,752,407) | 5752407 |  |
| Total Investment in Securities (cost $95,720,017) |  | $117597270 |
| Receivable for investments sold |  | 1157598 |
| Receivable for fund shares sold |  | 362204 |
| Dividends receivable |  | 180565 |
| Reclaims receivable |  | 112057 |
| Distributions receivable from Fidelity Central Funds |  | 13818 |
| Prepaid expenses |  | 100 |
| **Total assets** |  | 119423612 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1697229 |  |
| Payable for fund shares redeemed | 12864 |  |
| Accrued management fee | 66383 |  |
| Other payables and accrued expenses | 45982 |  |
| **Total liabilities** |  | 1822458 |
| **Net Assets**  |  | $117601154 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $96798680 |
| Total accumulated earnings (loss) |  | 20802474 |
| **Net Assets** |  | $117601154 |
| **Net Asset Value**, offering price and redemption price per share ($117,601,154 ÷ 8,907,183 shares) |  | $13.20 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $2034714 |
| Non-Cash dividends |  | 216683 |
| Income from Fidelity Central Funds  |  | 124470 |
| Income before foreign taxes withheld |  | $2375867 |
| Less foreign taxes withheld |  | (183687) |
| **Total income** |  | 2192180 |
| **Expenses** |  |  |
| Management fee | $539929 |  |
| Custodian fees and expenses | 28444 |  |
| Independent trustees' fees and expenses | 295 |  |
| Registration fees | 26988 |  |
| Audit fees | 53611 |  |
| Legal | 53 |  |
| Miscellaneous | 436 |  |
| Total expenses before reductions | 649756 |  |
| Expense reductions | (22051) |  |
| Total expenses after reductions |  | 627705 |
| **Net Investment income (loss)** |  | 1564475 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1323628) |  |
| Fidelity Central Funds | 103 |  |
| Foreign currency transactions | (14443) |  |
| Total net realized gain (loss) |  | (1337968) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17793384 |  |
| Assets and liabilities in foreign currencies | 1412 |  |
| Total change in net unrealized appreciation (depreciation) |  | 17794796 |
| **Net gain (loss)** |  | 16456828 |
| **Net increase (decrease) in net assets resulting from operations** |  | $18021303 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1564475 | $655049 |
| &nbsp;&nbsp;Net realized gain (loss) | (1337968)<br>| (633543)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 17794796 | 4414561<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 18021303<br>| 4436067<br>|
| Distributions to shareholders | (898412)<br>| (117788)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 65416892 | 52460375 |
| Reinvestment of distributions | 748216<br>| 98381<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (24938317) | (7330520) |
| **Net increase (decrease) in net assets resulting from share transactions** | 41226791<br>| 45228236<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 58349682<br>| 49546515<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 59251472 | 9704957<br>|
| &nbsp;&nbsp;End of period | $117601154 | $59251472 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5673048 | 4968846 |
| Issued in reinvestment of distributions | 68455<br>| 10323<br>|
| &nbsp;&nbsp;Redeemed | (2232437) | (681881) |
| &nbsp;&nbsp;Net increase (decrease) | 3509066 | 4297288 |

---

**Financial Highlights** 

**Fidelity® SAI Sustainable International Equity Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.98 | $8.82 | $8.06 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .22  | .20  | .17  | .08  |
| Net realized and unrealized gain (loss)  | 2.15  | 2.03  | .65  | (2.02)  |
| Total from investment operations  | 2.37  | 2.23  | .82  | (1.94)  |
| Distributions from net investment income  | (.15)  | (.07)  | (.06)  | -  |
| Total distributions  | (.15)  | (.07)  | (.06)  | -  |
| Net asset value, end of period  | $13.20 | $10.98 | $8.82 | $8.06 |
| **Total Return** D,E | 21.86% <br>| 25.43%  | 10.12%  | (19.40)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |
| Expenses before reductions  | .78%  | 1.03%  | 3.13%  | 5.78% H,I |
| Expenses net of fee waivers, if any  | .75% <br>| .75%  | .75%  | .75% H |
| Expenses net of all reductions, if any  | .75%  | .75%  | .73%  | .68% H |
| Net investment income (loss)  | 1.87%  | 1.84%  | 1.84%  | 1.79% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $117601 | $59251 | $9705 | $2186 |
| Portfolio turnover rate J | 42% <br>| 45%  | 27%  | 51% H |

---

A*For the period April 14, 2022 (commencement of operations) through October 31, 2022.*

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*Calculated based on average shares outstanding during the period.*

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*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*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*Annualized.*

I*Audit fees are not 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**

For the period ended October 31, 2025

**1. Organization.**

Fidelity SAI Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 October 31, 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 reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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**  | $21874501 |
| **Gross unrealized depreciation**  | <u>(2184642)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$19689859</u> |
| **Tax Cost**  | <u>$97907411</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2848035</u> |
| **Capital loss carryforward**  | <u>$(1730782)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$19685221</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(1730782) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(1730782)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $898412 | $117788 |

---

**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 SAI Sustainable International Equity Fund** | 72019694 | 33999733 |

---

**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 .648% of the Fund's average net assets.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable International Equity Fund** | 14 |

---

**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 SAI Sustainable International Equity Fund** | 4107992 | 537430 | 6425 |

---

**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 SAI Sustainable International Equity Fund** | 105 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $21,865.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $186.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI Sustainable International Equity Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI Sustainable International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the three years in the period then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 15, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $66,153 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 1% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 90.22% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1502 and $0.0118 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity SAI Sustainable International Equity Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a flat management fee. In its review of the fund's management fee and total expense ratio, the Board considered the fund's effective fee rate from March 2024 to September 2024, as well as other fund expenses. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the period ended September 30, 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.75% through February 28, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118420_4.jpg)<br>

1.9904871.103 IEE-ANN-1225

**Fidelity® Series Overseas Fund**

**Annual Report**

**October 31, 2025**

![](img118373_1.jpg)

![](img118373_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SOV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Overseas Fund](#Sub_Sec_Fund_3468_SOV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3468_SOV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SOV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SOV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SOV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SOV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SOV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SOV-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 (Annual Report)**

**Fidelity® Series Overseas Fund**

**Schedule of Investments October 31, 2025**

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>|
| BELGIUM - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| KBC Group NV  | 1593765 | 191512800 |
| CANADA - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| Constellation Software Inc/Canada  | 49770 | 130979325 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 105870 | 7 |
| Lumine Group Inc Subordinate Voting Shares (b)(c) | 392345 | 9371186 |
| TOTAL CANADA |  | 140350518 |
| CHINA - 1.5%  |  |  |
| Communication Services - 1.5% |  |  |
| Interactive Media & Services - 1.5% |  |  |
| Tencent Holdings Ltd  | 3002800 | 243910726 |
| DENMARK - 2.4%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Series B  | 798100 | 39291831 |
| Industrials - 1.7% |  |  |
| Air Freight & Logistics - 1.7% |  |  |
| DSV A/S  | 1228000 | 260613217 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Novonesis Novozymes B Series B  | 1300170 | 77701761 |
| TOTAL DENMARK |  | 377606809 |
| FRANCE - 9.9%  |  |  |
| Consumer Discretionary - 2.3% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Accor SA  | 2082468 | 105975751 |
| Textiles, Apparel & Luxury Goods - 1.7% |  |  |
| Hermes International SCA  | 71529 | 177180542 |
| LVMH Moet Hennessy Louis Vuitton SE  | 124800 | 88211534 |
|  |  | 265392076 |
| TOTAL CONSUMER DISCRETIONARY |  | 371367827 |
| Consumer Staples - 1.0% |  |  |
| Food Products - 1.0% |  |  |
| Danone SA  | 1872600 | 165381744 |
| Industrials - 4.3% |  |  |
| Aerospace & Defense - 4.3% |  |  |
| Safran SA  | 1208600 | 429437955 |
| Thales SA  | 905500 | 258205964 |
|  |  | 687643919 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 853301 | 70275176 |
| Materials - 1.9% |  |  |
| Chemicals - 1.9% |  |  |
| Air Liquide SA  | 1550426 | 300067770 |
| TOTAL FRANCE |  | 1594736436 |
| GERMANY - 11.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Deutsche Telekom AG  | 5739320 | 177776501 |
| Financials - 4.9% |  |  |
| Capital Markets - 1.5% |  |  |
| Deutsche Boerse AG  | 987460 | 250064544 |
| Insurance - 3.4% |  |  |
| Allianz SE  | 738644 | 296818079 |
| Hannover Rueck SE  | 851816 | 242908630 |
|  |  | 539726709 |
| TOTAL FINANCIALS |  | 789791253 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Fresenius SE & Co KGaA  | 2029600 | 117017711 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| MTU Aero Engines AG  | 347800 | 151577141 |
| Information Technology - 2.5% |  |  |
| Software - 2.5% |  |  |
| SAP SE  | 1518294 | 394866555 |
| Materials - 1.0% |  |  |
| Construction Materials - 1.0% |  |  |
| Heidelberg Materials AG  | 661400 | 155166875 |
| TOTAL GERMANY |  | 1786196036 |
| INDIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 12666000 | 140879196 |
| INDONESIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Central Asia Tbk PT  | 259191200 | 132703825 |
| IRELAND - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Building Products - 0.9% |  |  |
| Kingspan Group PLC  | 1860200 | 139155954 |
| ITALY - 5.0%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Lottomatica Group Spa  | 2441200 | 60160096 |
| Financials - 3.6% |  |  |
| Banks - 3.6% |  |  |
| FinecoBank Banca Fineco SpA  | 7896885 | 180317445 |
| Intesa Sanpaolo SpA  | 28617900 | 184452250 |
| UniCredit SpA  | 2918867 | 216132449 |
|  |  | 580902144 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| GVS SpA (b)(c)(d) | 791638 | 3923671 |
| Pharmaceuticals - 0.8% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 2207139 | 131019027 |
| TOTAL HEALTH CARE |  | 134942698 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 662900 | 34154898 |
| TOTAL ITALY |  | 810159836 |
| JAPAN - 17.3%  |  |  |
| Communication Services - 2.4% |  |  |
| Entertainment - 2.4% |  |  |
| Capcom Co Ltd  | 3799000 | 99203734 |
| Nintendo Co Ltd  | 3284500 | 280134664 |
|  |  | 379338398 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Food & Life Cos Ltd  | 364200 | 17759801 |
| Consumer Staples - 1.7% |  |  |
| Food Products - 1.7% |  |  |
| Ajinomoto Co Inc  | 9580500 | 271854691 |
| Financials - 1.9% |  |  |
| Insurance - 1.9% |  |  |
| Tokio Marine Holdings Inc  | 8063400 | 300709976 |
| Health Care - 2.1% |  |  |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Hoya Corp  | 2109660 | 343396412 |
| Industrials - 6.4% |  |  |
| Industrial Conglomerates - 3.1% |  |  |
| Hitachi Ltd  | 14409400 | 497236969 |
| Machinery - 2.6% |  |  |
| Ebara Corp  | 3678100 | 98593414 |
| Mitsubishi Heavy Industries Ltd  | 10466891 | 315992144 |
|  |  | 414585558 |
| Professional Services - 0.7% |  |  |
| BayCurrent Inc  | 2394131 | 109756249 |
| TOTAL INDUSTRIALS |  | 1021578776 |
| Information Technology - 2.8% |  |  |
| IT Services - 0.3% |  |  |
| TIS Inc  | 1622076 | 55942729 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Advantest Corp  | 1622000 | 242887728 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| FUJIFILM Holdings Corp  | 6284600 | 145656235 |
| TOTAL INFORMATION TECHNOLOGY |  | 444486692 |
| TOTAL JAPAN |  | 2779124746 |
| NETHERLANDS - 3.3%  |  |  |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| IMCD NV  | 382851 | 39707563 |
| Information Technology - 3.1% |  |  |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| ASM International NV  | 240527 | 155810818 |
| ASML Holding NV  | 314907 | 333249693 |
|  |  | 489060511 |
| TOTAL NETHERLANDS |  | 528768074 |
| SINGAPORE - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Sea Ltd Class A ADR (b) | 783500 | 122421874 |
| SPAIN - 6.8%  |  |  |
| Financials - 4.9% |  |  |
| Banks - 4.9% |  |  |
| Banco Santander SA  | 43128936 | 438763128 |
| CaixaBank SA  | 32023900 | 338484554 |
|  |  | 777247682 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.9% |  |  |
| Iberdrola SA  | 15309500 | 310266093 |
| TOTAL SPAIN |  | 1087513775 |
| SWEDEN - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Building Products - 0.3% |  |  |
| Assa Abloy AB B Shares  | 1239481 | 46709304 |
| Machinery - 1.0% |  |  |
| Indutrade AB  | 6145075 | 164295577 |
| TOTAL INDUSTRIALS |  | 211004881 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(e) | 206997 | 4347202 |
| TOTAL SWEDEN |  | 215352083 |
| SWITZERLAND - 2.6%  |  |  |
| Financials - 2.3% |  |  |
| Capital Markets - 0.7% |  |  |
| Partners Group Holding AG  | 86530 | 105631652 |
| Insurance - 1.6% |  |  |
| Zurich Insurance Group AG  | 366245 | 254712937 |
| TOTAL FINANCIALS |  | 360344589 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Galderma Group AG  | 288530 | 53242255 |
| TOTAL SWITZERLAND |  | 413586844 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 6841684 | 330463941 |
| UNITED KINGDOM - 15.2%  |  |  |
| Consumer Discretionary - 3.1% |  |  |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Compass Group PLC  | 8733187 | 289067098 |
| InterContinental Hotels Group PLC  | 1671041 | 201573129 |
|  |  | 490640227 |
| Consumer Staples - 1.2% |  |  |
| Tobacco - 1.2% |  |  |
| British American Tobacco PLC  | 3660600 | 187479639 |
| Financials - 3.8% |  |  |
| Banks - 1.9% |  |  |
| NatWest Group PLC  | 40532400 | 312039374 |
| Capital Markets - 1.9% |  |  |
| 3i Group PLC  | 5264991 | 304688293 |
| TOTAL FINANCIALS |  | 616727667 |
| Industrials - 6.0% |  |  |
| Aerospace & Defense - 3.6% |  |  |
| BAE Systems PLC  | 6731955 | 165831530 |
| Rolls-Royce Holdings PLC  | 26823700 | 412784817 |
|  |  | 578616347 |
| Professional Services - 1.5% |  |  |
| Intertek Group PLC  | 1488600 | 99049814 |
| RELX PLC  | 3356510 | 148345646 |
|  |  | 247395460 |
| Trading Companies & Distributors - 0.9% |  |  |
| Diploma PLC  | 1903270 | 140268277 |
| TOTAL INDUSTRIALS |  | 966280084 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Halma PLC  | 3937596 | 183428192 |
| TOTAL UNITED KINGDOM |  | 2444555809 |
| UNITED STATES - 13.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (b) | 76500 | 50131980 |
| Financials - 2.3% |  |  |
| Capital Markets - 0.2% |  |  |
| S&P Global Inc  | 79236 | 38604572 |
| Financial Services - 0.9% |  |  |
| Visa Inc Class A  | 411300 | 140146362 |
| Insurance - 1.2% |  |  |
| Marsh & McLennan Cos Inc  | 1112628 | 198214678 |
| TOTAL FINANCIALS |  | 376965612 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Alcon AG  | 1328666 | 98731565 |
| Industrials - 5.6% |  |  |
| Building Products - 0.5% |  |  |
| Trane Technologies PLC  | 167816 | 75290648 |
| Commercial Services & Supplies - 1.4% |  |  |
| Waste Connections Inc  | 1352900 | 226893257 |
| Electrical Equipment - 2.6% |  |  |
| Schneider Electric SE  | 1451331 | 413527654 |
| Professional Services - 1.1% |  |  |
| Experian PLC  | 3803165 | 177399390 |
| TOTAL INDUSTRIALS |  | 893110949 |
| Materials - 4.7% |  |  |
| Chemicals - 1.3% |  |  |
| Linde PLC  | 513100 | 214629730 |
| Construction Materials - 3.4% |  |  |
| Amrize Ltd  | 1599920 | 82466209 |
| CRH PLC  | 1950700 | 232328370 |
| Holcim AG  | 2447640 | 217598219 |
|  |  | 532392798 |
| TOTAL MATERIALS |  | 747022528 |
| TOTAL UNITED STATES |  | 2165962634 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,837,935,779) |  | <br> **15644961916** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $250,184,713)<br>| 4.18 | 250134686 | **250184713** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.0%**<br> (Cost $11,088,120,492)<br>| <br>**15895146629** |
| **NET OTHER ASSETS (LIABILITIES) - 1.0%**  | **167501867** |
| **NET ASSETS - 100.0%** | **16062648496** |

---

**Legend**

(a) Level 3 security.

(b) Non-income producing.

(c) Security 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 $13,294,857 or 0.1% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,923,671 or 0.0% of net assets.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,347,202 or 0.0% of net assets.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 5/14/2021 - 10/30/2024 | 13688300 |

---

**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 | 262755557 | 3863571085 | 3876144742 | 9650514 | 2813 | - | 250184713 | 250134686 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 1105340 | 591521789 | 592627129 | 280228 | - | - | - | - | 0.0% |
| Total | 263860897 | 4455092874 | 4468771871 | 9930742 | 2813 | - | 250184713 |  |  |

---

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 October 31, 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 | 851157605 | 50131980 | 801025625 | - |
| Consumer Discretionary | 1062349825 | 483498064 | 578851761 | - |
| Consumer Staples | 624716074 | 271854691 | 352861383 | - |
| Financials | 4267784744 | 1676978463 | 2590806281 | - |
| Health Care | 786622472 | 747330641 | 39291831 | - |
| Industrials | 4404827382 | 2036592978 | 2368234404 | - |
| Information Technology | 2057278787 | 939057119 | 1113874459 | 4347209 |
| Materials | 1279958934 | 607126070 | 672832864 | - |
| Utilities | 310266093 | - | 310266093 | - |
|  **Money Market Funds** | 250184713 | 250184713 | - | - |
| **Total Investments in Securities:** | 15895146629 | 7062754719 | 8828044701 | 4347209 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,837,935,779) | $15644961916 |  |
| Fidelity Central Funds (cost $250,184,713) | 250184713 |  |
| Total Investment in Securities (cost $11,088,120,492) |  | $15895146629 |
| Foreign currency held at value (cost $11,316,687) |  | 11316619 |
| Receivable for investments sold |  | 76394665 |
| Receivable for fund shares sold |  | 79670588 |
| Dividends receivable |  | 24524466 |
| Reclaims receivable |  | 52460661 |
| Distributions receivable from Fidelity Central Funds |  | 888098 |
| Other receivables |  | 94341 |
| **Total assets** |  | 16140496067 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $51768569 |  |
| Payable for fund shares redeemed | 11486567 |  |
| Deferred taxes | 14411142 |  |
| Other payables and accrued expenses | 181293 |  |
| **Total liabilities** |  | 77847571 |
| **Net Assets**  |  | $16062648496 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10130116932 |
| Total accumulated earnings (loss) |  | 5932531564 |
| **Net Assets** |  | $16062648496 |
| **Net Asset Value**, offering price and redemption price per share ($16,062,648,496 ÷ 984,462,261 shares) |  | $16.32 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $279212256 |
| Income from Fidelity Central Funds (including $280,228 from security lending)  |  | 9930742 |
| Income before foreign taxes withheld |  | $289142998 |
| Less foreign taxes withheld |  | (10235712) |
| **Total income** |  | 278907286 |
| **Expenses** |  |  |
| Custodian fees and expenses | $932707 |  |
| Independent trustees' fees and expenses | 59615 |  |
| Interest | 31071 |  |
| **Total expenses** |  | 1023393 |
| **Net Investment income (loss)** |  | 277883893 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $301,353)  | 1196141076 |  |
| Redemptions in-kind | 201637121 |  |
| Fidelity Central Funds | 2813 |  |
| Foreign currency transactions | 1244081 |  |
| Total net realized gain (loss) |  | 1399025091 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $12,735,797)  | 865535682 |  |
| Assets and liabilities in foreign currencies | 3385212 |  |
| Total change in net unrealized appreciation (depreciation) |  | 868920894 |
| **Net gain (loss)** |  | 2267945985 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2545829878 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $277883893 | $269546377 |
| &nbsp;&nbsp;Net realized gain (loss) | 1399025091<br>| 707369009<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 868920894 | 2357083372<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2545829878<br>| 3333998758<br>|
| Distributions to shareholders | (312065833)<br>| (237159965)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2126069295 | 2365173907 |
| Reinvestment of distributions | 312065833<br>| 237159965<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3520378629) | (3632944341) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1082243501)<br>| (1030610469)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1151520544<br>| 2066228324<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 14911127952 | 12844899628<br>|
| &nbsp;&nbsp;End of period | $16062648496 | $14911127952 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 141113190 | 172632035 |
| Issued in reinvestment of distributions | 22434639<br>| 19172188<br>|
| &nbsp;&nbsp;Redeemed | (240235691) | (265148072) |
| &nbsp;&nbsp;Net increase (decrease) | (76687862) | (73343849) |

---

**Financial Highlights** 

**Fidelity® Series Overseas Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.05 | $11.32 | $10.10 | $14.58 | $10.62 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .25  | .22  | .21  | .17  |
| Net realized and unrealized gain (loss)  | 2.29  | 2.69  | 1.20  | (4.27)  | 3.93  |
| Total from investment operations  | 2.57  | 2.94  | 1.42  | (4.06)  | 4.10  |
| Distributions from net investment income  | (.30)  | (.21)  | (.20)  | (.17)  | (.14)  |
| Distributions from net realized gain  | -  | -  | -  | (.25)  | -  |
| Total distributions  | (.30)  | (.21)  | (.20)  | (.42)  | (.14)  |
| Net asset value, end of period  | $16.32 | $14.05 | $11.32 | $10.10 | $14.58 |
| **Total Return** C | 18.69% <br>| 26.24%  | 14.05%  | (28.66)%  | 38.89%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 1.84%  | 1.79%  | 1.90%  | 1.79%  | 1.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16062648 | $14911128 | $12844900 | $12317244 | $15419200 |
| Portfolio turnover rate F | 49% G<br>| 36% G | 38% G | 28% G | 33%  |

---

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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

G*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 October 31, 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 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.

**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 Series Overseas Fund** | $15884 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, 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**  | $4873493997 |
| **Gross unrealized depreciation**  | <u>(246403479)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$4627090518</u> |
| **Tax Cost**  | <u>$11268056111</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$339169909</u> |
| **Undistributed long-term capital gain**  | <u>$977407090</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$4630365706</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $312065833 | $237159965 |

---

**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 Series Overseas Fund** | 7284013338 | 7897997298 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Series Overseas Fund** | 46946466 | 242444479 | 642139814 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Overseas Fund** | 1006 |

---

**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 Series Overseas Fund** | Borrower | 24204400 | 4.62% | 31071 |

---

**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 Series Overseas Fund** | 166987890 | 318746199 | 25450744 |

---

**Affiliated Redemptions In-Kind.** Affiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Series Overseas Fund** | 36987633 | - | 201637121 | 201637121 | 538266355 |

---

**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 Series Overseas Fund** | 29593 | - | - |

---

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Overseas Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Series Overseas Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $1,049,240,516, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $6,522,448 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 2% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 81.21% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3132 and $0.0269 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Series Overseas Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118373_4.jpg)<br>

1.9894003.106 SOV-ANN-1225

**Fidelity® Series Canada Fund**

**Annual Report**

**October 31, 2025**

![](img118377_1.jpg)

![](img118377_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SAD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Canada Fund](#Sub_Sec_Fund_3036_SAD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3036_SAD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SAD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SAD-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SAD-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SAD-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SAD-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SAD-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 (Annual Report)**

**Fidelity® Series Canada Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 2.9%  |  |  |
| Materials - 2.9% |  |  |
| Metals & Mining - 2.9% |  |  |
| Wheaton Precious Metals Corp  | 2287400 | 220903590 |
| CANADA - 91.3%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Quebecor Inc Multiple Voting Shares  | 1888790 | 59927386 |
| Consumer Discretionary - 7.0% |  |  |
| Broadline Retail - 3.2% |  |  |
| Dollarama Inc  | 1853200 | 240887592 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Restaurant Brands International Inc (b) | 2048500 | 134546234 |
| Specialty Retail - 2.0% |  |  |
| Aritzia Inc Subordinate Voting Shares (d) | 594916 | 41555681 |
| Diversified Royalty Corp (c) | 11951200 | 29397626 |
| KITS Eyecare Ltd (d) | 429000 | 4343374 |
| Pet Valu Holdings Ltd  | 3091600 | 76708624 |
|  |  | 152005305 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (d) | 572532 | 7972300 |
| TOTAL CONSUMER DISCRETIONARY |  | 535411431 |
| Consumer Staples - 7.2% |  |  |
| Beverages - 0.1% |  |  |
| GURU Organic Energy Corp (d) | 1055634 | 4260018 |
| Consumer Staples Distribution & Retail - 6.7% |  |  |
| Alimentation Couche-Tard Inc  | 6104340 | 310233044 |
| Metro Inc/CN  | 2304100 | 153584763 |
| North West Co Inc/The  | 1477400 | 47928202 |
|  |  | 511746009 |
| Personal Care Products - 0.4% |  |  |
| Jamieson Wellness Inc (e)(f) | 1101400 | 27343587 |
| TOTAL CONSUMER STAPLES |  | 543349614 |
| Energy - 17.3% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Pason Systems Inc (c) | 4199600 | 35781412 |
| TerraVest Industries Inc  | 373486 | 36156949 |
|  |  | 71938361 |
| Oil, Gas & Consumable Fuels - 16.4% |  |  |
| Cameco Corp (g) | 1747200 | 178563080 |
| Canadian Natural Resources Ltd  | 10139300 | 324373742 |
| Carcetti Capital Corp rights (d)(h)(i) | 19750100 | 28163131 |
| Imperial Oil Ltd (b) | 1320502 | 116793179 |
| Parkland Corp (b) | 3480136 | 99152426 |
| PrairieSky Royalty Ltd  | 9144280 | 164167388 |
| South Bow Corp (b) | 3403900 | 88291955 |
| Suncor Energy Inc  | 6118800 | 243652619 |
|  |  | 1243157520 |
| TOTAL ENERGY |  | 1315095881 |
| Financials - 30.3% |  |  |
| Banks - 18.3% |  |  |
| Bank of Montreal (b) | 2991800 | 371652571 |
| Canadian Imperial Bank of Commerce  | 2012300 | 166731584 |
| National Bank of Canada  | 551400 | 61605205 |
| Royal Bank of Canada  | 2586000 | 378842408 |
| Toronto Dominion Bank  | 4980030 | 408898261 |
|  |  | 1387730029 |
| Capital Markets - 5.8% |  |  |
| Brookfield Asset Management Ltd Class A (b) | 2546372 | 137744283 |
| Brookfield Corp Class A  | 3727582 | 171661988 |
| TMX Group Ltd  | 3468500 | 127928063 |
|  |  | 437334334 |
| Insurance - 6.2% |  |  |
| Definity Financial Corp  | 3130224 | 145625551 |
| Intact Financial Corp  | 748800 | 139680256 |
| Sun Life Financial Inc  | 3089100 | 187894279 |
|  |  | 473200086 |
| TOTAL FINANCIALS |  | 2298264449 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Andlauer Healthcare Group Inc Subordinate Voting Shares  | 1305903 | 50651402 |
| Industrials - 8.5% |  |  |
| Commercial Services & Supplies - 0.7% |  |  |
| BOYD GROUP INC  | 362965 | 57976577 |
| Ground Transportation - 6.0% |  |  |
| Canadian National Railway Co  | 956600 | 91728020 |
| Canadian Pacific Kansas City Ltd  | 4530321 | 326009981 |
| TFI International Inc  | 393300 | 35343860 |
|  |  | 453081861 |
| Professional Services - 1.8% |  |  |
| Thomson Reuters Corp  | 879200 | 134674221 |
| TOTAL INDUSTRIALS |  | 645732659 |
| Information Technology - 11.6% |  |  |
| IT Services - 6.7% |  |  |
| Shopify Inc Class A (d) | 2938100 | 510844580 |
| Software - 4.9% |  |  |
| ApplyBoard Inc (d)(h)(i) | 10248 | 53495 |
| ApplyBoard Inc (d)(h)(i) | 2527 | 13191 |
| Constellation Software Inc/Canada  | 122900 | 323434981 |
| Constellation Software Inc/Canada warrants 3/31/2040 (d)(i) | 47800 | 3 |
| Dye & Durham Ltd (b)(c) | 4799289 | 17622429 |
| Lumine Group Inc Subordinate Voting Shares (d)(f) | 1171840 | 27989476 |
|  |  | 369113575 |
| TOTAL INFORMATION TECHNOLOGY |  | 879958155 |
| Materials - 8.0% |  |  |
| Chemicals - 1.5% |  |  |
| Nutrien Ltd  | 2128478 | 115927728 |
| Containers & Packaging - 0.9% |  |  |
| CCL Industries Inc Class A  | 143500 | 8005019 |
| CCL Industries Inc Class B  | 1060400 | 59153468 |
|  |  | 67158487 |
| Metals & Mining - 5.1% |  |  |
| Franco-Nevada Corp  | 1829119 | 341671161 |
| G Mining Ventures Corp (d) | 603900 | 11888117 |
| Minera Alamos Inc (h)(j) | 17523000 | 4935001 |
| Minera Alamos Inc warrants (d)(h) | 17523000 | 864560 |
| Triple Flag Precious Metals Corp  | 971130 | 26969102 |
|  |  | 386327941 |
| Paper & Forest Products - 0.5% |  |  |
| Stella-Jones Inc  | 621800 | 35293927 |
| TOTAL MATERIALS |  | 604708083 |
| TOTAL CANADA |  | 6933099060 |
| CHILE - 1.0%  |  |  |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Lundin Mining Corp  | 4678800 | 75258442 |
| UNITED STATES - 3.2%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Leisure Products - 0.8% |  |  |
| BRP Inc Subordinate Voting Shares  | 918900 | 57641312 |
| Industrials - 2.4% |  |  |
| Commercial Services & Supplies - 2.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 4126014 | 180390844 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Electric Inc / US warrants (d) | 905486 | 7124936 |
| TOTAL UNITED STATES |  | 245157092 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd (d) | 1179300 | 24484842 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,796,415,965) |  | <br> **7498903026** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Cineplex Inc 7.75% 3/1/2030 (e)<br>(Cost $5,283,950)<br>CAD | 7700000 | **7677381** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Valsoft Corp Series A-1.2 (h)(i) | 759 | 8433112 |
| Valsoft Corp Series A-1.3 (h)(i) | 269 | 2988811 |
| Valsoft Corp Series A-1.4 (h)(i) | 347 | 3855455 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $16,128,065) |  | <br> **15277378** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(h)(i) | 12606 | 66434 |
| ApplyBoard Inc Series A2 (d)(h)(i) | 9868 | 52103 |
| ApplyBoard Inc Series A3 (d)(h)(i) | 563 | 2983 |
| ApplyBoard Inc Series D (d)(h)(i) | 27521 | 300805 |
| ApplyBoard Inc Series SEED (d)(h)(i) | 3768 | 19744 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,705,692) |  | <br> **442069** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 4.18 | 13245271 | 13247920 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 4.18 | 288762562 | 288791439 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $302,039,359) |  |  | **302039359** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $5,124,573,031)<br>| <br>**7824339213** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(228127764)** |
| **NET ASSETS - 100.0%** | **7596211449** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Cameco Corp | Montreal Exchange Inc | 3600 | 51602400 | 130.00 | 11/21/2025 | (4209476) |
|  |  |  |  |  |  | (4209476) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(4209476)** |

---

Notional amount and exercise price for written options on Cameco Corp are stated in CAD.

**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) Affiliated company.

(d) Non-income producing.

(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 $35,020,968 or 0.5% of net assets.

(f) Security 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 $55,333,063 or 0.7% of net assets.

(g) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $36,791,843.

(h) 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 $49,748,825 or 0.7% of net assets.

(i) Level 3 security.

(j) 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 $4,935,001 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(l) 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 | 6/30/2021 | 269861 |
| ApplyBoard Inc | 6/4/2021 - 6/30/2021 | 524313 |
| ApplyBoard Inc Series A1 | 6/4/2021 | 816255 |
| ApplyBoard Inc Series A2 | 6/4/2021 | 638966 |
| ApplyBoard Inc Series A3 | 6/4/2021 | 36455 |
| ApplyBoard Inc Series D | 6/4/2021 | 2970033 |
| ApplyBoard Inc Series SEED | 6/4/2021 | 243983 |
| Carcetti Capital Corp rights | 10/3/2025 | 28308453 |
| Minera Alamos Inc | 9/4/2025 | 3759958 |
| Minera Alamos Inc warrants | 9/4/2025 | 739456 |
| Valsoft Corp Series A-1.2 | 3/14/2025 | 8890706 |
| Valsoft Corp Series A-1.3 | 3/17/2025 | 2670328 |
| Valsoft Corp Series A-1.4 | 3/17/2025 | 4567031 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Minera Alamos Inc | 12/10/2025 |

---

**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 | 2620532 | 881902775 | 871297462 | 407932 | 22075 | - | 13247920 | 13245271 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 198489828 | 7018800262 | 6928498651 | 2884738 | - | - | 288791439 | 288762562 | 1.1% |
| Total | 201110360 | 7900703037 | 7799796113 | 3292670 | 22075 | - | 302039359 |  |  |

---

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  |
| Diversified Royalty Corp | 22311557 | 5268102 | 1366755 | 1672798 | 121806 | 3062916 | 29397626 | 11951200 |
| Dye & Durham Ltd | 58339102 | 7105081 | 3882815 | 144545 | (1881451) | (42057488) | 17622429 | 4799289 |
| GURU Organic Energy Corp | 1805168 | - | 475838 | - | (5743210) | 8673898 | - | - |
| Pason Systems Inc | 34390172 | 8859272 | 3597663 | 1093513 | (395133) | (3475236) | 35781412 | 4199600 |
| Total | 116845999 | 21232455 | 9323071 | 2910856 | (7897988) | (33795910) | 82801467 |  |

---

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 October 31, 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 | 59927386 | 59927386 | - | - |
| Consumer Discretionary | 593052743 | 593052743 | - | - |
| Consumer Staples | 543349614 | 543349614 | - | - |
| Energy | 1315095881 | 1286932750 | - | 28163131 |
| Financials | 2298264449 | 2298264449 | - | - |
| Health Care | 50651402 | 50651402 | - | - |
| Industrials | 826123503 | 826123503 | - | - |
| Information Technology | 879958155 | 879891466 | - | 66689 |
| Materials | 932479893 | 924490397 | 7989496 | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 7677381 | - | 7677381 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 15277378 | - | - | 15277378 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 442069 | - | - | 442069 |
|  **Money Market Funds** | 302039359 | 302039359 | - | - |
| **Total Investments in Securities:** | 7824339213 | 7764723069 | 15666877 | 43949267 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (4209476) | (4209476) | - | - |
| Total Liabilities | (4209476) | (4209476) | - | - |
| **Total Derivative Instruments:** | (4209476) | (4209476) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | - | (4209476) |
| **Total Equity Risk**  | - | (4209476) |
| **Total Value of Derivatives** | - | (4209476) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $273,033,871) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,704,808,286) | $7439498387 |  |
| Fidelity Central Funds (cost $302,039,359) | 302039359 |  |
| Other affiliated issuers (cost $117,725,386) | 82801467 |  |
| Total Investment in Securities (cost $5,124,573,031) |  | $7824339213 |
| Foreign currency held at value (cost $52,570,539) |  | 52490942 |
| Receivable for fund shares sold |  | 55499888 |
| Dividends receivable |  | 9610461 |
| Interest receivable |  | 37302 |
| Distributions receivable from Fidelity Central Funds |  | 480285 |
| **Total assets** |  | 7942458091 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $53016711 |  |
| Payable for fund shares redeemed | 212522 |  |
| Written options, at value (premium received $735,186) | 4209476 |  |
| Other payables and accrued expenses | 18266 |  |
| Collateral on securities loaned | 288789667 |  |
| **Total liabilities** |  | 346246642 |
| **Net Assets**  |  | $7596211449 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4821230188 |
| Total accumulated earnings (loss) |  | 2774981261 |
| **Net Assets** |  | $7596211449 |
| **Net Asset Value**, offering price and redemption price per share ($7,596,211,449 ÷ 402,178,448 shares) |  | $18.89 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends (including $2,910,856 earned from affiliated issuers) |  | $138834175 |
| Interest  |  | 473048 |
| Income from Fidelity Central Funds (including $2,884,738 from security lending)  |  | 3292670 |
| Income before foreign taxes withheld |  | $142599893 |
| Less foreign taxes withheld |  | (21152943) |
| **Total income** |  | 121446950 |
| **Expenses** |  |  |
| Custodian fees and expenses | $53631 |  |
| Independent trustees' fees and expenses | 23236 |  |
| Interest | 50971 |  |
| **Total expenses** |  | 127838 |
| **Net Investment income (loss)** |  | 121319112 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 83453336 |  |
| Redemptions in-kind | 114837483 |  |
| Fidelity Central Funds | 22075 |  |
| Other affiliated issuers | (7897988) |  |
| Foreign currency transactions | (2563753) |  |
| Written options | 27072 |  |
| Total net realized gain (loss) |  | 187878225 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 789416692 |  |
| Affiliated issuers  | (33795910) |  |
| Assets and liabilities in foreign currencies | 828431 |  |
| Written options | (3474290) |  |
| Total change in net unrealized appreciation (depreciation) |  | 752974923 |
| **Net gain (loss)** |  | 940853148 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1062172260 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $121319112 | $116219300 |
| &nbsp;&nbsp;Net realized gain (loss) | 187878225<br>| 158587346<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 752974923 | 962817603<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1062172260<br>| 1237624249<br>|
| Distributions to shareholders | (165541550)<br>| (173039225)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2021953488 | 1098707709 |
| Reinvestment of distributions | 165541550<br>| 173039225<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1216595478) | (1125209910) |
| **Net increase (decrease) in net assets resulting from share transactions** | 970899560<br>| 146537024<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1867530270<br>| 1211122048<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5728681179 | 4517559131<br>|
| &nbsp;&nbsp;End of period | $7596211449 | $5728681179 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 110513585 | 71855728 |
| Issued in reinvestment of distributions | 10212310<br>| 12457828<br>|
| &nbsp;&nbsp;Redeemed | (72342266) | (73448771) |
| &nbsp;&nbsp;Net increase (decrease) | 48383629 | 10864785 |

---

**Financial Highlights** 

**Fidelity® Series Canada Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.19 | $13.17 | $13.37 | $14.77 | $9.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .33  | .33  | .32  | .28  |
| Net realized and unrealized gain (loss)  | 2.83  | 3.19  | (.12)  | (1.40)  | 4.97  |
| Total from investment operations  | 3.18  | 3.52  | .21  | (1.08)  | 5.25  |
| Distributions from net investment income  | (.42)  | (.38)  | (.40)  | (.32)  | (.25)  |
| Distributions from net realized gain  | (.06)  | (.12)  | (.01)  | -  | -  |
| Total distributions  | (.48)  | (.50)  | (.41)  | (.32)  | (.25)  |
| Net asset value, end of period  | $18.89 | $16.19 | $13.17 | $13.37 | $14.77 |
| **Total Return** C | 20.12% <br>| 27.38%  | 1.54%  | (7.45)%  | 54.40%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | -% F | .01%  | -% F | -% F |
| Expenses net of fee waivers, if any  | -% F<br>| -% F | .01%  | -% F | -% F |
| Expenses net of all reductions, if any  | -% F | -% F | .01%  | -% F | -% F |
| Net investment income (loss)  | 1.99%  | 2.15%  | 2.41%  | 2.29%  | 2.13%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7596211 | $5728681 | $4517559 | $5407197 | $6065145 |
| Portfolio turnover rate G | 13% H<br>| 9% H | 15% H | 19% H | 19%  |

---

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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount represents less than .005%.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2756591966 |
| **Gross unrealized depreciation**  | <u>(122801059)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2633790907</u> |
| **Tax Cost**  | <u>$5186338830</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$88713747</u> |
| **Undistributed long-term capital gain**  | <u>$52498512</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2633769004</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $143723312 | $130381444 |
| **Long-term Capital Gains**  | <u>21818238</u> | <u>42657781</u> |
| **Total**  | <u>$165541550</u> | <u>$173039225</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 Series Canada Fund** | 1849735992 | 799087109 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Series Canada Fund** | 15127360 | 115673311 | 230383973 |

---

**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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Canada Fund** | 477 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at 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 Series Canada Fund** | Borrower | 17916381 | 4.88% | 50971 |

---

**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 Series Canada Fund** | 119251168 | 29407260 | 2734033 |

---

**Affiliated Redemptions In-Kind.** Affiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Series Canada Fund** | 12683672 | 1023846 | 113813637 | 114837483 | 214138702 |

---

**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 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.

**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 Series Canada Fund** | 305167 | - | - |

---

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series Canada Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Canada Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $52,955,823, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $829,446 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 32.92% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4289 and $0.0217 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Series Canada Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118377_4.jpg)<br>

1.9883882.108 SAD-ANN-1225

**Fidelity® Infrastructure Fund**

**Annual Report**

**October 31, 2025**

![](img118411_1.jpg)

![](img118411_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ISF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Infrastructure Fund](#Sub_Sec_Fund_3488_ISF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3488_ISF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ISF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ISF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ISF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ISF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ISF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ISF-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 (Annual Report)**

**Fidelity® Infrastructure Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.4%  |  |  |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Cameco Corp (United States)  | 12700 | 1298067 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| Canadian Pacific Kansas City Ltd (United States)  | 7794 | 560778 |
| Utilities - 1.8% |  |  |
| Independent Power and Renewable Electricity Producers - 1.8% |  |  |
| TransAlta Corp  | 115700 | 2044992 |
| TOTAL CANADA |  | 3903837 |
| CHINA - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Transportation Infrastructure - 0.4% |  |  |
| Beijing Capital International Airport Co Ltd H Shares (a) | 1580000 | 567296 |
| FINLAND - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Machinery - 0.5% |  |  |
| Wartsila OYJ Abp  | 18200 | 595152 |
| GERMANY - 1.9%  |  |  |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG (a) | 4500 | 560634 |
| Utilities - 1.4% |  |  |
| Multi-Utilities - 1.4% |  |  |
| E.ON SE  | 88800 | 1652247 |
| TOTAL GERMANY |  | 2212881 |
| ITALY - 0.9%  |  |  |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Enel SpA  | 106800 | 1080363 |
| MEXICO - 4.0%  |  |  |
| Industrials - 4.0% |  |  |
| Transportation Infrastructure - 4.0% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR  | 17658 | 1741432 |
| Grupo Aeroportuario del Pacifico SAB de CV Class B ADR  | 9300 | 1937376 |
| Grupo Aeroportuario del Sureste SAB de CV Class B ADR  | 3200 | 967488 |
| TOTAL MEXICO |  | 4646296 |
| SPAIN - 2.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Cellnex Telecom SA (b)(c) | 28438 | 885325 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 2.0% |  |  |
| Iberdrola SA  | 114876 | 2328105 |
| TOTAL SPAIN |  | 3213430 |
| TAIWAN - 2.5%  |  |  |
| Information Technology - 2.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 9800 | 2944214 |
| UNITED KINGDOM - 5.2%  |  |  |
| Utilities - 5.2% |  |  |
| Electric Utilities - 2.2% |  |  |
| SSE PLC  | 103200 | 2599898 |
| Multi-Utilities - 3.0% |  |  |
| National Grid PLC  | 227404 | 3409721 |
| TOTAL UNITED KINGDOM |  | 6009619 |
| UNITED STATES - 76.1%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| EchoStar Corp Class A (a) | 7600 | 569012 |
| Energy - 5.4% |  |  |
| Oil, Gas & Consumable Fuels - 5.4% |  |  |
| Cheniere Energy Inc  | 14902 | 3159225 |
| Targa Resources Corp  | 6509 | 1002646 |
| Williams Cos Inc/The  | 36337 | 2102822 |
|  |  | 6264693 |
| Industrials - 15.0% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| BWX Technologies Inc  | 4200 | 897162 |
| Commercial Services & Supplies - 1.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 23525 | 1027808 |
| Waste Connections Inc (United States)  | 3658 | 613373 |
|  |  | 1641181 |
| Construction & Engineering - 5.2% |  |  |
| Argan Inc  | 2000 | 612420 |
| EMCOR Group Inc  | 800 | 540624 |
| Ferrovial SE  | 19353 | 1186745 |
| Ferrovial SE rights (a)(d) | 18853 | 10363 |
| MasTec Inc (a) | 8700 | 1776192 |
| Primoris Services Corp  | 4200 | 594384 |
| Quanta Services Inc  | 1600 | 718608 |
| Sterling Infrastructure Inc (a) | 1500 | 566850 |
|  |  | 6006186 |
| Electrical Equipment - 3.6% |  |  |
| Eos Energy Enterprises Inc (a)(e) | 39400 | 631582 |
| Fluence Energy Inc Class A (a)(e) | 41300 | 867300 |
| GE Vernova Inc  | 2700 | 1579878 |
| NEXTracker Inc Class A (a) | 11200 | 1133664 |
|  |  | 4212424 |
| Ground Transportation - 2.7% |  |  |
| CSX Corp  | 16300 | 587126 |
| Norfolk Southern Corp  | 4400 | 1246872 |
| Union Pacific Corp  | 5860 | 1291368 |
|  |  | 3125366 |
| Machinery - 1.3% |  |  |
| Caterpillar Inc  | 1700 | 981342 |
| Cummins Inc  | 1200 | 525216 |
|  |  | 1506558 |
| TOTAL INDUSTRIALS |  | 17388877 |
| Information Technology - 16.7% |  |  |
| Semiconductors & Semiconductor Equipment - 16.7% |  |  |
| Advanced Micro Devices Inc (a) | 14200 | 3636904 |
| Broadcom Inc  | 9900 | 3659337 |
| First Solar Inc (a) | 8600 | 2295684 |
| NVIDIA Corp  | 48300 | 9780267 |
|  |  | 19372192 |
| Real Estate - 1.5% |  |  |
| Health Care REITs - 1.5% |  |  |
| Welltower Inc  | 9600 | 1737984 |
| Utilities - 37.1% |  |  |
| Electric Utilities - 24.4% |  |  |
| Constellation Energy Corp  | 16700 | 6295900 |
| Duke Energy Corp  | 29100 | 3617130 |
| Entergy Corp  | 27500 | 2642475 |
| Evergy Inc  | 20300 | 1559243 |
| Exelon Corp  | 60800 | 2804096 |
| NextEra Energy Inc  | 81560 | 6638984 |
| NRG Energy Inc  | 18600 | 3196596 |
| PG&E Corp  | 101900 | 1626324 |
|  |  | 28380748 |
| Independent Power and Renewable Electricity Producers - 5.1% |  |  |
| AES Corp/The  | 46500 | 644955 |
| Talen Energy Corp (a) | 3000 | 1199340 |
| Vistra Corp  | 21520 | 4052216 |
|  |  | 5896511 |
| Multi-Utilities - 7.6% |  |  |
| Ameren Corp  | 9400 | 958988 |
| CenterPoint Energy Inc  | 49400 | 1889056 |
| NiSource Inc  | 19937 | 839547 |
| Sempra  | 56400 | 5185416 |
|  |  | 8873007 |
| TOTAL UTILITIES |  | 43150266 |
| TOTAL UNITED STATES |  | 88483024 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $91,660,490) |  | <br> **113656112** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (f) | 4.18 | 5291328 | 5292386 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 1317818 | 1317950 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $6,610,336) |  |  | **6610336** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.4%**<br> (Cost $98,270,826)<br>| <br>**120266448** |
| **NET OTHER ASSETS (LIABILITIES) - (3.4)%**  | **(3958050)** |
| **NET ASSETS - 100.0%** | **116308398** |

---

**Legend**

(a) Non-income producing.

(b) Security 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 $885,325 or 0.8% of net assets.

(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 $885,325 or 0.8% 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) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | 1962511 | 61584894 | 58255104 | 143065 | 85 | - | 5292386 | 5291328 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 10385312 | 9067362 | 522 | - | - | 1317950 | 1317818 | 0.0% |
| Total | 1962511 | 71970206 | 67322466 | 143587 | 85 | - | 6610336 |  |  |

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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 October 31, 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 | 1454337 | 569012 | 885325 | - |
| Energy | 7562760 | 7562760 | - | - |
| Industrials | 24319033 | 23758399 | 560634 | - |
| Information Technology | 22316406 | 22316406 | - | - |
| Real Estate | 1737984 | 1737984 | - | - |
| Utilities | 56265592 | 45195258 | 11070334 | - |
|  **Money Market Funds** | 6610336 | 6610336 | - | - |
| **Total Investments in Securities:** | 120266448 | 107750155 | 12516293 | - |

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**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,360,702) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $91,660,490) | $113656112 |  |
| Fidelity Central Funds (cost $6,610,336) | 6610336 |  |
| Total Investment in Securities (cost $98,270,826) |  | $120266448 |
| Foreign currency held at value (cost $651) |  | 651 |
| Receivable for fund shares sold |  | 2248920 |
| Dividends receivable |  | 53871 |
| Distributions receivable from Fidelity Central Funds |  | 10429 |
| Prepaid expenses |  | 86 |
| **Total assets** |  | 122580405 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $4762421 |  |
| Delayed delivery | 10363 |  |
| Payable for fund shares redeemed | 63632 |  |
| Accrued management fee | 74111 |  |
| Other payables and accrued expenses | 43530 |  |
| Collateral on securities loaned | 1317950 |  |
| **Total liabilities** |  | 6272007 |
| **Net Assets**  |  | $116308398 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $91267272 |
| Total accumulated earnings (loss) |  | 25041126 |
| **Net Assets** |  | $116308398 |
| **Net Asset Value**, offering price and redemption price per share ($116,308,398 ÷ 6,569,249 shares) |  | $17.70 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1454468 |
| Income from Fidelity Central Funds (including $522 from security lending)  |  | 143587 |
| Income before foreign taxes withheld |  | $1598055 |
| Less foreign taxes withheld |  | (56387) |
| **Total income** |  | 1541668 |
| **Expenses** |  |  |
| Management fee | $569116 |  |
| Custodian fees and expenses | 7416 |  |
| Independent trustees' fees and expenses | 238 |  |
| Registration fees | 31582 |  |
| Audit fees | 50224 |  |
| Legal | 506 |  |
| Miscellaneous | 214 |  |
| Total expenses before reductions | 659296 |  |
| Expense reductions | (329) |  |
| Total expenses after reductions |  | 658967 |
| **Net Investment income (loss)** |  | 882701 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 8170357 |  |
| Fidelity Central Funds | 85 |  |
| Foreign currency transactions | (8565) |  |
| Total net realized gain (loss) |  | 8161877 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 11224294 |  |
| Assets and liabilities in foreign currencies | 942 |  |
| Total change in net unrealized appreciation (depreciation) |  | 11225236 |
| **Net gain (loss)** |  | 19387113 |
| **Net increase (decrease) in net assets resulting from operations** |  | $20269814 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $882701 | $723986 |
| &nbsp;&nbsp;Net realized gain (loss) | 8161877<br>| 1231073<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 11225236 | 9685725<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 20269814<br>| 11640784<br>|
| Distributions to shareholders | (932954)<br>| (730570)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 71260795 | 6385371 |
| Reinvestment of distributions | 870477<br>| 680045<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (20327001) | (14732198) |
| **Net increase (decrease) in net assets resulting from share transactions** | 51804271<br>| (7666782)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 71141131<br>| 3243432<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 45167267 | 41923835<br>|
| &nbsp;&nbsp;End of period | $116308398 | $45167267 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4568522 | 498985 |
| Issued in reinvestment of distributions | 56175<br>| 54326<br>|
| &nbsp;&nbsp;Redeemed | (1322662) | (1195991) |
| &nbsp;&nbsp;Net increase (decrease) | 3302035 | (642680) |

---

**Financial Highlights** 

**Fidelity® Infrastructure Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.82 | $10.72 | $11.22 | $12.63 | $10.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .21  | .22  | .13 C | .07  |
| Net realized and unrealized gain (loss)  | 3.89  | 3.10  | (.47)  | (1.38)  | 2.21  |
| Total from investment operations  | 4.08  | 3.31  | (.25)  | (1.25)  | 2.28  |
| Distributions from net investment income  | (.20)  | (.21)  | (.25)  | (.16)  | (.09)  |
| Total distributions  | (.20)  | (.21)  | (.25)  | (.16)  | (.09)  |
| Net asset value, end of period  | $17.70 | $13.82 | $10.72 | $11.22 | $12.63 |
| **Total Return** D | 29.73% <br>| 31.13%  | (2.43)%  | (9.95)%  | 21.96%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .94%  | 1.05%  | 1.15%  | 1.13%  | 1.24%  |
| Expenses net of fee waivers, if any  | .94% <br>| .95%  | .94%  | .98%  | 1.00%  |
| Expenses net of all reductions, if any  | .94%  | .95%  | .94%  | .98%  | 1.00%  |
| Net investment income (loss)  | 1.26%  | 1.68%  | 1.88%  | 1.08% C | .61%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $116308 | $45167 | $41924 | $37356 | $46046 |
| Portfolio turnover rate G | 115% <br>| 74%  | 55%  | 91%  | 46%  |

---

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 .86%.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Infrastructure Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 October 31, 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 taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, 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**  | $22795708 |
| **Gross unrealized depreciation**  | <u>(1409361)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$21386347</u> |
| **Tax Cost**  | <u>$98880101</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$23030</u> |
| **Undistributed long-term capital gain**  | <u>$3631050</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$21387046</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $932954 | $730570 |

---

**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 Infrastructure Fund** | 129057323 | 77946797 |

---

**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 Infrastructure Fund** | .87 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Infrastructure Fund** | .81 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Infrastructure Fund** | 1332 |

---

**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 Infrastructure Fund** | 11337740 | 5786320 | 1281330 |

---

**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 Infrastructure Fund** | 85 |

---

**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 Infrastructure Fund** | 57 | - | - |

---

**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 $329.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Infrastructure Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Infrastructure Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $3,811,245, or, if subsequently determined to be different, the net capital gain of such year.

A total of 1.74% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $81,756 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 51%, 86%, 86%, and 86% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 99.96%, 100%, 100% and 100% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.05% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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 Contracts and Management Fees**

**Fidelity Infrastructure Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds and classes within the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

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 (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img118411_4.jpg)<br>

1.9896235.105 ISF-ANN-1225

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>Purchase 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 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 trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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:

December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;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:

December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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: December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;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>